Source: Independent.ie
First-time buyers in Ireland are breaking records, with more mortgage approvals than ever, despite property prices climbing by 10% annually. According to Independent.ie, this surge in approvals is a testament to the perseverance of Irish buyers striving to secure their own home, even as the housing market continues to heat up.
But if you’re a first-time buyer, where do you start? Getting advice tailored to the Irish market is key. At Finance One, through our Mortgage One service, we’ve been helping buyers across Ireland navigate this exact process with confidence and clarity.
Why Are Mortgage Approvals Hitting New Heights?
There’s no denying that the Irish housing market is competitive, but several factors are making it possible for buyers to get their foot on the ladder:
- Government Supports: The Help-to-Buy scheme and First Home Scheme continue to be a lifeline for many Irish buyers, making deposits and monthly payments more manageable.
- Flexible Mortgage Options: Banks and lenders are offering more tailored mortgage products, helping people find solutions suited to their circumstances.
- Persistent Demand: Even with rising prices, there’s an undeniable desire among Irish buyers to secure their own piece of home turf.
Facing Rising Prices
The 10% annual increase in property prices means there’s no time to delay. Every month, the cost of buying a home edges higher, making it all the more important to act quickly and strategically.
For Irish buyers, it’s vital to plan not just for the deposit but for associated costs like stamp duty, legal fees, and surveyor expenses. That’s where proper guidance comes in—ensuring every step of the process is accounted for and you’re getting the most from your mortgage.
A Step-by-Step Guide to Getting Mortgage-Ready
If you’re serious about buying a home, here are the steps you should prioritise:
- Review Your Savings: How much do you have set aside? And can you make use of schemes like Help-to-Buy to top it up?
- Secure Pre-Approval: Mortgage pre-approval gives you a clear budget and ensures sellers know you’re serious.
- Budget for the Extras: Solicitor fees, surveys, and moving costs can add up, so be sure to account for these in advance.
- Get Tailored Advice: Mortgage advice through Mortgage One is designed to help Irish buyers like you find competitive rates and understand your options.
Why Mortgage Advice is Key
Here in Ireland, buying a home isn’t just about securing a loan—it’s about finding the right loan for you. Between the array of products on offer and the specifics of the Irish market, it can feel overwhelming. That’s why professional advice matters.
At Finance One, through our Mortgage One service, we work with buyers across the country to ensure they’re securing a mortgage that fits their needs today and for the future.