2% Cash back for First Time Buyer, Trading Up or Switching
If you are a First Time Buyer, Trading Up or Switching and If you are buying or building a new home you can avail of the 2% Cash Back offer, which would help you buy nice things for your home, take a holiday or bump up your savings. For Example A Mortgage of €250,000 will give you Cash Back of €5000.
There are excellent fixed and variable rates on offer from as low as 3.20%, the lower your Loan to Value (LTV) is the better the rate options.
Help for First Time Buyers
Budget 2017 saw the introduction of a rebate up to €20,000 for First Time Buyers buying or building a new home, they must be borrowing at least 70% of the purchase price up to maximum loan of €500,000. This is a rebate of income tax paid over the previous 4 years.
Flexible Options on offer
- Payment Holiday options: Take a break from paying your mortgage with a payment holiday option, this may only be available once you mortgage is draw down more than 12 months.
- Over payment options: Over payment options allow you to clear your mortgage sooner. You can make lump sum payments or increased regular payments by doing this you can reduce the term of your mortgage and save on interest. However if you are on a fixed rate you may be restricted by the amount you can overpay.
Approval in Principle
Approval in Principle from a Bank will give you an idea of how much you can borrow. You can then start looking for your new home. Approval in Principles is valid anything from 3 to 12 months depending on the bank.