BUYING YOUR FIRST home can feel like a journey into the unknown. It takes time to get comfortable with the process, and that means getting to know the rules, the lingo, and the options available to you.

Everybody setting their foot on the property ladder for the first time needs advice, so why not make sure that you get the best advice possible? The first step to getting that advice is finding out how much you do and don’t know about the process of getting a mortgage. Our slider ratings tool below will help you establish your level of knowledge about some of the core components of the mortgage journey.

No matter what stage you’re at in looking for a mortgage, you’re certainly not alone. Using our slider tool, you can indicate your level of comfort and knowledge about different aspects of finding the mortgage that suits your needs. After you’ve decided where you stand on these questions, you’ll be able to see how your answer compares to the average reader, and how many other people have responded.

Your answers here will also help to shape the next article in this series, where an expert will address the most pressing questions facing first-time buyers based on how you answer these polls. 

1. How comfortable are you with your mortgage knowledge?

We might as well start at the beginning. Before you buy a house, you’ll need to know the fundamentals when it comes to securing mortgage approval. EBS has been providing mortgages for first-time buyers since 1935, and through their website you can calculate how much you can borrow, find out what your mortgage repayments will be, or set up a consultation with a mortgage advisor at any of their 66 nationwide offices.

If you’re at the very start of your mortgage journey, you can find vital resources to set you up for success here.

2. Ways to save on your repayments 

In some cases, the interest rate you pay on your mortgage can depend on the kind of home you buy. If living in a sustainable and energy-efficient home is your priority, avail of the EBS green mortgage today.

If your home comes with a Building Energy Rating (BER) between A1 and B3, you’re eligible for a green 4-year fixed rate mortgage, as long as the rating was obtained in the last 10 years.

At the end of the four-year period, homeowners are welcome to apply for the EBS Green 4 Year Fixed Rate Mortgage again, as long as the offer is still available and the property still qualifies for the green rate.

3. Do you have a timeline in mind for buying a house?

One element of home-buying that a lot of first-timers might not be ready for is how long the process can take. Of course, the process is different for every buyer based on how much money you’ve got saved up for a deposit, the kind of house and mortgage you’re looking for, and how much planning you’ve already done.

An ‘approval in principle’ from EBS can last for up to 12 months, giving buyers time to explore the market with a budget in mind, and allows for plenty of time to shop around before putting down a bid.

In order to get that approval, you’ll need to get your documents in order, including: bank statements and payslips for the last six months, a salary cert (or tax certificates if you’re self-employed), and proof of your 10% deposit.

4. Do you know how to get money back on your mortgage?

One of the crucial things to consider when deciding on a mortgage provider is the amount of money that you can reclaim at drawdown. That extra few thousand in your pocket at the time of moving in could be the difference between a couch with enough room for you both to stretch your legs or something a bit more cramped. Your first house is likely to be the largest financial outlay of your life so far, so every penny back in your pocket will go a long way.

First-time buyers with an EBS mortgage are eligible 3% of their mortgage value as part of the Back in Cash mortgage offer. The cashback offer breaks down 2% of the value of your new mortgage upfront and 1% in five years if you are a first time buyer. This means that if the value of your mortgage is €250,000, you get €5,000 back two months after you take out the mortgage and another €2,500 five years down the line. Buyers who avail of the Green Mortgage offer are not eligible for the 3% Back in Cash offer.

EBS d.a.c. is regulated by the Central Bank of Ireland. Lending Criteria, Terms & Conditions apply. Over 18′s only. Security may be required. Valid BER rating of B3 or higher is required for the 4 year Green Fixed Rate.