21-05-2025
This mortgage calculator does all the hard work for first-time buyers
BUYING YOUR FIRST home is sure to be one of the most exciting milestones of your life, as well as one of the biggest financial decisions you'll ever make.
Making the journey smoother for first-time buyers is an essential part of Glenveagh's mission, which is why they have designed the free, easy-to-use
Glenveagh Mortgage Calculator
. With so many variables to take into account when deciding whether the home you want fits with your budget, the mortgage calculator can simplify your decision-making process by breaking down exactly what you can expect to pay, both in terms of deposit and monthly mortgage repayments.
What sets the Glenveagh Mortgage Calculator apart from similar digital tools is the built-in functionality that allows you to see exactly how the Help to Buy scheme and First Home Scheme can help first-time buyers financially. The calculator is also unique in that it allows users to calculate their deposit payment and mortgage repayments when making use of the two support schemes in conjunction with one another.
Glenveagh Homes
/ YouTube
As you can see in the video above, the
Glenveagh Mortgage Calculator
is a digital tool with a user-friendly interface. All you need to do is enter some basic details, including house price, property type, local authority area, mortgage length and interest rates, and the calculator gives you a clear picture of what to expect from your mortgage. First-time buyers can also toggle the First Home Scheme and Help to Buy buttons on and off to see how these routes to payment can make a major difference for you. The calculator is available both on mobile and desktop.
The Help to Buy
scheme offers first-time buyers up to €30,000 as a tax rebate towards their deposit.
The First Home Scheme
provides additional support in the form of shared equity. When used in conjunction with the Help to Buy scheme, it can cover up to 20% of the property's value. If Help to Buy is not being used, it can even offer up to 30%. This scheme is designed to bridge the gap between the buyer's deposit and mortgage, helping to close the affordability gap.
Let's use the
Glenveagh Mortgage Calculator
to see how Help to Buy and the First Home Scheme used together could help you buy a two-bedroom home
Rath Rua
– a new Glenveagh community of beautifully designed family homes in Portlaoise.
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First, you open the calculator. You enter the price of a two-bedroom house in
Rath Rua
(€305,000), as well as its local authority area (which in this case would be Co Laois). You will also enter your household salary, the property type (house or apartment), the term of your prospective mortgage, and the interest rate. Simply adding the purchase price, mortgage interest rate and the term will also give you the calculations you're looking for.
After that, all you need to do is toggle the sliders next to Help to Buy and First Home Scheme to see how either or both schemes could change the equation and put your dream home within your grasp. This is what the Glenveagh Mortgage Calculator will show after you've entered the details above.
In the case of the Rath Rua two-bed, the Glenveagh Mortgage Calculator shows that the Help to Buy scheme would contribute €30,000 to the deposit, leaving a remainder of only €500 in this case. The calculator also shows that the First Home Scheme, when used in conjunction with Help to Buy, contributes €61,000 to the overall cost of the home, meaning that monthly repayments would come in at €895 over the course of a 35-year mortgage at an interest rate of 3.6%.
Glenveagh offers newly built homes in a range of communities across Ireland, and it's well worth using any one of those homes to calculate the difference that government support schemes could make to your short-term and long-term outgoings when buying your first home.
By visiting the Glenveagh website
, you can explore a range of communities from Dublin to Cork, as well as some of Ireland's best-connected and most bustling commuter towns.
For each of these homes, the mortgage calculator will be able to break down the deposit and mortgage repayment costs with or without the two government schemes, as well as showing you the recommended household income for the house that you want.
Buying your first home is an enormous accomplishment and a major life event.
Make it as easy on yourself as possible with the Glenveagh Mortgage Calculator
.
