First Time Buyer Mortgages
We are here to help guide you through every step of the process of buying your first home...
As your mortgage will be one of the biggest financial commitments you will ever make, it is very important that you choose the right professional to guide you through the process.
Over the past 20 years Flanagan Ford O’Neill have successfully helped thousands of people with their first mortgage, so we are experts in this field!
What to expect...
RESEARCH THE MARKET
We will research the market through the agencies that we hold, and find the most suitable product for you based on your income. We'll discuss all the variable and fixed rates on offer from each of the lending institutions.
APPLICATION PROCESS
We will give you access to an online application form and let you know the list of documents that will be required for the lender. We then process the application form and supporting documentation for approval.
APPROVAL IN PRINCIPAL
We will contact you to advise you on the maximum loan amount that we can obtain for you and the best available rate. This will give you the confidence to go shopping for your dream home.
LOAN OFFER
When you have found your dream home we will organize the valuation of the property. [There is a cost for this valuation report] We will then arrange for the loan offer to be forwarded to you and your solicitor.
PROTECTION
Our financial advisors will be able to assist you with your Mortgage Protection and Building & Contents Insurance.
GETTING THE KEYS
We will keep in touch with the Mortgage Company and your Solicitor throughout to ensure that everything is in place so that you successfully get the keys to your new home.
How Much Can I Borrow?
First time buyers can borrow up to 90% of the purchase price of the property you are purchasing, depending on your circumstances.
You will need to save a regular amount to demonstrate your repayment ability through savings and rent. This should be equivalent or more than your mortgage repayments.
The Deposit
You will need a 10% deposit. You will also need to allow for stamp duty, solicitors fees, engineers report.
First time buyers can avail of up to €30,000 with the Help To Buy Scheme
The Help to Buy (HTB) incentive is a scheme for first-time property buyers. It will help you with the deposit you need to buy or build a new house or apartment. You must buy or build the property to live in as your home.
A temporary enhancement to the existing HTB scheme for the remainder of 2020 was announced in the July 2020 Stimulus plan. This enhanced HTB relief has been extended to 31 December 2021 in Finance Act 2020.
The enhanced HTB relief provides that where applicants satisfy certain conditions, increased relief is available up to a maximum of €30,000.