FIRST TIME BUYER
How can we help you?
At GMC Mortgages we know every new development in the mortgage marketplace and also offer free advice. We are  Ireland’s leading mortgage brokerage. Our team of experienced mortgage brokers will find the best deal on the market for you, a first time buyer. Contact us on 1890 462 462 to speak to us today.
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Mortgage Process Explained
Step by Step Guide
Young family moving into new home as first time buyers

As a first time buyer, buying your first home is a big deal and can be a little daunting. Dealing with GMC Mortgages can help make the process quite straightforward. The first thing you should do is find out how much you can borrow. Call one of our mortgage brokers at 1890 462 462 to find out. Based on your salary, together with a deposit and monthly loan commitments, we will be able to give you an idea of how much you would be able to borrow.

Next you need to do is find a property that you are interested in buying. Once you’ve got an approval in principle, you’ll know the maximum price you can afford to pay for your new home.

Now you can make an offer. Contact the seller’s estate agent. Find out if anyone else is interested in the property. Next, decide how much you would like to offer for the property. If your offer is accepted,  it will be ‘subject to contract’. This means that you and the seller have agreed in principle to go ahead but neither of you are legally bound. You may be asked to put down a deposit, which you should confirm is fully refundable in case you decide you do not want to proceed. At this stage, you should ideally have contacted your solicitor and asked for a quote for dealing with your purchase.

You will then need to make a full mortgage application for the property concerned. This will contain much of the same information that we already looked for. It will require you to gather supporting documentation (e.g. pay slips, bank statements) to back up what you have stated. The financial institution will also typically send out a valuer to check that the property is worth the amount you are paying for it. However, this valuer is only looking after the lender’s interests. You should consider having a full structural survey of the building done.

Once you’ve applied and all the relevant checks have been made, including confirmation that you can afford to repay the loan, your lender should send the loan offer. You will also need to apply for other products, such as mortgage protection insurance and buildings insurance at this stage.

Your solicitor will check the legal documents relating to the ownership and use of the property. He or she will also make local authority and other searches to check whether there are any matters which may affect the value of the property.

Once your solicitor has completed all of the checks, you and your seller are ready to exchange contracts. This means signing your identical copies of the contract for sale, before the solicitors exchange them. This is when you pay your deposit through your solicitor. At this point, both you and the seller are legally bound to proceed with the transaction. If you pull out after exchanging contracts, the seller can keep your deposit.

Young couple celebrating first mortgage
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Interest rate options

The majority of financial institutions in Ireland will offer a variety of interest rate options. These options are generally classified into fixed and variable rates. Fixed rates remain the same for the assigned period, no matter what happens in the financial markets throughout the period. Fixed rates on mortgages are usually quoted for between periods 1 and 5 years. Once the fixed rate period ends, your mortgage will normally change to the lender’s standard variable rate, unless you agree another option.

A variable rate mortgage is a mortgage loan with an interest rate which normally moves with money market rates. The loan may be offered at the lender’s standard variable rate/base rate and may increase or decrease from time to time.

First time buyer mortgage
Types of Mortgages Available

Banks generally offer first time buyers a standard repayment mortgage. This is where you pay interest on the mortgage and repay capital over a period of time. It is usually between 20 to 30 years.

As a first time buyer, you need to talk to a mortgage broker
What deposit do I need?

A deposit of 10% of the property value is usually required for a first-time buyer. For example if you are looking to buy a property worth €300,000, you will need to pay a deposit of €30,000.

first time buyers in Dublin home
Will my debts affect the amount I can get?

When offering a mortgage, banks generally look at the borrower’s gross income and will also take into account existing loans. If you have a reasonable amount of personal debt, for specific purposes such as car finance, then this may not cause a problem. If possible, you should seek to be debt-free before you apply for your first mortgage.

GMC Mortgage Brokers offering first time buyers mortgage options from 7 banks in Ireland
Tax Relief on Mortgages

Tax relief is available on owner-occupied residential mortgages. It is generally deducted from your monthly mortgage repayment. Once you drawdown your loan, you should inform the Revenue Commissioners. Your lender should soon afterwards take account of the tax relief. The amount of the relief depends on your own individual circumstances. See www.revenue.ie for further information.

first time buyers relaxing in new home
Renting Rooms

You can rent out rooms in your owner occupied property up to a certain annual amount without affecting your income tax or capital gains liability. Called “rent a room relief” and is a great way to subsidise your mortgage repayment without tax consequences. See www.revenue.ie for further information.

extra costs including decorating for new home
Extra Costs (e.g. Stamp Duty)

Examples of extra costs that you may need to budget for are as follows: stamp duty, solicitor’s fees, surveyor’s fee, decoration and furnishings, carpets and flooring, alarm installation. Examples of extra costs that may be payable throughout your ownership of your property include: property service charge, mortgage protection insurance, buildings and home contents insurance, utilities (gas, electricity, telephone).

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Online

Take the hassle out of buying your first home by using a GMC mortgage broker. Not only will our team will thoroughly assess your details but also will help guide you through the loan application process, from initial assessment all the way through to mortgage completion. We work with all the major lenders and therefore offer the best rates on the market for  a first time buyer. Why deal with one bank, when you can deal with all the banks instead? Click below to apply for a mortgage online instantly with GMC mortgage brokers.

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Mortgages
Apply
Online

Take the hassle out of buying your first home by using a GMC mortgage broker. Not only will our team will thoroughly assess your details but also will help guide you through the loan application process, from initial assessment all the way through to mortgage completion. We work with all the major lenders and therefore offer the best rates on the market for  a first time buyer. Why deal with one bank, when you can deal with all the banks instead? Click below to apply for a mortgage online instantly with GMC mortgage brokers.

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