Embarking on the journey to homeownership is a significant milestone, and EBS is dedicated to supporting first-time buyers throughout this process. With a range of tailored mortgage options and expert guidance, EBS aims to make purchasing or building your first home as seamless as possible.
According to Jeremy O’Sullivan, Branch Development Manager:
“At EBS, we understand that the dream is to own your own home. We help customers borrow money towards this goal in as stress-free manner as possible”.
The first thing you will get when you sit down with an EBS Mortgage Advisor is our mobile phone number. You will have a direct point of contact throughout the whole journey. Whether a customer is buying or building their own home, we are with them every step of the way.
We value in-person meetings, we can meet people in our office, in their place of work, in a café or in their homes. We also offer online meetings where preferable.
We are Mortgage experts, we have seen every type of loan, and we understand that every customer is different, and every situation is different”.
Understanding Your Borrowing Capacity
Determining how much you can borrow is a crucial first step. EBS will help you estimate this amount based on your income, any financial commitments, and evidenced repayment capacity. First-time buyers can borrow up to 90% of the property’s value, meaning you’ll need a 10% deposit. You may borrow up to four times your income, or 4.5 times in certain exceptional cases.
Mortgage Options: Fixed vs. Variable Rates
Choosing between a fixed or variable interest rate depends on your financial preferences. A fixed rate remains constant over a set period, offering stability in your repayments, while a variable rate can fluctuate with market conditions. For those uncertain about which to choose, EBS provides the option to split your mortgage, allowing you to benefit from both fixed and variable rates.
Incentives for First-Time Buyers
To further assist first-time buyers, EBS offers up to 3% cash back on new mortgages—2% at drawdown and an additional 1% after five years. Moreover, if you’re purchasing a high energy-rated home (BER rating between A1 and B3), you may qualify for the EBS Green 4 Year Fixed Rate Mortgage, which offers a lower interest rate. Additionally, new home insurance policies come with three months free in your first year.
Next Steps
EBS recommends obtaining an Approval in Principle (AIP) to understand how much you can borrow, which is valid for 12 months. Engaging with an EBS mortgage advisor can provide personalized guidance tailored to your unique circumstances.
Embarking on your first home purchase is a significant step, but with EBS’s comprehensive support and resources, you’re well-equipped to navigate the process confidently.
Jeremy would be delighted to hear from you, whether you are Mortgage ready, or want to learn how to get Mortgage ready, and to put a plan in place.
You can contact him directly on the details below:
Mobile: 087 6418595
Email: jeremy.osullivan@mail.ebs.ie