The first 5 steps of a home movers’ mortgage journey
Step One: Find out the current value of your home
This will help you to work out the budget for your new home. It’s a good idea to get valuations on your home from a few of your local estates agents. Estate agent’s fees can vary from 1.5% to 2.5% (so remember to query the price!).
Step Two: Create Your “New Home Profile”
How many bedrooms do you need? What area would you like to live in? At this point you should tick off those big and small necessities. Some of the most popular items on the list for home movers include a garden, off-street parking, access to public transport and access to schools. Next, you can do a price comparison for your New Home Profile in your chosen area(s).
Step Three: Work out your timeline
Should you Sell and Buy or Buy and Sell? There really is no straight answer, as it all depends on how much time you have to move and how flexible you are about the type of house you buy. You may already have seen your dream house and want to buy it now before you sell, or you might prefer to sell your home and rent until you find the right house.
Step Four: Your new home budget
You’ll need to work out your New Home Budget (the amount you can afford to spend on your move). This will depend on the money left over from the sale of your existing home (your equity), any savings you have, and your new mortgage loan too. Calculate your minimum home buying amount required.
Step Five: Talking to an AIB Mortgage Advisor
You don’t have to have your deposit saved or your documents in order to talk to an AIB mortgage advisor. No matter what the query, you can drop in or make a mortgage appointment with a Mortgage Advisor before you begin the official process, and we’ll make sure you’re on the right track from the very start.
Need more information on what happens next? Download our useful Home Mover’s Guide here.
I’m in Negative Equity. Can I move home?
Don’t worry – negative equity doesn’t have to mean you cannot move home – you can apply for an AIB Negative Equity Mover mortgage. Find out more in our FAQ section, or contact a mortgage advisor at your local branch for a helpful chat.