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Beat The Competition With Our Tips For First-Time Buyers In Dublin
For first-time buyers in Dublin, navigating the mortgage market can be a challenging task.
As of 2024, the capital was named as Ireland’s largest mortgage market, accounting for 31.3% of overall home purchase mortgages. Notably, however, 40% of this Dublin-based cohort bought properties in the nearby counties of Kildare, Meath and Wicklow, signalling a continued constraint on supply in Dublin itself.
To emerge successful in the face of such stiff competition, speed, clarity, and preparation are essential.
In this article, we reveal the practical, expert tips that will help you, as a first-time buyer in Dublin, to secure your ideal home!
1. Lay the foundations for success by getting organised
As a first-time mortgage applicant, the best way to position yourself for success is by being prepared. To achieve this:
Gather the necessary paperwork, including:
- Proof of income, savings and address
- Identification
- At least six months of bank statements
- Audited accounts for self-employed applicants
Make sure to also:
- Monitor your credit history and fix issues early; a good credit history will inspire lender confidence and make it easier to secure mortgage approval
- Avoid taking on new loans during the application process, as lenders will scrutinise debt-to-income ratios and any sudden changes.
Taking these steps ahead of time will stand to you as the process moves forward.
2. Get to know the mortgage rules for first-time buyers in Dublin
Understanding the fundamentals, such as how much you can borrow and what deposit you’ll need, is vital.
As per the Central Bank of Ireland mortgage measures, first-time buyers in Ireland can borrow up to four times their gross annual income, or four times the combined income of joint applicants.
Furthermore, both single and joint applicants must have a minimum deposit of 10% of the purchase price in savings.
3. Develop an awareness of hidden costs
Many first-time buyers who have been diligently saving for their deposit are shocked to discover the other essential hidden costs that go hand in hand with purchasing their first home.
These include:
- Stamp duty, which will set you back:
-1% of the value of properties up to €1 million
-2% of the value of properties between €1 million and €1.5 million
-6% of the value of properties over €1.5 million - Conveyancing fees to cover property searches, contract review, land registration and more
- Valuation and surveyor fees
- Mortgage protection and home insurance
- Utility-connection or setup costs.
Saving for these expenses at the earliest point will significantly reduce the financial burden when you get closer to the finish line.
4. Research government schemes aimed at first-time buyers in Dublin
The Help to Buy (HTB) Scheme and the First Home Scheme (FHS) have proven invaluable in recent years to many novice house hunters attempting to get a foothold on the property ladder.
Despite homes in Dublin now largely beyond the reach of first-time buyers using schemes like the HTB due to soaring property prices, these initiatives are still helping individuals and couples based in the capital to secure their dream home outside of the county.
Understanding eligibility conditions for both incentives and combining these with your deposit and borrowing power can make a significant difference in how competitive your offer can be.
5. Be ready to make an offer when you find the right house
To beat the competition, once you’ve found your ideal property, you must be ready to proceed instantly.
This means having your approval in principle in place, having your deposit ready to go and ensuring your solicitor is lined up to act on your behalf.
Placing yourself in this strong position will increase your chances of success, as sellers tend to favour buyers who are ready to move quickly.
You can also improve your prospects at this stage in the process by understanding what it takes to win a bidding war as a first-time buyer.
6. Seek advice from a trusted mortgage advisor
Working with an experienced mortgage advisor gives you a strategic edge as a first-time buyer.
These experts will offer impartial advice across many lenders, enabling you to choose the lender and mortgage terms that best suit your individual circumstances.
Not only does a mortgage advisor eliminate a lot of stress from the mortgage process, but they also help to reduce delays by ensuring you have all the necessary documentation, checking that your budget is feasible, and helping with what lenders require, so you won’t miss deadlines.
It’s also important to note that some lenders will offer a no-fee service in certain circumstances, meaning you get expert support without making a further dent in your savings.
We’re the experts in helping first-time buyers in Dublin beat the competition
Our team understands how overwhelming buying your first home in Dublin can feel. Our aim is simple: to give you the tools, advice and support to make informed decisions, move quickly when it matters, and avoid costly surprises.
We achieve this through our comprehensive first-time buyer mortgages service.
If you’re ready to start your journey, contact us today for a no-obligation consultation. Together, we can help you beat the competition by being completely prepared.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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