By Ted Healy of DNG TED HEALY
In our last piece we looked at the mortgage application process through your traditional high street bank.
If this route is not suitable for any reason there are, of course, other options available. One such option for first time buyers is a Rebuilding Ireland Home Loan.
This is a Government backed mortgage for first time buyers and is available nationwide from all local authorities since February 1, 2018.
As a first time buyer one can apply for a Rebuilding Ireland Home Loan to purchase a new or second-hand property, or to build your own home.
The loan is a normal Capital and Interest-bearing mortgage which is repaid by direct debit on a monthly basis.
It permits one to borrow up to 90% of the market value of the property but must fulfil certain criteria:
* Properties cannot be larger than 175 Sq.M.
* The maximum market value of the property that can be purchased or self-built are:
€320,000 in the counties of Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow, and
€250,000 in the rest of the country.
You need to show that you can afford your monthly mortgage repayments, which must be less than one-third of your household income.
Applicants must be:
* A first-time buyer
* Aged between 18 and 70 years
* Be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner
* Have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
* Submit two years certified accounts if self-employed
* Provide evidence of insufficient offers of finance from two banks or building societies
* Not be a current or previous owner of residential property in or outside the Republic of Ireland
* Occupy the property as your normal place of residence
* Consent to an Irish Credit Bureau check
Eligibility is subject to submission of a complete Rebuilding Ireland Home Loan application form and confirmation by your local authority.
To apply for the Rebuilding Ireland Home Loan, submit your application and supporting documents to the local authority in the area where you wish to buy or build your home.
The application form may request some information that you don’t have yet, for example, the address of the house you want to buy or build, and your solicitor’s details. Your application form will be accepted without this information, but you should include details of the county and area you are looking for your home, and state that your solicitor’s details are to be confirmed.
You must make an appointment with your Local Authority to submit your application form in person. They will then review your application with you to ensure it is completed correctly.
Get your vehicle winter ready
By John Healy of Healy Insurances As we approach October it is a good time to get your vehicle ready for the winter and the change in conditions on the roads. Here is a checklist of the common items to help you prepare: * Check your liquid levels, screen wash, anti-freeze, coolant, oil, and fuel* […]
By John Healy of Healy Insurances
As we approach October it is a good time to get your vehicle ready for the winter and the change in conditions on the roads.
Here is a checklist of the common items to help you prepare:
* Check your liquid levels, screen wash, anti-freeze, coolant, oil, and fuel
* Check your car battery
* Clean your windows inside and out
* Clean your lights
* Check your tyres
* Consider fitting winter tyres
* Check your wiper blades
* Clear leaves from under your bonnet
* Ensure your car has a phone charger
* Make a winter survival kit
Many car garages and dealers will offer a winter service so it is worth checking locally.
In addition, here is a checklist of the items you should keep in your car this winter:
* Ice scraper and de-Icer
* Torch and spare batteries
* In-car phone charger or a power pack
* A road atlas in case you don’t have GPS
* First Aid kit
* Empty fuel can
* Hi-vis jacket/warning triangle
* Jump leads
* Spare clothes
Many insurers now include breakdown cover as standard on your motor insurance policy. Keep this number in your phone and in your vehicle.
Mortgage approval received, what next?
By Ted Healy of DNG TED HEALY Once your mortgage application is approved, you should look for mortgage protection cover which is insurance that will pay off your mortgage if you die within the term of the policy. You should not wait until you have made an offer on a house or apartment before shopping […]
By Ted Healy of DNG TED HEALY
Once your mortgage application is approved, you should look for mortgage protection cover which is insurance that will pay off your mortgage if you die within the term of the policy.
You should not wait until you have made an offer on a house or apartment before shopping around and applying for mortgage protection insurance. It can take some time to get approval, particularly if you have had poor health in the past. This could delay the sale as, by law, your lender must make sure that you have this cover before giving you a mortgage.
Most mortgage lenders offer to arrange mortgage protection insurance for you when you apply for a mortgage. You do not have to take your lender’s insurance, you are free to shop around for better value or a more suitable policy with other providers and brokers.
Another important element is appointing a solicitor to act on your behalf in the conveyancing – this is the legal work to transfer ownership of the property from the seller to you. It is a good idea to choose a solicitor before you start looking at properties, because as soon as your offer is accepted, the estate agent will ask for your solicitor’s details to pass onto the seller’s solicitor. Your solicitor will also check that the sale of the property is legal – that the person who is selling the property owns it and has the right to sell it, and that nobody else could claim to own it.
Your solicitor will also liaise with your mortgage provider at this point and help you through the whole process of mortgage drawdown, when the time is right.
You are now ready to look at properties and place bids with mortgage approval in place.
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