First-Time Buyers Advice: Make The Best Financial Decisions When Buying Your First Home in Ireland

Happy to buy your first home? Make the happiest choice in Ireland by leveraging the essential schemes and incentives offered by the Irish Government. Here is some essential information to help you make the best financial decisions. 




Getting A Mortgage in Cork, Dublin and the Big Cities 



Very few can afford to buy a home without taking out a mortgage loan in Ireland. A mortgage is a long-term loan offered by banks and/or local authorities for the purchase, renovation, or construction of a home. Buyers are able to purchase their own home with the loaned funds and move out of the rental market immediately. The new property serves as the loan's "security." You may lose your home if you are unable to repay the loan.


Concerned by the growing housing crisis in the nation,  on February 1, 2018, the Irish government launched the Rebuilding Ireland Home Loan scheme in an effort to make it easier for first-time mortgage buyers by lowering interest rates and allowing them to borrow up to 90% of the property's value.


First Time Buyer Relief On Mortgages 


There is no scheme or policy that could lower the mortgage repayment interest rate. But if you are a first time home buyer, you could be eligible for the First Time Buyer Relief which allows you a “refund” of a portion of the interest amount, which overly eliminates the Deposit Interest Retention Tax (DIRT). So you are clean now. Furthermore, depending on the overall cost of the house, you may be eligible to get a 5% income tax relief, if you have been a tax-payer for over 3years and have not missed a date. 


However, if you are buying a home for the second time, you cannot get this benefit. You also cannot get this benefit if you are buying a home jointly with a family member. 


To get a broader perspective on the market, and that first-time buyer's advice in Cork it's always the best move to speak with a reputable Financial Advisor. 



Applying For The Government Backed Mortgage In Ireland and Best Practices Of Securing Finances 


The first step is to assess the costs and determine whether you are eligible. If you are a business owner, your assets, including shares and stocks, will be scrutinised, for salaried employees a background check will be much more streamlined, increasing your chances of getting the highest loan.


All of the criteria could be met by looking into the resources of a mortgage advisor or a reputable financial advisor in Cork and other metro cities. If you are self-employed or unemployed, you may require different guidance as to how to strut up to your assets and loan eligibility. Before you make your first move, consult an expert.



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