Deciding to buy your first home is a massive decision - we get it. But once you've made that decision, you're on the way to making the dream a reality.
Still, for some reason, when it comes to applying for a mortgage, people tend to kick the can down the road.
You know what they say - action cures fear, so we've teamed up with AIB to bring you five simple steps to kick start the process and get you closer to holding those keys in your hands.
What are you waiting for?
1. Do the Maths
The first thing you need to know is how much you are actually eligible to borrow. AIB's handy mortgage calculator will help you figure this out. You just need to answer a few top line questions about your salary and marital status etc to get an estimation of what you can borrow.
2. Face Time
Yes, talking to an advisor is the next step. *Cue irrational panic about all the coffees you've bought on your debit card and your measly deposit savings*.
Listen up: You don't need to have a deposit saved, or even your paperwork in order to chat to someone about what the best course of action is.
There is no point in spending hours trying to figure it all out at home when there are experts ready to answer any query you have - no matter how silly it may seem. You have a mortgage chat safely in any of their branches or book an appointment or request a call back with an AIB Mortgage Advisor here.
Do it.
3. Start Saving
Okay, this is the trickiest bit, but the good news? It doesn't matter what you've done up until now - you can still start today.
The key is to save smart. Don't just throw a few extra cents in the piggy bank when you're feeling flush. Plan ahead for maximum saving success.
Use this Home Buying Calculator to figure out how much you may need to save for a deposit and then start squirrelling your savings away with a solid strategy.
4. Paperwork
Get the fancy folders out - it's time to get organised. The bank needs proof that you'll be able to repay the mortgage loan - so they'll need to see things like payslips, bank statements, credit card bills etc.
There's a handy mortgage checklist available here so you can get things in order in advance.
5. Getting Approval
Once your deposit is sorted you can apply for Approval in Principle. This means your bank is agreeing in principle to give you a mortgage, and you'll know what your budget is for your first home.
Congrats! You're literally on the home stretch my friend.
Are you thinking about buying your first home? We've got your back. We've teamed up with AIB to bring you all you need to know about applying for a mortgage and buying your first home in our one-stop-shop mortgage hub. Keep an eye on the mortgage hub to guide you through your journey!
Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank u.c. in relation to the origination and servicing of mortgage loans and mortgages. Allied Irish Banks, p.l.c. and AIB Mortgage Bank u.c. are regulated by the Central Bank of Ireland.
