Moving Home

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The following information provides a roadmap for when you are looking to move home:

  • If you are looking to move up or down the property ladder, the points below will help you in putting your plan together. We can then guide you through the process and look to make your move as easy as possible.

New Home Plan

  • It is important to have a clear picture of the home you are looking for.
  • Make a list noting the main points that are important to you, so that during your search you know what you are looking for. The main considerations that are important to people are location, number of bedrooms, house type, energy rating, living space, access to transport, schools and amenities and budget.

Current Home Value

  • First thing you need to establish is the current value of your home, this will help you to calculate the equity you will have after you have sold your existing property. For example, if your home is valued at €300,000 and your mortgage is €200,000, this will provide you with €100,000 in equity. This money can then go towards your next home. It is important to remember the associated costs with moving through which include Estate Agents and Solicitor fees. This can vary so it is always good to shop around for value.

Timeframe

  • Having a timeframe in place is very important when you are moving home. As there can be multiple parties involved there can very often be delays. Ensuring you are aware of all requirements and having a timeframe in place is important to ensure your move is as smooth as possible. When you have identified your new home, you will need to assess what is required for 1. The purchase of your new home and 2. The sale of your existing home. Depending on whether you are moving to a new build or 2nd hand property may alter the requirements and timelines.

Know your Budget

  • Knowing your budget is very important. After you have established the possible equity from your current home and any additional savings being used for the home purchase the important thing is to know the mortgage details you are looking for. How much of a mortgage, for how long and how much will the monthly repayments be. Again, make provision for associated costs, any additional works that may be required once you have moved in and it is always good practice to have savings in place for unforeseen costs.

Mortgage Approval?

  • For your mortgage application we will go through your circumstances and goals to see which lender is most appropriate for you.
  • From there we will submit and manage your mortgage application from start to finish. Once you have your mortgage approval in place you can really start to focus on your new home. Many Estate Agents will look for confirmation of your mortgage approval when you are noting interest in a property.

Offer

  • Once you have found your new home, you can look to make an offer.
  • A structural evaluation will be required to ensure that the property has no defects. Once you are satisfied the house is structurally sound, you can put down your deposit.

Find a Solicitor

  • If you haven’t got a solicitor yet, now’s the time to find one, maybe by asking friends or family for a recommendation.
  • They’ll be doing most of the dealings with the seller or builders’ solicitor on your behalf, so make sure they’re reputable.

Sign the offer letter

  • Once the appropriate valuations have been completed and you wish to proceed with the sale a formal offer letter will be sent to you and your solicitor.
  • This is the official contract, so it is important for you and your solicitor to review in detail to ensure you are happy with all details.

Other Considerations

  • You will need to put in place mortgage protection to cover the balance and term of your new mortgage. Home insurance specific to your new home will also be required.
  • We can go through the options available for you and ensure they are in place for your mortgage.

Get in Touch

Contact one of our local Financial Advisors on 1890 300 303 to discuss your options. Alternatively, request a call back and one of our Advisors will be in touch.

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Important Assumptions

For the purpose of determining the term over which pension contributions are made, we have assumed your birthday was exactly six months ago.

If your target retirement age is lower than the age at which the Social Welfare pension commences (age 68 if you are born on/after 01/01/1961, age 67 if born before this date but on/after 01/01/1955 and age 66 if born before 01/01/1955) the calculations allow for funding for this gap, in addition to the cost of the annuity.

You are entitled to a full Social Welfare pension of €248.30 per week as at March 2019 which is assumed to increase by 2.5% per year.

You are saving for the difference between the Social Welfare pension and your target monthly income in retirement.

We have allowed for inflation of your target monthly income of 2.5% per annum between now and your retirement date.

Any other private pension provision you may have in place has not been taken into account.

Your monthly pension contribution increases by 2.5% each year up until your retirement age and is invested in a pension plan with an annual management charge of 1% and a 5% charge on each contribution, in line with the Standard PRSA fees and charges maximum limit.

A Gross Investment Return of 4.2% per annum on your savings. This is not a forecast because the value of your investment may grow at a faster or slower rate than assumed and the value of your investment may be expected to fall from time to time as well as rise.

On retirement you purchase an annuity which escalates at 1.5% each year, has a 5-year guarantee and is payable monthly in advance. The annuity rate assumes a post retirement interest rate of 2% per annum and no spouse’s pension. The actual annuity rate will depend on the selection of dependant’s pension, guaranteed period and the escalation rate, as well as interest rates prevailing when the annuity is purchased.

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