With the recent announcement of PTSB dropping their 4 years fixed rate and announcing low 3 years fixed rate, things sure look like the decline of mortgage interest rates is about to start. You could save yourself a could of euros a month in mortgage repayment by switching to another lender with lower rates.
Contact us today to see which rates you could get and how much you could save.
Building your dream home may seem like a nightmare from finding a plot of land to build, getting the planning permission and finding the builders all before you start building.
However, one thing that would be made easy is getting the mortgage to build the house. We at Irish mortgage Brokers are experts in self-build mortgages and would make the mortgage process easy for you from the first initial drawdown to the final drawdown.
There are also government schemes that can help you with financing the build such as the help to buy and first home scheme.
You can’t find your dream home, why not build one? Contact us today- Timileyin Arimoro on 016583040 or ta(at)mortgagebrokers.ie.
At some point in your life, you may wish to ditch the rental market and buy a home. Buying a house can be a wonderful and exciting time. But it can also be a complex and confusing process if you are not fully informed on the processes involved in buying a house. There are basically 5 steps to the process of buying a property in Ireland.
So, here’s a quick summary of the steps;
Financial Stage House search House viewings Putting down an offer Closing the purchase.
Financial Stage
This is the most important step when it comes to buying a property in Ireland. There are two ways to buying a property, you can either buy it outrightly with cash or purchase through a mortgage. A mortgage simply put is a type of loan used to buy a property. The amount you have as cash and the amount you can get from the mortgage lender can help you set a budget on the value of property, type of property and location you can buy in.
If you are …
One of the most important elements of applying for a mortgage is repayment capacity. The lenders will want reassurance that you can pay the monthly mortgage amount that you would be due to pay.
You can demonstrate repayment capacity in many ways, the main three would be, savings, rent or your current mortgage.
As an example, if you mortgage repayments are going to be 1500 per month, the lenders will want to see you paying this amount for at least 6 months prior to an application. One common mistake we have seen recently is clients who are saving 1500 at the start of a month and gradually withdrawing it as the month progresses. If you save 1500 in at the start of the month and finish the month with an increase of 500 in savings, you have only saved 500 euros that calendar month.
We can offer our tips and explain the best way to monitor this at any stage, please feel free to contact me at james.curd(at)yes.ie
In an inflated economy, saving up for a deposit can seem like the most difficult part of buying a home especially when most of your net income is going into paying rent and your monthly bills. While having a large deposit gives you the best chance of getting a good mortgage deal with a low interest rate and a bigger house, there are options available for people with lower deposits and government help to get you on the housing ladder.
The average first-time buyer puts down a 10% deposit on their first home, which could mean finding a daunting €30,000 (on a €300,000 property) or more. However, there are also a few government schemes to help first time buyers get on the property ladder. These include the Help to Buy & First home Shared equity scheme.
Although the Help to buy scheme only applies to new build properties, with the purchase price of less than €500,000 and has a maximum amount of €30,000 that you can claim (please see more information about the scheme on the Citizens information website or …
First Time Buyers guide
As a First Time Buyer, the idea of purchasing a new home can be a daunting prospect and you will be asking yourself numerous questions. How much can I (we) borrow? How much of a deposit will I need? Where should my deposit come from?
These are some of the questions we are here to answer, our goal is to give you the knowledge and peace of mind that you have a Broker who will guide you through the process and keep you informed every step of the way, right up until you have your keys.
As a First Time Buyer, lenders will Mortgage up to 90% of the property value and allow you to borrow up to 4x your income. For example if you were to purchase a property for 300k you could borrow up to 270k from a lender. You would then need an income of 67,500 per annum to qualify for this amount, if you are applying as joint applicants this is a salary of 33,750 per annum each, however the split does …
The decision to become a homeowner is a significant milestone in one’s life. It represents a step towards financial stability, independence, and the opportunity to create a place of your own. However, before taking the plunge into homeownership, it’s essential to assess your readiness. Let’s explore key indicators that can help you determine when you’re ready to own a home.
Financial Stability
Financial stability is a crucial factor to consider when contemplating homeownership. Evaluate your current financial situation by assessing your income, expenses, and debt obligations. Consider factors such as job security, income growth potential, and the stability of your financial foundation. Ensure you have a reliable source of income to cover mortgage payments, property taxes, insurance, and maintenance costs. Building an emergency fund for unexpected expenses is also vital. Having a stable financial position gives you confidence in your ability to meet the financial responsibilities that come with owning a home.
Debt and Credit Management
Assess your debt and credit situation to gauge your readiness for homeownership. Lenders typically consider your credit score and debt-to-income ratio when determining loan …
AIB advertised their mortgages extensively. Therefore, the first thing you notice when you visit their website is a section on mortgages. They have an appealing and good structured website where you can find a calculator, make an appointment, and learn some information about your situation. A video about a couple who obtains a mortgage from AIB is also available. In this video, the clients explain how that works. They claimed to be extremely glad to accept the mortgage from this bank because everyone there is polite and helpful. AIB has professionals that can explain everything to you about mortgages and your options. They also have an App that gives clients a good overview. Additionally, the fact that clients can upload their documents from home makes everything simpler for them. You may find a wealth of general and situation-specific information on mortgages on their website.
AIB has a community spotlight on their website where you can watch a video about the important work being done for the local community and the advancement of the transition to a sustainable living. They …
Gone are the days of doing painstaking research to find the best bank to get a mortgage from. Buying a house or apartment is already difficult, why go through the hassle of loads of paperwork when you can fill out your information online and have it done for you.
Technology has evolved and with it, the digital mortgage process has too. Applying for a digital mortgage takes the stress out of your hands while simultaneously finding the best rates.
Getting Started
Starting the mortgage process can be an overwhelming situation when looking from the beginning. Companies such as OnlineApplication work to make this process fast and easy to use.
The pandemic has shifted much of work to online and gotten rid of the need for face to face interactions. With this new technology why would you do anything on paper?
What is OnlineApplication?
OnlineApplication is a company that works for brokers to find the best mortgage.
Our quick and simple process allows you to upload all your financial information to our safe and secure website. After that we …
There are many factors which play a huge role in your mortgage deal. Before starting to look for a house you should check with the lenders to get a statement of how much they are able to lend you. So you will know in what price range to look for a house.
The factors are: Your credit score – past payment history and borrowing behaviour [the higher score the better. The lower credit score you have the more you overpay.] Your debts – the less debts you have the better. If you owe too much, you will have to take out smaller mortgage or pay off your debt before you apply for a mortgage. Your work history – To get a mortgage you have to provide a proof that you are employed and have steady income and job [switching jobs all the time is not a great look for lenders]. Your down payment – The lender usually wants you to put money down so they have some sort of protection. Ideally 20% of the cost of your home [so you …