I’m a First Time Buyer
First time buyers don't have it easy. 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? Ask for 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 or a studio apartment valued at €275,000 or above, the maximum loan amount is 80% 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 have 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).
- Up to 80% loan to value is available for a studio apartment valued at €275,000 or above, or a one bedroom property. We do not lend for the purchase of studio apartments valued at under €275,000.
- Repayment term up to 35 years, depending on the age of the borrowers.
- You will need to be over 18 and security will be required before you can get a mortgage.
Important Information
- You will require Mortgage Protection Cover which can be arranged through us or you arrange it through another Insurance company.
- Keep in mind you will also need money for a valuation fee (you will need to use a valuer from the EBS Residential Mortgage Valuers panel), Legal fees, maybe a surveyor and stamp duty. 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 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 out a Mortgage with a Fixed Rate of at least one year and decide to repay all or part of it early, if you change to a Variable Interest Rate, or, if you change to another Fixed Interest Rate we may charge you an early breakage fee. You can find information about how we calculate and when we charge this early breakage charge by clicking on ‘Home Mortgages General and Regulatory Information’ below and then selecting ‘Our mortgage interest rate options’.
The EBS up to 3% Back in Cash Mortgage Offer
EBS is offering home buyers up to 3% Back in Cash. That’s 2% of the value of your new mortgage upfront and 1% in five years as a first time buyer. Please see the terms and conditions of this EBS up to 3% Back in Cash Offer below.
Yep …that's up to €5,000 two months after drawdown and a further €2,500 in 5 years’ time on a €250,000 mortgage, Back in Cash. Why? Because an EBS Mortgage Master knows the mortgage process back to front – they know that that extra few bob really counts in the final moving in stage.
Your EBS Mortgage Master doesn’t like any messing or fussing, either. That’s why you get your EBS 3% Back in Cash mortgage offer straight into the current account used to pay your mortgage by direct debit, 2% within two months of drawdown and another 1% after five years. The offer is subject to conditions of the mortgage.
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
- As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate and;
- Customers who are applying for any Variable Rate (including the Tracker Interest Rate Retention Product) or 1 Year Fixed Rate have until the 24 August 2022 to drawdown to be eligible for the offer. As of the 24 August 2022, the offer is no longer available on any Variable Rate and 1 Year Fixed Rate.
For more information on the Terms & Conditions see 3% Back in Cash – Mortgage Cash Back – EBS.
EBS Green 4 Year Fixed Rate Mortgage
You can apply for the EBS Green 4 Year Fixed Rate Mortgage if you are a first time buyer of a home, moving to a new home, buying a holiday home, topping up an existing mortgage, switching a mortgage to us, or moving to a different fixed rate. The EBS Green 4 Year Fixed Rate Mortgage features include:
- A low rate of interest
- 4 Year Fixed Rate Term
- Available to new and existing EBS mortgage customers whose property has a certified Building Energy Rating (BER) of between A1-B3.
For more information on the EBS Green 4 Year Fixed Rate Mortgage click here.
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
- As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate and;
- Customers who are applying for any Variable Rate (including the Tracker Interest Rate Retention Product) or 1 Year Fixed Rate have until the 24 August 2022 to drawdown to be eligible for the offer. As of the 24 August 2022, the offer is no longer available on any Variable Rate and 1 Year Fixed Rate.
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