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NOBODY PRETENDS THAT embarking upon a mortgage is a walk in the park. From gathering the documents you need, to getting your savings in order, the entire process can be overwhelming. With that being said, if you have the right people in your corner, the experience can also be smooth sailing and incredibly satisfying. You just need to know who to talk to, and what to ask.
Here at The Journal, we’ve already asked you about your mortgage knowledge and identified core components that are needed for your mortgage journey, so what’s next?
The next step is all about knowledge. We spoke to Ann-Marie Drohan, a Business Development Manager in EBS, Waterford, who brought us through the entire process from that initial consultation right down to the full loan offer.
If there’s a mortgage query that’s unanswered in your mind, keep reading for all the information you need.
What should first-time buyers have ready when they walk into their first sit-down with EBS?
I generally advise the customer to simply come in for a chat to discuss where they are on their mortgage journey and what exactly they hope to do i.e., buy or build.
During this initial conversation we outline the steps involved in getting mortgage ready and establish where they currently fit in that process, for example are they already saving regularly and have their deposit saved. If they are at the beginning of their journey, we put a plan in place on the steps required to be in a position to apply for their new mortgage.
We identify the mortgage amount they may qualify for based on their financial positioning and more importantly how much they can comfortably afford to repay each month.
There are a number of factors we consider to ensure the mortgage is suitable for the customer: annual income, term of the mortgage, outstanding loan repayments and other monthly commitments, savings etc. We help the customer devise a quick household budget which determines how much they can save each month towards their deposit and the mortgage repayment amount they can comfortably take on.
We do the maths to identify how their new home is going to be financed whether that’s a combination of savings and mortgage. We also look at other costs associated with buying a house which must be factored in when forecasting how much savings are required such as, solicitor fees, stamp duty and valuation fees.
As first-time-buyers, customers may qualify for Government schemes that support them in financing their first home such as: Help-to-Buy, First Home Scheme and the local authority Affordable Homes Scheme. I always make customers aware of the schemes available and am happy to answer any questions they may have.
We explain what an Approval in Principle (AIP) is and how long it lasts for. We outline the mortgage interest rates and cashback options available. For customers that are ready to apply, we advise what documents are required and give them timeline of the mortgage process.
What sort of timeline should first-time buyers anticipate from first seeking approval to getting the keys in their hand?
Once we receive the mortgage application and required mortgage documentation, an AIP decision is communicated to the customer within five to seven working days. An AIP is a strong commitment from EBS to our customers on the mortgage amount they can borrow. It is valid for twelve months. There is no cost or fee for this service.
Once customers have the mortgage amount pre-approved, it gives them the option to make a solid offer on a property. Once a suitable property is found, we move to loan offer stage.
How quick things move after this will depend on the property the customer is buying. In my experience, from loan offer to drawdown stage generally takes ten to twelve weeks.
How can EBS potentially help first-time buyers get a better deal on their mortgage, vis-a-vis green mortgages and cashback schemes?
EBS have several interest rates options and a cash back option which greatly benefits first time buyers, meaning they have more money to spend on their new home.
One of the more popular rates at present is our lower rate of interest for those purchasing a high energy rated home. Our green four year fixed rate mortgage is available to customers who want to live in a sustainable home. It offers a lower rate of interest of just 3.55% for homes with a Building Energy Rating (BER) between A1 – B3. This rate is also available for customers who are moving homes, switching their mortgage to EBS or who have fully completed a high energy rated self-build home.
EBS also offer home buyers up to 3% Back in Cash on new mortgages. That’s 2% of the value of your new mortgage upfront and 1% in five years. This is available to first-time-buyers, movers or switching your mortgage to EBS.
What resources are available through EBS for first-time buyers to support them in their journey?
When you apply for your mortgage with EBS, you will have a dedicated advisor from the beginning of your mortgage journey right through to the end. You will build a relationship with one person who fully understands your needs and your journey. We are fully committed to help you meet your needs. We will guide you through each stage of the process, so from approval in principle stage, right down to your full loan offer when you have found the home of your dreams, right until you get your keys.
EBS have a speed to offer service and we can make sure that we can work at whatever speed that you need, to ensure there are no delays and that stress is taken away from the customer right from the start.
EBS have a dedicated mortgage portal called Mortgage Masterplan which makes it easy for customers to upload their mortgage documents, sign their mortgage application form and check the status of their application – all from the comfort of home.
For more details on how EBS could help you get started on your mortgage journey, head to their website www.ebs.ie. EBS d.a.c. is regulated by the Central Bank of Ireland. Lending Criteria, Terms & Conditions apply. Over 18′s only. Security may be required. Valid BER rating of B3 or higher is required for the 4 year Green Fixed Rate.
All rates correct at time of publication.
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