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Sunday May 20 2012




BUY SELL RENT MORTGAGES LIFE, PENSIONS & INVESTMENTS My OBG CONTACT US ABOUT US


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First Time Buyers Guide

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As a First Time Buyer, the biggest question in your mind is “how do I get on the property ladder?”

At Oates Breheny Group we have a dedicated team of experienced Mortgage Advisers who will take you through the mortgage application and buying process from start to finish. We are always available to give you guidance and advice on every aspect of your property purchase.

As the leading Mortgage Broker in the North West of Ireland, we have organised mortgages for many First Time Buyers. The most common questions we are asked are detailed below. We hope this helps as an initial guide for you. Please contact us so that we can help you take the next step.

Can I get Mortgage Approval before I find my property?
Yes. We can organise an Approval in Principle. This will tell you the mortgage amount and term you qualify for. This Approval in Principle will usually be valid for 6 – 12 months depending on the Mortgage Lender. This is an ideal first step as it gives you peace of mind when house hunting. It also gives any prospective vendor peace of mind as they know you can arrange finance quickly enabling the sale process to run smoothly.

Do I need a solicitor?
Yes. Once you have put a booking deposit on a property, the Auctioneer will ask you for your solicitor details. They do this so they can send your solicitor confirmation of the property you are purchasing, e.g. purchase price, what is included in the sale, etc. Your solicitor will also help you with your Mortgage by ensuring that it is legally valid. They will also talk to you about registering your house and will outline the costs involved.

What happens when I do find my property?
When you find a property the Auctioneer will ask you to put down a holding deposit. This deposit is usually €3,000 - €5,000. Remember that this deposit is refundable if you decide not to proceed with the property purchase for whatever reason. At this stage we will get an independent valuation of the property completed for your Mortgage Lender. Once this valuation report is received by your Lender your Loan Approval letter will issue. You will receive a copy of this as will your solicitor.

What happens next?
Once you have received your loan approval letter, your solicitor will allow you to sign the legal contracts for your property. At this stage, you could be asked to pay 8 – 10% of the purchase price. We will ensure that you are ready to close the purchase of your property by helping you put in place the special conditions of your loan approval such as mortgage protection and house insurance. In order to ensure you receive a competitive quote we will shop around the market place on your behalf.

If you are purchasing an existing property it would be advisable to get a structural survey carried out on the property and we can help you by providing a list of Architects or Engineers for your area.

How do we finalise the Purchase?
Once you have agreed a date to close the purchase, your solicitor will look for your mortgage cheque from your Lender. Once he has received this he will be in a position to close the purchase with the vendors’ solicitor and you can collect the keys of your new house!

Handy Tips
Oates Breheny Mortgage Advisers can help you apply for your Mortgage Interest Tax Relief.

All First Time Buyers are exempt from paying Stamp Duty when purchasing their principle private residence.

If you are purchasing with a sibling or a friend it is advisable to talk to your solicitor to ensure you have legal agreement in place. This agreement would cover off many situations including when one person wants to sell and the other one doesn’t, or what would happen in the event of the death of one co-owner. If you are thinking about applying for a mortgage in the next 6 months, try to keep your bank statements and loan statements in a safe place. This will mean you won’t have to pay bank fees to get duplicate statements.

Do you need help?
Oates Breheny Mortgage Division

Tel: +353 71 919 4194 or email us


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Want a better deal on your mortgage? Need to manage your loans?

Call OBG Mortgage Services on +353 71 91 94194 or email us