We’ve been involved in buying and selling property for over 20 years.

Trust trust us to provide some guidelines if you are totally new to this.

In 2021 the introduction of the  Help to Buy Scheme allows those eligible to claim back tax they paid in Ireland in the last 4 years up to 10% of the purchase price of the property. This was brought in to try and help  first-time buyers looking at new houses.  It  does not apply  to 2nd hand houses .  So the 1st thing you need is to work out what you’re paying tax to see how this scheme works for you.

That’s the first hurdle you have to cross.

The next hurdle is you have to show savings or  consistent rent payments if you want to raise finance .When you come to the lending institutions they will still want to see evidence that you have funds apart from the tax relief.

The next issue is will they give you a Mortgage?

Here’s what they look at. They want to see either savings to cover for unexpected eventualities which might lead to non-payment of the mortgage. Be warned they will analyse your lifestyle when you have to submit your credit card statements. Yes if they see any payments to betting shops or high spending pattern and a regular maxed out card this is a red flag to them in relation mortgage approval.

Remember lenders are risk adverse lately since the 2008 financial crisis.

Another hurdle what is called the Stress Test. This doesn’t relate to your state of health when you to fill out all the forms and provide all the documents perhaps for 6 different lenders to see who will give you a loan. The potential lenders want to see if you can pay the loan if interest rates go up. While at present there are at a historical low level if you are borrowing for 30 years who knows what will happen. Again they are risk averse these days.

At this stage you may be making progress with all the loan applications in and you may be getting positive soundings from the mortgage adviser in various financial institutions.

The next decision is what type of loan?  should it be fixed for a term and fixed interest rate or should you allow a variable rate which goes up and down with the money rate set by the ECB. There has been a history in Ireland of not reducing the interest rates to the same levels in Europe to try and earn money back after the 2008 crisis. Remember money is only a commodity and is vital that you understand the cheaper rate will save you money in the long term. Brokers generally recommend to fix a rate for 5 years at a rate you can afford when you’re a first-time buyer. You will have other expenses in those years so fixed monthly payment you can afford is best. They say your mortgage should only cost you max 35% of your net disposable income.

The next consideration is the location where to buy. Buyers now buy for the long term – the trading up in a few years idea is gone. If you want a family by a family home!

The last hurdle on this road is subject to get a loan approval for 1 of the institutions. They ask you to provide life cover on yourself in case you die before it’s paid off. Again any policy will do so simply find the cheapest as you will be repaying it for the next 25/30 years. Even if you’re in the fortunate position to be able to pay off your mortgage early you should keep this life policy going as you paid into it in the early years and if anything happens to you at least there is a life policy there on you for your family.

Finally you need us as your trusted legal advisors. You want to factor in the cost of transfer of the property and obtaining the mortgage funds based on the solicitors undertaking. Benefit from our Conveyancing Costs Calculator on this site. No need to call the solicitors offices or phone around to get a quote just fill in the details in relation to your name, address, phone number, mortgage company and location and price of property.

We will provide a quote within 24 hours including the fees, VAT, stamp duty registration fees ………all on one sheet for you to approve………

All done at one click.