Finding a First Time Buyer mortgage that's right for you
Congratulations on taking your first steps to get on the property ladder.
Rest assured, at Bank of Ireland Mortgages we're committed to helping you every way we can, because we appreciate that buying a property can be a daunting process if you haven't done it before. That's why we've put together a range of simple and affordable mortgages that could really help you. And created this easy to use mortgage finder to show you the selection of mortgages available to you.
There's a lot to think about when buying your first home, so it's crucial you consider your options carefully and give us as much information as possible so we can help you to the best of our ability.
The mortgage basics
A mortgage is simply a big loan. And, as with all loans, there are two parts to it - the original sum borrowed (the capital) and the fee charged (the interest).
In most cases, you can choose to repay your mortgage in one of two ways: repayment or interest only.
- With a repayment mortgage you pay off the interest on the loan and some of the capital each month.
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With an interest only mortgage you only pay the interest each month and repay the capital at the end of your mortgage term. If you choose this option, you must arrange a savings scheme (for example an endowment or ISA) to build up funds to pay off the capital at the end of the mortgage.
We recommend that you seek advice from an Independent Financial Adviser to ensure that you make adequate provision for paying off your mortgage at the end of the term. Any repayment method should also be reviewed on a regular basis to ensure that your home is protected
Things to bear in mind
Perhaps you're looking for the security and peace of mind of a fixed rate mortgage, or you may want the initial benefits of a discount mortgage. Everyone has different needs, so it's essential that you choose the type of mortgage that suits your circumstances.
Starting to filter your mortgage choices to suit your needs
To help you narrow down our mortgages to a small selection that could be right for you, we're going to ask you three simple questions, and provide you with some important information along the way.
Why is this important?
If you have a regular income - i.e. if you're in full time employment and you can provide proof of your salary you can be considered for a standard mortgage. (If you're self employed you need two years' audited accounts to be considered for a standard mortgage.)
If you don't have a regular income - i.e. you work on a contract or freelance basis, or the majority of your income is made up of bonuses, commission or investments, you can be considered for a Self Certification mortgage. With this mortgage, you certify your own annual income to us - we don't ask for independent confirmation.
Please note: this Mortgage Finder tool will display Bank of Ireland Mortgages products that may be suitable for you based on the answers you give us. We recommend that you apply for a Key Facts Illustration (KFI) for specific product details.