Top Ten Tips for First Time Buyers

Michael Curtin, Managing Director at MC Financial

After six years in the doldrums, the Irish property market has finally started to move and the demand for housing is on the rise. As a first time buyer, the process of securing your first mortgage may seem like a daunting task, however, sound and impartial advice from an experienced mortgage broker at MC Financial can help alleviate the stress of applying for your first mortgage.

Here are our top tips for First Time Buyers:

  1. Banks are more likely to lend to mortgage applicants if they are in a permanent job, have finished probation and ideally working continuously for a period of two years or more. If this is you, then you are already on the right track to getting your first mortgage.
  2. Do you save? Lenders like to see a consistent savings record, so even if you have a deposit account with a large amount, it would still be wise to start saving even small sums on a regular on a regular basis.
  3. If you have a loan or a rolling credit card, consider clearing both, so that your monthly financial commitments are reduced. Lenders will see this as a positive sign that you are in a good position to make your mortgage payments each month.
  4. If you’re renting privately or paying rent to a family member or friend, be sure to pay your rent by standing order, as lenders will require bank statements as proof of payment instead of a rent book.
  5. Pay close attention to your current account and make sure you have the funds to cover all of your outgoings to avoid going into the red.
  6. Have a clean credit history, never miss a car or personal loan payment and try to clear your credit card each month. Even missing one loan payment can have a negative impact on a mortgage application.
  7. If you are not from the EU, you will need to have a minimum stamp 4 visa to successfully apply for a mortgage in Ireland.
  8. Self-employed persons should be able to provide up to date accounts and submit tax returns before the deadlines. If your business is mostly cash, keep good records of your earnings to submit with your mortgage application.
  9. Don’t gamble online, even if it is only small amounts, this can be a red flag for mortgage lenders.
  10. Don’t make any extravagant purchases in the 6 to 12 months leading up to your mortgage application.

Do you feel ready to take the plunge and apply for your first mortgage? Get in touch with Michael today by calling 01 822 8022 or by emailing michael@mcfinancial.ie. You can also fill out our mortgage enquiry form and a member of our team will be in touch to discuss your application shortly.

For more top tips on how a mortgage broker can help you on the road to your first home, check out the MC Financial First Time Buyers Guide.

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Warning: If you do not keep up your repayments, you may lose your home.
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Warning: You may have to pay charges if you pay off a fixed rate loan early.

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MC Financial Services
Unit 9, Coolmine Enterprise Centre,
Coolmine, Dublin 15
Phone: 01 822 8022
Mobile: 087 932 1882

Email: info@mcfinancial.ie