First-time Buyers

An Exciting – And Overwhelming – Time

Loan-to-value ratios; lending criteria, fixed or variable interest rates; there seems to be so much to get your head around as a

first-time buyer

. We recognise that

buying your first home

is a huge event and that it can seem overwhelming. At Clever Money, we offer a

mortgage service

that will guide you through every step of the way from working out how much you can borrow, right through to closing.
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Real choice We are independent

mortgage brokers

, which means that we are authorised to deal with all the leading lenders. For you, this means that we can offer you real choice when it comes to your lender. It means you don’t have to spend time researching all the options out there. We do the research – you focus on finding your perfect home. Read our TIPS FOR BEING MORTGAGE READY here

Expert Help The Whole Way Through The Process

At Clever Money, we will help you understand your borrowing limits, your deposit and your interest rate options. We will help you choose the most suitable lender based on your circumstances. Finally, we’ll help you pull together the various documents you need. We basically hold your hand the whole way through the process.

Central Bank Of Ireland’s Mortgage Rules

Since January 2015, the Central Bank of Ireland stipulates that, where the purchase price of the property is €220,000 or more,

first-time buyers

may borrow a maximum of 80% of the property value, which means that they must provide a deposit worth 20% of the purchase price. If your typical

first time buyer

customer is buying a property under 220,000, they may borrow up to 90% of the value, in other words, the deposit need only be 10%. There are exceptions to these rules. Call us today on 057 93 50079 to see if you can borrow more than the LTV ratios set out above.

How Much Can I Borrow?

Lenders work off the applicant’s Net Disposable Income (NDI), which is the money they have left after tax and other loans. As a general rule, a lender will advance funds up to the point where the

monthly mortgage repayments

do not exceed 35% of the applicant’s net disposable income. The use of the NDI approach provides for a more realistic assessment of an individual’s capacity to borrow and, unlike the income-multiples calculation, takes into account changes to personal income taxes, interest rates and other loans/savings. Under the NDI method, two applicants on the same income may qualify for different loan amounts depending on whether or not they have other loans, such as a car loan.

A Word Of Warning

Each lender uses a slightly different approach and even a lender’s online calculator will only give an estimate of how much you can borrow. Clever Money will help you ascertain exactly

how much you can borrow

by helping you get

Approval in Principle (AIP)

. Knowing how much you can borrow will help you narrow your property search, saving you time and the risk of disappointment.
This is definitely something you need to do face to face. Make your life easier by meeting one of our experienced independent mortgage brokers. Give us a call on 05793 50079 or email on
Warning: If you do not keep up your repayments you may lose your home.

Everybody’s different, but everybody’s vulnerable

At Clever Money, we believe in meeting our customers face to face. Our qualified financial advisers take the time to get to know your circumstances so that they can offer tailored advice. You won’t get that from an online-only insurer.
We are authorised by the Central Bank of Ireland as an authorised adviser, which means we can offer you products from all the leading life companies. For you, that means we can guarantee you the lowest premium.
If you’ve been thinking that your family would be vulnerable should something happen to you, our financial advisers would be happy to advise you based on your own circumstances.

Give us a call today on 05793 50079