Top ten Mortgage tips for First time buyers
- Only consider taking out a mortgage if you are happy that your income will continue.If you have any concerns in this area,don't buy.
- Always use an independent adviser ( like Mortgages.ie).We have years of knowledge and experience that is available for your benefit and a range of experts to advise you.
- Remember that if you deal directly with a lender, they will only offer you, their limited range of products.
- Before you start looking, find out how much you can borrow,
- Only borrow what you can afford and the lower the borrowing, the better.The amount you can afford can be assessed by looking at your current savings and/or rental payments.For example, if you are paying rent of €700 and saving €250 regularly this indicates you can afford no more than €950 per month.
- Prepare well in advance.Keep your current accounts well maintained,avoid credit card debt and other short term loans and save regularly
- Stretch yourself a little to get the home you want but only do so if you are happy that you can afford repayments, even if rates go up.
- Always budget for adequate protection insurance to cover sickness and redundancy.
- Try and fix your mortgage if at all possible and if reasonable fixed rates are available.
- Be very careful with introductory rates and always consider the rates that apply after the expiry of the discount period. .