Climbing the mortgage mountain? These tips for first-time buyers will help you reach your peak
BUYING YOUR FIRST home can sometimes feel overwhelming – the vocabulary to translate, the jargon to decode and the challenge of saving your deposit. But with the right advice and a clear plan, it's entirely achievable to get the keys to your humble abode. If you're just starting your home-buying journey, read on for our five key tips to help you to climb to the top of that mountain. When you're sitting in your new kitchen with a cup of coffee it will all feel worth it.
Get yourself a mortgage broker who doesn't charge a fee
Working with a mortgage broker gives you access to a wider range of lenders and the most competitive rates available. This independent service also handles the paperwork and negotiation on your behalf, saving you time, stress, and potentially thousands of euros over the life of your mortgage. They can become like a guide on this tricky journey so definitely lean on this resource.
Ideally, you should contact a broker at least six months before you're ready to buy. A broker like Ireland's largest mortgage broker,
Finance Solutions
will assess your affordability based on your income, savings, and repayment capacity and the best bit… the service from Finance Solutions doesn't cost you a thing – they get paid their fee from the bank once your mortgage draws down.
Finance Solutions create a tailored plan
for free
to help you secure the best mortgage deal from one of the eight lenders in the Irish market, at the same rate that the bank will offer you directly. With brokers now handling nearly half of all mortgages in Ireland, they have access to highly competitive rates – and Finance Solutions will do the legwork for you once your documentation is ready. This gives you the exact same deal as going to each lender directly without having to fill out multiple applications. It's a no brainer.
Shutterstock / fizkes
Shutterstock / fizkes / fizkes
Stay focused
The property market can be daunting, especially for first-time buyers. It's important to focus on your priorities. What really matters to you – location, schools, outdoor space, an extra bedroom? Distinguishing your must-haves from your nice-to-haves can make all the difference. Flexibility on size or location may open up more affordable or suitable options. But you need to know what you ideally want in the first place.
In general being focused on this vision will hugely help you to achieve it. Even better if you know someone that has reached this goal, make sure to check in with them and see what insights they can offer. Often following on the path taken can help when it feels like you're in the weeds.
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Make use of Government supports
Several Government schemes are available to help first-time buyers bridge the affordability gap. Your broker can assess your eligibility and guide you through the application process. This can make a significant difference to your buying power and help you get on the property ladder sooner.
You could get a boost toward your deposit through the Help to Buy Scheme, which refunds up to 10% of the property price or €30,000, whichever is less. It's also possible to pair this with the First Home Scheme, designed to top up the difference between your deposit and what you can borrow from a lender. On its own, the First Home Scheme can cover up to 30% of the property's value, but this is capped at 20% if you're also using Help to Buy.
Shutterstock / Ushuaia studio
Shutterstock / Ushuaia studio / Ushuaia studio
Be prepared
Preparation is everything. Take the time to gather your documents;
Proof of income – You can ask your employer to fill in this document supplied by your broker
Savings – A simple download of your current Deposit Account will suffice
ID – A passport is usually the best for this (a digital copy is necessary)
Any existing loan statements – Usually it is important to have downloads of your current bank accounts including Revolut and details of any loans.
Once submitted, your broker can give you a clear picture of how much you can borrow. Or indeed tips on improving your affordability. This upfront effort will help to streamline the process and avoid unnecessary delays. When everything is ready to go, your Finance Solutions broker will act on your behalf to secure the best available deal.
Keep going
Setbacks can happen, but don't let them derail your goal. If things don't go to plan the first time, your broker will work with you to create a roadmap to get mortgage-ready and help you stay on track. This might look like having to save more of a deposit, working on paying down any car loans, or just adjusting your expectations for what you can afford to buy. Yes, you may need to compromise, but the end result – moving into your own space – is worth it. So keep going on this tricky path – with the help of Finance Solutions, you're only a few steps away from reaching the goal that you have been dreaming of.
Finance Solutions, Ireland's largest mortgage broker, has been helping first-time buyers navigate the process for free since 2011. Last year alone, Finance Solutions helped nearly 3,000 people buy a home, with 73% of them being first-time buyers.
For expert, independent advice, follow
@the_mortgage.guy
on Instagram or visit the
Finance Solutions website
to get started.
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