How did you do?

Mostly A

Home is where the heart is, but unfortunately, your heart doesn’t seem to be in it just yet. If you simply like the thought of owning a house but haven’t actually put much consideration into how you can afford a house, then it is worth re-evaluating your priorities! But this doesn’t mean you won’t ever have your own home, it just needs to be the right time. This is a choice you need to make for yourself. Maybe you are still working out your career goals, or maybe you would like to travel around the world before settling down in Ireland. Just like with getting married or finding your perfect job, there is no right age to buy your own home – even if time is pushing on, it is not a race.

Buying a house is one of the biggest financial commitments most people will ever make, so it’s important to consider where your savings are going. Consider making some changes to the ways in which you are spending your wages. We all need to treat ourselves to nice things, but not overdo it. Set up an automatic transfer into a good savings account on the date you get paid, and when you are eventually ready to purchase your own home, you will feel much more confident (and don’t forget to hold onto this handy guide for help when the time does come around!).

Mostly B

It appears you are on the right track to being ready to buy a house, but you might be experiencing a slight feeling of indecisiveness or hesitation at the same time. It could be that you have savings put aside and an idea of where you would like to live or the type of house you would like to buy. But perhaps you are not 100% sure about making the investment yet.

A home is an investment, but it’s not the sole purpose of why you buy. There is also the stability it provides, as well as being a place you can call your own. You may be worried if you will qualify for a mortgage. When assessing your affordability for a mortgage, the bank will consider if you have a secure income, an adequate cash deposit and good credit history. The money you use on rent is also considered. While it helps to have an idea of how much you can afford, sitting down with a bank representative to discuss your options and get advice will help you to make a more informed decision.

Mostly C

You feel certain you are ready to take the next step on your life journey, whether that is with a partner, or with a partner and your child. If you are single or you live with a partner, a one-bedroom apartment can suit you just fine. But eventually you might find yourself needing more room. Factors like kids, at-home hobbies, and a home business could mean that you require an extra bedroom or an office. And if you’re looking for more space, investing in your own property may be the best choice, as opposed to moving into a rental house and paying someone else’s mortgage!

If you are feeling settled in your job and see yourself there for the next five to 10 years, it can be a huge help in determining where to buy a house. Having a stable job can also be beneficial, as you will need to show the bank you have a steady stream of income. The bank will look for at least two consecutive recent payslips (dated within the last six months) and six months of continuous employment with your probation period complete with the same employer. And while you may have a comfortable amount of savings, it’s a bonus if you are still adding to this account, as it means you will be able to contribute to mortgage repayments. To get started on your mortgage journey and find out what you need to bring along with you, turn to page 8. While this quiz has been created to use as some guidance, it is not to be taken as the deciding factor. It is advised to meet with one of KBC’s dedicated mortgage team to discuss your personal circumstances. For more information, visit www. kbc.ie or new customers can call 1800 51 52 53