We’re all aware of the difficulties facing first- time buyers today. Right now, over 70% of young people in Ireland can’t afford to buy their first home without some parental help.

Naturally, if you’re a parent, you want to see your children being able to set up house on their own. And, if you’re a potential first time buyer, living with your parents or paying your hard earned wages in rent, you probably can’t wait to experience that unique sense of independence that comes with your first home.

But as prices climb ever higher, raising that vital 10% deposit has become more and more difficult. Everybody agrees that someone had to come up with a viable solution.

Welcome to the Family first Homeloan from . Here’s how it works ...

By releasing equity from the family home, Family first lets parents contribute towards the cost of a first house for their children – and, depending on which repayment option parents choose, it actually needn’t cost them a single cent!

Take a closer look

Let's take the example that your home is worth €300,000 and you have a mortgage with of €40,000. Suppose that your child wishes to buy a home worth €200,000, then you can release some of the equity in your own home to help out with the deposit.

If you want to avail of the three year no payment option, you can borrow up to €50,000. At the end of this period you can decide whether or not you wish to take on the repayments or your child can decide to pay off your loan. Please see reverse for
terms and conditions for the three year no payment plan.

If you choose to make standard monthly repayments, then there is no product limit for the amount you can borrow.

Another scenario would be if your home is worth €450,000 and you have €70,000 remaining on your mortgage with another financial institution. To avail of our offer, you can simply switch the mortgage to and we will pay or contribute to the legal fees.

Family first benefits parents too

As parents of first-time buyers you’ll enjoy the rare satisfaction and peace of mind that comes from giving your children a helping hand when they need it most.

• By borrowing against the value of your family's home, you’re helping them secure a firm footing on the property ladder.
• A flexible range of repayment options is available to suit individual circumstances.
• Take a repayment holiday for the first 3 years (see terms and conditions on reverse).
• Because you can choose not to take on the repayment of the loan after the initial 3 year period, looking after your children’s housing needs is now a genuine possibility and an affordable one!
• If, however, you decide to take over the loan once the 3 year period is over you do so at a very competitive homeloan rate.
• Plus, there’s no indemnity bond, valuation or legal fees to pay.

Family first benefits first-time buyers

The Family first Homeloan really does break new ground for hard-pressed first time buyers in today’s environment of ever rising prices.

• No need to worry about where your deposit is going to come from.
• No need to pay an Indemnity Bond.
• You have the option to borrow less and therefore pay less which means you can afford to be choosy about where you want to live.
• You’ll enjoy exceptionally favourable discounted interest rate for the first year, when you need it most.
• You’ll experience the independence and financial security that only your own home can give you.
• Here’s a way your parents can help you out without them necessarily having to take on any extra financial worries.