FAQ For First Time Buyers
**Rezy Homes: A Guide for First-Time Buyers**
Are you embarking on the exciting journey of buying your first home but unsure of where to begin? At Rezy Homes, we understand that the process can feel overwhelming, especially with the wealth of information to consider. However, with thoughtful planning and research, you can confidently navigate the path to homeownership.
To make things easier, we’ve compiled answers to some of the most frequently asked questions from our First-Time Buyer Community. Let’s get started:
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**Can you use the First Home Scheme (FHS) and Help to Buy Scheme (HTB) together?**
Yes, you can! By combining both schemes, you can access up to 20% of the purchase price through the FHS. If you opt for only the FHS, it increases to 30% of the purchase price.
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### **I’ve just moved to or returned to Ireland. How soon can I apply for a mortgage?**
Most lenders require applicants to have been working in Ireland for at least 12 months and to have completed their probation period at work before applying for a mortgage.
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### **If I own a home abroad, do I qualify as a first-time buyer in Ireland?**
Unfortunately, no. Owning a property in another country disqualifies you from being considered a first-time buyer in Ireland.
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### **How much of a deposit do I need to save before applying for a mortgage?**
As a first-time buyer, you’ll need to save 10% of the property’s purchase price. For example, if the property costs €360,000, your deposit will be €36,000. However, you can use the HTB rebate as part of this amount. If you qualify for the full €30,000 HTB rebate, you’ll only need €6,000 in personal savings to meet the deposit requirement. Don’t forget to budget an additional €4,000–€5,000 for solicitor fees and stamp duty.
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### **Can I use a personal loan as a deposit?**
No, personal loans cannot be used for your deposit.
---
### **Can I use a gift as a deposit?**
Yes, gifts from family or friends are typically acceptable, but you’ll need a letter from the giver confirming that the money is a gift and not a loan.
---
### **How long does it take to get Approval in Principle (AIP)?**
Once you’ve submitted all the necessary documents, lenders typically take between 3 days and 3 weeks to issue an AIP, depending on the lender.
---
### **How much can I borrow as a first-time buyer?**
In most cases, you can borrow up to 4 times your annual gross household income. The absolute maximum is 4.5 times your income, but this is only available under special exceptions, which are limited to 20% of mortgages issued by lenders.
---
### **How do I repay the equity share from the First Home Scheme?**
You can repay the equity share at any time, either in full or in partial amounts. The minimum partial repayment is 5% of the original equity amount, and you can make up to two partial payments per year.
---
**What is a fresh start applicant under the First Home Scheme?**
You qualify as a fresh start applicant if you previously owned a home but no longer have a financial interest in it due to divorce, separation, or personal insolvency. If you’re purchasing a property with someone else, they must also qualify as a first-time buyer or fresh start applicant.
---
At Rezy Homes, we’re here to guide you every step of the way. Whether you’re just beginning your home-buying journey or you’re ready to take the next step, our team is committed to helping you achieve your dream of homeownership.
For more information or personalized advice, don’t hesitate to reach out to us!
Are you embarking on the exciting journey of buying your first home but unsure of where to begin? At Rezy Homes, we understand that the process can feel overwhelming, especially with the wealth of information to consider. However, with thoughtful planning and research, you can confidently navigate the path to homeownership.
To make things easier, we’ve compiled answers to some of the most frequently asked questions from our First-Time Buyer Community. Let’s get started:
---
**Can you use the First Home Scheme (FHS) and Help to Buy Scheme (HTB) together?**
Yes, you can! By combining both schemes, you can access up to 20% of the purchase price through the FHS. If you opt for only the FHS, it increases to 30% of the purchase price.
---
### **I’ve just moved to or returned to Ireland. How soon can I apply for a mortgage?**
Most lenders require applicants to have been working in Ireland for at least 12 months and to have completed their probation period at work before applying for a mortgage.
---
### **If I own a home abroad, do I qualify as a first-time buyer in Ireland?**
Unfortunately, no. Owning a property in another country disqualifies you from being considered a first-time buyer in Ireland.
---
### **How much of a deposit do I need to save before applying for a mortgage?**
As a first-time buyer, you’ll need to save 10% of the property’s purchase price. For example, if the property costs €360,000, your deposit will be €36,000. However, you can use the HTB rebate as part of this amount. If you qualify for the full €30,000 HTB rebate, you’ll only need €6,000 in personal savings to meet the deposit requirement. Don’t forget to budget an additional €4,000–€5,000 for solicitor fees and stamp duty.
---
### **Can I use a personal loan as a deposit?**
No, personal loans cannot be used for your deposit.
---
### **Can I use a gift as a deposit?**
Yes, gifts from family or friends are typically acceptable, but you’ll need a letter from the giver confirming that the money is a gift and not a loan.
---
### **How long does it take to get Approval in Principle (AIP)?**
Once you’ve submitted all the necessary documents, lenders typically take between 3 days and 3 weeks to issue an AIP, depending on the lender.
---
### **How much can I borrow as a first-time buyer?**
In most cases, you can borrow up to 4 times your annual gross household income. The absolute maximum is 4.5 times your income, but this is only available under special exceptions, which are limited to 20% of mortgages issued by lenders.
---
### **How do I repay the equity share from the First Home Scheme?**
You can repay the equity share at any time, either in full or in partial amounts. The minimum partial repayment is 5% of the original equity amount, and you can make up to two partial payments per year.
---
**What is a fresh start applicant under the First Home Scheme?**
You qualify as a fresh start applicant if you previously owned a home but no longer have a financial interest in it due to divorce, separation, or personal insolvency. If you’re purchasing a property with someone else, they must also qualify as a first-time buyer or fresh start applicant.
---
At Rezy Homes, we’re here to guide you every step of the way. Whether you’re just beginning your home-buying journey or you’re ready to take the next step, our team is committed to helping you achieve your dream of homeownership.
For more information or personalized advice, don’t hesitate to reach out to us!