If you’re anything like we are, you spend hours daydreaming about your perfect home. For some of us this dream is on its way to becoming a reality. And all that stands between us is getting our hands on a mortgage.
Like all big life events, it can seem overwhelming, but by simply following a clear set of guidelines, the process can be made a whole lot easier.
Follow these ten commandments and enjoy embarking on one of the most exciting experiences of your life!
1. Thou shan’t be confused by all of the new language
Don’t worry about all the new terms facing you. Nothing is ever as complicated as it looks on first reading.
2. Thou shalt ask lots of questions
If you’re not sure about anything, make sure to ask the question. Lots and lots of questions. When it comes to mortgages, there’s no such thing as a stupid question. Your solicitor and mortgage specialist will be with you every step of the way to answer all of your queries.
3. Thou shalt find out how much you can afford
Before you start looking for your new home, it’s important to find out what type of mortgage you could realistically afford. Look at your income, outgoings and financial commitments, take into consideration how much deposit you’ve saved, or how much equity you have in your existing home. There are online calculators you can use too to give you an idea of how much you could borrow and what your repayments might be, or visit your local branch to discuss with a mortgage specialist.
4. Thou shalt search for the perfect home
This is the exciting part! Once you have an idea of how much you could afford, you can start the hunt for your ideal home. Make a list of what’s important to you and put your wishlist in order – sorry to break it to you, but buying a home usually involves some sort of compromise.
5. Thou shalt find somewhere you like and make an offer
Remember your offer can be lower than the asking price – the price the seller asks for is not always the one they finally accept. But if there’s been a lot of interest in your chosen property, it could be wise to make an offer closer to the asking price. Once your offer is accepted, it’ll be confirmed in writing. But do remember, the property isn’t officially yours until legally binding contracts are exchanged and the money’s been paid over.
6. Thou shalt have all thine documentation in order
When you are arranging your mortgage, you’re best off having all your documents already in order. You can get a full list of what you are likely to need here.
7. Thou shalt get a solicitor
To buy a home, you need to have a solicitor. Start out by asking for recommendations, it’s usually a good start.
8. Thou shall get a buildings survey on the property
A buildings survey will help find if there are any structural issues with the property. Better finding out now than later.
9. Thou shalt notify services of thy change of address
Make sure update all your utility providers with your last readings and new readings straight away. Don’t forget your health insurance, car insurance and mobile phone providers will need your new address too. Your doctor, dentist and even An Post need updated regards your TV license too. Then there’s Revenue. Probably best make a list!
10. Thou shalt move in and celebrate!
Congratulations! The time has come to settle in and enjoy your brand new home…
Now, we hope you’re a little wiser on what you need to do to get your mortgage.
Ulster Bank understands that you want a mortgage you can live with. So in order to give you a mortgage that suits you, we’ve developed a range of mortgages. Take a look at our mortgage options or have our team call you to arrange an appointment.
