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First Time Buyer’s Guide to Finding Your Best Mortgage

Woman on laptop at home

04 Nov 2016

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For many people, owning their own home is a lifelong dream. But if you’ve decided to turn that dream into a reality, it can be difficult to know where to start. Read on for our simple guide to what you need to consider as a First Time Buyer.

Find out how much you can borrow

The first step in getting a mortgage is finding out how much you can borrow. But there’s no need to spend sleepless nights wrestling with a spreadsheet. Just use our online mortgage calculator and you can find out in an instant. Just go to the site, enter a few details about your incomings and outgoings, and the price of the property you want to buy, and you’ll be told how much you can borrow right away. If you need a bit more detail on how it works, this helpful video gives a step-by-step guide to the whole process. And if you have any further questions after completing your application, you can request a call back from one of our expert mortgage team at the click of a button.

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Save for your deposit

The next step to securing a mortgage is saving for a deposit. As a First Time Buyer, you will require a deposit of at least 10%. If you’re already putting away some money each month, then you’ve got a good head start. If you’re not already saving, then one of our savings accounts might be just the thing for you. If you’re unsure of which savings account would suit you best, then just pop into an AIB branch and one of our staff will be happy to take you through the available options. If you prefer to kick things off from the comfort of your own home, our Online Saver lets you manage your account and keep track of your regular savings at a time that suits you.

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Choosing Insurance

When buying a house, you will need to take out Home Insurance, which will protect both the house itself and its contents. As a First Time Buyer, you’ll be entitled to a 30% discount off Home Insurance from AIB if you have been claims free for 3 years or more subject to a minimum premium of €157.50. Your mortgage advisor will be able to arrange an appointment with an AIB Financial Adviser who will take you through all the options and find the right type of cover for your needs.

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Get Smart

Whatever stage of the mortgage process you’re at, the AIB SmartMove App is a must. It’s got easy-to-use calculators, helpful tips and advice, and allows you to locate and contact your mortgage advisor at any time. Best of all, it’s powered by Daft.ie, so you can easily search for your ideal home, and allows you to add comments and photos and rate any prospective properties you’ve been looking at.

Thinking of Getting a Mortgage?

If you’re a First Time Buyer, you can find out everything you need to know about getting a mortgage on our website.

You can also ask us a question on @AskAIB and on Facebook.

Allied Irish Banks, p.l.c. is an agent of AIB Insurance Services Limited in relation to provision of general insurance products. AIB Home Insurance is exclusively underwritten by AXA Insurance dac. AIB Insurance Services Limited is regulated by the Central Bank of Ireland.

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