What are the first time mortgage questions that you should have answers to before thinking about buying your first home?
How much can I borrow? How can I apply and does it cost to do so? Do I have to have to pick out a property before I apply and what else is involved in the process? These are the first time mortgage questions you should be asking when you are trying to get onto the property ladder.
How much can I borrow for my first home?
This has to be one of the most important first time mortgage questions. It is important that your financial advisor is up to date with all the latest rules and regulations. The property market in Ireland is a landscape that is constantly changing. New regulations by the Central Bank apply proportionate limits to mortgage lending by regulated financial services providers in the Irish market. The rules outlined by the Bank limit the LTV (loan to value) and LTI (Loan to Income) measures for 1st time buyers, people moving home and investors.
First Time Buyers
You can borrow up to 90% of the value of a home. There is a Loan to Income limit of 3.5, which means you can can get a loan of up to 3.5 times your gross annual income. Also you can combine your gross income with your partners when applying for a loan.
How long does the mortgage approval take?
Applying for a mortgage is FREE. You can fill in our online application to get ‘approval in principle’ in less than 3 working days! You can also use our mortgage calculators to estimate how much you will be able to borrow. Based on what you fill in we will be able to tell you if you qualify for a mortgage. We can also tell you how much we think you will able to borrow. After we receive the application, one of our financial advisors will contact you. We will then set up a meeting with you to discuss the various options you have. We will guide you through the whole process from start to finish and make sure you get the best deal.
What comes next in the mortgage process?
Once you have acquired loan approval we set out to find you the best deal for your particular needs. The Mortgage Team is an impartial advisor which means we have access to all the major mortgage lenders in Ireland. The provider we recommend is based on how suitable we judge the mortgage product to be in relation to your needs.
Then you are ready to choose your new home!