At Quintain, we want to take the stress out of the purchasing process and allow you to enjoy this exciting time as much as possible. Our sales agents are knowledgeable and helpful, and always available to offer advice and guidance throughout the buying process.
We would always recommend that you seek independent financial advice, but to get you started we’ve put together a guide on buying your new home from Quintain, along with some helpful tips and advice to help you navigate the process as quickly and stress-free as possible.
1. First Steps
So you’ve decided you would like to buy a new home – congratulations! To ensure success, here are a few preparatory steps to take:
Work out how much you can afford:
Most buyers will need finance of some kind, so it is important to work out how much you can afford to borrow. This relies on the loan-to-value (LTV) and loan-to-income (LTI) limits set by the Central Bank:
The current LTV limits are:
- FTB & subsequent buyers – 90% maximum – you pay 10% deposit
- Buy-to-let buyers: 70% maximum – you pay 30% deposit
The current LTI limits are as follows:
- First Time Buyers: Maximum of 4 times your gross income ( combined gross income if buying with a partner)
- Subsequent Buyers: Maximum of 3.5 times your gross income ( combined gross income if buying with a partner)
Start thinking about the sort of home that suits your needs
Do you want a house or apartment? How many bedrooms/bathrooms? Is a large garden important to you? Do you want to live in a family-oriented development? Do you want to be close to a city/town? Do you need to be close to public transport? When you know what you can afford, you can see if you’re in the right position to purchase what you want now, or if you might need to wait another six months/year to save some more.
Organise your finances
It will take you some time to save for a deposit; use this time wisely by getting your finances in order. Typically, you will need to produce six months of bank statements when applying for a mortgage. Ensure that your bills are paid on time, including your credit card and existing mortgage (if you have one). Try to build up solid evidence of regular savings too.
Look at the Help-to-Buy incentive
The Help-to-Buy incentive is a scheme for first-time buyers to help them with their deposit on a new-build or self-build house. Quintain is an approved developer under the scheme. The incentive is based on a refund of the Income Tax and Deposit Interest Retention Tax (DIRT) that you have paid in the last four years. The amount refunded is subject to limits; more details are available in our Help-to-Buy Guide.
Look at the First Home Scheme
The First Home Scheme (FHS) is a shared equity scheme, designed to help bridge the gap for first-time buyers and eligible homebuyers between their deposit and mortgage, and the price of their new home. It is available for newly built houses or apartments in a private development in the Republic of Ireland. More details available in our First Home Scheme Guide.
Get your documents ready for your application
A mortgage lender will require a number of documents in order to process your application.
Here are examples of some of the documents you may be required to present:
- Six months’ worth of statements for ALL bank accounts and credit cards
- Mortgage/any loan statements
- At least three months’ payslips
- P60
- Salary certificate stamped by your employer
- Tax returns and accounts for two years (self-employed)
- Tax clearance cert (self-employed)
- PPS numbers for all applicants
- Passport/Driving licence
- Utility bills (proof of address)
Your bank may require more documents but those listed above are worth getting together in advance.
2. Get Mortgage-Ready
The health of your finances will dictate every aspect of your mortgage deal, from the rate to the amount you can borrow. Maximise your chances of success with our top ten mortgage tips.
Have a good employment record
Complete any probation period and ensure you are in secure, continuous employment for at least six months/one year.
Get your deposit ready
Make sure you have enough saved for your house deposit, legal fees and any other payments.
Minimise loans
If possible, pay off any existing loans as any repayments will be deducted from your disposable income available for mortgage payments.
Current account
Your bank will scrutinise at least six months’ worth of statements so keep your accounts as clean as possible with no referral, penalty fees or missed payments.
Clear your credit card
Try to pay off your credit card in full each month; if this is not possible, keep within the credit limit and don’t fall into the trap of only paying the minimum amount each month.
Pay rent by standing order
Banks will take into account your rent payments as long as they are clearly documented, i.e. through a regular standing order.
Be a regular saver
Ideally, save a regular amount every month; this will show your capacity to reach mortgage payments and live within your means.
Check your credit rating
Any missed payments or defaulted loans will affect your credit rating, which will be checked by the bank. You can find out your credit rating at icb.ie.
Shop around
Different banks offer different deals and rates. Do your research and try to get the best deal you can. If in doubt, a mortgage broker can be a great help.
Take your time
It can take several months to get your mortgage approval. Be patient and don’t rush into a decision.
3. Choosing the Right Home
Now for the fun bit – looking for your dream home. Take the following considerations into account – the good news is that Quintain homes tick all these boxes and more.
Location
Think about where you want to live in relation to friends and family, your workplace etc.
Affordability
Before you start looking seriously, work out how much you can afford based on your income and mortgage repayments.
Transport Links
Think about how you will travel to work and where you want to go – are there good public transport links close by your new home?
Amenities
Do you need to be close to schools/shops/leisure facilities? Research the amenities in the immediate area.
Build Quality
Research the developer and the quality of their work. Quintain homes are built to the highest standards and come with 10 years warranty. Energy efficiency is a priority, along with spacious, bright interiors designed for modern living.
4. Navigating the Buying Process
At Quintain, our aim is to simplify the buying process as much as possible, allowing you to enjoy this exciting time as much as possible. Here we have broken down the process into easy steps – and remember, we are here to help you every step of the way.
Arrange your finance
Make sure you have your deposit amount, your mortgage approval and any other financial considerations in place, such as the Help to Buy incentive.
Engage a solicitor
You will need a solicitor to manage the transfer of ownership of the property and to communicate with Quintain’s solicitor. Make sure you are aware of the solicitor’s fees for this service.
Pay your booking deposit
Once you have chosen your new home, you must complete the reservation form and pay the booking deposit, which is fully refundable until the sale contract is signed
Signing of Contracts
Quintain’s solicitors will send your solicitor the contract for sale. The contract should be studied carefully; your solicitor can address any queries to Quintain’s solicitors. Once these queries are answered and you are happy with the contract, arrange a meeting with your solicitor to sign the contract. At this stage, you must pay the balance of your deposit (minus your booking deposit and any refund from the Help to Buy incentive, if applicable).
Exchange of contracts
Once Quintain countersigns your contract, your commitment to purchase is legally binding.
Build progress
Your sales agent will update you regarding the progress of the build and the completion date. Bear in mind that your mortgage approval may have to be extended according to the completion date as mortgage approval usually lasts for six months.
Snagging your new home
When your home has been completed, you will be invited to visit and make a snag list. You can do this yourself or instruct a surveyor on your behalf.
Snagging will be completed and we will invite you for re inspection.
Completing the sale
At this stage, a completion notice will be sent to your solicitor and you should contact your bank to draw down your mortgage. Make sure you have life insurance in place too.
Collecting your keys
Once Quintain’s solicitors confirms full receipt of funds, closing will be confirmed, and the keys and manuals for your new home will be presented to you.
All that’s left is to move in and arrange the housewarming party! Congratulations!