TURNING THE KEY and opening the door to your first home for the first time is a special moment and the journey to get there starts with some important first steps.
That’s why you need to be equipped with the best guidance possible for setting out on the road to home ownership. No matter how much of a challenge it may seem, there is a roadmap that you can follow – and The Mortgage People at EBS are there to lay it all out for you.
If you’re dreamily walking past estate agent offices and scanning the internet for your dream home, the first question you’re probably asking yourself is how much can you afford to borrow based on your current salary. An EBS Mortgage Advisor will work with you in order to establish approval in principle on a prospective mortgage. You don’t need to have a home picked out by this stage, as approval in principle lasts for twelve months, this will give you the breathing space you need to take your time to find the right place.
First time buyers need a deposit worth 10% of the property they hope to buy, and an EBS mortgage advisor can advise on how much you can expect to be able to borrow based on your income, and also how much you can expect to repay on a monthly basis.
Typically, you can borrow up to four times your yearly income, but you also need to make sure that this is affordable for you.
The EBS website also offers a calculator tool which will provide a guide on how much you can expect to be able to borrow. Online calculators cannot tell you whether or not you’ll receive approval in principle for a mortgage, but they are a useful guideline for what kind of figures you could be working with after you sit down with an EBS Mortgage Advisor.
Actually making that appointment to speak with a Mortgage Advisor at one of the 66 EBS offices nationwide is the most essential step, however, and it’s from that point onwards that you can begin to rely on the support and expertise that EBS has been providing to first time buyers for decades.
As a first time buyer, you will have important decisions to make regarding which kind of mortgage is the right one for you. You may be torn between opting for a fixed rate mortgage or a variable rate mortgage. EBS offers you the best of both worlds, providing the option of splitting the loan amount in two, so you can avail of the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan. You’ll also get all the information you need on ways you can save money on your mortgage – such as through the EBS 3% cashback offering, the four-year fixed rate Green Mortgage, and up to three months free Home Insurance.
Naturally, buying your first home will probably be the greatest financial undertaking of your life so far, and there are other costs in the process besides the price of the house itself. An EBS Mortgage Advisor can help talk you through some of these costs and how to prepare for them, including:
In addition to covering these vital steps with you, EBS will also talk you through the various government schemes you might be eligible for. One such initiative is the First Home Shared Equity Scheme, which allows you to apply for up to 30% of the value of a self build or newly built property in a private development.
If you’re setting out on your mortgage journey, then the time to ask questions is now. Book an appointment with EBS here to meet a Mortgage Advisor and put together a plan that’s suited to your timeline, budget and needs.
EBS d.a.c. is regulated by the Central Bank of Ireland. Lending Criteria, Terms & Conditions apply. Over 18′s only. Security may be required. Valid BER rating of B3 or higher is required for the 4 year Green Fixed Rate.
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