First Time Buyers

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 …

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Securing Your Dream Home: The Deposit Requirement

When embarking on the journey of homeownership, one crucial aspect that often comes into focus is the deposit. In Ireland, the question arises: Does a customer always need to have a 10% deposit? In this article, we delve into this important question, shedding light on the deposit requirements for prospective homebuyers in various scenarios. Understanding these requirements is essential for individuals looking to enter the property market with confidence and clarity.

The Importance of the Deposit

Before addressing the specific deposit requirements, let’s recognize the significance of this initial investment. The deposit plays a vital role in securing a mortgage and demonstrates the buyer’s commitment and financial capability to lenders. It also affects the loan-to-value (LTV) ratio, which determines the percentage of the property’s value that can be financed through a mortgage.

Deposit Requirements for First-time Buyers

For first-time buyers in Ireland, the answer to the question is straightforward: Yes, a customer must have a 10% deposit. This means that potential homeowners need to have saved at least 10% of the property’s purchase price before applying for a mortgage. Once …

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Unlocking Financial Freedom: Paying Off Equity Shares

In the realm of homeownership, equity shares have emerged as an innovative solution for individuals aspiring to step onto the property ladder. While equity shares provide a valuable opportunity to own a portion of a property, questions often arise regarding the flexibility of payments and the ability to pay off equity in lump sums. In this article, we will explore the intriguing possibility of making lump sum payments towards equity shares in Ireland and shed light on the specific guidelines governing this process.

Understanding Equity Shares 

Before delving into the intricacies of lump sum payments, let’s first grasp the concept of equity shares in Ireland. Equity shares, also known as shared ownership or shared equity, allow individuals to purchase a percentage of a property while the remaining portion is owned by a housing association or the government’s affordable housing scheme. This arrangement enables prospective homeowners to access the property market with a more affordable initial investment.

The Power of Lump Sum Payments

Now, let’s address the pressing question: Can a customer pay lump sums off their equity share in Ireland? …

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Four Alternatives for Policy Responses to Increased Mortgage Rates, According to David Willetts:

Introduction:

The recent findings by the Resolution Foundation have shed light on the significant impact of rising mortgage rates in Ireland. With projections indicating further increases in the coming years, it is crucial to explore policy options that can alleviate the burden faced by homeowners. In this article, we will delve into the implications of these findings and examine four potential policy responses to address the challenges presented by higher mortgage rates.

 

Creating a New Spending Program:

One approach is to consider the implementation of a new spending program aimed at assisting individuals facing higher mortgage payments. However, it is essential to evaluate the effectiveness of such a measure, considering the income levels of the affected population. Moreover, it is important to recognize that the increase in mortgage rates is a deliberate policy response to combat inflation, and protecting individuals from the impact of this policy may not fully address the underlying issue.

Exercising Lender Discretion:

Lenders can play a role in alleviating the burden of higher mortgage rates by exercising discretion in their lending practices. One practical measure …

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AI Revolution In Mortgage Brokering: Enhancing Performance, Not Replacing Jobs

Artificial intelligence (AI) is transforming various industries, and mortgage brokering is no exception. AI is reshaping the landscape of the mortgage industry, empowering brokers to improve their performance, streamline processes, and deliver enhanced customer experiences. Contrary to popular misconceptions, AI is not here to replace brokers’ jobs but rather to augment their capabilities. Let’s explore how AI is revolutionizing the jobs of mortgage brokers in Ireland and why embracing this technology can lead to increased success.

Streamlining Administrative Tasks

Mortgage brokers often face time-consuming administrative tasks, such as collecting and organizing client information, verifying documents, and performing calculations. AI-powered software and tools can automate these tasks, reducing the administrative burden on brokers. By leveraging AI, brokers can focus more on building relationships, providing personalized advice, and delivering exceptional customer service.

Improved Customer Experience

AI-powered chatbots and virtual assistants can significantly enhance the customer experience in mortgage brokering. These intelligent systems can engage with customers, answer common inquiries, provide basic information, and potentially guide clients through the mortgage application process. Brokers can leverage these tools to provide basic, round-the-clock support, improve …

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Talking property and mortgages on the radio

We were glad to chat with Wendy Grace on Spirit Radio about mortgage switching and the time it takes to get it done.

Our view is that the biggest enemy to most people isn’t rates or delays, it’s inertia, so getting on top of your finances is key.

Talk to a broker today! Don’t walk by massive savings, there are still great deals to be had.

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What you need to know about ECB’s raising interest rates

The European Central Bank raised interest charges more than what they initially announced. Over the past few months, the rates have increased by around 1.25%. The clients have not yet been reached by institutions including Bank of Ireland and Permanent TSB.

Customers have a lot of pain for the future because there are a lot of uncertainties. They now have to deal with high mortgage interest rates in addition to inflation, rising electricity and fuel costs. New customers face a direct problem because their five-year fixed rates increase by 2%. As a first-time buyer, you will receive a rate of 5.95%. Long-term fixed loans rise by 1.49% to 1.58%. (depending on size and running time). As a result, banks such as AIB, ESB, and Haven must raise their rates for new and switching customers. The current customers are not affected. Customers with tracker mortgages face an increase in interest rates due to contractual obligations. Some of the new customers must take an expensive rate, which means they must pay 240€ more than before the ECB increase.

If the AIB, EBS, …

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The 10 Mortgage Lenders in Ireland

There are 10 mortgage lenders available in Ireland. These include (no particular order):

AIB Avant Money Bank of Ireland EBS Finance Ireland Haven ICS Mortgages KBC Permanent tsb Ulster Bank

Many mortgage holders qualify for a change of mortgage and could thus save significant amounts of money. It is important to compare your options before deciding on a mortgage. The central bank’s mortgage lending rules impose a limit on the amount of money a bank is allowed to lend.

Currently, Irish banks can lend up to 3.5 times a borrower’s annual income. Lenders may exceed the 3.5 loan-to-income limit for 20% of the total loan value in a calendar year. Lenders examine bank statements to understand a borrower’s ability to repay. You will be asked to submit six-month bank and credit card statements.

This post was written by Veronika Pluháčková who was a research intern at Irish Mortgage Brokers in May of 2022.

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Understanding the Irish Housing Crisis

A housing crisis can be detrimental to the economy of a country. A housing crisis occurs when the availability of affordable housing is rare and you need a higher income to be able to afford a place to live.

 

A housing crisis happens due to a change in supply and demand for real estate. If there are a lot of houses with few people looking, housing prices will drop. Likewise if there are lots of people looking for houses with few properties available prices will go up.

 

The problem with this system is the availability of housing does not have to do with salaries in the area, so when housing prices go up too much and the income does not change it creates a crisis.

 

Digital Mortgages can help people get out of the expensive rental market, allowing them to own property.

 

Why There’s a Crisis

 

Housing is a big part of a person’s monthly budget. For the typical person housing should account for about 35% of their monthly income.

 

When looking at the …

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How to Apply for a Digital Mortgage Online

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 …

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