• From 1 January 2023, the Central Bank of Ireland has made changes to who can now be considered a First Time Buyer.
  
  You are a First Time Buyer if you:
• and anyone else applying with you have never borrowed for a property anywhere before;
• have borrowed as a first-time borrower for a family home before as part of a couple, but you no longer have an interest in that property yourself because your marriage, civil partnership or relationship has ended, and you have no other mortgage loans (this is called a “Fresh Start”);
• have been declared insolvent or bankrupt and no longer have an interest in any property (this is called a “Fresh Start”);
• have a first family home with no mortgage and you want to borrow money against the value of this home.

• Buying a home requires more than the cost of the deposit. There are other fees that must also be paid at the time of purchase. Talk to us today and we can advise you on the costs involved.

• We will need to see records of your bank accounts, savings and debt. Of course, for any accounts held with East Coast Credit Union, we will have access to those records, but for any non-East Coast accounts you will need to supply copies of statements.
• You will find the complete list of all the documentation you need to apply for an your Mortgage here on our Checklist.
• The Mortgage advisor can also tell you everything you need based on your particular situation over the phone or in your branch
• By having all these documents ready when you apply, it will speed up your application and avoid delays

The Government introduced a new Help to Buy incentive in the 2017 budget. It only applies to First Time Buyers purchasing a newly built home. You could receive a rebate of up to €30,000 which could help fund your deposit. The value of the rebate is based on the tax you've paid over the last 4 years and is a maximum of 5% of the value of the property, valued at up to €400,000. There is no rebate on properties above €500,000. For more on this incentive visit www.revenue.ie

As part of the Governments Housing for All Plan, the Local Authority Affordable Purchase Scheme (LAAPS) has been introduced with the aim of supporting households which, using their combined deposit and their approved maximum mortgage, cannot afford the home at its open market value. Local Authorities will identify suitable customers and will agree a discounted purchase price with them for a new property, based on their affordability.

Through the scheme, a local authority takes a percentage equity stake (share of the ownership) in the home equal to the difference between the open market value of the property and the discounted price paid by the purchaser, for further information on the Local Authority Affordable Purchase Scheme please visit

https://www.gov.ie/en/publication/5568b-housing-for-all-available-supports/#local-authority-affordable-purchase-scheme

• Approval in Principle is valid for 12 month

• Your Employment Detail Summary is essentially the new P60 form introduced in 2020, which you can get when you register with Revenue Online Services on ROS.ie.

Please follow the steps below:

• Log into MyAccount section on ros.ie
• Go to “Review Your Tax” option under PAYE Services
• Click “Request” button beside Employment Detail Summary (Note: if you already have requested this document you can click “View” instead)
• Select “Create document”
• Document can now be found under "My Documents"

• The Form 11 is the document you or your accountant uses to make your annual tax return to Revenue. Once you have sent this to Revenue they will acknowledge your tax return. This is the document we need require for your mortgage application – the Revenue Acknowledged Form 11.
• You need a Form 11 for your mortgage application as Revenue’s official record of the income you have declared to them. It also shows how much tax you have paid.
• Where your income is not PAYE income, we need two years Form 11s. We also need a copy of your Revenue Charges and Payments statement or a letter from your accountant confirming your tax is up to date.
• You need one
• if you are self-employed
• if you have rental income
• where you have any non-PAYE income over €5,000 net or €30,000 gross per annum
• The Revenue Acknowledged Form 11 will state at the top of the document ‘Acknowledgement of Income Tax Return and Self-Assessment’. It will also have the year the tax return is for.