First Time Buyer Mortgage in Ireland
Buying your first home is an exciting milestone, but it also comes with big financial decisions. From getting mortgage approval to securing protection and understanding available tax reliefs, it’s important to get expert advice from the start. At Quigley Financial Brokers, we’ll guide you through each step, helping you make informed choices with confidence.
Top Benefits for First-Time Buyers
A well-thought-out mortgage is a fantastic investment for you as a homeowner.
Tailored Mortgage Advice and Approval Support
A mortgage is a loan that allows you to buy your home and pay for it over time. As a first-time buyer, you’ll usually need a deposit of at least 10% of the purchase price. The higher the deposit, the less interest you’ll pay over the term of the loan.
Quigley Financial Brokers can help you determine how much you can borrow, assist you with mortgage approval in principle, and explain the pros and cons of fixed vs variable rates. Getting pre-approval helps you know exactly what price range to search in.
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Protection to Secure Your Future
Most lenders require mortgage protection insurance, which pays off your mortgage if you or a joint borrower passes away. You may also consider optional serious illness benefit which is a tax free lump sum that will clear your mortgage or mortgage repayment protection to cover payments in case of illness or income loss.
Quigley Financial Brokers will ensure you have the right cover in place and help you review it regularly as your life changes. Fact: Under Section 126 of the Consumer Credit Act 1995, lenders must ensure you have mortgage protection before issuing a mortgage.
Tax Reliefs and Incentives for First-Time Buyers
There are valuable incentives to help first-time buyers with their deposit and savings:
Help to Buy (HTB) Scheme: Offers a refund of income tax and DIRT from the last four years if you're buying or building a new home.
DIRT Refund for FTBs: You may be eligible to reclaim DIRT paid on interest earned from savings used to buy or build your first home.
Quigley Financial Brokers can advise you on how to apply and ensure you take full advantage of available reliefs.