Getting the keys to a new home - and especially to your first home - is one of life's biggest milestones. It's an exciting time, but wrapping your head around the mortgage process can seem daunting at first. The key to not being overwhelmed is in knowing what to expect, so follow these 10 commandments, and thou shalt master the mortgage process.

First-time buyers can borrow up to 90% on homes valued up to €220,000 and 80% after that. Second-time buyers /movers can expect up to 80% loan to value on their mortgage. This also means you can easily work out if you need to save for a deposit of 10% or 20%.

Everyone has a unique set of income and expenses, and it's important to take these into account when figuring out your budget. With AIB’s mortgage calculator, you can get a quick idea of what your repayments might look like.

To get approval on a mortgage, you'll need to provide evidence of income, savings and debts - including pay slips, credit card statements and proof of any gifted funds. These documents will need to be up-to-date (usually within 6 months of your application date) but if you talk to one of our Mortgage Advisors they can let you know what you’ll need when the time comes.

With Fixed Rate repayments, your rate remains the same for a chosen time period (usually 1-5 years) even when market rates go up or down. Many people choose Fixed Rate repayments as it gives them the security of knowing that they’ll always be paying the same amount. However, it also means they won’t benefit from any rate cuts during this period. Visit our mortgage interest rate section to find out more about what options could suit you.

Another option which may suit you is a Loan to Value (LTV) Variable Rate Mortgage, which calculates your repayment rate based on the amount you are borrowing versus the value of your property. LTV variable rates can rise and fall over the lifespan of your mortgage and allow you to make lump sum repayments to reduce your overall cost. As of July 2016, AIB now offers reduced AIB Loan-to-Value (LTV) variable rates from 3.10%. Not sure this is the right option for you? Your personal Mortgage Advisor will be happy to help you decide on the best choice for your needs.

Having a solicitor is crucial for the final stages of the mortgage process, when you will need them to review the contract for sale for the house you’ve chosen to buy. They will also assist with the calculation of stamp duty, the various deeds that are required when the sale is closed, and dealing with the Property Registration Authority.

Finding the right home doesn’t happen right away, and the last thing you need is to feel under pressure to make quick decisions. That’s why AIB offers 12-month mortgages, a Sanction in Principle that lasts 6 months and another 6 months once you have found a property, to draw down your mortgage, so you can take your time.

Before you draw down your mortgage, you’ll need to have both Life Assurance and Home Insurance. Your mortgage advisor will be happy to help you out here whether you're looking for a quote or just have some questions - just ask!

There is a lot of mortgage jargon you’ll need to wrap your head around when taking the leap into home ownership. The sooner you know your APRs from your LTVs, the better. Take a read through our top 5 mortgage questions regularly asked by first-time buyers.

We know a thing or two about mortgages, and we also know how busy our customers can be, so there are plenty of ways for you to get in touch. Drop us an email, call us on 0818 24 44 25, or stop by your local branch to speak with one of our experts. Alternatively, apply online or through our SmartMove app.

Find out more about the mortgage process by visiting our First Time Buyer’s mortgage website and download the AIB SmartMove app for help with every step of the mortgage process.

You can also follow us on @AskAIB and on Facebook.

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages. AIB Mortgage Bank is regulated by the Central Bank of Ireland.

Copyright Allied Irish Banks, p.l.c. 1995.