Buying your first home can be daunting and it can be hard to know where to start. But buying your home doesn’t need to be stressful.
In general, a mortgage of up to 3.5 times your gross annual income (combined income for joint applicants) is available to first-time buyers. We may be able to lend you more than this so it’s important to talk to us as early as possible about your plans. The amount you can borrow will depend on your individual circumstances and is subject to lending criteria, terms and conditions. First-time buyers can borrow up to 90% of the property value. In the table below, we have an example of this:
|First time buyer mortgage example|
|Mortgage amount (90% of €250,000)||€225,000|
|Deposit required (10% of €250,000)||€25,000|
If you’re buying with someone else you must both be first time buyers for the mortgage to be considered a first-time buyer mortgage. Terms of up to 35 years are available to first-time buyers (to maximum age 70).
You can choose not to make mortgage repayments for the first 3 months, to give you some breathing space when you move into your new home. 3 months’ deferred payment is optional and subject to approval. After the deferred payment period, repayments are adjusted to repay the loan within its original term. The cost of the loan will be higher. A life policy is required for an amount equal to 102% of the loan.
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Monday – Friday: 9am – 5pm
Read our articles, exclusively for First Time Buyers.
Now you can apply for Bank of Ireland’s Green Mortgage fixed interest rate.
The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first-time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only.
Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland