First Time Buyer Mortgage

Whilst the Central Bank rules have a standard 4x income limit, nearly 1 in 5 mortgages can go beyond this in certain circumstances. The exemptions are allowed where borrowers can make a very strong case to the Banks as to why they can afford more than the 4x amount. With a first time buyer mortgage, we at Pangea Mortgages can help you to make this case. We will outline the criteria that you need to meet, we build your case and present it to the Banks for you and use our expertise to get your first time buyer mortgage approved. See our website calculator to work out your monthly repayments.

You will need to be in full time employment. You must not be in a probationary period. Its best to speak with a mortgage broker before even thinking about applying as they can run you through how best to present your application and what you will need to do to ensure you get approved. Get in touch with us now – [email protected] and we can walk you through the first time buyer mortgage process.

We deal with high street Banks, but we also have access to a number of other lenders that are not available to you directly. These are broker only institutions and often have lower rates or better products as they don’t have the large cost and administration base of the high street Banks.

Our job as a broker is to get the mortgage that’s right for you. We are uniquely positioned to give advice to ensure that you get that first time buyer mortgage – at the most suitable rates. We can also advise on your finances and how best to present them in an application. How much should I save each month? Should I pay off that personal loan? What is then maximum we can borrow? Do I qualify for the help to buy scheme? How much of a first time buyer deposit do I need? These are all the issues we deal with and advise on every day. We can walk you through each step of the process from start to finish. We provide solicitors and can even talk you through the legal jargon !! Not many brokers can do that- that’s why for so many customers we are now their first choice mortgage brokers.

There are a number of issues to be understood when trying to figure out where property prices will go in 2021. But the key one, as with most goods and services is supply and demand. Before Covid-19 there was a serious shortage of property in Ireland. The amount of units supplied in 2020 was lower than forecast and 2021 will be further impacted by lockdown restrictions. All this adds to a chronic shortage of Housing. Data from the property portals also shows that the number of units available for sale is at an all time low, whilst rent continues to rise.

When added to the demand side which continues to grow,  the falling interest rates and the additional government policies (such as help to buy) look set to boost demand further. Additionally , record household savings sitting at 0% interest in the Bank may well come into play in the property market later in the year. For those lookoreing for a First Time Buyer Mortgage, we would predict significant increases in property prices To find out more – contact us on 0858600728