Applying To Get A First Time Buyers Mortgage | Ulster Bank

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Thinking about your first home?

We're here to support first time buyers in Ireland

Get our dedicated Mortgage team to call you back Read this Important Information
about our mortgages

Lending criteria, terms and conditions apply.  Over 18s only and Republic of Ireland residents only.  Mortgaged property must be in the Republic of Ireland.  Product fees may apply.  Security, buildings insurance and life cover required. Maximum loan to value 90%.  Residential Mortgages only.

Our mortgage benefits for First Time Buyers

First time buyers

50% off Home Insurance in Year 1

What’s the offer

  • Discount comprises 25% Ulster Bank Customer Discount and 25% First Time Buyers Discount (which equates to year 3 on our no claims discount scale).
  • All discounts are subject to a minimum premium of €230 on Buildings and Contents policies or a minimum premium of €115 on Buildings only or Contents only policies.
  • Aviva underwriting acceptance criteria applies.
  • 50% discount applies to policies in the first year only. Offer valid until 30/09/2020.

 

Who is eligible?

50% discount is available to new Ulster Bank Home Insurance customers who are buying their first home.

Learn more about our home insurance offer

Free valuation of your new home

What’s the offer

  • Ulster Bank currently offer a free standard valuation on our new mortgages.
  • Only one free valuation per customer applies.
  • A valuer will be nominated for you from our valuation panel. 

 

Who is eligible?

Ulster Bank customers who are buying their first home.

Get our dedicated mortgage team to call you back

€1,500 towards your legal fees

What’s the offer
 

  • Offer is available across the Ulster Bank residential and buy to let mortgage product range.
  • Mortgage application must be submitted by 31st December 2020.
  • €1,500 payment as a contribution to your legal fees will be made into the current account from which your mortgage payment is made after mortgage drawdown. This amount is fixed and will not change if your legal fees are higher or lower.

 

Who is eligible?
 

  • Any customer taking a new mortgage, including first time buyers, home movers, switchers and buy to let
  • Minimum mortgage amount is €40,000 for residential and €50,000 for buy to let
  • Where existing customers are taking a Top Up on their mortgage, or moving to a 10 year ECB tracker rate, they can avail of the offer so long as they are borrowing at least an additional €40,000 at our fixed or variable rates, and the new Loan to Value will be no more than 90%.

Otherwise, the offer excludes customers taking 10 year ECB tracker rates, top up / further advance, offset mortgages, negative equity rates, or seeking only to transfer title.

Get our dedicated mortgage team to call you back
Get our dedicated mortgage team to call you back

WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT

WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS.  THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE

IF YOU CHOOSE A FIXED RATE MORTAGAGE:

WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE MORTGAGE EARLY

Getting a First Time Buyer Mortgage in Ireland

You have taken the first step on this journey. Buying a home is a big decision and at Ulster Bank we are here to help when it matters most.

  Use our How Much Can I Borrow calculator to work out how much you can afford and how much of a deposit you need.

  We understand buying your first home is a big decision, so we'll help support you along the way with our online calculator for first time buyers.  You can compare our rates to see which mortgage deal suits you.

Take the next step in getting a mortgage Making an offer on your first home?

Get an Agreement in Principle for your first home in less than 15 minutes

We could give you an indication of how you could borrow and it wont affect your credit score, giving you comfort to make an offer on your first home. 

Get an Agreement in Principle

Step by step guide to buying your home

First time buyers

1.  Find out how much you can afford:  Before you start looking for your new home, use our mortgage calculator to find out what your monthly mortgage repayments might be or get in touch for a more detailed assessment.

2.  Start Looking:  Once you have a good idea of how much you can afford, you can start looking properly.  Make a list of what’s most important to you and put your requirements in order as buying a home usually involves some sort of compromise.

3.  Find somewhere you like and make an offer:  Remember your offer could be lower than the asking price - the price the seller asks for is not always the one they finally accept.

4.  Offer accepted? Arrange your mortgage:  Mortgages can take a few weeks to sort out. We can arrange an appointment with a Mortgage Specialist or one of our mobile mortgage managers who will keep things moving as quickly and smoothly as possible.

5.  Choose a solicitor:  You’ll need a solicitor to help you buy your home and the best way to choose one may be to get some personal recommendations, so ask friends and family.

6.  Decide if you want to get a structural survey:  Before signing the contract it is really important to have independent checks made on the property.

7.  Arrange cover:  With almost any mortgage you’ll always need to have buildings and life insurance to protect you and  cover your new home.  Whilst Contents insurance is optional, it is important to protect your belongings.

8.  Exchange contracts:  Providing there are no problems with the survey, the solicitors on both sides will draw up formal contracts for you and the seller to sign. These are legally binding so make sure you’re happy to go ahead

9.  Move in:  Moving day is exciting but it can be a long and stressful day too, so booking a professional removal firm to help might be a good idea - especially if you have a lot of possessions to shift.

 

Use our Guide to Home Buying to find out more

Common Questions

How can we help?

What is a mortgage and how does it work?

A Mortgage is a loan to help you buy a property. You will usually need to put down a deposit for at least 10% of the property value, and a mortgage allows you to borrow the rest. You will then pay back the amount you owe along with interest over a period of many years. With a repayment mortgages you pay the interest and part of the capital off every month.At the end of the term, typically 25 years, you should manage to have paid it all off and own your home.

 

Mortgage calculator - How Much Can I Borrow?

Get an idea of how much you may be able to borrow with an Ulster Bank mortgage to help start your homebuying journey.

 

Find out how much you could borrow

How much of a deposit do I need for a mortgage?

 

When buying a property, you will need to pay a deposit. This is the amount of money that goes towards the cost of the property you’re buying.

 

The more deposit you have, the lower your interest rate could be. When talking about mortgages, you might hear people mentioning “Loan to Value” or LTV.

 

This might sound complicated, but it’s simply the amount of your home you own outright, compared to the amount that is secured against a mortgage.

 

For example, with a €20,000 deposit on a €200,000 property, the deposit is 10% of the price of the property, and the LTV is the remaining 90%.

 

The mortgage is secured against this 90% portion. The lower the LTV, the lower your interest rate is likely to be.

 

First Time Buyer - What documents do I need to apply for a mortgage?

There are a few things that you can do ahead of applying that will make the process smoother.

 

1.     Get your paperwork ready

 

When you apply for a mortgage, lenders will look at your income and outgoings. To prove your income you’ll need to show pay slips and bank statements from the last 6 months, if you have a loan or credit card you will need to have your latest statements. If you’re self-employed, you'll need copies of your tax returns and business accounts, all prepared by an accountant.

 

2.     Make regular card payments

 

Make sure you avoid missing card payments or paying late by setting up direct debits. Too much credit could have a negative effect so make sure you cancel any unused cards.

 

3.     Prepare for the future

 

Would you still be able to afford your mortgage payments if your income changed?  Think about how any future changes in income or interest rates could affect your ability to make your mortgage payments.

 

 

Once you are ready to apply for a mortgage you will need to have the following available:

  Proof of Identity documents such as Passport or Driving Licence

  Income - Your gross income details, this should match the amounts shown on your proof of income documents e.g. pay slips and details of any other income you have

  Outgoings - Details of any loan repayments and any credit card balances

  Address - Your current address and post code and the date you moved to this address

  Bank details - Your bank account and sort code number

  Contact details - Your employer's, solicitor's and estate agent's address and postcode

 

More information on documents required for first time buyers

How long does it take to get approved for a mortgage?

 

The time to get approval for a mortgage can vary depending on your circumstances and if you have all the documentation required ready, however typically if everything is in order you could have a mortgage offer within days.

 

Can I apply for a mortgage if I'm not an Ulster Bank customer?

Ulster Bank welcomes applications from all customers, existing or not. Take the next step and apply for a Mortgage. Contact our dedicated mortgage team.

 

Request a call back from a mortgage specialist

How do I apply for a mortgage?

Take the next step and apply for a Mortgage. Contact our dedicated mortgage team. 

 

Request a call back from a mortgage specialist

What legal fees are involved with taking out a mortgage?

 

Solicitor's fees are for the legal work involved in buying your new home and selling your current home if you have one. The fees can vary but should be agreed with your solicitor before the process. Currently Ulster Bank pay a €1500 contribution towards legal fees. This includes first time buyers, home movers, switchers and buy to let customers for mortgage applications submitted by 31st December 2020 subject to terms and conditions. 

 

Do I need to take out insurance when getting a mortgage?

It is important that you get the cover you need with a provider in order to protect you and your home. When you take out a mortgage, we expect you to take out buildings insurance to cover damage or rebuilding costs if needed.

 

We also expect you to take out life cover with a provider. You may also decide to take out contents insurance along with sickness and unemployment cover, as appropriate. You should review your current insurance policies to check if they remain suitable or if they need to be updated when you switch your mortgage. 

Find out more information on our Insurances

Fixed Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years, initially on a fixed rate for 4 years at 2.75% and then a variable rate of 3.9% for the remaining 16 years would require 48 monthly payments of €542.17 and 192 monthly payments of €589.76. The total amount payable would be €139,296.08 made up of the loan amount of €100,000 plus interest of €39,258.08 and a security release fee of €38.  The Annual Percentage Rate of Charge is 3.5%.  After the initial fixed rate period ends, an additional 1% rise in the variable rate would give rise to an additional cost at that time of €43.31 monthly.  The above quotation is for illustrative purposes only.

Apply for your First Time Buyer Mortgage

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