First time Buyers

Are you a first time buyer?

There are many different options to consider when choosing a mortgage and with over 35 years’ experience in the mortgage business Foskin Financial will shop around for the most competitive rate and terms for you, and explain all the options and time scale involved.

With lenders cautious in lending money it is important to have a deposit of at least 10% of the purchase price of the house saved, preferably more if you have it.

It is equally important to find out how much of a mortgage you will qualify for so that you can be secure in grabbing that bargain. Contact Foskin Financial today in order to arrange a ‘loan approval in principle’

How to get mortgage approval

Shop around for the best deal. Foskin Financial will save you the hassle and time by shopping around for the best deal and interest rate.

Create a good savings profile. The bank will be looking for regular savings built up over the previous 6 to 12 months, so start saving early.

Keep a good credit rating. If you have a car or personal loan ensure that you make your repayments on time.

Keep your bank statements. You will have to provide your lender with six months of your most recent current account bank and credit card statements.

Try and clear any outstanding loans. Try and clear all short-term loans you have before applying for a mortgage as having other loans will impact on the amount you can borrow.

Pay by direct debit. If you are renting, pay by bank transfer so that the lender has evidence of the payments.

Here are some of the options that are available to first time buyers:

  • Up to 35 year term available.
  • Up to 90% mortgages available.
  • Interest only options available when building.
  • Competitive variable and fixed rates.
  • Split packages available for example €100,000 fixed for 3 years over a 35 year term and €50,000 on a variable rate over a 25 year term.

Tip: Don’t forget to budget for additional costs such as stamp duty of 1%, Legal fees  and Valuation fees.  Always ask for a written quotation to include Professional fee, outlay and VAT

 

Contact Foskin Financial

 

 For further information email us at foskinp@eircom.net
or phone us on 087 2261572 or 051 885358

 

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: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.