Embarking on the journey to buy your first home is a thrilling yet daunting experience. Understanding the process is key to making it both enjoyable and successful. Here’s a concise guide for first-time buyers to navigate the home buying landscape:
Understanding Homeownership for First-Time Buyers
Home Selection Factors: Considerations like location, price, size, and style are crucial in choosing the right home.
Benefits of Homeownership: It offers stability, security, and can be a valuable long-term investment.
Qualifying as a First Time Buyer
Eligibility: You’re considered a first-time buyer if you’ve never owned any property before, whether in Ireland or abroad. This includes land where a house is built, and also extends to inherited or gifted properties. For joint mortgages, both applicants must meet these criteria.
Exceptions: Circumstances like bankruptcy, insolvency, divorce, or separation might still allow you to qualify as a first-time buyer, subject to lender’s discretion.
Incentives and Schemes for First Time Buyers
Borrowing Capacity: Typically, you may be eligible to borrow up to 4 times your gross salary, with a maximum mortgage limit of 90% of the property’s purchase price, higher than the limit for second-time buyers.
Help To Buy Scheme: The amount you can claim is the lesser of 10% of the property value of a new home or of the approved valuation of the property, in the case of self builds or €30,000 or the amount of Income Tax and Deposit Interest Retention Tax you have paid for the four years prior to your application…this is aiding in deposit accumulation.
First Home Scheme: The First Home Scheme is a shared equity scheme , which can fund up to 30% of the property purchase price or build cost. Details available on www.firsthomescheme.ie
Making Your Dream a Reality
At Ezfees Financial, we’re dedicated to assisting first-time buyers in securing mortgage approval and starting their property journey. Your dream home, your family’s future, and your financial aspirations are our top priorities.
For personalised guidance on beginning your home buying journey, our team of expert advisors at Ezfees Financial Mortgage, Life & Pension Brokers is here to help. Contact us at 0818 910800 or send your queries to email@example.com for expert advice tailored to your needs.