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Other considerations…

Other considerations:

Your new home:

Once you have your finance in place the next thing to decide is location, where would you like to live, what can you afford. Location is crucial; regardless of what the house is like you have to be happy with the area as if you are not you will find it very difficult to settle.

When considering area you should also look to the medium & long term, whether you plan to upgrade in a few years sell or keep this first property as an investment property, location is key.

Make sure you research areas and spend time asking questions to vendors & estate agents.

As a chain free first time buyer you are particularly attractive to vendors, use the fact that you have your approval in place and are flexible as to when you can complete on the sale to your advantage and to increase your negotiating power.

When you have found that dream home it’s worth finding out about the vendor aswell as the property, this may put you in a better position when bidding for example are they moving on too, have they ‘sale agreed’ on their new property, do they need to close quickly?

Bidding & being aware of other bidders:

Before you bid, make sure you know what is included & what is not in the sale. Do you want the property to be cleared with nothing in it when you get the keys, make the decision on this & inform your solicitor as if you don’t you could end up footing the cost of removing the unwanted items.

Find out about other bidders, are they first time buyers? Do they need to sell their own property first? Are they investors? This may be able to provide you with further bargaining power.

Finalising the deal

  • Once you secure a property you will be required to pay a booking deposit to take the property off the market. This booking deposit is completely refundable until you sign contracts with your solicitor.
  • You may decide to have a structural survey done on the property and this is the time to organise the survey, you need to ensure you have received the surveyors report and are happy with its contents prior to signing contracts.
  • We will sit down or have a call in relation to which lender would be best for you to proceed with. There may be a number of factors to consider, which lender is offering the level of finance you need, which lender has the best rate on the market, are there interest only options available etc.
  • Once lender is decided upon Mortgage Horizons will arrange a valuation of your new home (which is required by all lenders and costs c. €150) and submit this valuation to your chosen lender.
  • The lender will issue a formal mortgage Offer Letter to yourself and your solicitor.
  • Once you have satisfied yourself with the terms of your offer you will be ready to sign the contracts for your new home, you will pay a further contract deposit. This is normally set at 10% deposit minus the booking fee (but can be negotiated down if same is a substantial amount) will be paid by your solicitor. The contracts will state your closing date – the date you get the keys of you new home.
  • Once you sign contracts your booking deposit and the contract deposit are now non refundable.
  • On closing the sale your solicitor will get your mortgage cheque from your lender or arrange for electronic transfer and pay the vendor.

Legal Considerations

A good and reliable solicitor is very important when you are purchasing so once your offer is accepted if you have not already appointed a solicitor be sure to do so.

We at Mortgage Horizons Limited can recommend reputable solicitors – feel free to ask.

Life and Home insurance requirements

To close your mortgage you must have home and life cover in place. Mortgage protection insurance is designed to pay the balance of your mortgage if you die. Mortgage lenders are legally obliged to ensure that you have adequate mortgage protection insurance cover, when taking out a home loan.

The bank will also require that you take out a building insurance policy on your house and that the interest of the bank be noted on the policy. In the case of an apartment complex the household insurance may be included in the Management Fee, you will be able to get more information from the Management Company of the apartment complex.