first time buyer

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First time buyer mortgages

Our advisers have helped thousands of first time buyers and we'd love to help you too. Best of all, we can meet to talk mortgages whenever suits you. That might be before work, in the evening or even on the weekend - because it's your schedule that matters, not ours. 

In the meantime, here's teh nuts and bolts of our first time buyers package - loan amounts, rates, terms - stuff like that (and a lovely little deal on your home insurance tool!)

 

 

How Much Can I Borrow as a First Time Buyer?

  • Good question. The Central Bank rules will come into play here, and will be different for first time and next time buyers. So the amount you can borrow will be based on your income, your house price, and your affordability. 
  • From January 2017, the Central Bank rules change. First Time Buyers are able to borrow a maximum of 90% of the value of the property from this date (this percentage is known as the LTV, or Loan to Value of your home). Yep, that means you’ll need a 10% deposit.
  • If you are buying a one-bedroom apartment, the maximum loan amount is 75% of the apartment’s value.
  • By rule of thumb, you can borrow 3.5 times your income. There are some exceptions to this, so check with your mortgage advisor if you’re eligible.
  • We’ll also need to make sure you can still live within your means. The amount you can borrow also depends on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income. It’s all about that comfort cushion. Why not use our mortgage calculator to see what you can afford?

Fixed or Variable Rate?

  • The big question – to go for a fixed or variable interest rate on your mortgage?  A fixed interest rate will stay stable during the period of your loan, while the variable rate will fluctuate. You can check our current rates below, and our mortgage advisors would be more than happy to have a chat about the option for you.
  • We offer both fixed and variable mortgage interest rates.  You can see a full listing of our current rates right here.
  • And if you still can’t choose? Well, you don’t have to. You can have your cake and eat it too. For customers who are unsure of what type of rate to select, EBS provide the option of splitting the loan amount in two, so you can avail of both the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan.

Mortgage Interest Rate Terms and Conditions

  • If you take a Mortgage with a fixed rate of at least one year and decide to repay whole, or part early, if you convert to a variable interest rate, or, if you change to another fixed interest rate you may incur an early breakage cost payable to EBS d.a.c.

Four Months’ Free Home Insurance. Want Some?

Home insurance can be great fun.

Okay– it’s not the bungee-jumping or sky-diving sort of fun. But it can be the sort of fun that comes with 36% savings per year. That’s a big trip to IKEA sort-of-fun. A meal in your local restaurant and more nights out with your pals.

This is the sort of craic that comes with Four months’ free home insurance. Yep - that’s 36% off your first year’s home insurance bill.

And in the first year of your mortgage, a little extra in your pocket will definitely go a long way. Just pop in to your local mortgage advisor to ask about the offer.

Home Insurance Offer Terms and Conditions

  • The 4 months’ free offer is 36% off the annual premium in year 1 and is subject to paying by direct debit or along with an EBS mortgage.
  • For customers who wish to pay by cash/cheque/credit or debit card/postal order we offer 28% off the annual premium in year one.
  • Available to new policy holders who take out 12 months’ buildings and contents cover.
  • Offer is applied after all other premium reductions have been made and is subject to minimum premiums payable of Buildings €126, Contents of €105 and All Risks €12.60.
  • Standard acceptance criteria, terms and conditions apply.

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