Frank Lenny Mortgages Ireland - Advice - Mortgage, Insurance and Pensions Brokers

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graphic: Independent Mortgage, Life and Pensions Brokers

THE MORTGAGE PROCESS

Consider engaging the services of an Architect or Structural Engineer when buying an older property, or one of non-standard construction.

Because most people only take out an average of two to three mortgages in their lifetime, the mortgage process remains a daunting one for most borrowers. This need not be the case. When meeting a prospective client we take our time to detail comprehensively, the various stages of the mortgage process.

This is important as it gives the borrower a structure, and a time scale to follow, making the whole process gel together more easily.

1	Documentation Checklist You will need the following items during the mortgage application process : Salary Certificate (obtainable from your employer) Payslips Most recent P60 Loan statements Savings Records Photo ID Utility Bill (for current address) Current Account Statements

Make An Appointment With Frank Lenny Financial Services.

Our office hours are 9.00am to 8.30pm and are designed to allow you the client to meet with us when it suits you, so as to cause as little disruption to your normal working day as possible. In fact, most of our appointments happen between 5.00pm and 8.30pm each day.

We are available to help you with the entire home buying process, and will give you advice on, the maximum amount that you can borrow, the differences in rates, products, and terms and conditions, between all of the lenders in the marketplace at that particular moment in time.

We will explain the differences between the different types of mortgage i.e. annuity, endowment, and pension mortgages and the various flexible options that are available to you within these products. Taking your own particular situation into consideration we will recommend the best product and mortgage repayment term to suit your needs and will discuss the importance and cost of buildings and contents insurance and mortgage protection cover.

We will also advise you on the costs involved in taking out a mortgage including legal fees, valuer's fees, indemnity bonds if applicable, and stamp duty if applicable.

Have A General Discussion About Your Plans And Objectives/Complete Application Form/ Obtain Approval In Principal.

Having had an in depth discussion around your plans and objectives, answering all of the questions that you may have, we will help you complete your mortgage application form and will advise what additional information is needed to be furnished with your application.

On approval we will forward an Approval in Principal Certificate to you from the lending institution. This means that you can seek out the right property in the full knowledge that your funds are in place. This is an excellent idea for first time buyers and helps avoid disappointment. You should always concentrate on obtaining loan sanction first and then see what properties fall within your purchasing power.

Choose Your Solicitor

If you have not got a particular solicitor in mind then we will be happy to recommend one of many top firms whom we deal with on a regular basis. All of these firms will provide excellent service and liase with yourself and ourselves throughout the process. We are in a position to obtain a cheaper quote from our panel of solicitors on your behalf.

Select A Property

At this stage you can make an offer subject to contract. This means that you or the vendor can walk away without incurring any obligation or penalty. You are likely to have to pay a booking deposit and you should ensure that it is subject to loan approval and is refundable. Picking your future home is the fun part we will leave this to you!

Arrange Valuation/Survey Of Your Property

The property you wish to buy must be professionally valued. At this stage we can instruct a valuer from a panel of approved valuers. The average cost for the valuation survey is €126.97 including VAT at 21%. Depending on the property you choose, you may also wish to undertake a separate structural survey on the property, at your own expense. Obviously, this will depend on the age and condition of the property and your own requirements. The cost of the service varies from property to property. We can refer you to a suitable architect.

Arrange Issue of Full Loan Approval Letter To You

On receipt of the survey report we will arrange the prompt issue of your full mortgage loan approval letter. This will set out in great detail, the cost of the finance, and the terms and conditions relating to it. A copy of the approval is also sent to your solicitor with the legal pack.

Arrange Forwarding of Legal Pack To Your Solicitor From The Lending Institution.

The legal pack contains full instructions about how your solicitor should meet the lender's closing requirements. You should arrange an appointment with your solicitor, and return the relevant documentation to the lenders legal department via the solicitor.

Arrange Property Insurance and Life Assurance/Mortgage Protection Cover.

At this stage we will meet with you to discuss the importance of both these insurance products. Your mortgage cheque cannot issue until you have property insurance in place with the interest of the particular lending institution noted on the policy. It is also necessary to take out a Mortgage Protection Policy in most cases especially family home purchases. To avoid potential delays in closing, this is the time for us to obtain the most competitive quotes and to begin to put these policies in place prior to your closing date.

10	Agree closing dates with vendor's solicitor and your own solicitor. The vendor's solicitor will draw up a contract for sale at this stage.

11	Pay the balance of your deposit to the estate agent/solicitor It is important to remember that once that the balance has been paid, this money is not refundable and you are legally bound to purchase.

Arrange the issue of your mortgage cheque

We will ensure that all of the required items are in place, before your solicitor requisitions the mortgage cheque from the lender. These items will include any or all of the following; signed loan acceptance, signed direct debit mandate, property insurance document/letter of indemnity, mortgage protection/life policy, and any other special conditions mentioned in the original offer letter.

Frank Lenny Financial Services limited is regulated by the financial regulator.

Remember your home is at risk if you do not keep up the payments on a mortgage or any other loans secured on it.

We are a member of the Independent Mortgage Advisers Federation (IMAF) and the Professional Independent Brokers Association (PIBA).

Copyright 2003 Frank Lenny Financial Services Ltd. (Ireland)