Most mortgage lenders will require you to have saved 10% of the property value if you are a first time buyer and 20% of the value if you are a second time buyer as a loan deposit. P.S. check if you are eligible for any government support schemes under our ‘Guide Me’ section.
You will also need additional savings to cover the costs of your selected solicitor, stamp duty fees (1% of the property value), valuation report, and surveyor report. Your selected lender allows you to request a ‘gift’ of this amount from a blood relative – they will supply you with a gift form for your relative to complete.
Tip: You can apply for your credit rating report for free on www.ICB.ie.
This all may seem a bit overwhelming, we at Property24-7 are here to help and have document some useful tips to get you home.
Set your goal, see how much you can borrow here with our mortgage calculator and work out your 10% needed.
Book a meeting with a mortgage advisor at your chosen lender to work out what your future repayments will look like.
Clear off any outstanding debt you may have acquired as this will be considered by your lender when you request a loan.
Set a timeline for yourself to work towards, for example if you need a deposit of €15,000 and can save €400 per month, your savings timeline would be around 3 years.
Track your spending, use a budgeting app to help you manage your personal finances.
Work out how much you can save every month; be sure it is an affordable amount that you can commit to!
Open a mortgage saver account with your chosen lender and set up direct debits from your current account every month.
Your lender will assess this as part of your mortgage application to ensure you can meet your loan repayments.
You will need to supply documentation to you chosen lender to help them assess your ability to meet your future mortgage repayments.
Typically, you will need: