Important Notice about Closure to New Business
With effect from close of business 29 October 2021, Ulster Bank Ireland DAC will not accept any new application requests from personal customers. There are some exceptions to this for existing customers, click here for further information.
We're here to support first time buyers in Ireland
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
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.
Step by step guide to buying your first home
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
Fixed Rate Representative Example Assuming a total amount of credit of €100,000 repayable over 20 years, initially on a fixed rate for 5 years at 2.2% and then a variable rate of 3.7% for the remaining 15 years would require 60 monthly payments of €515.41 and 180 monthly payments of €572.25. The total amount payable would be €133,967.12 made up of the loan amount of €100,000 plus interest of €33,929.12 and a security release fee of €38. The Annual Percentage Rate of Charge is 3.0%. 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 €39.88 monthly. The above quotation is for illustrative purposes only.