Tuesday 25 October 2016

Are you ready to buy your first home?

Published 22/02/2016 | 09:43

Your mortgage journey
Your mortgage journey

Whether you’re buying on your own or with a partner, here are five considerations to help you decide if you’re ready to make the big move

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Long-term commitments

Relationships and mortgages have a lot in common – both require some maintenance but are worth it in the end! If you are in a relationship, married or have plans to marry and extend your family, you’ll need to ask yourself some important questions. Will you need somewhere with extra space? Somewhere with a large backyard for the kids, or family dog, to play in? Discuss with your partner and make a decision on the preferred location of your new home, considering the proximity to shops or your workplace. Will you like it enough to spend the next 5 - 10 years there?

Taking responsibility

Purchasing your first home can offer many attractive benefits including increased space and privacy. But owning a new home can also lead to new responsibilities regarding the maintenance of the property. Keep in mind that when you are switching from renting to owning your own home, you won’t be able to call a landlord if anything needs to be installed or repaired!

Make sure you (or the partner you may be purchasing with) feel confident enough that any plumbing issues or yard maintenance in the future can be handled, or that you can afford the funds to hire somebody to do it for you.

Where do I see myself?

While nobody can predict exactly what the future holds, many of us have a vision of where we would like to be further down the line. Many of you may be settled in a job that you never want to leave, while others may have a lifelong dream to see the world before securing a job.

If you’re facing any transitions in the next few years, you may want to put off buying a house until you’re back. If your employment situation feels secure and you’re prepared to stay in the same place for a while, then you may be ready to buy. Remember, when you are buying the bank will look for at least two months of payslips and generally 12 months of continuous employment.

Money, money, money

As appealing as your own space may sound, if you’re currently renting and finding it difficult to fill your piggy bank for your future plans, you may want to reconsider if it is the right time to buy. You will also need to decide if it is more convenient for you to buy a new property or do up an existing property, based on your income. Then consider the cost of your initial deposit and any potential house maintenance costs.

Consider what your real savings target should be and set up an automatic transfer into your savings account on pay day. There may be some sacrifices along the road, such as spending less on clothes or entertainment, but picture it in the long run – you can host entertainment for your guests in the comfort of your own home!

Finally, remember to book a mortgage appointment early. “We always recommend that customers come in early to meet with a dedicated Mortgage Adviser,” says David Milne, Hub Manager at KBC Grand Canal. “This means we can take the time to explain the mortgage process and help customers become fully aware of the requirements and what’s involved with taking out a mortgage.”

Don’t forget that the money you spend on rent each month will be taken into consideration when a bank is assessing your affordability for a mortgage.

Ready, set, flexible

Remember, it’s not a race to buy your first home, but timing is a crucial element. Consider and weigh up all your options. For example, if your lease doesn’t expire for a number of months, right now may not be a practical time to buy.


Be ready to buy but expect a bit of a wait, particularly if the house you’re looking at is inundated with multiple offers. Whether you decide to buy now or later, it’s never too early to start preparing for one of the most exciting experiences of your life!

See our timeline above as a helpful guide as you embark on your new journey.

Visit KBC’s National Mortgage Lounge!

On Thursday 10th March 2016 at 6pm, KBC will host its very first National Mortgage Event at The Mansion House, Dawson Street, Dublin. You can expect a helpful and informative evening on the various steps required to take out a mortgage and buying your own home, plus you will get the chance to speak to industry experts and KBC mortgage advisors. Prepare all your questions in advance as this is an event first time buyers and movers don’t want to miss!

To register, email mortgagelounge@kbc.ie

For more information, visit www.kbc.ie. For advice on the first time buying process, customers can call 1800 51 52 53

Sponsored by: KBC

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