Step 1: Find out how much you can afford

Before you start looking for your new home, use the Ulster Bank mortgage calculator to find out what your monthly mortgage repayments might be or visit your local branch for a more detailed assessment.

Don’t forget to factor in costs for the following too:

• Buildings insurance (you will need this for any mortgage)
• Solicitor fees
• Stamp duty
• Valuation fees, if any
• Survey charges if you decide to get a structural surveyor
• Moving costs

Step 2: Start looking

Once you have a good idea of how much you can afford, you can start looking properly!
Make a list of what’s most important to you and put your requirements in order as buying a home usually involves some sort of compromise.

Here are a few things to consider:

• How many bedrooms would you like?
• Would you prefer to have a garage?
• Are you interested in a garden?
• Do you have a preference for a new build or older property?
• Would you like to live in town or a more rural location?

Quick Tip: Your estate agent may be able to recommend up-and-coming areas nearby. You may get a little bit more for your money if your preferred areas are out of reach financially.

Step 3: Find somewhere you like and make an offer

Remember your offer could be lower than the asking price – the price the seller asks for is not always the one they finally accept. However if there’s been a lot of interest, it could be wise to make an offer close to the asking. Your estate agent can advise you.

Once your offer is accepted it will be confirmed in writing. But remember – the property isn’t officially yours until legally binding contracts are exchanged and the money has been paid over.

Quick Tip: Watch out for ‘gazumping’. This is where a seller agrees to sell to you but later accepts a better offer. It can be frustrating and costly, but isn’t illegal.

Step 4: Offer accepted? Arrange your mortgage

Once you’ve found the perfect place it’s important to move fast. Mortgages can take a few weeks to sort out. Ulster Bank can arrange an appointment with a Mortgage Specialist or one of our Mobile Mortgage Managers who will keep things moving as quickly and smoothly as possible.

Your Mortgage Specialist will complete the application with you and let you know if there’s any additional documentation we need. As soon as we have everything and your mortgage is approved, we’ll arrange for a valuation of your new home to be completed.

Step 5: Choose a solicitor

You’ll need a solicitor to help you buy your home. Getting some personal recommendations from friends and family may be a good start.

Your solicitor will:

• Carry out the conveyancing – the legal process of transferring a property from one person to another
• Investigate the legal aspects – identifying the boundaries and what’s included in the sale
• Carry out a ‘search’ to find anything which could undermine the property’s value
• Make sure the sale is completed once contracts are exchanged.

Quick Tip: If something isn’t completely clear, don’t be afraid to ask your solicitor. Many of the documents you’ll be asked to read and sign will be written in unfamiliar legal language.

Step 6: Decide if you want to get a structural survey

Before signing the contract it is really important to have independent checks made on the property.

You may arrange directly with a surveyor to have a structural survey carried out, this is a lot more thorough than a simple valuation and would highlight any problems with the property. Spending a little extra on a full structural survey now could save you thousands in the future, as it may highlight potential problems such as dry rot and damp.

Step 7: Arrange cover

With almost any mortgage you’ll always need to have buildings insurance to cover your new home. Contents and life cover are optional, but useful if you also wish to protect you and your belongings.

Quick Tip: Remember the amount of buildings cover you choose is based on the ‘rebuilding’ cost and not on the value of your home. There’s no need to pay over the odds.

Step 8: Exchange contracts

Providing there are no problems with the survey, the solicitors on both sides will draw up formal contracts for you and the seller to sign. These are legally binding so make sure you’re happy to go ahead.

On the day agreed by both parties we’ll release the mortgage funds to your solicitor who in turn will transfer them to the seller’s solicitor. At the point the funds are transferred, the property is yours.

Quick Tip: It’s probably worth holding off booking your removals – and any other arrangements that will incur expense – until contracts have been exchanged.

Step 9: Move in

Moving day is exciting but it can be a long and stressful day too, so booking a professional removal firm to help might be a good idea – especially if you have a lot of possessions to shift.

Here’s a quick checklist:

• Contact the electricity, gas and telephone companies beforehand so you’re connected from the start
• Let your bank, building society and credit card companies know
• Make sure your cable or satellite company knows when your moving
• Tell your car insurance company and your local Motor Tax Office – it may affect your payments
• Register with a new doctor and dentist if you need to
• Ask An Post to redirect your mail

Quick Tip: Fill luggage and rucksacks with clothing, sheets, towels – everything you might need to have to hand for the first night or two. You don’t want to be searching through 30 boxes to find a mug and a kettle when you’re desperate for a cup of tea.