First Time Buyer

The purchase of your first home is a big decision and as a first-time buyer you will have a lot of questions about the mortgage process, thankfully we are here to help. Why not use our mortgage calculator to see what you can afford? Normally this will be 3.5 times your income but the Central Bank do allow a certain amount of exceptions to this rule. First time buyers are able to borrow a maximum of 90% of the value of the property so you will need a deposit of 10%.

Why Smart Mortgages?

  • Convenient online application
  • Experienced, qualified team
  • Honest advice, tailored to your needs
  • Faster, smoother application process
  • Choice of mortgage providers
  • Online tools – calculators etc
  • Mortgage protection insurance
  • Home insurance

Checklist for getting mortgage ready

  • Does your job provide you with a steady income? You will need to have six months of payslips, last year’s P60 and a salary certificate completed by your employer.
  • Do you have enough money set aside for the deposit, valuation and legal fees, and for furnishing the property?
  • Can you show an ability to repay? If you currently pay rent it is important that these transactions can be seen on your bank account statements.
  • Can you provide evidence of savings? This demonstrates that you can live within your means and have ability to make repayments.
  • Do you qualify for the new Help to Buy (HTB) incentive? This scheme is designed to help first-time buyers of newly built homes to assemble the required deposit. It also applies to once-off self-build homes. The scheme provides a refund of income tax and Deposit Interest Retention Tax (DIRT) paid over the previous 4 tax years. The maximum relief available depends on the purchase price of the house. For example, the maximum relief is 5% of the purchase price for a house worth up to €400,000.