Homes 2 Buy Deposit Scheme
What is it?
A new approach to buying property, Homes 2 Buy Deposit Scheme allows First Time Buyers live in their new Bellingham home while saving their mortgage deposit.
How does it work for a new house?
Over a two year period a fixed monthly figure – generally in the region of €700 – is paid to Bellingham each month. Each month, a portion of the monthly payment is subtracted from the price of the property – meaning that the First Time Buyer has saved their required mortgage deposit. If banks are not lending after the initial two year period, an extention is offered where a portion of the monthly amount is paid to ONS (equivalent to the interest charged by the banks) and the balance is used to reduce the cost of the house.
The purchaser helps to build up a savings track record during this time. if no lending takes place after the extention period, a further period will be added.
What’s the catch?
No catch, participation requires a deposit of €5,000 (which is also deducted from the purchase price of the Bellingham property) and approval takes 48 hours.
How do I qualify?
The application process is simple and straightforward, just bring us a completed Irish Credit Bureau Report (available from www.icb.ie), your latest three months pay slips, three months of bank statements and proof of permanent employment – we’ll do the rest.
It’s that simple?
Absolutely, Homes 2 Buy Deposit Scheme is an innovative solution to property purchasing that has been proved by the banking. Participation helps build a strong credit rating and Bellingham will work to secure a favourable mortgage on your behalf.
EXAMPLES
| Bellingham three-bedroom property: |
| House price |
€185,000 |
| Mortgage (92%) |
€170,200 |
| Deposit required (8%) |
€ 14,800 |
|
| Bellingham four-bedroom property: |
| House price |
€220,000 |
| Mortgage (92%) |
€202,400 |
| Deposit required (8%) |
€ 17,600 |
|
| HOMES 2 Buy Deposit Scheme |
| Deposit |
€ 5,000 |
| 12 monthly payments of €750 |
€ 9,000 |
| Total deposit SAVED after 1 year |
€14,000 |
|
| HOMES 2 Buy Deposit Scheme |
| Deposit |
€ 10,000 |
| 12 monthly payments of €900 |
€ 10,800 |
| Total deposit SAVED after 1 year |
€ 20,800 |
| Surplus |
€ 3,200 |
|
