Processing a mortgage application can be the most exasperating aspect of a property transaction whether it is for a purchase of a new property or a re-finance of an existing property. We have handled over a thousand mortgage transactions over the past thirty years representing the interests of the lenders and the borrowers alike. I can guide you through the process step by step and help you to obtain funding quickly and minimise the hassle involved in drawing down the loan cheque from the bank. The bonus is that we do not charge a percentage of the value of the transaction and can offer you a fixed fee at the outset so you can plan your budget in advance.
How can we save you time, hassle and money?
- You will be alerted to the problems that cause delays on day one;
- You will only have to attend at our office once as we prepare all papers to sign together;
- You will be quoted a cost effective rate from the outset;
- You will have the benefit of efficiencies from our up to date technology;
- You get a step by step guide at the outset so you know exactly how the process works;
- Your telephone calls returned within 24 hours giving you easy access to information;
- You get to draw down funds quicker as, after 30 years dealing with banks, we know how to get the job done.
Getting a mortgage with any financial institution is about showing your ability to repay a mortgage, so it’s important to have your paperwork in good shape. Generally, banks will want to see proof that you have a regular income, proof of employment and payslips. Lenders will also want to see you’re responsible with money, so they’ll be looking at how you deal with things like
credit card bills. Here’s a quick checklist of what you might need, but you’ll find a more comprehensive list enclosed in this
- Proof of employment
- 3 months payslips
- 6 months bank statements
- Specifically, you should be able to show:
- Your Personal Accounts are in order, is there money being paid in on a regular basis?
- You can live within your means. For example, you’re paying rent each month, saving some money, and can get used to paying
- the equivalent of a mortgage
- If you have other loans, that you’re capable of repaying them.
Outline Loan Approval.
Once you have your deposit in place, you can of course go out and start viewing properties. However, it’s usually a good idea to get a Sanction in Principle from a lender at this stage.
Put simply, a Sanction in Principle is your bank saying that, based on your proof of income, the evidence of repayment capacity you’ve provided and based on your deposit, they will give you a mortgage in principle of a certain amount. It is not a legally binding agreement. For example, your lender will want to see a Valuer’s report showing a property you’re putting an offer on is actually worth it before giving final approval. However, a Sanction in Principle is invaluable in giving you the confidence to go out into the market knowing, in most cases, your mortgage will be approved. In addition, estate agents and vendors will be more comfortable proceeding
knowing you have a Sanction in Principle in place.
Looking for and making an offer on a home
So you have a Sanction in Principle, what next? Well now is the exciting part – looking for your new home. In selection the house of your dreams you should watch out for the following hazards:
- Dry Rot;
- Radon Gas;
- Unauthorised extensions and alterations;
- Road widening;
- Un defined boundaries;
- Industrial developments;
- Halting sites;
- Mobile telephone masts.
- Electricity pylons.
You make an offer. It’s accepted. You’re over the moon. What now? The first thing you do is put down a booking deposit, which is refundable up to when contracts are signed, but does show the vendor your offer is serious. Once this is done, things start in earnest. You’ll contact your lender to tell them you’ve made an offer and now want to proceed. You will need to provide details of the property, your solicitor’s details and a valuation report before a Letter of Loan offer is issued.
Appointing your solicitor
You may have contacted a solicitor before starting your search or once you’ve made an offer and got Mortgage Approval. Either way, it makes no difference to what happens next – the Contract for Sale.
The Contract For Sale
The Contract for Sale is a binding agreement between you and the Seller. It sets out the agreed price and planned completion date, SUBJECT to checks and searches that must be satisfied from your point of view, e.g. that the vendor actually owns the property (note: don’t get too concerned, typically this is a formality your solicitor will take care of). Once your solicitor is satisfied everything is in order, you will sign the Contract for Sale. The Contract for Sale is then returned to the seller and a closing date is then agreed.
The loan funds
A few days prior to completion your solicitor will request the loan funds from the lender and arrange for the completion of the transaction. After that, the keys are yours.
A final note
The final stages of the mortgage process may seem complex but don’t be too overwhelmed by it. Your lender and your solicitor will be there to help you through it and keep things on track.
They’ll have done it lots of times before and will know everything that’s needed.
So why not get a no obligation fixed fee quote now. You could save a lot of money. If you have questions, why not call or email us now without obligation and we will be happy to answer your queries without charge.
No solicitor/client relationship or duty of care or liability of any nature shall exist or be deemed to exist between O’Shea Legal and you until you have received confirmation in writing from us in which we confirm our appointment as your Solicitors.
*In contentious business a solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement.
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