Lifestyle Mortgages Galway - Start Mortgage (First-time Mortgage) Ireland

Independent Mortgage Brokers

Our Mission Statement

"Lifestyle Mortgages Galway is committed to delivering superior service and quality mortgage solutions. We treat each client as our only client."

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First Time Buyers
Buying your first home will probably be the most import purchase of your life. Along with this, there is a husge variety of mortgage products and services on offer from a wide range of sources, leaving you with a lot of confusing decisions.

At Lifestyle Mortgages, we can help you come to terms with how to go about searching for that new home, and give you advise on how to finance it. Below, we have included some important information in order to help you get that first mortgage.

Before looking for a house to purchase, you must first find out how much you can spend on it. In order to help you get a rough idea of your maximum borrowing capability we have provided a How Much Can I Borrow Calculator.

There are many different factors that can affect how much you can borrow and the interest you will pay. The main items to consider include; your salary, whether you have put down a deposit (and the amount), your credit rating and current interest rates. Once you know how much you can spend on your first home, you will need to start thinking about what you are looking for in your new home. For example, where do you wish to buy (in a city/town or in the countryside, what type of property do you wish to live in, a detached house with garden, an apartment etc.

Obviously, you have to be realistic, and although we may all have the house and location of our dreams, this may not always be possible, and you may have to go for something more modest for your first home.

When applying for a mortgage, and particularly so with your first mortgage you will be presented with a wide variety of terms such as "loan to value ratio", "income multiples", and "discounted mortgages" which may all sound very confusing when heard for the first time. For your convenience we have provided a no-nonsense Mortgages Explained page where all these terms and more are explained in plain English.

Top Tips for First Time Buyers

Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. Even a newly built house will require money to be spent on furnishing etc., whereas an older house may require work, such as re-flooring, tiling, or wiring. Make sure that you factor in all these likely expenses in addition to the purchase price, and other fees such as conveyancing and stamp duty.

When buying for the first time, there may be a number of details in the house you are looking at that you do not notice. It is always good advise to bring somebody with experience along with you.

If you have been used to living at home with your parents, remember to budget for new expenses such as refuse charges, oil and electricity bills, maintenance etc.

Consider the availability of public transport services. Even if you drive everywhere, this information will be useful for anyone coming to visit you who does not drive.

Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas and before you make any final decision about where to move to, take a walk or bike ride around the local area, and note down where these key facilities are.

If you are a heavy internet user, check to see that broadband or other high-speed internet is available in the street / area you are moving into. The selling agent should be able to tell you this.

Although not always possible, try, where possible, to find somewhere to live that is close to your main place of work. Commuting can be one of the biggest household expenses, and is likely to increase. If property is more expensive nearer to your place of work, make sure you weigh up this additional expense, when compared to the costs and time of commuting.

Warning: Your home may be repossessed if you do not keep up repayments on your mortgage or any other loans secured on it.
Hilary Foley T/A Lifestyle Mortgages is regulated by the Central Bank of Ireland