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26 May 2017

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Time, time, time. We never have enough of it, it seems. So many of us put things on the back burner and make the old ‘Ah, I’ll get around to it tomorrow’ excuse.

Getting the timing right is especially important when it comes to your mortgage. It’s one of the most expensive purchases you’ll ever make, and with such a long timeline involved, it can be tough to know where to even begin. You might feel like you’re being pulled in every direction, thinking, ‘Do I need to save my deposit first? Oh, actually, maybe I should start house hunting?’

Surprisingly, not many Irish buyers will think of meeting with a mortgage advisor straight off the bat.

But it’s a sure-fire way to learn about the mortgage process and it’ll help you visualise your home buying timeline, from budgeting to house hunting.

So, in a nutshell – it’s always the right time to speak to a mortgage advisor! But just in case you’re not convinced, we’ve outlined all the ways a mortgage advisor will guide you at the different stages of the process.

Stage 1. I’ve just started thinking about buying a home

Why would a mortgage advisor want to meet me when I’m not ready to buy? This is a common worry for first time buyers – especially if their finances are a little messy and they think talking to a mortgage advisor will have a permanent knock-on effect on their future application.

If it’s really early days and you’re just toying with the idea of buying a home, don’t feel intimidated by the idea of meeting with an advisor. Some buyers worry (unnecessarily) that they’ll be wasting the advisor’s time, or that they’ll ask silly questions. In fact, this is prime time for a mortgage chat and a cup of tea (well, it’s always prime time for tea).

And there’s no such thing as a silly mortgage question, by the way.

So how exactly will your mortgage advisor help you at this stage? They will be able to shed some light on the following questions:

Am I ready to mortgage?

From the offset, your mortgage advisor will put you on the right track to getting your own home.

They will answer any initial questions or worries, like ‘Can I afford to buy a home?’ or ‘How can I get mortgage ready?’ And if you’re not ready to apply at that moment, no worries – they will give you all the advice you need to prepare for your future application. Good to know.

How much can I borrow?

Every situation is unique – so your mortgage advisor will look at your finances and will bring you up to speed with the Central Bank rules. They’ll give you an idea of how much you can borrow for your first or second home.

Psst – before you meet them for a chat, you can use our handy affordability calculator or repayment calculator to get a rough idea of your future mortgage loan amount and any future repayments.

How much deposit will I need?

The Central Bank rules will again come into play here – though it’s different if you’re a first time or next time buyer. Your mortgage advisor will look at your finances and house price range and give you a clear picture of how much you need to put in the kitty.

Stage 2. I have started to save my deposit

Fair play! So at this stage of the journey, your mortgage advisor will be able to see your amazing saving skills. That means they will let you know whether or not you’re on the right track, if or when you’ll be ready to apply for Approval in Principle (which is the logical next step) and when you should start the house hunt.

If you’re at this stage of the journey, your mortgage advisor will be ready and willing to give you info on the following questions:

Will I be able to meet my future repayments?

Being able to save is all well and good. But just as importantly, you should be able to prove that you have enough money left over each month to live a comfortable existence.

So your mortgage advisor will look at your outgoings, incomings and your savings to determine whether or not you will be able to live within your means while also meeting your mortgage repayments.

When will I have enough saved to make my application?

It’s a great idea to meet with a mortgage advisor when you’re in the process of saving. They can let you know if you’re saving enough per month, and if you have enough left over at the end of each month too.

When can I start house hunting?

Okay, so now is the time to get everything prepared for your application for ‘Approval in Principle’.

At this stage of the process, your mortgage advisor will help you to get your documents in order, and will assess your situation to make sure you’re really ready to go for it.

Once you have been approved in principle, it’s time to start searching for that dream abode.

Stage 3. I’ve started the house hunt

Before you start house hunting, it’s a good idea to be armed with “Approval in Principle”. So you should be well acquainted with your mortgage advisor at this stage, after a few cups of tea. If you’ve yet to get mortgage approval, the advisor will be happy to help you so you’re in an ideal position to make a bid for the house of your dreams. At this stage, feel free to ask them things like...

What is the housing market like in my area?

Your local mortgage advisor is well clued in to local buying trends, and will be a well of knowledge on typical house prices in your area, affordability, and the best places to buy as a first time buyer.

How do I seal the deal on my new home?

So you’re a lucky duck, and finally found the perfect home! At this stage of the process, your mortgage advisor will be happy to point you in the direction of a good solicitor, who will be responsible for ‘conveyancing’.

That covers all the legal tasks that will result in the ownership of your first home being transferred.

They’ll also recommend a surveyor to value your new home.

Sound good? Great!

How can I organise a chat with my local mortgage advisor?

No matter what stage of the journey you’re at, you can make a 30 Minute Mortgage Meeting with an advisor in your local area.

Get the ball rolling with our First Time Buyer guide. You can also use our mortgage calculator to find out how much you may be able to borrow.

If you have any queries about opening an EBS savings account, call 0818 654 322 or email info@ebs.ie.

EBS d.a.c. is regulated by the Central Bank of Ireland.

The content of this blog 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 blog which does not constitute any form of advice or recommendation by EBS d.a.c.

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either expressed or implied) to the fullest extent permitted under applicable law.

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