First Time Buyer

Buying your first home can be stressful, but ultimately should be a rewarding experience. We aim to take the stress out of the process ensuring a smooth run from the time you pay your deposit to when you collect your keys.

Initial Meeting

One of our advisers will meet with you to conduct a Fact Find. This is an information gathering exercise which will provide us with enough information so we can approach the lenders on your behalf.  Following this meeting, we will be in a position to speak to the lenders to get you a competitive deal.  We will discuss with you and advise you on the advantages and disadvantages of choosing a particular rate or term.

Follow up

While the money is obviously important, there are other important jobs to be done and we will help you complete them:

  • We will advise you what paperwork you need and the various steps you will negotiate.
  • We will guide you through the jargon of the mortgage market.
  • We will follow up with the relevant lender and other involved parties until your cheque is with your solicitor.

Did you know?

  • You will be required to take out life cover to insure your loan should you die during the term of the mortgage. To find out how much this will cost get a Life Cover quote. 
  • While fixing a rate means certainty about repayments, it ties you into the rate for the fixed period, remember this if you are considering moving in the short term.
  • By extending your loan, you make your payments smaller,  but ultimately you will be paying back a greater sum overall.

 

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Frequently Asked Questions

  • How much can I borrow for my mortgage?

    Lenders use different ways to work out how much of a mortgage they will give you. The most important factor is your ability to repay the loan. Generally lenders take the following factors into consideration:

    • Your income, the type and security of your job.
    • Are you borrowing on your own or with someone else?
    • Have you savings and / or any outstanding loans?
    • Do you have a good credit history?
    • Will anyone will act as a guarantor for you?
    • What is the value of the property you want to buy?

    As a general rule, most lenders will try to make sure that your mortgage repayments plus any other loan repayments you have don't go above 40% of your monthly take-home pay.  They may offer you a smaller mortgage or offer you a mortgage over a longer term.

  • What is a 'top-up' mortgage?

    If the value of your home is higher than the amount you owe on your mortgage (this is called 'having equity'), you may be able to borrow extra on top of your existing mortgage.  This is known as ‘topping up' your mortgage.  The mortgage top-up loan is added on to your existing mortgage and secured on your home.  You may have to pay certain legal fees and other charges for this type of loan, so it is generally more suitable for larger sums of money where you may borrow over a number of years. 

  • What is a tracker mortgage?

    With a tracker mortgage, the interest rate is set at a fixed percentage (margin) above the European Central Bank (ECB) rate. For example, your rate could be set at the ECB rate plus 1%, for the life of your mortgage. This extra percentage above the ECB rate will stay the same until you have paid off your mortgage. If the ECB rate rises by 1%, your tracker rate will automatically rise by exactly 1%. The opposite happens if the ECB rate falls.

  • What is the difference between a fixed rate and a variable rate?

    Variable rates can move up and down in line with European Central Bank (ECB) increases or decreases in the base rate.With a fixed rate mortgage your rate stays the same for a set period of time (the fixed term), so your repayments don't change no matter even if ECB rates go up or down.

  • What is a fixed rate break penalty and when does it apply?

    If you want to change to a variable rate or pay off your mortgage before your fixed-rate period ends, your lender can charge a fee to cover the cost of breaking your fixed rate. Also, most lenders will not allow you to pay a lump sum into your mortgage during the fixed-rate period, so you could lose out on saving interest in this way.