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Introduction for First Time Buyers
Being a first time buyer can be overwhelming, from trying to understand the mortgage process from the beginning of your initial enquiry to when you get the keys to your new home. There can be a lot to take in, but at Haven through your chosen retail intermediary we have a support team here to help you through the process. Your intermediary will hold your hand, and will take you through your journey in a seamless experience.
Remember every application is different, so to help our customers get started take a look at the typical types of documentation that we will require. Haven may seek additional information in order to fully assess your application for a credit decision please consult with your chosen Haven retail intermediary.
Haven has a nationwide network of intermediaries across the country. To begin your application today just find your Haven retail intermediary by clicking here link to intermediary page
For more information about First Time Buyer please see below
First Time Buyer
How much can I borrow?
Following the Central Bank rules & guidelines the amount that you can borrow will be based on your income, your house price, and your affordability.
For First Time Buyers you are able to borrow a maximum of 90% of the value of the property (this percentage is known as the LTV, or Loan to Value of your home). The other 10% difference would be your deposit which you may have from savings.
Up to 80% loan to value is available for a studio apartment valued at €275,000 or above, or a one bedroom property. We do not lend for the purchase of studio apartments valued at under €275,000.
The amount you can borrow depends on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income. The general rule of thumb, you can borrow 3.5 times your income but it really depends on your overall financial commitments.
Haven offers competitive interest rates from variable and fixed rate options. For additional advice on your interest options you should speak to your chosen Haven retail intermediary and they will guide you through all your available options.
For customers who are unsure of what type of rate to select, Haven can provide the option of splitting the loan amount in two, so you can avail of both the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan.
If you decide to avail of a fixed interest rate this will remain the same during the agreed fixed rate period, while a variable rate can fluctuate. You can see a full listing of our current rates by clicking here
One thing to keep in mind, if you decide to avail of a fixed rate and later during the fixed term agreement you decide to switch your rate to a variable rate, a breakage cost may apply. For more information with regard to our rate offerings you should consult with your chosen Haven retail intermediary
Repayment term can be up to 35 years, subject to the age of borrowers
You will need to be over 18 and security will be required before you can obtain a mortgage
If your loan application has been successful you will be required to take out Mortgage Protection Cover & Home Insurance cover. These are not products that Haven offers directly but your chosen Haven retail intermediary will be able to support you through all the necessary requirements.
As your application progresses you will need to keep in mind costs that will arise from Valuation fees (you will need to use a valuer from the Haven Residential Mortgage Valuers panel), Legal fees, maybe a Surveyor and Stamp Duty fees. Also remember possible repairs and decoration costs on your new home.
Haven €5,000 Cashback
Haven is offering customers who are buying their first or next home, or who are switching to Haven €5,000 Cashback where the fixed interest rate (excluding the Haven Green 4 Year Fixed Rate Mortgage) part of the mortgage is €250,000 or more and the mortgage is taken out between 14 January 2021 and 31 December 2022.
Within two months of taking out the mortgage, these customers will get the Haven €5,000 Cashback into the current account on which they use a SEPA direct debit to repay their mortgage. For more information click here.
Haven Green 4 Year Fixed Rate Mortgage
A Haven Green 4 Year Fixed Rate Mortgage is available if you are first time buyers of a home, moving to a new home, buying a holiday home, topping-up an existing mortgage, switching a mortgage to us, or moving to a different fixed rate. The Haven Green 4 Year Fixed Rate Mortgage features include:
- A Lower Rate of Interest
- 4 Year Fixed Rate Term
- Available to new and existing Haven mortgage customers whose property has a certified Building Energy Rating (BER) of between A1-B3.
For more information on the Haven Green 4 Year Fixed Rate Mortgage click here.
The terms and conditions of the Haven €5,000 Cashback have been updated and this offer is no longer available on every fixed rate. The Haven €5,000 Cashback is not available on the Haven Green 4 Year Fixed Rate Mortgage. For more information on the Terms and Conditions see here.
Customers who switch their mortgage to Haven and take the Haven Green 4 Year Fixed Rate Mortgage will receive a €2,000 cash offer towards legal costs (subject to criteria).
Warning: If you do not keep up your repayments you may lose your home.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
Warning: The payment rates on this housing loan may be adjusted by the lender from time to time.*
*Applies to variable rate loans only