What to Expect as a First Time Home Buyers in Ireland


It is always every person’s dream is to own a house, and there are always ways to achieve it. Nobody realizes how much time and effort it takes to get a first-time home buyer loan. The most crucial and first step in becoming a homeowner is to develop the proper mindsets. This is determined by several factors, including the cost of the home and the type of mortgage one has to obtain.

In Ireland, the number of first-time homebuyers has increased drastically. Recent data show that more than 3000 new house buyers applied for a mortgage loan to finance housing plans despite the many financial challenges that the pandemic has bought. Depending on the loan options, it is easier to buy a home, but they also make selecting the right mortgage more difficult. It is essential to know that first-time house buyers have their ups and downs depending on the opportunities that came around.

To be eligible as a first-time home buyer, the following are some of the rules individuals have to follow before buying a house in Ireland. These are: –

  • One has to have a gross annual income of around €50,000 or less, depending on the lenders.
  • One should have lived in Ireland for more than four years.
  • One has to prove they can repay the mortgage and afford to pay one-third of the loan.

With the high rates, a fixed-rate mortgage provides consistent payments for the new buyer, while an adjustable-rate mortgage with a low-interest rate is always a good option if a person plans on relocating soon. Moreover, it always a struggle for aspiring homeowners to get mortgages unless through banks and loan schemes, but recent statistics show The advantages of being a first-time homebuyer are the incentives and privileges that came with it. This includes: –

  • Government-backed mortgage. One example is the Rebuilding Ireland Home Loan offered by the government and local authorities to first-time buyers if lenders do not select them to encourage people to own homes rather than renting them.
  • Affordable housing schemes. Some companies have provided eligible first-time buyers a chance to buy homes at a lower price than the market price. This way, it entices many to achieve the dream of buying a house with the little they can afford.
  • Tax reliefs and Cheap interest rates. As an advantage, first-time buyers are provided with relief tax on paid tax over the past three to five years with a percentage cut of up to around five percent of the total price cost of the property.

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