Step 1 – Client Meeting

Meeting with Broker to discuss all necessary information, documentation, and application form completed and signed. Life cover will also be discussed, with quotations for cover being prepared.

Step 2 – Application Prepared and Submitted to Lender

Mortgage Broker reviews application details, prepares an application report, assesses and packages the application, and then submits application to lender.

Step 3 – Lender Assess Application

Lender assesses application, and will provide an Approval in Principal letter (assuming no issues or concerns). In some cases further information may be required by the lender, your broker will contact you requesting same if that is the case. 

Step 4 – Broker Updates on Approval in Principal

Your broker will inform you of lenders decision – Approval in Principal (or decline), and any conditions attached to this approval.

Step 5 – Property Identified and Valuation Instructed

The address of the property to be purchased is identified, and a valuation is instructed to be carried out by the broker (€130 fee payable by the client).

Step 6 – Valuation Completed

The valuer carries out the valuation on the property and then forwards the valuation report to the broker/lender.

Step 7 – Life Assurance Cover

Life Assurance Cover is arranged, either through the broker, or through a life assurance company.

Step 8 – Home Insurance Cover

Home Insurance Cover is arranged by the borrower, either through the broker, or through a home insurance company.

Step 9 – All Outstanding Documentation Forwarded to Mortgage Lender

The Broker forwards valuation with all other outstanding documentation to the mortgage lender.

Step 10 – Mortgage Lender Issues Loan Offer

On receipt and acceptance of all outstanding documentation, and satisfactory credit checks completed, the Mortgage Lender issues a loan offer to client, clients solicitor, and the mortgage broker. This Loan Offer will have a number of conditions attached that must be met to facilitate cheque issue.

Step 11 – Loan Offer Signed and Returned.

Clients sign the loan offer in presence of solicitor, and solicitor returns this signed loan offer with full legal pack to the mortgage lender.

Step 12 – Contracts Exchanged and Closing Date Established

Sale contracts are exchanged amongst solicitors and the closing date for purchase of property agreed between solicitors, and mortgage lender notified of same.

Step 13 – Life and Home Cover Instructed

Life Cover and Home Cover policy’s are instructed to begin cover, and these are forwarded to the mortgage lender.

Step 14 – All Conditions Satisfied

All Conditions Satisfied, clients solicitor requests a release of funds to complete sale.

Step 15 – Cheque Issue

Mortgage lender releases cheque to solicitor, and house purchase is complete.