Next step after getting mortgage approved

thebourke

After I get a letter from the bank saying that my mortgage is approved and that they will give me the money..
what is the next step?

Duckjob

Assuming you havn't completed bidding yet;

- Bid on properties you're interested in. Get bid accepted.
- Place booking deposit with EA (usually €5-10k). Get receipt
- Engage a solicitor
- Possibly jump through more hoops for your lender to satisfy their requirements.
- Arrange survey of the property to detect any problems. If necessary, renegotiate price with EA/seller (if anything costly found)
- Arrange valuation of the property for your lender.
- Arrange life assurance for anyone on mortgage
- Arrange home insurance
- Sign contracts and pay security deposit (usually around 10% of price). Amount you pay will be less booking deposit you've already paid.
- Agree close date when you will pay balance and seller will be moved out.
- Wait for close date
- Solicitor will drawdown mortgage amount before close date
- On close date, solicitor will pay balance to sellers solicitor and effect the transfer.
- Go to the EA and collect the keys

Above assumes all runs smoothly and there's no delays with mortgage approval, legal title, seller moving out, survey, valuation etc etc

The lips

Mods - should this reply be stickied?

It answers a lot of questions that clueless newcomers like myself are asking.