3 Steps to Obtaining a 97% Mortgage in Ireland

2017 looks set to be a great year for first-time property buyers in Ireland. A combination of government help-to-buy schemes, cash back mortgages and changes to Irish mortgage legislation have left first-time buyers with the most affordable buying landscape in years.

In this article, we explore the 3 steps you can take to make the most out of all the offers available to you, achieve a 97% mortgage, and buy your first property in 2017.man getting keys to house

Step 1: Get a 90% Mortgage – Change in Central Bank Rules

First-time buyers are only required to have a deposit of 10 per cent regardless of the value of a property when applying for a mortgage. This is as a result of a decision by the Central Bank to relax its macroprudential rules. It’s a shift from the current requirement, which puts the ceiling at 90 per cent for loans up to €220,000 but at 80 per cent for the balance of loans above that level.

This means that first-time buyers will be able to borrow up to 90 per cent of a value of a home. The 20 per cent minimum deposit requirement (ie maximum loan-to-value ratio of 80 per cent) continues to apply to second and subsequent buyers.

Step 2: Apply for 5% First Time Buyer Relief

If you are a first-time buyer, you are entitled to a First-time buyer relief, if:

  • your mortgage is for at least 80 per cent of the value of the property, (the property cannot be valued at more than €600,000,)
  • the property you’re buying is newly built (ie no secondhand homes – and buy-to-let properties are excluded,)
  • and you plan to live in your new property yourself

You can apply for a rebate of income tax paid over the four years prior to the year in which you’re buying the property. So if you are buying this year, the relevant years are 2013-2016. The relief is granted as 5 per cent of the value of the property up to a maximum of €20,000. That means you can get relief on the first €400,000 of the purchase price.

Step 3: Get 2% Cashback with Certain Mortgage Providers

Certain banks will give you 2% of your new mortgage back as Cashback if you top up an existing mortgage or buy an investment property if you are not a current account customer, and you buy your first home, move home or switch your mortgage to them.

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Conveyancing with Gibson & Associates

If you’re buying for the first time, talk to Gibson & Associates about your conveyancing needs.

Our highly experienced solicitors will make sure your property transaction proceeds smoothly and efficiently, and we pride ourselves on our extremely professional and high-quality service.

While our solicitors will handle all the details of a property exchange, they will also ensure you’re kept in the loop, explaining the process in an approachable and jargon-free manner.

We also offer fixed fees on all our conveyancing services, so you’ll never pay more than first agreed. We also offer our clients a free will when they use our conveyancing service.

To speak to a property solicitor about your property transaction, contact us today. You can all us directly on 1890 989 289 or email us at info@gibsonandassociates.ie. Alternatively, you can complete our Online Enquiry Form and we’ll be in touch shortly.

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