Buying an Irish Cottage – Part I

The process of buying any property in Ireland is a daunting experience – never mind the added stress of buying a cottage which will most likely have inherent structural issues. For people buying in the Irish market for the first time, the process can be very confusing and frustrating. This article will give you an overview of the process. The Budget The very first step to take is to ascertain your budget, especially in these times of economic uncertainty. If you are lucky enough to be in control of your own finances and don’t need any help from the banks then you already have this step covered. However if you are at the mercy of the financial institutions like the majority of people you will need to jump a few hoops before you will be granted a mortgage. In recompense for past errors in judgment, banks are no longer welcoming buyers with open arms despite what their glossy adverts might say. Every bank has different application criteria and they are constantly changing, if you secured a mortgage in the past that doesn’t mean you will be successful now. When applying for a mortgage it is important to be aware of what the mortgage offer entails – the interest rate, what kind of breaks you will be allowed. As an example of this, when I was securing a mortgage to renovate a property the bank I was dealing with didn’t give an option of a 3 month payment break before starting the first repayment – important for renovators on a tight budget. I didn’t find out this information until after...