Mortgages - what steps should you take to become a homeowner?

Becoming a homeowner may seem daunting initially, but it can be exciting and rewarding if you are well-prepared.

Steps to obtaining a mortgage.

1.    Building up equity capital

The first step is to build up the equity you need for your purchase.

2.    Find a property.

The next step is to find the property you'd like to buy.

3.    Loan application

Once you have compiled a complete file, you can apply to a bank or financial institution for a mortgage. Could you provide information about your income and debts and details of the property you'd like to buy?

4.    Risk assessment

The bank or financial institution will then analyse your loan application and determine whether it is willing to grant you the loan you have applied for. This assessment will consider your creditworthiness, the loan amount, the value of the property, your ability to repay, and any other risk factors.

5.    Loan acceptance

If your loan application is accepted, you will receive a loan offer detailing the terms and conditions of the loan, including the interest rate, collateral, term, and repayment terms.

6.    Mortgage registration

To finalise the mortgage, a land charge (mortgage certificate) will be created on the property and entered in the Land Register, representing the security for the loan.

7.    Loan repayment

You will start repaying the loan according to the terms agreed in the contract, usually in quarterly payments.

 

Learn more about our financing solutions.