How the Mortgage Process Works, Step By Step - Symmetry Financial Management

How the Mortgage Process Works, Step By Step

by | Dec 3, 2020 | Mortgages | 0 comments

Purchasing your new home can be very exciting but also overwhelming – there are many factors to consider such as how much you can borrow, what rate you can get, and how to move forward with the mortgage. There is a lot that must be done to get through this process, but we will be with you every step of the way!

The Step-By-Step Mortgage Proces

Every smooth mortgage process starts with a consultation with our team! Get in touch on 01 683 1673 or at info@symmetryfinancial.ie.

Step 1:

Collect all documentation needed to apply as listed in the checklist below.

Step 2:

Get a salary certificate from your employer for each borrower.

Step 3:

Arrange a meeting with our team or your broker to can complete the application process together in person or online.

Step 4:

Submit the application and receive your Approval in Principle, which typically takes about 5-7 working days from the submission of the application.

Step 5:

Find your new home and put down a booking deposit.

Step 6:

The house is valued to determine the loan requirements. You may also choose to carry out a structural survey at this stage as well.

Step 7:

The application is moved to the loan offer stage and contracts with the bank and vendor are issued to your solicitor.

Step 8:

You meet with your solicitor to sign both sets of contracts.

Step 9:

House and life insurance are arranged and you may also need to open an account with the issuing bank.

Step 10:

Funds are drawn down and you get your keys! Time to celebrate!

Mortgage Documentation Checklist - Symmetry Financial Management

Mortgage Documentation Checklist

To secure a mortgage, several documents must be provided to the lender. These documents include the following:

  1. 3 months recent payslips
  2. Most recent Employment Detail Summary (you can access this on www.revenue.ie under Review tax years)
  3. 6 months current account statements/ eStatements for all active accounts
  4. 6 months savings account statements/ eStatements
  5. Credit cards statements x 6 months if applicable
  6. Loan statements x 12 months if applicable
  7. Credit Union x 6 months if applicable
  8. ID – scan
  9. Proof of address
  10. Marriage Cert if applicable
  11. Gift letter if applicable

Additional documents are required for self-employed individuals:

  • Form 11 for two recent years
  • Chapter 4 / Notice of Assessment for two recent years
  • Profit and Loss / Trading P&L and Balance Sheet for two recent years
  • Management accountants for current year to date
  • Tax Clearance Certs – company and personal
  • 6 months business current account for all active accounts (estatement is fine*) – name and address must be evident on top of each statement. You can order up-to-date statements online now and they’ll be printed and available online over night

Note: If you want to verify what is on record with the Central Bank concerning your borrowing it is suggested that you check with your CCR as the process takes 3-5 days.

*eStatements look like paper statements but in electronic format; i.e. name and address must be visible at the top. Ensure a minimum of 6 months provided and dated within the past 4 weeks at time of application.

Find Out How Much You Can Borrow

As a mortgage broker in Ireland with a reputation for delivering exceptional personal service, our goal to ensure first time buyers, second and subsequent buyers and investors have all the answers & assistance they need when buying their home. To find out how much you can borrow, arrange a no-obligation consultation with one of our team at a time that suits you. Just email us at info@symmetryfinancial.ie or call us now on 01 6831673. We’re here to help.

Please note: On most mortgages, we don’t charge a fee as we collect our fee from whichever bank you choose and the bank pays us once your mortgage is issued. However, for mortgages under €150,000 we may charge a small fee.

 

How To Get A Mortgage Cover

How To Get A Mortgage – A Step By Step Guide

If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.

Free Webinar:

Webinar The Mortgage Process Explained – Symmetry Financial

The Mortgage Process Explained