Tips

Financial Guidelines when Purchasing your property

⦁ Get your Deposit in Place: You will need a minimum deposit of 10% to purchase a property, but it is a good idea to save a higher deposit as there will be additional expenses such as valuation costs (€150 approx.), legal expenses (€2000 approx.) and stamp duty (€1% approx.).
If you don’t have the 10% deposit, there are government supports which are available including the Help to Buy Scheme and the First Home Scheme. 

⦁ Look at your financial affairs: Before applying for a mortgage, it’s essential to have your finances in order. Banks will review at least six months’ statements for all your accounts and credit cards.
 
⦁ Chose the right mortgage product and provider: There are a variety of options that different lenders offer, so you need to choose the option that’s right for you. Some banks might be able to lend you a little bit more than others due to their internal affordability calculators, which can make the difference between getting the house you want or not.
 
⦁ Approval in Principle: While not a formal mortgage offer, your Approval in Principle (AIP) is a good indication of what a bank is willing to lend you. Many estate agents require you to have an AIP to view a house, so it’s worth getting one to know what you can afford.
 
⦁ Picking your Dream Home: Take your time to consider all the factors before making the leap and purchasing your first home. Consider future events, like having more children, which means more bedrooms, local schools, parks, etc.
 
⦁ Get your Loan Offer: Once you have found the house and had an offer accepted, it’s time to get the formal loan offer from the bank. The loan offer will allow you to exchange contracts with the vendor, at which point your dream of owning a new home is coming close to fruition.
 
⦁ Drawdown and moving in: The final stage of the process involves your solicitor ensuring that the property you are buying stacks up from a legal perspective. You will have to get mortgage protection insurance, which is in case you die during the term of the mortgage. You will also need home insurance that covers the rebuild cost of the property.

Why Choose Dawn of Holton Homes & properties?

Dawn Holton, the proprietor of Holton Homes and Properties, brings a wealth of local knowledge and dedication to her role. Originally from Midleton, East Cork, Dawn has lived in Ballincollig for many years and currently resides in Kerry Pike. Her deep connection to the community enhances her understanding of the local property market.

Contact Us