Helpful Hints and Tips for First-Time Home Buyers

29th March 2019

Helpful Hints and Tips for First-Time Home Buyers

Buying your first home is an incredibly exciting time, especially in Northern Ireland as mortgage borrowers take advantage of what continues to be the most affordable homebuying region in the UK. According to the latest figures from UK Finance Regulated Mortgage Survey, the average home loan for first-time buyers in Northern Ireland is £101,000.

When it comes to making big decisions, we all love a bit of advice, and whether it’s your mum, dad, granny, friends or Margaret who lives across the street, they will ALL have a mortgage story. While it’s great to talk out the process with your nearest and dearest, it can quickly become quite overwhelming. However, with the right mixture of prep and help from professionals, it can be a really smooth and stress-free process. Bank of Ireland UK knows mortgages and even though they can seem complicated, and explanations can sound like ‘financial jargon’,

Bank of Ireland UK wants to simplify things for you. Mortgage adviser Pat Greene has outlined five simple tips to make the whole journey for first-time buyers as trouble free as possible.

1.) Making financial sacrifices:

Anything worth having, is worth saving for… isn’t that the famous quote? We all love spending money, most of us just can’t help ourselves, but when you’re saving for a mortgage it’s important to prioritise and budget your finances in the correct way. Try and keep those credit commitments to a minimum in the 12 months leading up to the application, this shows the bank that you’re able to manage your finances effectively – it’ll all be worth it in the long run.

2.) Deposit, deposit, deposit:

Although this is one of the most obvious pieces of advice, it’s also one of the most important. When you’re dreaming of leaving that rental property behind, saving for your deposit is usually the first port of call and it is key to ensuring you can get the home you want. At Bank of Ireland UK we understand it’s more than just a mortgage, it’s about finding a house that you can make your home. Bank of Ireland UK has lots of different options available and while most mortgages require a 10% deposit, there are some available which only require 5%. When saving, budget wisely, stretch to save where you can by cutting out some of life’s luxuries such as phone contracts or Netflix subscriptions as every pound counts. Ultimately save what you can afford, keep up the good work and you’ll get there.

3.) The credit check:

For many of us, even hearing the words ‘credit rating’ is enough to make us run and hide, but there’s nothing to fear. Bank of Ireland UK is here to help, and even if you don’t think your rating is great, it’s important to share it with your mortgage adviser. There are often ways your lender can help manage this, so whether you plan to take a mortgage with Bank of Ireland UK or not, come and talk to us – we want to help.

4.) The first appointment checklist:

After you’ve searched high and low to find your dream house it’s now time to start the mortgage application process. Take some time to pull together basic info prior to your first appointment with your mortgage consultant and have the following to hand: pay slips, address history, employment history, property history and solicitor contact details. Bank of Ireland UK has lots of helpful mortgage advisers to answer any questions you might have in the lead up you your first appointment, so don’t be afraid to give us a call.

5.) There are no stupid questions:

People learn by asking questions! The journey to owning your first home can be an emotional rollercoaster and mortgages can seem complicated. There are no stupid questions, if there is ever anything you don’t understand, just ask!

Bank of Ireland UK wants to work with you to better understand your mortgage requirements and to help you find a mortgage that best suits your needs.

We understand that it’s more than a mortgage. For even more helpful tips about buying your first home, visit