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Buying - what to do when?

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  • 30-05-2016 6:02pm
    #1
    FrankGrimes
    Registered Users Posts: 4,031 ✭✭✭


    We've searched over the past few weeks and decided to buy a house that is in need of total renovation and we'll look to extend to get the space we want. Have received mortgage approval in principle from BOI (our current mortgage provider) and it will cover the purchase price and the portion of the building we need funded. As we have baby #2 on the way, we'll keep our current house during the construction phase to minimise disruption and then either sell or rent it out after the completion of the construction(and the mortgage approval facilitates this).

    I have a builder friend who has advised on the ballpark construction costs for each of the houses we shortlisted, and we've been through a renovation before so not hassled by the work involved. We have put an offer on a house and today sent the mortgage approval confirmation.

    Our intention is to shop around for best mortgage deal - should we do this right away (i.e. does mortgage provider need to be confirmed before going Sale Agreed) or can mortgage provider be changed until later in the process? I was recommended an AEMA mortgage advisor and will meet him later in the week to expand the search. Wondering if the nature of the mortgage we're looking for will curtail our options or if our info/stats sufficed for BOI, others will offer same?

    And I'm guess we should start looking for a solicitor right away?

    Spoke to one estate agent to get a valuation (and expensive 1.75% quote) for selling our house - reckon I'll leave the shopping around for better offer there until we actually proceed with the sale in 6-12 months - any reason to engage on this earlier?

    In the event we have an offer accepted, we'll then arrange valuation, structural survey, and initiate the solicitor work. As it's been a good while since our last house purchase, I just wanted to check if we're thinking of the actions in the right sequence and if there's anything else we're overlooking? Thanks


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    #2
    thebeerbaron
    Registered Users Posts: 182 ✭✭thebeerbaron


    FrankGrimes wrote: »
    We have put an offer on a house and today sent the mortgage approval confirmation.

    1 should we do this right away ?

    2 can mortgage provider be changed until later in the process?

    3 Wondering if the nature of the mortgage we're looking for will curtail our options or if our info/stats sufficed for BOI, others will offer same?

    4 And I'm guess we should start looking for a solicitor right away?
    1 Yes you should probably have got your approval first, in writing.
    2 The sellers solicitor might tell you to fob off if you plan on trying to change back half way through the process
    3 It depends on the bank, but I know AIB do their own separate ones for your type of loan
    4 yes, shop around. They cost money too


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