First Time Buyer Mortgage Explained
A first-time buyer is defined as a borrower who has never taken out a mortgage before. Although appearing obvious, it is worth explaining as there are some specific criteria involved. A couple, for instance, must both be first-time buyers to avail of any schemes obtainable to assist with the purchase of a property such as the help-to-buy.
Applying for a mortgage for the first time can be difficult to navigate. Having a broker, like Campion to guide you through the process can make a significant difference. Not only can a broker assist in finding you the best possible options, but they can also talk you through the process which can feel daunting and complicated for first time buyers.
For more specific information regarding the criteria required and schemes available, see our FAQ section.
How First Time Buyer Mortgages Work
When you apply for a mortgage, the lender will consider your annual salary and any other sources of income, as well as all of your outgoings, such as credit card and loan debts, household bills, childcare, travel, and general living expenses.
The lender will also look at your credit history to see if you’re a dependable borrower and will use this information, along with its affordability assessment, to determine how much you can borrow.
According to Central Bank guidelines, the maximum loan-to-income (LTI) is 3.5 times your annual income. This is based on a variety of criteria, including your type of employment, regular income, and any additional allowances.
Benefits of Choosing Campion for First Time Buyer Mortgage Advice
Committed Team of Advisors
Using our dedicated expertise, you can get excellent advice on the best mortgage for you.
We Reduce Unnecessary Stress
We will save you time and take much of the stress out of the entire process by helping you with all the paperwork for the Lender and dealing with additional information requests.
Taking into account your personal circumstances we review the mortgage options available and find a mortgage(s) which best suit your needs.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not keep up your repayments you may lose your home.
Warning: You may have to pay charges if you pay off a fixed–rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Mortgage Protection FAQs
The Help to Buy (HTP) incentive is available to first-time buyers to help you towards the deposit you need to buy or build a new home. The incentive gives you a refund of the income tax and Deposit Interest Retention Tax (Dirt) you paid over the previous four tax years.
Our Mortgage Expert will advise you as regards the documentation you will need and these will include the Completed Application, Payslips, Bank Statements, Identification, Certificate of Income etc.
First-time buyers are allowed a maximum loan-to-value of 90%, meaning they’re required to provide a minimum deposit of 10% upfront for any property. So, for a property valued at €200,000, you need a deposit of €20,000, which would mean a mortgage of €180,000. You may also qualify for the Help to Buy (HTB) Incentive. As a first-time buyer, this incentive will help you towards the deposit you need to buy or build a new home. The incentive gives you a refund of the income tax and Deposit Interest Retention Tax (Dirt) you paid over the previous four tax years
Fixed Rate: a fixed rate mortgage will keep your monthly mortgage repayments at a set rate for two, three or five years – although in some cases, you can fix for as long as 10 years.
Variable Rate: as the name suggests, variable rates are subject to change, meaning that the interest rate can go up or down subject to a variety of factors.
Why Choose Campion for First Time Buyer Mortgage Advice?
35+ years experience
11 offices throughout the country
Winner of the Deloitte Best Managed Companies for over 10 years
High customer retention rates
We review 15 Insurers and more than 20 products to find the perfect cover
At Campion Insurance, we place our customers at the centre of everything we do. Choosing the best first-time buyer mortgage adviser can be a time-consuming and delicate process.
We want to give you and your family peace of mind, knowing that you’re protected no matter what happens. Our knowledgeable experts will provide you with excellent advice on the best mortgage for you.
We shop the market to find you the best deal. Campion Insurance’s team of professionals and dedicated first time buyer mortgage advisers are here to help you.Request a Call Back
Get in Touch
Contact one of our local Financial Advisors on 0818 297 600 to discuss your options. Alternatively, request a call back and one of our Advisors will be in touch.