First Time Buyers’ Mortgage
A first time buyer is defined as a borrower to whom no housing loan has ever before been advanced.
Where the borrower under a housing loan is more than one person and one or more of those
persons has previously been advanced a housing loan, none of those persons is a first-time buyer. (Central Bank of Ireland).
A First Time Buyer – Lets Get You Mortgage Ready!
Many people are starting to get into the housing market for the first time now with the pick-up in the economy. Even so, banks are still strict in their lending practices. Therefore, knowledge of the mortgage application process is essential. The wise thing to do would be to start working with a mortgage advisor at least six months before you submit your application.
Why Do You Need a Mortgage Advisor?
Firstly, It will not cost you anything!
The advisor will:
- Assess your chances of getting a mortgage
- Recommend measures to secure mortgage approval
- Fill out your application and make sure you have everything in place
- Get a quote from each bank for you and recommend the best
- Calculate the additional tax and legal expenses involved in the purchase
- Make sure all runs smoothly and stress-free for you
Fist Time Buyer Tips
That being said, here are some key wisdom’s for First Time Buyers:
- You should ideally get a Mortgage Adviser to check your application before you submit it. If you get a refusal from one bank, this just might affect your chances of getting approval from another bank.
- Do you have a deposit saved up? If not, talk to a Mortgage Advisor who can advise you on the best way to secure a deposit.
- Your mortgage repayments can be up to 40% of your net income.
- Have you budgeted for buying related costs such as valuation, legal fees and mortgage protection?
Start Today! Fill out the Mortgage123 Online Application Form and see where you stand!