- How many years can I take a mortgage over ?
- What is an interest
only mortgage ?
- What is a tracker mortgage ?
- My credit history is not spotless.
Can I get a mortgage ?
- The local authority will sell me my council
home under the Tenant Purchase Scheme - how much can I borrow
/ what deposit will I need ?
- What is a remortgage ?
- Can I get a mortgage for an overseas
property in Ireland ?
- What deposit do I need ?
- 100% Mortgages for (some) professionals
How many years can I take a mortgage over
? (return to top)
The maximum term that most lenders will consider is 35
years (although some may offer a 40 year mortgage
in certain cases).
The rule of thumb,
to keep
in mind, is that the lenders will require the mortgage
to be completed by the age of 65 - so if you are 32 years
old now, the maximum
term for you is 33
years.
What is an interest only mortgage ? (return to top)
An interest only mortgage is a mortgage where you pay only the
interest payments (either for a number of years, or for the
term of the mortgage). Therefore, when you are on the interest
only
mortgage, the amount you have borrowed will remain constant
- as you are paying nothing off the mortgage amount. It may
not
be suitable for everyone. It has become popular with some
property investors (as a measure to keep the mortgage repayments
low,
with the view that rent may raise in the future.. It can
also be useful for first time buyers to keep their repayments
low
in the first year (or couple of years), when there are a
lot of costs, such as furnishing the home, decorating etc.
With most
lenders, who offer interest only options, you can swap over
to a standard repayment mortgage at a later stage, without
much
hassle.
What is a tracker mortgage? (return to top)
A tracker mortgage is fairly new to the Irish mortgage market.
It is similar to a standard variable rate mortgage, with
one main difference - it 'tracks' the European Central Bank
(ECB)
rates. The benefit is that it commits the lender to keeping
their 'margin' (the markup they charge on top of the wholesale
rate)
under a certain level. When interest rates dropped recently,
some lenders with standard variable rate mortgages didn't
pass on the full benefit of the rate drop - tracker mortgages
generally
passed on the full rate drop, as the mortgage contract
guaranteed that the mortgages would always be no more than x%
over the
ECB rates.
My credit history is not spotless. Can I get a mortgage ? (return to top)
Most Banks and Building Societies won't consider offering you
a mortgage if you are in arrears, or if you have a less than
perfect
credit history. However, even if you have arrears, judgements,
or a bad credit history, there is a lender who may be able
to help you. The mortgage is more expensive than a standard
one, but it
may give you the opportunity to buy a house or to remortgage,
when the traditional lenders won't consider you.
The local authority will sell me my council home - how much can
I borrow / what deposit will I need? (return to top)
When
you are buying a home from the council, you will receive discounts
of up to 30% off the property value. Therefore some
lenders will consider lending you 100% of the purchase price & even
some additional money for home improvements. For more details & to
arrange approval Contact Us.
What is a remortgage ? (return to top)
A remortgage is a way of releasing equity from your existing
home, in order to consolidate loans, to raise money for lots
of different
reasons (home improvements, buying overseas property, helping
the kids with a deposit for their first home...), or simply
to swap lenders to get a better (and cheaper mortgage).
Can I get a mortgage for an overseas property in Ireland
?
If you are planning on buying an investment property in the UK,
some Irish lenders will offer a sterling mortgage option.
If you are buying in other countries (Spain, Hungary, USA etc),
you generally have two options - either arrange a mortgage
through a lender in the country where you are planning on buying
the property,
or by refinancing your Irish property to release equity to
fund the purchase. (return to top)
What deposit do I need?
Banks & Building Societies will generally consider lending
a maximum of
92% of the purchase price. Therefore, you'll need a minimum
of 8% as a deposit. (plus additional money for costs such as
stamp
duty and your legal fees)
When remortgaging the maximum that any lender will advance is
90%.
100% mortgages are now available for people fully qualified in
the following occupations (no other occupations considered):
- Doctors
- Dentists
- Lawyers
- Pharmacists
- Opticians
- Physiotherapists
- Vets
- Accountants
The 100% irish mortgages are not available to any other occupations & are
available to first time buyers only. Maximum loan amount
is 400,000.
To find out more information, email details of your income,
occupation & current
loans to 100% mortgages.
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