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First Time

Budgeting

Sit down and do the maths! List all monthly outgoings and incomings and remember that you still have a life! Don't sacrifice important activities like holidays, hobbies and socialising to pay your monthly mortgage. Keep a sense of perspective and factor in changes in interest rates. Remember if you choose a variable rate loan, your monthly repayments will vary, so take that into consideration.

Location, Location, Location

Location is extremely important and demands careful consideration. Consider work, family and friends - where are they located and how far are you willing to travel? People are commuting further and further these days, but long commutes can take their toil on both health, relationships and your car!

What type of mortgage and rate is best?

There are a wide range of Irish mortgages in the market at the moment. That's why when you choose Cornerstone Mortgage Company, we guarantee to find you a package that best meets your requirements.
Choosing the right mortgage and rate is not simply a matter of facts and figures - it involves making choices. How much do you want to pay back monthly? How comfortable you are with variable, fixed or tracker rates?
These are the kind of questions that you must answer when deciding on the type of mortgage to choose.

Getting started

Even experienced home owners find buying a property a complicated and confusing exercise, particularly as it's something most of us only do a few times in our life. For first-time buyers, the process can be even more baffling.
Before you start your search, it's important to establish a price range. How much are you willing or capable of borrowing? Banks and Building Societies offer very generous lending ratios, but don't borrow what you'll struggle to repay. It's crucial that you don't over extend yourself. A small hike in interest rates can have a dramatic effect on your finances.
And remember, early planning and a bit of homework can save a lot of delays later!

Shopping around

It is important to organise your mortgage as soon as you decide to buy a property. Your home loan may take a few weeks to process, and most vendors are slow to accept an offer if a borrower's finance is not in place.
We would suggest that you get an approval in principal before you start looking for a property. At Cornerstone Mortgage Company, we can arrange this for you.
The amount you are able to borrow is primarily determined by your income, your employment status, the size of the deposit you can provide and any other financial commitments you may have.
You can use our online mortgage calculators as a yard stick to find out how much you can borrow.

Costs involved in buying a property

There is a big cash outlay involved in buying a property. Don't forget to budget for all of the following:

Legal Costs
Stamp Duty (if applicable)
Valuation Fees
Structural Survey
Insurance
Indemnity Bond Fee (if applicable)

ou find out about all of these items in our Help & Advice section (link to "help and advice" page).

Choosing a Solicitor

Finding a solicitor to carry out the convincing on the property, whom is competitive and experienced in this area, is important. Prices can differ from one solicitor to another - so don't be afraid to shop around. Cornerstone Mortgage Company can help by giving you a list of solicitors who offer special rates to first time buyers.
Put aside between 1% to 1.5% of the purchase price of your new home to cover solicitor's fees, before VAT. There will also be other related costs, for example; phone and fax charges, as well as a payment to the Land Registry or Registry of Deeds Office.

Additional to the mortgage

Your home is probably the most important thing you'll ever own, so you should give it the protection it deserves.
In addition to applying for the mortgage, you will also have to apply for life cover and home & buildings insurance.
Life Assurance protects your partner or family. If you die before you've paid off your mortgage, the assurance is designed to pay off what you still owe on your mortgage. Life Assurance is a legal requirement when you take out a mortgage and your monthly premium is usually billed monthly by direct debit.
Buildings insurance means you're covered for the cost of rebuilding your home - if there is a flood or fire, for instance. You're better off opting for buildings and contents insurance if you can afford it. This comprehensive insurance cover means you can replace everything, from curtains and carpets to structural items.

Exchanging Contracts

With your survey safely completed and the lender happy with it, you can move to the stage of getting a formal mortgage offer from your chosen lender which will detail all conditions of the loan.
Typically at exchange of contracts (unless exchange and completion are on the same day), you will have to put down a deposit of 5% to 10% of the purchase price. You will also need to make sure that the building is insured as you are now legally obliged to buy it (your solicitor will help make sure that this happens).
When you have signed the contract, your solicitor will deliver it to the vendor's solicitor in exchange for the contract the vendor has signed. From this point onwards, both you and the vendor are legally committed to the deal.

Completing and Moving in

All that remains after exchanging contracts is to pay over the money needed to buy the property, less any deposit already paid at exchange, on the agreed date. Your solicitor will get the mortgage funds direct from your lender and the remainder (if any) from you, and will then pass it onto the vendor's solicitor. Once payment has been confirmed, you can collect the keys to your new home from the estate agent/solicitor.

Making an offer

Once you have found a property you would like to buy, the next step is to make an offer, normally through the estate agent. Most sellers build a certain amount of leeway into their price, so it is possible to offer less than the vendor is looking for.
In deciding what you are prepared to pay, bear in mind the property's state of repair and how much you would have to spend on building work or redecoration.
Your first offer might be up to 10% below the asking price. It is then up to the vendor to either accept that price, or try and negotiate a higher one. If there are several potential buyers interested in that particular property, the vendor may have enough bargaining power to insist that the full asking price is met. Indeed, in a strong market, the property may sell for a price in excess of the asking price. The asking price is no longer the preserve of the auction rooms!

Things to consider when viewing a property

A property checklist is a great tool to help ascertain all the things you deem important in a property. It can also keep you focused on your house search. Bring a copy with you to every property to view.
Property and relationships are not too dissimilar! It's highly unlikely that you will find everything you are looking for in just one house so be flexible and be prepared to compromise.

Finding a property

Once you have decided what sort of property you are looking for and the area that you wish to buy in, contact as many local estate agents as possible. Ask them to send you details of suitable properties on their books on a regular basis.
Other sources of property lists include:
1. National Press
2. Local Press
3. Web Sites

Offer Accepted

Once your offer has been accepted, the estate agent will confirm this in writing. You can then go ahead and arrange a survey and finalise your mortgage arrangements. The acceptance of your offer is not legally binding until you and the seller exchange contracts.
Get in touch (link to contact page) and we will take you through each step of the mortgage application process and arrange a letter of offer for you.