First Time Buyers

What is your application based on?

Your income

Lenders will look at your annual income and some may take bonuses or overtime into account. Some lenders may factor in rental income if you plan to rent out spare rooms

Your age

And number of years left until you retire. Max age 65.

Outstanding loans

If you have other loans, this may reduce the amount of money you can borrow or you may find it difficult to get a mortgage

Outgoings

In addition to any loan repayments, lenders will look at any financial commitments you have, such as childcare costs.

Savings

This shows you have an ability to save and have built up enough money to pay your deposit and other expenses.

Credit record

This shows the repayments you have made on any loans you have. If you have missed repayments in the past, it may make it more difficult for you to get a mortgage.

The value of your house

This is the market value or purchase price of your house.

The amount you need to borrow

this is the difference between the amount you have saved to put towards the house (your deposit) and the purchase price of the house

Guarantor

Whether anyone will act as guarantor by agreeing to repay the loan if you are not unable.

Single or Joint

Whether you are borrowing on your own or with someone else

6 Things every first time home buyer should know

Like everyone starting off on buying their first home, your impatient to snap up your dream home before prices get out of hand.

This is probably the biggest financial decision of your life. Preparation is the key to so some key things you should consider before you dive in.

Get Connected

Set up search and property alerts so that you will know exactly when a property will become available.

With a scarcity of homes for sale particularly in the main cities, it’s a competitive market for buyers. Make sure you have all your financial details organised, statements, P60’s, payslips, proof of savings. Have them ready and organised.

BER Rating

All homes now have to have a BER certificate. This is an important factor when deciding how much to pay. You may need to put funds aside for additional insulation, and energy saving options.

Be Realistic

A scarcity of property is leaving a lot of frustrated buyers out there. If you cant afford to buy the kind of house you want in an area you want to think again. You may need to alter your expectations of the house you want in a particular area or the area you can afford to live in.

Don’t worry about the décor

The flowery wall paper and green coloured bathroom suite can easily be changed. Dated décor may bring down the price by putting off notice buyers and keeping the price down.