First Time Buyer

How to get started

If you are a First Time Buyer, Home Mover or Switching your mortgage and would like to speak with our mortgage team to start your mortgage application over the phone, you can contact our office at Cleere Mortgages @ 4 Dean St or 056 7721854.

First Time Buyers don’t have it easy. They have a lot of questions about the mortgage process –and who can blame them? There’s so much financial jargon out there. Even worse, many banks will only meet 9-5 to talk mortgages. 

Luckily, our Mortgage Advisors will meet to chat mortgages, whenever suits you. That might be before work, in the evening or even on the weekend. We try to facilitate you as much as we can!

How Much Can I Borrow as a First Time Buyer?

• The Central Bank rules will come into play here, and will be different for first time and next time buyers such as trading up etc So the amount you can borrow will be based on your income, your house price, and your affordability. 

• First Time Buyers are able to borrow a maximum of 90% so that means you’ll need a 10% deposit.

• By rule of thumb, you can borrow 3.5 times your income, sometimes exceptions apply but these are getting harder to pass through the lenders!

• We’ll also need to make sure you can still live within your means. The amount you can borrow also depends on what you can comfortably afford to repay monthly, this typically should not exceed approx 35% of your disposable income.

What happens next?

When we receive your Mortgage Application and all the required documents as outlined in our Mortgage Checklist your mortgage agent will carry out a review to ensure we have all the information necessary for a complete application.

Within 3/5 business days we will let you know if we have everything we need to send your application for assessment. If any documentation is missing we will let you know exactly what is outstanding for us to progress to the assessment stage.

Once your application has progressed to the assessment stage we commit to providing you with a decision, either approval in principal or declined. Should we require any further information or documents to assist in our decision we will be in touch to let you know.  We will explain what we need and advise you when you should expect the final decision.

Features & Benefits

• Competitive interest rates including Variable relative to your loan to value and Fixed rates.

• For customers who are unsure of what type of rate to select, Cleere Mortgages will bring you through the options of all the lenders that suits you best.

• Up to 90% Loan To Value (LTV).

• Repayment term up to 35 years, subject to the age of borrowers.

• You will need to be over 18 and security will be required before you can obtain a mortgage.

• You will require Mortgage Protection Cover which can be arranged via Cleere Life & Pensions or you may purchase this through another Insurance company.

• Keep in mind you will also need money for Valuation fees (you will need to use a valuer from the Residential Mortgage Valuers panel), Legal fees, maybe a Surveyor and Stamp Duty fees.

 Talk to us about First Time Buyer Mortgages