Help To Buy Mortgage Guide

askpaul explains about the Help to Buy Mortgage Scheme:


There are a couple of really, really good government incentives out there to help you get on the mortgage ladder. I’m going to break this video up into two videos. The first one we’re going to discuss this one called the Help to Buy Mortgage Scheme and the other video is going to be called the Rebuilding Ireland Home Loans.


What is the help to buy mortgage scheme?

So, sticking to the help to buy mortgage scheme – what is the help to buy mortgage scheme? Well, the help to buy scheme is only available to first-time buyers. That’s the first rule. What is it exactly? Well, you basically get 5% support towards your mortgage deposit from the government. A first-time buyer is required to have a 10% deposit in order to get a mortgage together. In this case, the government is going to give you a refund of the last four years taxes to give you a 5% helping hand towards the deposit for your mortgage. That means you only need a 5% deposit, which means getting on the property ladder is really much easier and cost-effective.


Now, what does it do? When looking at the help to buy mortgage scheme, you’re only allowed to use the help to buy scheme for new-build properties. It is not allowed for a second-time property but, you’re allowed to use it for a self-build and a new build. That’s really important to consider. Are there many new builds around? Not really, but I do expect the supply to increase significantly over the next 12 months. So, keep an eye out for new-build properties in Ireland and, maybe if you’re first-time buyers, really consider going for the help to buy scheme, it’s a no-brainer.


When you go for the mortgage application, you only need a 5% deposit, the government’s going to give you the 5% so you only have to prove that you saved a 5% deposit. But you will always be required to show that you have affordability over a six-month period. So that’s really important to keep in mind and it is something that we mention time and time again about your ability to repay the bank. That’s such an important part.


So, even though you only need a 5% deposit, you still need to prove that you can afford to pay the mortgage over six-month periods in your savings accounts and make sure that all of your accounts are in order.

We hope this video and content was helpful. Please make sure to check out the next video which on the Rebuilding Ireland Home Loans Scheme and, the good news is, if you’re a first-time buyer and buying a new build, you can use both to help to buy scheme and the rebuilding Ireland home loans.

 Contact askpaul today for help in applying for a mortgage

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