If you meet one of our EBS Mortgage Masters at a party (once they are allowed again of course) the most common question they get asked is, “how long does it take to get a mortgage?”
Here’s the truth: every buyer is different, and it takes a different amount of time for each person or couple. Emer O’Reilly and Ann Marie Hartigan are the mortgage masters at EBS Ennis. Drop them a line at firstname.lastname@example.org with details of your specific situation and they’ll quickly come back to you with a timeline and a guide on what to do.
First Time Buyers who’ve got everything covered and have 10 percent of the value of their house saved (20 percent if you’re a mover or 2nd time buyer), enough to cover the extras (like the solicitor, surveyor and those hidden costs) and can prove their repayment capacity (i.e. that they can comfortably afford repayments on the mortgage) will complete the whole process in a matter of weeks. For others, it could take months.
Another truth is that most people don’t walk in the door with absolutely every box ticked. We know that you’re probably not focused on getting a mortgage all day every day. Life comes at you in different ways, and we know that people are at different stages in their mortgage journeys.
You may fall into different camps too; like the Financial Whiz Kid or the Complete Beginner. Below, we’ll run through the stages for these buyers. But no matter which category you fit into, you can rest assured that our EBS Ennis will be there for you every step of the way.
The Financial Whiz Kid
Financial profile: You’re someone who dots every ‘i’ and crosses every ‘t’ when it comes to your cash. We bet you’ve been squirrelling money away and know almost as much about mortgages as we do.
Knowledge level: You don’t need much in the way of advice, but you can still pick up some nuggets of wisdom from our Mortgage Masters who have been helping Irish families into their homes for over 80 years.
Often, you’ll be coming to us to get your ‘approval in principle’ which is where you’ll get an offer of a mortgage based on your finances at the time. This approval can last up to 12 months. It allows you to start bidding on properties because you’ll now have a set budget in mind.
You’ll need: Whiz Kids know to bring in the documents we need. These include the last three payslips, a salary cert (or accounts and tax certificates in the case of self-employed people), bank statements for the last six months and proof of your 10 percent deposit for first time buyers or 20 percent for next time buyers. This ensures the process can really fly by.
The complete beginner
Financial profile: You may have been travelling the world for the last few years or you’ve been in college and you’ve just got your first decent job.
Knowledge level: You don’t have much in the way of savings but you’re planning ahead. You may think a mortgage is lightyears away but we’ve been in this game for over 80 years, so if it takes you a couple of years to get to the right place, then that’s fine with us.
You’ll need: The first thing we recommend is to get saving regularly. There is no shortcut here. Even if you get a parental gift to cover the entirety of the deposit, you’ll still need to prove that you can afford the repayments, so saving and having good financial habits are the best way to do that.
It’s about discipline, but it’s also the best way of boosting your financial health. EBS has a range of savings options available to help you get the most out of your savings but you don’t have to save with us to get a mortgage. Just save. After a couple of years, the aim is you’ll hopefully have enough to afford a deposit (especially if you’re applying as a couple) and you’ll have a track record of saving.
Now, the next steps
Okay, that’s the mortgage bit covered. So, what are the other stages? You need to find a house or apartment that you love. Next, you make an offer which is accepted, and then you go to a stage called ‘sale agreed’. Don’t forget to budget for other costs like valuation fees and surveyor fees.
After this, the estate agent gives all the relevant details to your solicitor. Your solicitor may cost around €2,000-€3,500 depending on the part of the country you are in. Your solicitor will also calculate how much stamp duty is due (1% of the purchase price) and this will need to be paid to Revenue before the closing of the sale.
While you wait for your formal Letter of Offer from EBS you’ll need to start thinking about life assurance and home insurance which our team can help you out with.
Once you receive the letter of offer, your solicitor will sit down with you and go through it in detail to make sure you are comfortable with everything in the contract. Once signed, you’ll then physically hand over your deposit. Your solicitor then sends off the necessary paperwork in a process known as the ‘Exchange of Contracts’ and everything becomes official. Once your solicitor has completed all the necessary legal steps, they will get in touch with your Mortgage Master to arrange the payment of the remaining balance and to close the sale. Once that’s all completed, you’ll get the keys to your new place! At last!
Are you thinking of buying your own home?
Does the thought of picking up the keys to your own place appeal to you? It couldn’t be easier to find out if you’re eligible for a mortgage. Simply call Ann Marie or Emer at EBS Ennis on 68 99 600 or email us at email@example.com and we’ll tell you want you need to do to get started.
If you’re building your own home you’ll probably already know that EBS is the place to go.
The content of this article is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this article which does not constitute any form of advice or recommendation by EBS d.a.c. or Emer O’Reilly Financial Services Ltd.
EBS d.a.c. or Emer O’Reilly Financial Services Ltd. neither accepts nor assumes any responsibility in relation to the contents of this article and excludes all warranties, undertakings and representations (either express or implied) to the fullest extent permitted under applicable law.
Five Clare footballers have been included in the first Treaty Utd squad that will compete in