Mortgage approval/nxt steps

C

cork2010

Guest
hi all.

I have secured mortgage approval for 165k from BOI and had evidence of savings etc for the rest to make up the cost of a house i was very interested in which was asking 230k. My offer of 210k has now been accepted by the seller which is great.
Do i have to tell the bank this?? Also a condition on the mortgage approval is homebond, do all homes have to have this as he house was built by the seller who is a builder?
 
You let the bank know youve made an offer & they will organise a valuation to be done , it costs 130euros. Get yourself a solicitor, and start organising a snag/ survey , the bank will start processing final loan approval .
 
1) You pay a booking deposit (this is refundable if you decide to pull out of sale)
2) Find a solicitor and ask what their fees are. Ask friends and family to recommend someone. Or contact the law society who can provide a list of firms in your area.
3) You provide EA with your solicitor's details, they will pass this to the vendor's solicitor.
4) Vendor's solicitor will send contracts to your solicitor
5) You contact your bank and let them know you've gone sale agreed. They will also ask for your solicitor's details so they can send formal loan offer.
6) The bank may also request a valuation and/or a survey on the property, so you need to hire a valuer/surveyor (~€150/€500). They will value the property and send report to bank and to you.
7) Once contracts and formal loan offer is received by your solicitor he will contact you to arrange for you to come in and sign.
8) At this stage you will have to provide 10% of the selling price as a deposit (minus the initial payment in step 1). This is non refundable.
9) You sign contracts (assuming no issues with building, etc), they are returned to the vendor's solicitor
10) You can then snag the building and provide the vendor with the list
11) Once the legal mumbo jumbo is complete, your solicitor will let you know when the deal is ready to be closed. He will handle contacting the bank to arrange drawdown. You might have to provide additional funds as well depending on how much you are borrowing. You will have to get life assurance in place as well. It's best to do this sooner rather than later as you might have to take a medical. So don't leave it until the last week.
12) get keys!
 
Dear Cork2010

You must highlight to them that it is not homebonded as they probably will request that the builders engineer show proof of his Professional Indemnity Insurance and a certificate of compliance. I would work on this now as this can sometimes slow up the process if they are not in order on completion . ( as some engineers are no longer trading !! )

Your valuer will highlight it also on the valuation, so it cannot be avoided, my tip....work on it now

Good luck
 
Don't hide the facts from the bankers. They will know it by other means. Work with them and you will be safe
 
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