BUYING YOUR OWN home is a complex but exciting process. Figuring out repayments, interest rates and government schemes may be a bit daunting, but there is a tool to make it a little easier.
The new Glenveagh Mortgage Calculator takes the mystery out of doing the figures, especially for first-time buyers, and who wouldn’t want that?
Glenveagh, Ireland’s leading sustainable home builder, has introduced a new tool that will show you what finances you need to buy a home and what grant amounts might be available to help you get there. Their new mortgage calculator shows how much your mortgage monthly repayments could be and what your cash deposit, total mortgage amount and recommended household salary are, based on the property purchase price and other details.
What makes the Glenveagh mortgage calculator particularly useful is that it incorporates government grants and schemes into the calculations. It also shows house price thresholds in different local authority areas, for the schemes mentioned.
All you need to do is put a few details into the calculator and it will do the rest. The calculator takes away a lot of the leg work when it comes to the Government schemes available to first-time buyers.
For example, the Help to Buy and the First Home Scheme can be included in your final calculation, depending on your personal circumstances and what you qualify or would like to apply for. Glenveagh’s mortgage calculator is unusual in that it’s quick and very easy to use, needing limited details to be inputted, for mortgage costs to be estimated.
Buying a home is a huge decision and Glenveagh’s mortgage calculator can help you crunch the numbers in one place. First-time buyers especially can appreciate the usefulness of a tool that shows all the figures needed for their calculations.
With the help of the Glenveagh calculator, first time buyers in particular, can see, at a glance, how government schemes could reduce not only the deposit, but also monthly payments. To see how it works, have a look at these examples:
Take the example of a 3-bed semi-detached in one of Glenveagh’s communities, Farranshock Park.
Property price: €360,000
Property type: House
Local authority area: Westmeath County
Availing of the Help to Buy and First Home Scheme:
When these details are added to the calculator, alongside a mortgage term of 35 years and an interest rate of 4%, the monthly repayments are calculated at €1,116. A cash deposit of 10% of the property (€36,000) is needed to purchase the home, with the Help to Buy scheme contributing a maximum of €30,000. This means a first-time buyer only needs €6,000 as a cash deposit.
If you also plan to avail of the First Home Scheme, the calculator will let you know the price threshold of houses for the scheme in each local authority area. It will also show you how much the local authority may contribute to the cost of the home in exchange for equity; vital information for first-time buyers.
Example two
Property price: €360,000
Property type: House
Local authority area: Westmeath County
Not availing of the Help to Buy and First Home Scheme:
When these details are added to the calculator, alongside the same mortgage terms as the above example, the monthly repayments are calculated at €1,435. A cash deposit of 10% of the property (€36,000) is needed to purchase the home.
The Glenveagh mortgage calculator gives you the ability, at a glance, to see what the deposit, purchase price and monthly repayment would be on your new home, with or without availing of government schemes; a great tool for first-time buyers to use.
This calculator is for illustrative purposes only. It’s meant to give an informed estimate of the costs associated with buying a home.
Check out Glenveagh’s mortgage calculator, perfect for first-time buyers, here.
For more information, visit Glenveagh.ie.
*This financial calculator is for illustrative and information purposes only. It is not intended to be, or should be construed, as:
(i) An offer, invitation or inducement to you or any other person, to enter into any type of credit, mortgage or financial arrangement or
(ii) Advice on, or a recommendation of, a particular financial product provider.
The amount you can borrow will depend on your individual circumstances and is subject to a financial institution’s specific lending criteria, terms and conditions.
The results from the financial calculator are estimates only and may vary from some financial institutions, depending on how interest is calculated and any other applicable factors.
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