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Tips to Succeed as a First Time Buyer

In the Irish Mortgage Market

Tips to Succeed as a First Time Buyer

In the Irish Mortgage Market

Tips to Succeed as a First Time Buyer

In the Irish Mortgage Market

A first-time buyer in Ireland needs to adopt a strategic approach that will enable them to take advantage of the available low-interest rates in the market. According to recent figures.

Some of the tips you need to consider incorporating when trying to buy your dream home for the first time primarily include:

Having a robust saving strategy
Ensure your Finances are streamlined
Choose the Right Mortgage Products and Lenders
Approval in Principle
Choose a Home that is Right for you
Loan Offers
Drawdown and Moving in your Dream Home

55% of mortgage approvals YTD consisted of first-time buyers.

Having a Robust

Saving Strategy

Before checking online listings and identifying your dream home, performing a comprehensive audit of your finances is paramount. It would be best if you had a robust plan for the upcoming purchase and all expenses expected for the purchase.

It is paramount to check your finances and ensure you have good emergency savings account for the previous six months before you apply for your mortgage. Remember, when you purchase your home, you need to have money for a down payment and closing costs.

It is important to have a minimum down payment of 10% when purchasing your home. It is always recommended to have a higher deposit that will cater to additional expenses such as stamp duty, valuation costs, and legal fees.

Ensure you have a saving account where you can build your deposit and have a solid plan to show your mortgage repayment ability.

Ensure your Finances are Streamlined

When a lender determines your financial credibility, they will check your income, outstanding debts, credit history, and down payment. Most lenders will proactively check your financial history by checking your last 6 months’ statements in your credit cards and bank accounts. If you are planning to get a mortgage for your home, you should ensure that you pay your debts in time and avoid taking new loans. Essentially, refrain from financial practices that can lower your credit score.

Choose the Right Mortgage Products and Lenders

Choosing the right mortgage products and lenders is one of the significant decisions your need to make. The lender and mortgage product will determine the interest rates and fees that you will repay for your mortgage. Remember that mortgage products in Ireland tend to differ, and you need one that suits your financial needs.

There are a variety of loan options that different institutions offer. Some loans have lower rates, while others have cashback. The terms of loan repayments also tend to differ. Banks also tend to incorporate internal affordability calculators that help determine the amount of loan you are eligible for. Some banks might be able to offer a higher loan than others.

Processing your mortgage through mortgage intermediaries such as us, Is recommended as we understand the pros and cons of each lender and will provide a comprehensive cashflow comparison that will help you make a more informed decision.

Approval in Principle

Approval in Principle (AIP) typically means that the lender has agreed to offer you a loan for the purchase of your home but is subject to certain conditions including the value of your home. An AIP is not however legally binding. The lender proactively evaluates your credit history and creditworthiness to determine whether they will provide you an approval in principle.

AIP is an excellent indication of what the lender is willing to offer you. Most state agents recommend that you have an AIP before viewing a home. Thus, it is recommended that you get an AIP so you can know the houses you can afford to purchase. To obtain an AIP, you must have documents confirming your financial situation. You need to provide documents such as six-month bank statements, salary cert, and payslips. When you have the AIP, you are confident about the amount you can borrow.

Approval in Principle

Approval in Principle (AIP) typically means that the lender has agreed to offer you a loan for the purchase of your home but is subject to certain conditions including the value of your home. An AIP is not however legally binding. The lender proactively evaluates your credit history and creditworthiness to determine whether they will provide you an approval in principle.

AIP is an excellent indication of what the lender is willing to offer you. Most state agents recommend that you have an AIP before viewing a home. Thus, it is recommended that you get an AIP so you can know the houses you can afford to purchase. To obtain an AIP, you must have documents confirming your financial situation. You need to provide documents such as six-month bank statements, salary cert, and payslips. When you have the AIP, you are confident about the amount you can borrow.

Choose a Home that is

Right for you

After identifying your lender, mortgage products, and a valid AIP, it is time to consider the home you want. It would be best if you put your lifestyle needs into consideration. Are you looking for a new build, or would you prefer to purchase a second-hand house? You also need to consider the location and local amenities you want for your new home.

When deciding and selecting a home that is right for you and your family, you need to consider multiple factors to ensure the house you choose meets your needs and budget. It would be best if you also thought about your future needs, such as an addition to your family.

Loan Offers

A loan offer formally confirms that your mortgage application has been evaluated and approved. After completing the mortgage application process, you will only get the loan offer after you provide your lender with essential information about the property you want to purchase. The loan offer offers an opportunity to exchange contracts with your vendor.

Drawdown and

Moving in your Dream Home

The final stage when obtaining your mortgage and dream home is the solicitor confirming that the property you want to purchase stacks up from the recommended legal perspective. You are also required to get mortgage protection insurance. The insurance is designed to provide security to the mortgage in the event you die or suffer a disability. The life assurance company will pay off the loan in case of such events. Additionally, you will need extra home insurance that covers the rebuilding cost of your home.

After completing the process and securing your dream home, it is time for the thrilling adventure of moving into your new home. The move-in day is when you have finally graduated from just a homebuyer to the official homeowner.

Our company is dedicated to offering well-informed data-driven advice and guidance in each step of home buying in Ireland. Let’s help narrow your options and obtain the best mortgage products and lenders. We are proactive in analyzing your options and ensuring you get the best deals to suit your needs.

Choose a Home that is

Right for you

After identifying your lender, mortgage products, and a valid AIP, it is time to consider the home you want. It would be best if you put your lifestyle needs into consideration. Are you looking for a new build, or would you prefer to purchase a second-hand house? You also need to consider the location and local amenities you want for your new home.

When deciding and selecting a home that is right for you and your family, you need to consider multiple factors to ensure the house you choose meets your needs and budget. It would be best if you also thought about your future needs, such as an addition to your family.

Loan Offers

A loan offer formally confirms that your mortgage application has been evaluated and approved. After completing the mortgage application process, you will only get the loan offer after you provide your lender with essential information about the property you want to purchase. The loan offer offers an opportunity to exchange contracts with your vendor.

Drawdown and

Moving in your Dream Home

The final stage when obtaining your mortgage and dream home is the solicitor confirming that the property you want to purchase stacks up from the recommended legal perspective. You are also required to get mortgage protection insurance. The insurance is designed to provide security to the mortgage in the event you die or suffer a disability. The life assurance company will pay off the loan in case of such events. Additionally, you will need extra home insurance that covers the rebuilding cost of your home.

After completing the process and securing your dream home, it is time for the thrilling adventure of moving into your new home. The move-in day is when you have finally graduated from just a homebuyer to the official homeowner.

Our company is dedicated to offering well-informed data-driven advice and guidance in each step of home buying in Ireland. Let’s help narrow your options and obtain the best mortgage products and lenders. We are proactive in analyzing your options and ensuring you get the best deals to suit your needs.

HAVE QUESTIONS

Read our FAQ

You're called Switcheroo.ie but do you help First Time Buyers and Home movers?

Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!

What’s the best mortgage I can get?

That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.

If I am a switcher how much can I save?

The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.

What documents will you need from me?

Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.

Do you perform credit checks?

Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.

I want to switcheroo, what’s next?

On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.

If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.

Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.

What does Switcheroo.ie do with my data?

It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.

How does Switcheroo.ie make money?

Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.

HAVE QUESTIONS

Read our FAQ

You're called Switcheroo.ie but do you help First Time Buyers and Home movers?

Yes, we absolutely do. As long as you are looking to buy a residential property we stand ready to help. We like the name Switcheroo as you are switching home if you are a mover and even if you are a buyer you are switching from tenant to homeowner!!!

What’s the best mortgage I can get?

That’s a question we hear a lot but there is no simple answer to this. There are a number of factors to this which both you and we need to consider when you are thinking of getting a mortgage.
Mortgages come with different terms and banks use different criteria to establish who they lend to, how much and at what rate. Don’t stress too much! You can find out pretty quickly to see if it’s worth your while. From there we will guide you through the process and make sure you get the right mortgage for you and make the process as simple as possible.

If I am a switcher how much can I save?

The Central Bank of Ireland published research that showed that many existing mortgage holders can save over €10,000 euros by switching their mortgage. It will depend on your specific circumstances but just 20 seconds on our calculator will show you what its worth for you to switcheroo.

What documents will you need from me?

Initially, none. The first step is for you to take our Financial Health Check in your secure customer portal. This will help us understand your circumstances and see if you are mortgage fit but we don’t need documentation at that stage. Only later when we move on to preparing your submission to a lender, will we need to make sure that your information is accurate, and we’ll need documentation from you then. Those include proof of your identity, income, utility bills with proof of address, as well as things like visa status where it applies. We’ll always make it clear exactly what we need and why.

Do you perform credit checks?

Our job is to make sure that you have the best possible chance of being accepted. So, we perform our own affordability check before sending anything to a lender. This leaves no footprint on your credit history.

I want to switcheroo, what’s next?

On our website there are calculators that will help you figure out what you can save or what your mortgage would cost. From there you’ll need to register into your customer portal so we can perform a Financial Health Check on you to assess what you can afford.

If all is well, we will then ask for more details on your current circumstances and the specifics of the house you want to mortgage.

Usually, this shouldn’t take more than 60 minutes, and you’ll be one step closer to a mortgage. At this point, you can have a phone call with one of our mortgage experts. They will answer any questions you have and tell you exactly what documents you’re going to need. From there, the expert team will guide you through the application process and keep you updated on progress. You can check progress online and we will keep you updated along the way.

What does Switcheroo.ie do with my data?

It’s all explained in our privacy policy, but basically: we won’t spam you and we won’t pass on your data to other companies so that they can spam you. We hate that.

How does Switcheroo.ie make money?

Yep, we don’t charge any commission. If you get a mortgage using Switcheroo.ie, the lender you use pays us a commission. Some intermediaries charge you an additional commission but not us, we are free forever. These commission never affect our advice. Our reputation and livelihood depend on us always giving our customers the best possible advice. The important bit is we’ll never charge you a penny.

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to
support you through your application

Don’t take our word for it, read what our customers think of us

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to
support you through your application

Don’t take our word for it, read what our customers think of us

THE SWITCHEROO.IE DIGITAL MORTGAGE PLATFORM

We focus on great customer experience to support you through your application

Don’t take our word for it, read what our customers think of us

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With a Mortgage Expert

Call to talk

With a Mortgage Expert

Call to talk

With a Mortgage
Expert

Good news for First Time Buyers! Switcheroo Mortgages is now accepting mortgage applications for 4 times income.

Under the new central bank guidelines, first time buyers will be able to borrow up to 4 times their income from January onwards, but Switcheroo Mortgages is accepting applications from now.