First Time Buyers
Buying your first home is an exciting step and we here at DW Financial can help make the process as easy as possible for first time buyers. Let us guide you through the steps from gathering what you need to getting your new home.
DW Financial support information for first time buyers
- First time buyers can borrow up to 90% of the purchase price.
- You must provide at least 10% of the purchase price as a deposit.
- The 10% you provide towards the purchase cannot come from other lending. It must be from your own savings and/or a gift from a family member.
- Use our calculator to see how much you can borrow in line with your income.
- You need to be able to prove you can repay the mortgage. This can be done by showing a history of savings, paying rent or a loan that has been cleared.
- Your current accounts must be mortgage ready ie no referral/unpaid charges. Debbie can guide you in relation to what you need to be aware of.
- Other borrowings can affect how much of a mortgage you can get as it reduces the amount of available income you have to repay the mortgage.
- The Help to Buy Scheme is available until 31stDecember 2019. You can apply for a tax refund for the previous 4 years towards the purchase or build of a new house. The maximum you can quality for is 5% of the purchase price to a maximum of €20,000.
- Approval in Principle is a letter from a lender confirming the amount you could potentially borrow based on your income and other financial commitments. This Mortgage in Principle is needed to put down a booking deposit.
- Letter of Offer is the official letter issued by the lender advising that they are willing to offer X amount of a mortgage based on all financial documents submitted and the value of the property you are looking to purchase. Letters of offer are issued after the valuation has been done.