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1st Time Buyer – under Central Bank guidelines, you can borrow 4 times your gross annual income, based on a couple earning €100,000 per annum combined, you will qualify for €400,000. This figure is dependent on your deposit and repayment capacity.

Switcher/Trading Up – here, you can borrow 3.5 times your gross annual income

Brokers normally have access to all the major banks in Ireland and this allows them to shop around for the best rate, also, different banks have different qualifying criteria, a broker will be able to very quickly what banks you qualify for. Essentially, a Broker will save you having to go to each bank separately.

An experienced broker will also have been through this process hundreds of times and this experience can help you avoid some of the pitfalls associated with getting a mortgage and buying a house.

This is a very common misconception. Yes, you can get a mortgage if you are Self Employed, the only difference here is with the income documentation needed by the bank, 2 years accounts minimum, Chapter 4 Form and Tax Clearance Certificate.

For a 1st Time Buyer, the minimum deposit needed is 10% of the purchase price of the property, additional funds needed then would be for Stamp Duty – 1% of the purchase price of the property and approximately €3,000 to cover Legal & Valuation fees.

Example:

Purchase of a property for €350,000.

10% deposit €35,000

1% Stamp Duty €3,500

Legal/Valuation €3,000

Total €41,500