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Getting Mortgage Ready

10% MortgageSaver Bonus for First Time Buyers

Are you saving for a deposit to purchase your first home? MortgageSaver can help you take that all-important first step. 

At Bank of Ireland we understand the challenges facing First Time Buyers in saving to buy a home. We want to help, with a top-up of 10% on your savings in a MortgageSaver account when you draw down your Bank of Ireland mortgage. 

The Bonus is 10% of the highest regular savings balance in your MortgageSaver account in the final 6 months before your mortgage is drawn down. It is subject to a limit of 3% of your mortgage amount. 

Already started saving? Lump sums up to a total value of €20,000 lodged into your MortgageSaver account within 30 days of account opening will also be included in your 10% bonus calculation. 

You can save between €200 and €2,500 monthly in the MortgageSaver account. You must draw down your mortgage within 30 months of account opening. The bonus will be paid after your mortgage is drawn down. The Bonus is subject to Dirt. Not available with any other offer. Click here for full details.

Planning to Borrow?

There are a number of factors that can influence the amount you can borrow for a mortgage, such as:

  • Your income
  • Your history of regular savings and/or rent payments
  • Your financial track record and other financial commitments
  • The deposit you have saved
  • And the cost or type of property you would like to buy.

Here are some key things to consider when preparing to take on a mortgage

What we look for

When it comes to assessing your mortgage application, we’ll want to see that you will have some money left each month after you pay your mortgage and any other loan payments such as credit cards. By setting a monthly budget, you can demonstrate your ability to meet your financial obligations.

It’s important to show a record through your bank account of rent paid on a regular basis. It’s also a good idea to show how you have managed your day to day finances for a period of time, i.e.  your current account operates in credit or within its overdraft ,and you pay as many bills as possible by direct debit to avoid missing payments. 

Monitor your spending

Use 365 online to keep an eye on your finances, and make sure you always know how much is in your accounts. Our budget planner will help you get to grips with your day-to-day expenses and to identify areas where you might be able to save some money.

Saving for your Deposit

You will need to save at least 10% of the purchase price of your property and other associated costs. Under the Central Bank regulations, the maximum mortgage is generally 3.5 times gross annual income and 80% of the property value (90% of the property value up to a purchase price of €220,000 for First Time Buyers). A Mortgage Saver account is a great way to build up savings over time and demonstrates your ability to put aside money on a monthly basis. We’ll also pay you a Bonus of 10% on your savings in a MortgageSaver account when you draw down your First Time Buyer mortgage. Terms and conditions apply - Click here for more details…

Be aware of other costs

Buying a house also involves other costs, such as valuation fee, stamp duty payment, solicitor fees and furnishing costs.

Potential Costs

Solicitor Fees: €2,000 approx.
Valuation Fees: Approx: €150-€250
Stamp Duty:

For properties valued at up to €1,000,000 stamp duty is calculated at 1%. For a property valued at over this figure the stamp duty is calculated as follows: 1% on the first €1,000,000, and 2% on the balance over €1,000,000.

You will also need to have Mortgage Protection (Life cover) and Home Insurance in place before you can draw down your mortgage

Reduce your other debts

Reducing your other debts such as credit card balances and personal loans may increase the amount that you are eligible to borrow for your  mortgage. It’s a good idea to try to reduce your other borrowings before completing your mortgage application.

House-Hunter mortgage approval

We can give you approval in principle for a mortgage amount even before you have chosen as suitable property. What’s more, approval in principle remains effective for a full six months.

OPEN MORTGAGESAVER   

BOOK AN APPOINTMENT

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 up to €220,000 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.

Talk to an Advisor

You can do a full mortgage application over the phone or at a branch.

Are you ready to apply for a mortgage? Book an Appointment now

Phone Appointment with a Mortgage Advisor

If you would like to book a Phone Appointment and speak with a Mortgage Advisor over the phone.

Book Phone Appointment

Book a Skype/Facetime appointment

If you would like to book a Facetime or Skype Appointment with a Mortgage Advisor.

Book Facetime/Skype Appointment

Branch & Mobile Mortgage Manager Appointment

If you would like to meet a Mortgage Advisor in person in branch or at a location convenient to you.

Book Branch Appointment