Navigating Public Sector Mortgages in Ireland: Your Comprehensive Guide


Public Sector Mortgage for First Time Buyers

Meet Tom and Sarah. They both work as civil servants and each has an annual salary of €45,000. Both are on point 5 of their salary scales. Point 8 of the civil servants’ pay scale is €52,000.

The future salary of up to 3 points current paygrades can be used as their qualifying incomes. This increases their borrowing power and max mortgage by €28,000.

As First-Time Buyers, they will qualify for the Help to Buy scheme, the First Home Scheme. They have €10,000 in savings.

In summary, by utilising all of the incentives available to them, Tom and Sarah managed to purchase a property for €498,000. HOW?

€416,000 – from a Public Sector Mortgage
€30,000 – from the Help to Buy scheme
€42,000 – from the First Home Scheme, and
€10,000 – from their own savings.

They were able to purchase a property worth €498,000 by using all of the incentives available to them.

Are you a public sector worker in Ireland contemplating homeownership? Whether you're a teacher in Galway, a nurse in Dublin, or a civil servant elsewhere, understanding your mortgage options is crucial. At Money Maximising Advisors, we're here to demystify the process and guide you every step of the way.

🔍 Understanding Public Sector Mortgages

Public sector employees often have access to mortgage products tailored to their unique employment conditions. These mortgages consider factors like job stability, pay scales, and allowances, potentially offering more favorable terms than standard mortgages.

Key features include:

  • Enhanced borrowing capacity: Some lenders consider your future earning potential, allowing you to borrow more.
  • Inclusion of allowances: Regular allowances and overtime can be factored into your income assessment.
  • Flexible repayment options: Options to overpay or take payment breaks without penalties.

🧮 Utilizing the Public Sector Mortgage Calculator

Before diving into the mortgage application process, it's beneficial to understand what you might afford. Our Public Sector Mortgage Calculator provides an estimate based on your income and other financial commitments. While this tool offers a helpful starting point, remember that it's for illustrative purposes, and actual loan amounts may vary based on individual circumstances.

🏦 Choosing the Right Lender

Not all lenders are created equal, especially when it comes to public sector mortgages. Some institutions specialize in products for public sector workers, considering factors like probationary periods and variable income. It's essential to compare offerings to find the best fit for your situation.

📞 We're Here to Help

Navigating the mortgage landscape can be daunting, but you don't have to do it alone. At Money Maximising Advisors, we specialize in assisting public sector employees across Ireland. Our team is dedicated to finding the best mortgage solutions tailored to your needs.

Ready to take the next step? Contact us today, and let's explore your options together.

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Location: Galway, Ireland

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