The Tea and Mortgage Podcast #33 – The difference between first-time buyers and second-time buyers.
In this episode of the Tea & Mortgage Podcast, Irish mortgage broker John Coleman goes in-depth about the difference between first-time buyers and second-time buyers. The discussion includes these topics and questions:1. What defines a first-time buyer?2. What defines a second-time buyer?3. The differences in terms of financials: a. First-time buyer - availability of grants, first-time buyer grant, first home scheme, etc.... b. Second-time buyer - possibly equity from previous home, possible increased buying power, accumulated savings, improved credit scores, and increased income4. Loan terms - a second-time buyer can get better loan terms based on equity from the first home.5. However, second-time buyers deal with timing constraints, like the need to sell their first property before obtaining the next.6. First-time buyers have to learn all about the property market, interest rates, LTV, etc. (Mortgage brokers like John can really help here.)7. Second-time buyers have done this before and have knowledge. Mortgage brokers can support with information on options like Bridging Loans and comparing mortgage lenders for the best interest rates, etc.8. To avail of government schemes, for first-time buyers, if more than one buyer, do both have to be first-time buyers?9. If I inherit a property, am I still deemed a first-time buyer? OR classed as a second-time buyer?10. Is it easier to get a mortgage as a second-time buyer?Thanks for tuning in, subscribing, and sharing the Tea and Mortgage Podcast!And if you’re ready to buy a property and get a mortgage, please contact John:***As always, please contact us if you have any questions about the new Flex Mortgage or need anything at all!- John ColemanJC Mortgages ☎️ 01-8102032📲 086 3970039 📩
[email protected] 💻 www.jcmortgages.ie
Ireland