KBC Homeloans announced today they will pay customer legal fees up to €1,000, subject to the following:

- It is for First Time Buyers and Home Mover mortgages only
- Minimum loan amount is €200,000
- Normal lending criteria applies
- Discounted standard variable rate only
- Available for all closed business by 30th June, 2009 �
- The €1,000 will be clawed back if the mortgage is redeemed within five years

KBC Homeloans have also reduced their fixed rate mortgage rates. They now offer:

- 2 year fixed rate 3.29%
- 3 year fixed rate 3.69%

Mortgage Lending in KBC is still restricted to 80% loan to value. Raising 20% towards the purchase of your first home is a “big ask” for any first time buyer. (E.g. €300,000 purchase price requires €60,000 deposit from applicant).

Along with that, when considering these types of incentives, it is important to assess the different interest rates available to you. The €1,000 sounds great! But, if you are on a higher rate than what’s available through other lenders, you could pay thousands more in interest throughout the term of your term of your Mortgage. This product is not available for remortgages.

The government has launched a scheme called ‘Home Choice Loan’. The purpose of Home Choice Loan is to help First Time Buyers get on the property ladder.  Initially it does sound promising; after all it gives another option to first time buyers in a tough mortgage lending market. But, a more in depth reading of its conditions uncovers some hindering restrictions such as:

- You must either be purchasing a new property or building a home
- You must have proof that you were refused finance with two mortgage lenders
- Minimum income for a single applicant is €40,000 per annum, €50,000 for a joint application
- Be in permanent employment for two years, if self employed two years accounts must be provided.

If you do meet the above criteria, Home Choice Loan is offering:

- 92% finance, subject to a maximum loan of €285,000
- A variable rate of 3.92%, APR 3.99
- A term of up to 30 years

I think restricting the product to new homes is unfair. Whilst I understand the Governments eagerness to help the floundering developers, I think it would be good to give first time buyers choice of their home, rather than restricting it.

We are now fully authorized to offer Home Choice Loan Mortgages. If you do have any questions on it, contact us and ask for Brendan.

ICS Building Society just introduced a €1,000 cash back offer for First Time Buyers who apply for their Mortgage from 23rd of February 2009 and drawdown by the 30th September 2009. This also applies to First Time Buyers who have submitted their application prior to the 23rd of February. The €1,000 cash will be paid into the customers account within approximately five days of mortgage drawdown date.

ICS also currently offer up to 92% of the purchase price and have a one year fixed rate of just 2.55% for First Time Buyer Customers who Drawdown before the 30th of June 2009.

Bank of Ireland announced on the 16th of February 2009 that it has put in place a fund of €1 billion for its First Time Buyer Customers. This is available across the bank of Ireland group, including ICS Building Society.

In recent months we have seen a significant rise in First Time Buyer enquiries and applications. This added incentive is an attractive offer and is a natural choice for First Time Buyers as it will ease the associated costs with the purchase of your first home.

First, talk to us. Together we can discuss how much you can afford to borrow and what type of mortgage would suit your needs. We can also give you good advice on the whole process.

We can give you a choice of sixteen lenders and can compare how much you can borrow with each, based on the income details you give us. This will tell you how much you can borrow so you can shop around without the stress that’s usually involved in doing so.

•    Before you go looking, decide what type of home you would like. To find that home, register with estate agents, hunt the property pages and surf the net.

•    When you find your ideal home you may want to make an offer subject to contract or put down a booking deposit. In most cases, this means that either you or the seller can change your mind without losing money. Always check that this is the case before paying a booking deposit.

•    You will need to find a solicitor to act for you. We suggest you get a quote from a number of solicitors, as prices can vary widely. We can advise and suggest solicitors based in your local area.

•    Our Mortgage Loans advisor can help you to complete a Home Loan application form and answer any questions you may have.

•    We will instruct one of the bank appointed valuers to inspect the house. You will receive a copy of this report. This is done to ensure the houses worth the value of the mortgage.

•    When your application is approved, we will send you a loan offer letter. Your solicitor will also receive a copy and will explain each of the terms and conditions of the loan to you.

•    We will work with you and your solicitor to make sure the conditions of the loan are met.

•    You will now be ready to pay the rest of your deposit (usually 10%) and sign and exchange contracts. Your solicitor will guide you through this part of the process.

•    You will need to arrange house insurance and life assurance. We can take the hassle away and arrange it for you or you can do this yourself.

•    We will give the mortgage cheque to your solicitor who will then complete the purchase of the house.

•    Get the keys and start enjoying your new home.

Remember, we are always there to answer your queries or work with you as your needs change. If you want to find out more there are three ways to contact us:

1.    You can call us to on 01 4790579

2.    You can leave us your number and we will call you back at a time that is convenient to you. Just fill out the form on the right hand side of the page.

3.    Apply online now. If you apply online we will have enough information to assess your case and advise you how much you can borrow, what rate you qualify for and what your monthly repayments will be.

4.    The fastest way for us to get the quotes back to you is for you is to fill out the online application. This form is really simple to fill out and will only take a few minutes. We really look forward to talking to you.