1. Choosing Your New Home.
When you have decided on a home you wish to purchase and have agreed on a price, inclusions and an agreeable completion date (the day you will take possession) you will be required to pay an agreed booking deposit. This will be given to the DNG Dorrian representative and you will receive a receipt in return. All deposits must be paid by either cheque or bank draft, as for security purposes cash will not be accepted. Unless otherwise stated this deposit is refundable at any time until contracts are signed by you and the seller of the property, with the balance of the full deposit paid which in virtually all circumstances is 10% of the full purchase price.
2. Choosing Your Solicitor.
In order to purchase a property it is necessary to retain the legal services of a solicitor. On payment of a booking deposit or immediately thereafter, you will be required to nominate a solicitor to act on your behalf. If you do not have a solicitor retained, DNG will be delighted to provide you with a number of recommended firms for you to choose from. These solicitors are completely independent and will always act in your best interests. If you already have your own solicitor, we do not wish to intrude on any relationship you may already have.
3. Applying For Your Mortgage
You may already have received loan approval in advance of your property search. Now that you have actually purchased, it is time to commit to your chosen lender. We would always advise employing a suitably qualified mortgage broker who deals with virtually every financial institution to act on your behalf in this important decision. Our sister company GMC Mortgages are Dublin’s largest retail mortgage broker and can offer you in nearly every case the best deal in the market place. If you are already loan approved through another broker or financial institution let GMC Mortgages prove themselves by trying to beat your current rate. It may cost you a few minutes but could save you thousands of euro.
When you have chosen the financial institution that will finance your purchase you will have to complete a mortgage application form. This form will require your personal and financial details and information on the property you wish to buy. When submitting your application you will also be asked to provide various enclosures which will normally include, salary certificate (completed by your employer/s), recent P60/s or completed accountant’s report if self employed, 3 recent payslips, 6 months current account statements, statement of existing borrowings, statement of personal savings, valuation fee (if necessary) and photo id (copy of driving licence or passport). After receiving all your information the financial institution will then send out a valuer to inspect your chosen property. The valuation report is sent to the institution and once they are satisfied they will issue written loan approval.
4. Life Assurance.
It is normally a condition of your loan approval that you obtain life assurance up to the amount of the loan you intend to borrow. This is also a prudent measure as if you pass away the loan you have obtained will be paid off in full by the life assurance company leaving it un-encumbered for your beneficiaries. We would advise that you speak to your own lender, life assurance broker or a member of our team at GMC Life & Pensions for further details on this and other suitable products such as Income protection in the event of job loss, illness etc.
5. Building Insurance.
It will also be a condition of your mortgage that you hold an adequate level of building insurance prior to taking out your mortgage. This is an important form of protection, which will cover you against most forms of damage to your property. Contents insurance is also available with this type of insurance policy. We would advise that you speak to your own lender, life assurance broker or a member of our mortgage team at GMC Mortgages for further details. Some properties, which are part of private managed developments, have block policies in place for building insurance (not contents) which is payable out of the annual managed service charges.