Affordability Options for First Time Buyers

Being a first time buyer is an incredibly exciting time as well as potentially a little daunting. One of the questions we get asked most often by first time buyers in Northern Ireland, especially those currently renting and wondering is there something better out there is – “what can we afford to buy?”

To give you an idea of potential affordability, here are a few great first time buyer options and the monthly costs you would pay based on a few different payment options.

 

Example 1

Estate Agent: Simon Brien Residential
Location: Park Avenue Heights
House Price: £125,000*

Option 1: Co-ownership  £130 co-ownership + £222 mortgage = £352 per month
Option 2: 5% Deposit   Post Office    3.06%   £461 per month
Option 3: 10% Deposit   Post Office   2.07%  £376 per month

 

Example 2

 

 

Estate Agent: Colin Graham Residential
Location: Foxton Courts
House Price: £167,500*

Option 1: 5% Deposit   Post Office   3.06%   £617 per month
Option 2: 10% Deposit   Post Office   2.07%   £504 per month
Co-ownership only available up to £165,000

 

If you are currently renting and paying more than this, it is worth considering make the step onto the property ladder. We’d love to help you find that first step to finding your dream home. 

 

 

 

*These figures are based on a 2 year fix deal on a 35 year term mortgage.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.