Mortgage Advice: Steps to getting a mortgage

Buying your first home

Buying your first home is one of the biggest financial decisions you will ever make. Our aim is to offer you a very competitive mortgage package, backed up by a quality of service that's second to none.

We'll help you assess how much you can afford, submit your loan application and, if you qualify, receive loan approval in principle. We have also put together some useful tips and advice to explain what you need to do when buying your new home.

10 Steps to Getting a Mortgage

With OCI Financial - getting a mortgage, personal or investment couldn't be easier. Just follow this step-by-step guide:

Step 1

Call us on our Mortgage Lo Call number 1890 225232 to book an appointment.

Step 2 - Select a solicitor

Remember to shop around for a competitive price.

Step 3 - Tell us about your dream home

Supply us the details of your dream home or investment property and we'll help you arrange a valuation. Feel free to make an offer on the property "subject to contract". Your solicitor will advise you on when buying property.

Step 4 - Get the property valued

If the property is still under construction a final valuation will be necessary. Remember, this is not a full structural survey. We recommend you carry out a full survey before you sign contracts.

Step 5 - Get approval

When everything is in order, we will send a letter of approval and the terms and conditions of your mortgage contract to your solicitor. He or she will advise you prior to signing the loan acceptance. The signed acceptance is then returned to us with a signed direct debit mandate.

Step 6 - Obtain insurance

You will need to arrange buildings and contents insurance and life assurance, both of which are mandatory.

Step 7 - Agree a closing date

The seller's solicitor will draw up a contract for the sale and a closing date will be agreed.

Step 8 - Cheque Issue

When all the documentation is in order, your loan cheque will be issued to you or to your solicitor

Step 9 - Staged payments

At OCI Financial, we understand that if you're building your own home some builders require stage payments. We can make those stage payments but you need to ensure that

A construction contract is in place

All legal requirements have been complied with

A certificate of planning permission and building regulations are provided

For your own peace of mind, please also ensure the person providing this certificate of compliance has professional indemnity insurance. The insurance needs to be the equivalent to at least twice the loan amount on an "each and every claims" basis.

Step 10 - Complete the deal

If it applies, stamp duty will be paid. The sale of the property will be registered at the Land Registry or noted at the Registry of Deeds office. Your solicitor will complete the legal formalities and will send us the completed deeds, which we hold as security for your loan.