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House Movers

There are numerous mortgages and decisions to be taken when moving home. We can help give you the best advic in all these matters. Just contact us and we can look specifically at your case and advise on the best course of action.
Here is some advise on different issues you may need to consider when moving home:

Bridging Finance

Lenders are quite strict in the current climate in providing bridging finance. Not all mortgage providers provide bridging facilities
Bridging finance is only available when there is an unconditional contract in place for the sale of your existing property.
It is important to clarify the position in relation to the availability of bridging finance at an early stage in the mortgage process.Your solicitor has an important role to play in ensuring the timing of the sale of your own house and the purchase of your new house are to your advantage or certainly not to your disadvantage.
If you are in a chain, where you are buying a home at the same time as selling a home, it’s possible that you’ll be put in the situation where you need to complete your purchase, but for some reason the funds from your buyer are not present to complete the transaction. At this time, the vendor may threaten to pull out unless you complete at a certain date. Without the proceeds from your home’s sale you will run into difficulty.
The amounts are borrowed generally for periods from a week to up to six months.Rates are typically priced at home loan rate plus 2%.This can be a very expensive business if you are also paying your old mortgage on the house you are selling!
Sometimes it may be necessary to obtain bridging for your 10% deposit for your new home in situations where all your equity for your move is tied up in your existing property. Lenders don’t usually have a problem with this provided you have a contract in place for the sale of your house.

Self Build Mortgages

Self build mortgages are mortgage facilities arranged for individuals building their own home. This mortgage category encompasses both direct labour construction and houses built by contractors under a building agreement.
We have vast experience in the provision of self build mortgages. Building one’s home is not for everybody but, in almost all circumstances results in lower house purchase costs when compared to a ready-built house. The process generally takes considerably longer than anticipated and requires a great deal of planning. Hiring the right professionals is absolutely vital to the success of any project.
The self build process involves: acquiring a site, obtaining planning permission for your house and the construction of the property.
Some lenders do not provide mortgage finance for self build properties. However most lenders will provide self build facilities and mortgage rates are the same irrespective of the construction format. Lenders in general are reluctant to advance traditional mortgage facilities where the site in question exceeds what can reasonably be described as a house plot.
We set out below a number of key issues that arise in relation to self build mortgages:
The first step in the process is to establish what you can afford and get approval for the cost of your development.
Lending criteria for self builds is strict.
Lenders have had poor experince in the self build area with many houses left unfinisheed due to inadequate budgeting or problems with employment etc.
As a guide lenders are happier when the following factors apply

  • Facilities required do not exceed 4 times gross income
  • You have savings (cash) of around 10% of the value on completion.
  • Employment must be permanent and secure
  • Self employed applicants are finding securing mortgage approval to be very difficult at the moment

Selling Your Home

Selling your property is a big move and you don’t need unnecessary stress. Make the best start by understanding what’s involved with our essential guide.

What’s It Worth?

You should do the following to make sure you have an accurate idea of what you could sell your property for:

  • Get at least three estate agents to come and do a ‘no obligation’ valuation.
  • Research the market for similar properties in your own area, either through agent windows, local property supplements or property websites.
  • Now research actual prices fetched by such properties. Ask around and chat to as many people as possible to get a good feel of what you should expect.
  • In todays market dont be over optimistic.

Up for sale!

Don’t get hung up on timing. If you need to sell, you need to sell. Most people favour spring and summer because of their better weather and longer daylight hours, but people are still buying properties all year round. Make sure you keep abreast of property news including speculation about mortgage rates, but remember you can only make an educated guess.
Estate agents are the traditional way to sell houses. Many of us have strong reservations about their practices but most properties are sold through agents. They charge a commission fee, payable after sale, but you may also pay for extra advertising. In return they save you time and stress by, among other things, actively promoting your property, having the hassle of dealing with would-be buyers, and acting as a go-between during possibly tense negotiations.
To choose an agent, don’t just pick the one offering the highest valuation, because there’s no guarantee they will get that price.

  • Compare fees.
  • Ask what they are offering.
  • Check testimonials and talk to people who used this agency before you
  • Check the agency agreement – it may try to tie you to the agency for too long a period. If you want to change agents in this time you will still be legally bound to pay their fee.
  • Multiple listings – using more than one agent may mean you are also liable to pay more than one fee, so check the contract fine print again.

Once you have an agent stay in regular contact, be firm about progress reports and make sure they are getting prospective buyers in.

Private sales

In these, you avoid paying commission because you are doing all the work, including advertising and dealing with would-be buyers directly. You can advertise in local newspaper or use the internet.

E-sales

You could use any of a number of specialist websites selling property for a one off fee, often under ?100 compared to thousands in agent commission. This is basically private selling with more information and tips, and the important target audience. At the end of the day you are probably paying for the signage in your garden !