Steps to your mortgage
Step 1: Find out how much you can borrow
Contact us to get an indication of how much you could currently afford to borrow.
Step 2: Deposit and additional costs
First Time Buyers can apply for a mortgage of up to 90% of the value of a property*, which means you’ll need at least 10% of the purchase price. Home movers can apply for a mortgage of up to 80% of the value of the property. If you need advice on putting a savings plan in place to reach your deposit, we’ll be happy to help. Remember to also set money aside for expenses like stamp duty, legal fees, insurance and life cover.
Step 3: Demonstrate your repayment capacity
To help us with your application you will need to show that you can pay back the mortgage. This is typically demonstrated through a combination of regular saving, rent, existing loans due to expire or an existing mortgage (in the event of an application for moving home). The banks will look for bank statements, income certificates and other relevant documents to support your application.
Step 4: Get Mortgage Approval in Principle
Approval in Principle is where we submit your mortgage documents and mortgage application to our range of mortgage providers and they will give you an indication how much they are willing to lend based on the information provided. If you are successful you will be issued with an Approval in Principle letter.
Step 5: Finding your dream home
With approval secured, you can start your search in earnest, knowing that you’re in a position to make an offer once you find “the one”. Once you let us know the offer has been accepted your mortgage advisor will arrange for an approved valuer to carry out a valuation on the property. A solicitor can be appointed after you’ve made an offer and received approval.
Step 6: The Contract for Sale
The Contract for Sale is an agreement between you and Seller laying out the agreed price and planned completion date. This is dependent on checks and searches that your solicitor will carry out for you.
Step 7: Time to get insured
At this point your loan offer will have issued, however before you can draw down your mortgage you will need adequate home insurance and life assurance cover. Rockwell clients receive an additional discount on their mortgage protection policy so be sure to ask your mortgage consultant for more details.
Step 8: Completing your mortgage
This is the exciting part. Once all the above steps are completed and assuming you have provided us with anything else required in the Offer Letter and the lender is happy with it, your mortgage funds will be issued to your solicitor. Remember, your dedicated mortgage consultant is available to provide advice and support every step of the way.
*Under the Central Bank regulations, the maximum mortgage is generally 3.5 times gross annual income and 80% of the property value (90% of the property value up to the purchase price of €220,000 for first time buyers).