Your home buying journey with permanent tsb
permanent tsb are here to support you on your home buying journey, whether you’re looking to buy your first home or improve your existing one. permanent tsb was pleased to be awarded the ‘Best Mortgage For First-Time Buyers’ at the 2023 Bonkers.ie National Consumer Awards, for the sixth year in a row. So not only will you have experts on hand to support you throughout the weekend at the permanent tsb Centre, but with the Bank’s award winning Mortgage you can also get Cashback and Flexible Repayment Options if you’re a first-time buyer, a mover, a self-builder or a switcher.
Whether you’ve just started saving or are ready to apply for your mortgage, there’s many ways to make your home buying journey easier.
1. Know how much you need to save
Starting to save is the very first step on this journey. As a general rule, you will need a deposit of at least 10% of the house price whether you are a first or second time buyer. You’ll want to get into the habit of saving a regular amount every month, this will also help to demonstrate your monthly repayment ability.
There will also be some extra expenses you’ll need to factor in as you move towards getting the keys to our new home. These include; stamp duty, legal and solicitor’s fees, structural surveys and insurance.
If you’re ready to save for your deposit, check out Our Top Savings Tips to get you started.
2. Figure out your budget
Before you start the process of searching for your first home, it’s a good idea to figure out what your home buying budget will be.
The permanent tsb Mortgage Calculator can help you figure out how much you could borrow and what your monthly repayments would be. You can also chat to a Mortgage Consultant, who can talk you through your options and give you an idea of how much you can borrow.
3. Speak to a Mortgage Consultant
When you’re ready to apply for your mortgage, at permanent tsb we’re ready to help you. Book a mortgage appointment and our Mortgage Consultant can work with you to complete the application form and gather the supporting documents required, such as your bank statements and employment details.
You now also have the option to start, and track the progress of, your mortgage journey online with our new Mortgage Portal. If you start your application online, you will still have the option to meet a Mortgage Consultant in person at a time and place convenient to you.
Once you’ve completed your application and it’s been submitted for review, we’ll work hard to give you Mortgage Credit Approval within 72 hours, keeping your home buying journey moving forward.
4. Prepare for the house search
Once you’ve figured out your budget, you can start the search for your dream home. Knowing what to look out for in your potential home is crucial, to understand if it’s the right fit for you. From spotting the signs of damp to evaluating cracks in the wall, we’ve asked a chartered building surveyor for his Top House Viewing Tips to help you with your first house viewing.
Many Estate Agents also offer virtual viewings which are a convenient and immersive way to see key features of a property. To get the most out of a virtual viewing, take a look at Top Tips for Virtual Viewing.
When viewing a home, take every opportunity to chat with the Estate Agent. Whether your aim is to leave a great first impression or discover what the real pros and cons of the property are, we’ve put together our Top Questions for the Estate Agent.
When you’ve finally found your dream home, you’ll need to start thinking about putting in a bid with the Estate Agent. To help you navigate the bidding process, we caught up with a Buyer’s Agent to put together a Bidding for Beginners guide to help you face the competition. From using the property price register to understand what properties are worth in the area to bidding tactics to help you get your final bid over the line, head over to our blog for more tips.
5. Understand the process – from sale agreed to sold
Once you’ve found the perfect house for you, let your permanent tsb Mortgage Consultant know when you’re Sale Agreed and we will work with you to get your new home valued by a Property Valuer. This valuation is for your own financial protection and is required for your mortgage application to ensure the house is worth what you are paying for it.
While it’s not a banking requirement, it’s also a good idea to have a professional carry out a structural survey of the property before committing to the purchase as this will give you a more in-depth understanding of the structural state of the house and any repairs that need to be taken into account. Remember, the seller is under no obligation to tell you about any defects so it’s important to gather all the information you need before moving forward with the purchase.
At this stage you’ll also need to find yourself a solicitor, you could ask a friend or family member to recommend someone they’ve used before and trust. We will issue your solicitor with all the loan information you need to complete the purchase. You will also need to arrange Life Insurance and Home Insurance, again we can help you with this or you can obtain a policy from another provider if you prefer. Once all the contracts are signed, your solicitor will agree a completion date with the house seller and arrange the transfer of funds and collection of the keys to your new home.
6. Making your house a home
Finding your dream house is only the first step in making it your home. To help get you started and begin putting your own stamp on the place, we offer cashback at drawdown as part of our mortgage offer, so you’ll get 2% of your mortgage value back in cash to help you make the place your own. So whether you’ve already picked out your dream couch or have your eye on that flat screen TV, you’ll have your mortgage cashback in your back pocket to get you started.
Wherever you are in your home buying journey we’re here to support you along the way so book an appointment or apply online to start your journey home with permanent tsb today.
Information correct as of 01 January 2023 but is subject to change.
72 hours starts once your application is completed and submitted for credit assessment during business hours. Excludes weekends. If any documentation is missing or additional information is required to reach a credit decision, we will notify you which may impact the decision time.
Lending criteria, terms and conditions apply. Mortgage approval is subject to assessment of suitability and affordability. Applicants must be aged 18 or over. Security and home and life insurance are required. Rates available to new and existing home mortgage customers only. Maximum loan to value is 90%.
For First Time and Second Time Buyers a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price. The maximum LTV for customers who hold their current mortgage with another bank but wish to switch their mortgage to permanent tsb while also releasing equity is 85%. Maximum loan amount will typically not exceed 4 times an individual’s gross income for First time Buyers & 3.5 times an individual’s gross income for Second time Buyers. The monthly repayment on a 20 year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 3.90% on mortgage of €100,000 is €600.72 for 240 months. Total amount repayable is €144,533.76. If interest rates increase by 1% an additional €53.72 would be payable per month. For this example, Annual Percentage Rate of Charge (APRC) of 4.01% applies and consists of variable borrowing rate of 3.90%, valuation fee of €150, Property Registration Authority (PRA) fee of €175, and security vacate fee of €35. Please note – this APRC does not factor in the €6 monthly fee for maintaining the Explore Account.
Certain flexible mortgage repayment options can only be used one at a time and may result in additional interest costs over the term of the loan. Full details available on here on our website, in branch or over the phone.
Changing the repayment date may result in additional interest charged to take account of daily interest accumulated between the previous and new repayment dates. Full details available here on our website, in branch or over the phone.
Skip a maximum of 2 monthly mortgage repayments each year. The monthly repayments due over the remaining 10 or 11 months of the year will be increased to take account of the amount(s) not paid. To qualify loan must be paid by Direct Debit or Standing Order from a permanent tsb account. Full details available here on our website, in branch or over the phone.
|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 keep up your repayments you may lose your home.|
|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, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.|
The content of this blog does not constitute advice and is for general information purposes only. Readers should always seek professional advice before relying on anything stated in the blog. Some of the links above bring you to external websites. Your use of an external website is subject to the terms of that site.