Mortgage Rules were relaxed in favour of first time buyers last week by the Central Bank. This means there will no longer be a requirement on first time buyers to have a 20 percent deposit on sums greater than 220,000 euros the percentage being reduced to 10 percent.
This was obviously constructed to allow first time buyers make their first step onto the property ladder as the previous requirement of a 20 percent deposit previously represented a steep requirement for them in turn resulting in very few making a first purchase.
Thankfully these requirements on first time buyers, having been relaxed will hopefully represent an increase in the numbers of young couples and families purchasing homes but many have argued that these changes represent an unfair position on persons who are looking to buy their second home, or who are hoping to move out of rented accommodation. These people are at a significant disadvantage as they are still required to have the onerous 20 percent deposit requirement.
At Coonan Morgan solicitors we can advise first time buyers as well as those looking to purchase their second house in the Celbridge, Clane, Maynooth and North Kildare areas regarding their mortgage deposit obligations. We can steer them through the process of the purchase in an approachable and concise fashion.
We move the purchase through as fast as possible for our clients and keep them directly informed throughout.
For a quote on the purchase of your first home please contact us on (01) 9109996.