1. Get familiar with the Help-to-Buy scheme
This scheme gives a tax rebate to first-time buyers of up to €30,000 to help towards the deposit for a NEW build property. The scheme is currently open until December 2021 having recently been enhanced by the current Government.
2. Look into a mortgage ‘exemption’
The Central Bank’s mortgage lending rules require you to save a deposit of at least 10% of your house price, which is easier said than done with rent prices as high as they are.
However in any one calendar year, 5% of mortgages to first-time buyers can have a deposit below 10%, provided you meet other lending criteria of course. So chat to us today about the possibility of getting a mortgage deposit exemption.
3. Consider mortgage cashback deals
Most banks now offer generous mortgage cashback deals to first-time buyers.
4. Get saving
Get up to speed on how to spend your money more wisely. Start saving NOW!
Being able to show a regular savings habit, however small, is a really important part of the mortgage application process as it helps demonstrate to your bank that you’re able to manage your money and can afford a monthly mortgage repayment. Setting up a direct debit or standing order and paying into your savings account just after payday is the best way to go and means you’re less likely to miss the money.
5. Claim a tax refund
According to the main independent providers of tax refund services in Ireland, the average refund for anyone who investigates their tax affairs is in the region of €900-€1,100.