First Time buyers
Buying your first home can be a stressful and confusing time. There are so many advertisements, blogs and lenders out there that it can be difficult to find answers to your questions.
At Mortgage Team we will meet you at a time that suits. You don’t have to limit your appointment to 9 – 5. We deal with a number of Irelands leading lenders which ensures that we get the mortgage that is the best fit for you.
We will take you through the mortgage process from beginning to end taking care of all paperwork, freeing up your time to research the market and find your perfect home.
We do advise that you secure an AIP (approval in Principle) in advance of looking at properties, as you are ready to move straight away should you identify the home you wish to purchase. Also, it avoids disappointment if the home of your dream comes to the market and you are not in a position to move forward with a purchase.
How much can you borrow:
With central bank rules you can borrow up to 90% of the value of the property, so you will require a 10% deposit. This is referred to as LTV (loan to value)
You can borrow up to 3.5 times your salary. This is referred to by LTI (Loan to income). In some circumstances it may be possible to borrow outside 3.5 times and we can advise you on this.
Choice of fixes and variable rates. You can choose a combination of both if you wish.
Max LTV 90%
You will need to be over 18 years of age at the time of the application
A term of up to 35 years is available depending on your age at outset
You will require a mortgage protection policy. We will be able to provide you with a full comparison of the market as we have agencies with all the life companies in Ireland.
You will also need to have additional fees to cover your mortgage valuation fee ( between €130-160 ) Stamp duty ( 1% of the purchase price) Legal Fees and in some cases a structural survey
It is acceptable to receive a gift of part of the deposit, but the banks do like to you have shown the ability to save for your deposit yourself.
We look forward to hearing from you and making the journey of your first mortgage a Happy and exciting experience.