Mortgages For First Time Buyers
Let’s take the first step together!
Getting Started as a First Time Buyer
No doubt, as a first-time buyer, you’ll have lots of questions:
- Should I go direct to my bank?
- How can a broker help?
- How much can I borrow and what will it cost?
- How do I present my application for approval?
- Should I opt for a fixed or variable rate?
- Is cashback a better option for me than a lower interest rate?
- What is the Help to Buy Scheme?
- Should I consider the First Home Scheme?
This is where EDUC Mortgage can help. We will answer all your questions and support you on your mortgage journey from start to finish. As insurance brokers, we can also help you secure your mortgage and life protection and, with our trusted conveyancing panel, we can guarantee fixed-rate legal fees no matter how complicated your property conveyancing might be.
We work with all lenders in the Irish market can and therefore secure you the best product and rate to suit your circumstances and goals.
All you need to know
Download our First-Time Buyers’ Guide to Mortgages
We’ve put all the essential information into one handy booklet to empower you on your mortgage journey
Expert Mortgage Advice
How the Mortgage Journey Works
Discover what’s possible
Meet with one of our friendly expert advisors who will help you understand what’s possible based on your current circumstances - and your dreams!
Put your best foot forward
Your dedicated advisor will prepare and submit your mortgage application, presenting your case in the best possible light to your chosen lender. With your Approval in Principal in hand, you can begin your property search with confidence.
Find your future home
Once your offer is accepted and booking deposit placed, we’ll arrange the necessary valuation, and can help you select a solicitor from our trusted conveyancing panel.
The legal part
Upon receiving your official loan offer, you’ll sign contracts with your solicitor and finalise your deposit – you’re nearly there! Your solicitor will carry out essential checks and manage the formalities of transferring the property.
Protect your new asset
With our support, discounted home and life cover will be arranged from Ireland’s leading insurers - to meet lender requirements and your own personal protection needs.
Welcome home!
Final paperwork completed. Funds transferred. Keys in hand. Your mortgage journey is complete – and you are home!
Rules For Borrowing
How much can I borrow?
The amount you can borrow is based on a number of criteria including:
- Employment
- Salary
- Age
- Children
- Other loans you may have
- Repayment capacity
The amount you can borrow is 4 times your salary for first time buyers with deductions taken if you have other financial obligations like child support, dependent children, loans, credit cards or if you have a partner who is not working.
A percentage of bonuses; commission; allowances; overtime; stock options; RSUs; and shift work may also be taken as income.
You can also only borrow up to a maximum of 90% of the property value as, under Central Bank rules, you must provide a 10% deposit.
You should be in permanent employment and not be on probation, however exceptions can be made e.g., for doctors who may be on contracts in different hospitals or for teachers, nurses or other PAYE employees who are on rolling fixed-term contracts.
Some lenders will also allow public sector employees to borrow 4 x a salary 1-5 points up on the salary scale.
First Time Buyers
4 x annual income
Max Loan to Value
90% property purchase price
Minimum Deposit
10% property purchase price
How much will a mortgage cost?
Mortgage Calculator
Get an indication of how much a mortgage loan with cost you when applying different rates and time-frames.
Our chart will not only show your estimated monthly repayment but also how much interest vs capital loan repayments you’ll incur over the duration.
Disclaimer: This calculator is for indicative purposes only. Please always seek professional guidance before making a financial decision.
Mortgages Do’s and Don’ts
Before You Apply
Before you apply for a mortgage you should ensure that your bank statements are in order. Sometimes you need to put a 6-month plan into place before you applying. This plan should include:
Good money management across all active current and savings accounts.
No missed direct debits or standing orders.
Controlled use of your credit card and ensure a monthly direct debit for minimum payment is set up.
First Time Buyer Supports
Government Schemes to Help First Time Buyers
Help to Buy Scheme
First time buyers can claim a tax refund of up to 10% of property purchase price to a max value of €30,000.
First time buyers can potentially get their full 10% deposit via the scheme and not have to provide any funds themselves.
It only applies to new-builds and self-builds under €500,000. Mortgage must be at least 70% of the property purchase price (value in repair for a self-build).
Lenders will still require mortgage applicants to provide sufficient proof of their repayment capacity and will still be subject to other lending criteria before approval.
First Home Scheme
This scheme bridges the gap between deposit and the max mortgage available to first time buyers and those starting fresh after separation, divorce or insolvency.
It provides up to 30% of the property’s value for a % equity share in your house (20% if used with the Help to Buy Scheme).
Applies to new-builds, self-builds and Tenant Home Purchase scheme.
Minimum equity share option of 2.5% or €10,000, whichever is more.
Vacant Property Grant
Not only for first time buyers, this grant is available to anyone seeking to renovate a vacant or derelict property.
Grants of between €50,000 – €70,000 are available depending on dereliction status.
Applies to properties built on or before 2007 which have been vacant for 2 years.
Why Choose EDUC Mortgages?
Free mortgage service (our fees are paid by each lender).
Extensive lender network.
Best rates on the market.
Expert knowledge of public sector.
Exclusive offers for TUI, INTO and IFUT unions
End-to-end mortgage journey support.
Evening and remote meeting options to suit you.
Fixed-rate legal fees through our dedicated conveyancing panel.
National coverage.
Testimonials
What Our Clients Say
“Cathal and the team's services made the process of purchasing a house as a first time buyer incredibly seamless. They expertly handled all the necessary paperwork, found us the best mortgage, leaving me and my partner with no worries. Their excellent communication ensured that we were well informed and taken care of throughout the entire process”
– V. Carroll
“I have used Educ Mortgages twice in the past 5 years when buying two different properties and I really cannot recommend them enough. I found them always very professional, knowledgeable, quick to respond with a friendly attitude. They made the process of buying a new home much easier for me and my family and I’m so grateful for their amazing service!”
– N. Vojvodic
"We used EDUC mortgages to apply for our self-build mortgage after having difficulty getting approval with our bank. We found them to be professional, knowledgeable and very efficient. If we had any questions they were always only a phone call away. We are halfway through building our house now and delighted that we decided to go with EDUC Mortgages."
– P. Moroney
From the very beginning, Cathal demonstrated a remarkable level of professionalism, knowledge, and dedication to his clients. He patiently explained the intricacies of the mortgage market and the various options available to me. Cathal and his colleague Clodagh promptly responded to my inquiries, kept me updated on the progress, and proactively addressed any potential issues that arose. I always felt informed and supported at every stage of the mortgage application. I would highly recommend EDUC Mortgages to my colleagues and friends.
– C. Hickey
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