First Time Buyers
Getting on the property ladder can be a daunting task, there are so many steps along the way and for most people, it is one of the biggest events in their lives. There are many important considerations but you should start by getting your finances in order if not already.
Lenders insist that first time buyers are disciplined and make regular savings, in particular, lenders want to see savings on a monthly basis in line with the likely mortgage payment you will be required to pay if your application is successful. In some instances, where a deposit has already been saved, a lender may accept evidence of rental payments or loan payments made which are consistent with what the new mortgage payment, similar to the lenders expectation for regular savings.
You need to run your financial affairs prudently and maintain a satisfactory credit-rating. You can review your credit history by running a credit bureau check on yourself online on www.icb.ie for a nominal charge. You try and limit additional borrowings as this could reduce the amount you can borrow, too much borrowings may adversely affect your mortgage application.
Ascertain how much you can borrow, this is very important and will save you a lot of time. Knowing what you are likely to be able to borrow and your deposit amount will help you understand what and where you can buy.
It is important to decide on the most suitable mortgage for you, this may seem straight forward but most lenders offer a number of mortgage products and this requires careful consideration.