First Time Buyers

This is a time of tremendous excitement; finally you are going to get that place of your own to call home. You’ve thought about it, you’ve imagined how it would feel but now at long last it’s about to become a reality!  Enjoy this time, it’s special, you will remember the experience for many years to come. Let Metropolitan Finance help you to make the experience one to remember for the right reasons by giving to you our experience, professionalism and guidance.  Before you make a move (pardon the pun!) consider the following:

How much can you afford?

Reality check: we’d all like to live in mansions but just as there are many different types of cars for all the different type of drivers there are homes for all of us.  You have a life, don’t forget that when calculating how much you can afford to repay every month for a very long time! Be realistic and don’t over extend yourself, it’s simply not worth it! Remember you can always trade up further down the line when you have some equity built up in your home. So do up a budget, we’d be delighted to help you with the task in Metropolitan Finance and when you know how much you can afford go from there!

Where do you want to buy?

Do you want to live close to work, family or a particular landscape? Is living far from work going to cause problems down the line with all the stresses involved in commuting, not to mention the cost! Do you want to live close to your supportive family or would you prefer to leave a substantial distance!  Sit down and consider the options, review the prices in the different areas. Could you do with a one bed apartment close to work rather than a three bed semi fifteen miles away?  It’s your life, think about these things before you go house hunting, if you leave it until later you might be lured into buying a home that really does not suit you – but looks great!

If you are going to build are you prepared for all the work involved?

First and foremost if you want to  build your own home you will need to have about 10% of the total cost (or own the site) as most institutions will not give 100% finance for first time buyers building their own homes.  We have a special section on our site for you: Building your own home – stage payments

What type of mortgage is best for you?

The amount you can borrow is determined by your income, employment status, the size of the deposit you can provide and any other financial commitments. You can use our online mortgage calculators as a yard stick to find out how much you can borrow.

Variable, Tracker, Fixed – Baffled? That’s why if you use Metropolitan Finance we will help you choose the best package for your particular needs. Metropolitan Finance is one of the oldest mortgage brokerage firms in Ireland and we are here to help you. Let us help you choose the best deal.  Metropolitan Finance recommends that you secure approval in principle before you go house hunting so fill in our application on line now and start the process.  When you obtain your approval in principle and know your price range you will be able to target the properties best suited to you.

Do you really have to gather all that documentation?

Yes, Metropolitan Finance will only ask you for what is necessary to secure the best deal for you. A mortgage is probably the biggest financial transaction in a lifetime for most of us. It is only natural that any Financial Institution will want information before giving you a large loan. We haven’t yet met a Financial Institution who will accept word of mouth, they always require documented proof! All the documentation is easy to gather so just focus and get the task completed, we will help in any way possible.  As soon as we have all the documentation and know the details of the property being purchased we will be able to get you your full letter of offer. Then you are ready to go!

Mortgage Protection & House Insurance

Metropolitan Finance will provide you with advice on both these areas as soon as we know how much of a facility is needed and the value of your home.

Choosing a Solicitor

You will need to appoint a solicitor to carry out the conveyance on your property. Metropolitan Finance has a special arrangement with several solicitors who provide service excellence in this area.  The standard charge for a conveyance is 1% + €100 of the purchase price + vat + costs.  However we have negotiated special rates with some solicitors.  (Myles & Co Solicitors, click here.)
There will also be other related costs, for example; phone and administration charges, as well as a payment to the Land Registry or Registry of Deeds Office.

Are you aware of the hidden costs?

There is a big cash outlay involved in buying a property.  You’ll need to fund the following:-

• Legal Costs
• Stamp Duty (if applicable)
• Valuation Fees
• Structural Survey
• Insurance
• Indemnity Bond Fee (if applicable)

How long will it all take?

Once you choose the property and pay the booking deposit the contract will be sent by the vendor’s solicitor to your solicitor and the date for closing will be on that document.  If your house is already constructed it should be a straightforward matter unless there are difficulties with title. Your solicitor will keep you up to date on all these matters. Usually when the contract is signed the closing date is 8-10 weeks later.  However if the house is under construction it really depends on the builder.  Best advice, it’s not like buying sweets, it takes time!! No point in getting into a panic because you want to be in before a particular birthday, weekend or even Christmas it’ll happen soon enough so don’t set deadlines.   When the day arrives, the mortgage will be drawn down and paid by your solicitor to the vendor’s solicitor together with any balance monies that may be due and you get the keys to your new home.

 

For more information contact us! Today.