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What kind of first time buyer are you?

View of four business men sitting on chairs waiting for an interview from their waists down.

09 Mar 2017

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As with everything in life, almost no two first time buyers are the same. Maybe one earns more money but is a woeful saver. Maybe another has had their dream home planned out since they were six. As for Sarah in work, she’s so good at saving she still has her confirmation money tucked away in a jar in her room.

 

 

Today we’re taking a quick (and quirky!) look at five types of first time buyers. Which one are you?

1. Hey, big spender

Ah, bless them. They are trying – but maybe they missed a payment on a student loan, or they haven’t been the best with their spending over the last six months. Once the cash comes in, it goes straight back out again. They may even be at a stage where they’ve written off the possibility of buying a home ever.

What you can learn from them:

All hope isn’t lost. While they have tied themselves in knots that will make the process trickier for the future, they can start to sort their finances out. Start small and go from there: set up a savings account and make regular savings and try to clear any outstanding loans or overdrafts.

If you’re in a similar boat, you can start tracking your spending and talk to your bank about your credit rating now. While you may not be able to get a mortgage just yet, it may be possible in the future.

2. It has to be (e-e-e) perfect

With a nod to Fairground Attraction, this type of First Time Buyer won’t dream of stepping into the same room as a mortgage advisor until they have everything perfect. That means they have all the paperwork in order – they’ve dotted their ‘i’s and crossed their ‘t’s. Their savings are in impeccable shape and they think everything is ready to go.

Then, and only then, will they book a mortgage appointment. On paper, everything is perfect.

What you can learn from them:

It’s not about being perfect! You won’t burn your bridges if you have a mortgage meeting earlier on. At EBS, we’re not looking for perfect – that’s why we’re here: to guide you through the process!

If your application still has its training wheels on, you don’t need to worry yet. Mortgage meetings aren’t like Game of Thrones, so you’re not bound by oath on the back of a chat. Sometimes, having a chat helps to get everything in order, so there’s no harm in booking a meeting before everything is completely sorted!

3. The saving specialist

Remember Sarah, the first time buyer we mentioned earlier? The one with her confirmation money in a jar in her room? She’s a saving specialist – the guru of saving, with everything in impeccable order.

What you can learn from them:

So maybe you could do with talking a lead from her book. In comparison, you splashed out after your confirmation and bought yourself a snazzy new top-range Nokia or those cargo pants that were all the rage when you were 12. But you might not have to worry – your mortgage advisor won’t mind too much how you spend your income, as long as you aren’t doing anything in excess.

As long as you don’t have any bad habits that could affect future repayments and you can demonstrate that you can live within your means and you’re able to make regular savings, you’ll be on your way!

4. Bob the Builder

Or the self build specialist. This person has known how their future home will look for years. They’ve got it all mapped out in their head. They’ve saved their deposit, they’ve got mortgage approval and now they can get stuck into building the home they’ve always wanted!

What you can learn from them:

Even if you plan on using your mortgage to buy a house, there’s plenty you can learn from the trusty self builders: budget is particularly important as every penny counts when building your own house. Self builders are brilliant at using space too, and are great to talk to about interior design!

5. The Single Pringle

Though their finger may be exhausted from swiping left, the single Pringle is generally happy to be by themselves. They are independent spirits and they’ve scrimped and saved to get their deposit together for a gaff of their own.

If they want to live in Dublin or a big city, they might have to settle for the suburbs and a commute, but overall, the single Pringle knows what they want and how to get it.

What you can learn from them:

The lone wolf could teach even the saving specialist a thing or two about minding their pennies. Savvy savers in the extreme, if you’ve got a single friend with a mortgage of their own, sit them down and pick their brains for their top tips for smart saving!

Thinking of applying for your first mortgage?

Do you want to get on the property ladder with a house of your own? A 30 Minute Mortgage Meeting with an EBS mortgage advisor will set you on the right path.

Get the ball rolling with our First Time Buyer guide. You can also use our mortgage calculator to find out how much you may be able to borrow.

If you have any queries about opening an EBS savings account, call 1850 654 321 or email info@ebs.ie.

EBS d.a.c. is regulated by the Central Bank of Ireland.

The content of this blog is expressed in broad terms and is limited to general information purposes only. Readers should always seek professional advice to address issues arising in specific contexts and not seek to rely on the information in this blog which does not constitute any form of advice or recommendation by EBS d.a.c.

EBS d.a.c. neither accepts nor assumes any responsibility in relation to the contents of this blog and excludes all warranties, undertakings and representations (either expressed or implied) to the fullest extent permitted under applicable law.

 

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