It comes as no surprise these days that the world of buying your first home has become an increasingly difficult one to navigate. Gone are the days of being able to finance your first home, and also have overflow cash readily available for furnishing and renovations. This year’s introduction of the new mortgage rules has made the process somewhat more difficult for both first and second time buyers to gain access to the funds required. As a result of this, the average age at which couples are buying their first homes has increased greatly in recent years.
With these new mortgage rules making it increasingly difficult to save for your first and then subsequent second home, the issue then becomes saving that extra bit of cash to furnish and renovate any problematic areas of your new home. Thankfully, a new Bank of Ireland mortgage initiative promises to help you with this arduous task.
Bank of Ireland already promise customers the lowest available 3 year fixed term rate available and 12 month approval. Now, in addition to these promises, Bank of Ireland are offering customers who are first time buyers, movers, or those interested in switching an existing mortgage to Bank of Ireland, 2% cashback on their loan.
While 2% may seem an insignificant number at first glance on paper, this could be of great benefit when your savings have immediately gone into the new requirements for deposits. Where there was no real wiggle room to start work on your new home, there now is an unexpected sum available at your disposal. Get thee to a DIY store!
To put this figure into perspective, if you are to borrow €150,000 for your new home, Bank of Ireland will then lodge€3000 into the account used for the mortgage. Bank of Ireland state that this payment will be made within 45 days from the mortgage being drawn down. Just in time to start collecting tiles for that new bathroom you would like to put in.
This offer applies to mortgages drawn down between 3rd June 2015 and 31st December 2015, so this is a good time to do a check on those all-important savings and hopefully make a move towards your new home.
Buying a home is a very expensive yet rewarding endeavour and it is a relief to see some new initiatives announced to assist people on their way. Should you require any assistance with your own savings, finances, ormortgage arrangements, please do not hesitate to contact us here at DCA Accountants.