Buying your first home is one of life’s most exciting milestones. While the property market in Northern Ireland can feel challenging, there are plenty of tools, schemes, and strategies to help you make it happen. With the right guidance and planning, including speaking to a mortgage adviser early; owning your first home is absolutely achievable.
Speak to a Mortgage Adviser Early: It’s Never Too Early
One of the smartest moves you can make as a first-time buyer is to talk to a mortgage adviser as soon as possible. Even if you’re just starting to save or researching areas to buy in, professional advice can make a huge difference.
Why it helps:
You’ll get a clear idea of what you can realistically afford.
Your adviser can suggest steps to improve your credit score and strengthen your mortgage application.
They’ll explain the process from start to finish
Marney’s Top Tip: Think of a mortgage adviser as your personal coach for homeownership. The earlier you involve them, the smoother your journey will be.
The Northern Ireland Market: Opportunities to Explore
Understanding the market helps you make informed decisions. Here’s what’s happening in 2025:
Rising Property Prices: According to the Northern Ireland Statistics and Research Agency (NISRA), the average house price reached £185,037 in Q1 2025, up 9.5% from last year. While prices are increasing, there are still opportunities to find homes in your budget with the right guidance.
Rental Market: Average rents in Northern Ireland rose by 8.2% over the past year, with Belfast averaging £1,097 per month (ONS). While renting can feel expensive, every payment is building your experience of managing housing costs, a key skill for homeownership.
The good news is that with careful planning, saving, and expert advice, first-time buyers can navigate these challenges successfully.
Overcoming the Deposit Hurdle: Your Options
Saving for a deposit is easier when you know the options available. Here are a few approaches:
1. Lifetime ISA (LISA)
How it works: Save up to £4,000 a year and receive a 25% government bonus, up to £1,000 per year.
Why it helps: Your savings grow faster and give you a head start on your deposit.
Marney’s Top Tip: If you’re eligible (aged 18–39), open a LISA now and make regular contributions. Every pound you save brings you closer to your first home. But terms do apply so make sure you review them carefully.
2. Gifted Deposits
Family support can make a big difference.
How it works: Family members can contribute toward your deposit.
Why it helps: It can significantly reduce the time it takes to get onto the property ladder.
Marney’s Top Tip: Make sure you get a signed letter confirming the gift is non-repayable to avoid delays with your mortgage.
Government Schemes to Help You Get Started
Several schemes are designed to make buying your first home more achievable:
1. Co-Ownership
How it works: Buy a share of a property (50–90%) and pay rent on the remainder.
Why it helps: You can get into your own home sooner, with smaller initial costs.
Marney’s Top Tip: You can increase your share over time (“staircasing”) until you fully own your home.
3. Stamp Duty Relief
Stamp Duty Land Tax (SDLT) can be a significant upfront cost, but relief for first-time buyers makes a real difference:
Past thresholds: Previously, first-time buyers paid full SDLT on homes over £125,000. A typical home at £250,000 could result in thousands in tax.
Current 2025 thresholds: Properties up to £300,000 are exempt from Stamp Duty, and homes £300,001–£500,000 pay a discounted rate.
Why it matters: This change can save first-time buyers several thousand pounds—money that can instead go toward your deposit, furniture, or home improvements.
Marney’s Top Tip: Stay aware of the current thresholds, as it can directly impact your upfront costs and help your budget stretch further.
Top Tips for First-Time Buyers
To give you the best chance of success, here are some practical tips:
Get a Decision in Principle (DIP) Early: Shows estate agents and sellers you’re serious and gives you a clear budget.
Check All Your Outgoings: Lenders will assess your monthly expenses, so understanding them helps you plan realistically.
Keep Your Credit Clean: Avoid new credit applications, pay bills on time, and check your credit report for errors.
Look Beyond the Deposit: Don’t forget solicitor/conveyancing fees, surveys, moving costs, and minor home improvements.
Regularly Review Your Budget: Reassess your finances every few months and adjust savings contributions as needed.
Use a Professional Mortgage Broker, like us:Brokers can access exclusive deals and guide you through government schemes and lender options..
Your Positive Action Plan
Book a Consultation with a Mortgage Broker Early: The sooner you speak to an adviser, the clearer your roadmap to homeownership will be.
Boost Your Credit Score: Register on the electoral roll, pay off debts, and monitor your credit.
Start Saving: Set up a standing order for consistent contributions.
Explore Schemes: See if any will help you
Buying your first home in Northern Ireland in 2025 is very achievable. While the market has challenges, there are more tools, schemes, and support than ever to help first-time buyers succeed. Starting early with a mortgage adviser ensures you have the guidance to plan, save, and make informed decisions.
At Magee Mortgage Solutions, we specialise in helping first-time buyers find the best path to homeownership. Contact us today to start your journey with confidence.
Your home may be repossessed if you do not keep up repayments on your mortgage * but also that this is factual as of today but can change