first time buyer

Let's Talk Mortgages

I’m a First Time Buyer

First time buyers have it tough. They have a lot of questions about the mortgage process –and who can blame them? There’s so much financial mumbo jumbo out there. Even worse, many banks will only meet 9-5 to talk mortgages. 

Luckily, we have tons of useful info for first time buyers in our First Time Buyer Guide (in plain English) and our Mortgage Master will meet to chat mortgages, whenever suits you. That might be before work, in the evening or even on the weekend – handy! 

Read on for all the nuts and bolts of our first time buyer mortgage (and a lovely little deal on your home insurance too). Have a mortgage question? Request a call from your local Mortgage Master here.

How Much Can I Borrow as a First Time Buyer?

  • 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. 
  • First Time Buyers are able to borrow a maximum of 90% of the value of the property (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 property, the maximum loan amount is 75% of the property’s value.
  • By rule of thumb, you can borrow 3.5 times your income.
  • 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?

Features & Benefits

  • Competitive interest rates including Variable relative to your loan to value and Fixed rates
  • 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
  • Up to 90% Loan To Value (LTV)
  • Max LTV of 75% for one bedroom properties
  • Repayment term up to 35 years, subject to the age of borrowers
  • You will need to be over 18 and security will be required before you can obtain a mortgage
  • You will require Mortgage Protection Cover which can be arranged via EBS or you may purchase this through another Insurance company
  • Keep in mind you will also need money for Valuation fees (you will need to use a valuer from the EBS Residential Mortgage Valuers panel), Legal fees, maybe a Surveyor and Stamp Duty fees. Also remember possible repairs and decoration costs on your new home.

Four Months Free Home Insurance. Want Some?

Saving money on your Home Insurance can be great fun.

Okay – it’s not exactly bungee-jumping or sky-diving. But it can be the sort of fun that comes with 36% savings savings in year 1. 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 when you pay by direct debit or with your EBS mortgage.

And in the first year of your mortgage, a little extra in your pocket will definitely go a long way. Click to request a home insurance quote now.

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 Master 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.
  • 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. You can locate information as to how this early breakage charge is calculated and in what circumstances this charge arises by selecting ‘Home Mortgages General and Regulatory Information’ below and then selecting ‘Our mortgage interest rate options’.

Warning: If you do not keep up your repayments you may lose your home.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.


Thinking of buying your first home?

EBS has been bringing mortgages home since 1935 - and we've mastered the art of mortgages. How can an EBS Mortgage Master help you? 

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