Mortgages

Researching and applying for a mortgage can be a daunting task; after all, you’re making a financial commitment for up to 35 years of your life. We know exactly what banks are looking for when analysing your accounts. It’s important to make sure your financial affairs are in good shape before you approach a bank for a mortgage; we can help you assess your finances and pinpoint any areas that may need improvement before applying.

At Progressive Financial Services we have experienced Financial Advisors who can manage your finances, including your mortgage. We are very proud to have an agency to deal with every bank in Ireland and are regulated by the Central Bank of Ireland. We have long standing relationships with the following lenders:

• AIB
• Bank of Ireland
• Permanent TSB
• Avant
• Finance Ireland
• ICS
• Onate (Bridging Finance)
• Spry Finance (Seniors Money)

Your Mortgage Journey

Contact – Reach out to us – One of our mortgage brokers will set up a meeting to conduct a fact find. We run through all your personal details in strict confidentiality to establish if you are mortgage ready.

Document gathering – there are many documents to gather for your mortgage approval. This is an extensive process and one which you will be guided through by your mortgage Broker.

Recommendation – we submit your mortgage application to a recommended lender. Time frames will be explained and will vary depending on multiple factors.

Approval – once approved an Approval In Principal (AIP) letter will be sent to you so that you can bid on your required property. Or if you are switching your mortgage your next step is to have your house valued and get your insurances in place to proceed to loan offer.

Sale agreed – once you have gone sale agreed, we will organise the next steps which include

1. loan offer and legal pack delivered to your solicitor
2. valuation completed by our recommended valuer
3. mortgage protection organise by our life assurance department
4. structural survey complete ( if applicable)

Drawdown – this involves liaising with you and your solicitor for a closing date with the vendors.

Choosing your lender

We pride ourselves on making the process as easy as possible and will always remain in close contact throughout the process through email, phone and text. When choosing the lender we will consider the following:

• Salaries
• Employment Situation (Self employed, PAYE, probation, maternity leave)
• Deposit available
• Interest Rate
• Cash back offers
• Proposed Loan to Value ratio
• Mortgage Type

Types of Mortgages

First Time Buyer – When the borrower or both borrowers have never owned a property before.

Mover – if trading up or trading down and you are selling your existing property.

Mover Retainer – When you want to move house but want to keep your existing property.

Switcher – when you are satisfied living in your current home but would like to see if you can avail of a better interest rate.

Buy To Let – You own a home and live in it and are considering purchasing a property with the purpose of renting it out.

Fees

During the mortgage process you will pay fees for the following

Solicitor – you are free to use any qualified Solicitor that you like. Its always a good idea to research this with various solicitor to see what fees they charge. Fees vary depending on searches. Typical fees would be c €3,200 per purchase and c €1,600 for a switcher mortgage. Progressive FS can recommend a solicitor if required.

Valuer – Typically €150 – €180 per valuation. Applicable only upon going sale agreed on a property.

Structural surveyor. A structural survey is only applicable if the property you are purchasing is over 100 years old and/or deemed ‘uninhabitable by the Valuer. Fees vary depending on the size and condition of the property for c. €600 plus VAT.

What to do?

Reach our to us. Send an email or make a phone call to one of our advisors below and we will take it from there.

Mortgage Calculator

Try our Mortgage Calculator below to get a better idea of your current financial situation.