We were really pleased about being chosen to discuss mortgages on Newstalk’s ‘Lunchtime’ show with Andrea Gilligan, it was part of a series called ‘project house’ which is helping people figure out how to buy a home. They needed mortgage advice and went to the experts!
Regardless of your reasons to move, you need to be financially prepared so that your transition to the new home can be smooth and hassle free. There is nothing more difficult than trying to understand the money issues that are related to the move. Some of the difficulty can be faced during the hiring of movers, purchasing of supplies or looking for storage. This post offers some factors that you need to consider when you are planning to move.
Credit Score
A credit score is important since it can influence the cost of housing. The score can also determine of you have the ability to buy or rent a home you want. If you want to buy a home, a credit score will determine if you qualify to get a mortgage and the interest rate you will pay for the mortgage.
The Cost of properties in different areas
You need to spend a lot of time looking at different homes close to where you live and where you want to move to. You need to make an assessment of …
Are you planning to acquire a house in Ireland? To those who are inexperienced with the procedure or are seeking to acquire a mortgage for the first time, it may seem lengthy and tiring. Obtaining a mortgage has never been straightforward; nevertheless, a combination of rising house prices and restrictive Central Bank credit criteria has made it extremely difficult in recent years. While various people will most likely take different techniques, specific broad guidelines, anyone can guarantee their application runs well.The first one is to ensure that your financial situation is well and that everything is accounted for. In addition to jobs and money, this may include goods such as home insurance and property valuation. It would be best to consider how long you have lived in Ireland, depending on the lender, and this may play a factor in their choice. Borrowers should also ensure that they have good credit and are not in excessive debt. Lenders are more likely to be wary of consumers with poor credit records since they seem less likely to repay their loans in …
Many expatriates relocate to Ireland for employment, education, or retirement, with many more opting for a vacation residence in the country. Whether you choose to live in Dublin or a beach town, Ireland has a fantastic home for you. If you’re thinking of purchasing a home to live in, an investment property, or a holiday home in Ireland, you’ll need to know not just what types of mortgages available and how to get one established, but also what not to do. Even as buyer from within Ireland, getting approval for an Irish mortgage has been difficult in recent years. The amount of mortgage financing in Ireland is increasing, which implies that acquiring a house loan is becoming simpler. Banks, on the other hand, are still cautious about lending money, and so you can expect to be asked for a variety of papers to verify that any mortgage loan you take out is manageable to you.
You should be able to determine whether you want acquire a fixed rate or a variable rate loan when selecting a mortgage plan. This is a crucial decision because …
To a big number of people especially first time home buyers, mortgage application seems to be a difficult task that calls for the assistance of an in-person mortgage broker. However, it does not have to be! These advantages of online mortgage application are so much that you need to consider it as an option whenever you think about getting a mortgage.
Many people are applying for mortgage online
In Ireland, an increasing number of people are using the internet to apply for mortgage now more than ever before. In a recent report, an Irish banking survey indicated that over 40 percent of people use various digital platforms to apply for mortgage because of the COVID-19 pandemic which has forced people to practice social distancing and adhere to lockdown restrictions. This number is expected to increase as the number has forced many individuals to be more comfortable and familiar with technology to complete various tasks. Additionally, as millennials get older and begin to look for property, they will definitely look to save costs and ease of use when applying …
The Help to Buy incentive is a program from the Irish Government that provides relief to first time buyers of a new home or apartment. The amount of relief granted through this incentive was recently increased due to economic pressures brought on by the Covid 19 pandemic. In the July 2020 Jobs stimulus package, the Government increased the amount of relief available temporarily through 31 December 2020. With the passing of Budget 2021, this increased relief has been extended to 31 December 2021. The incentive gives a refund of income tax and Deposit Interest Retention tax (DIRT) paid in Ireland over the previous 4 years to qualifying first time buyers.
Help to Buy only applies to properties worth less than €500,000, and the home or apartment must be new or self built. To qualify for Help to Buy, you must be a first time buyer who either buys or self-builds a new residential property between 19 July 2016 and 31 December 2021. However, the Help to Buy scheme does not apply to rental or investment properties. The scheme is limited …
If you’re buying your first home in Ireland, chances are you will need to finance it using a mortgage. Getting a mortgage is a very big commitment, and may seem overwhelming, especially considering that if you miss too many payments, the bank may foreclose your home. However, mortgage approval rates for first time buyers are on the rise, and if you’re feeling uneasy, here are 5 tips to make the process a little less scary.
1. Budget and save effectively
You won’t get a mortgage without having a deposit ready, so it is important for prospective homeowners to open a savings account and start budgeting for their deposit. The lender will be looking to determine your ‘repayment capacity’, assessing your current expenses and financial situation. Mainly, they will be looking to see that the amount you save each month is greater than or equal to your mortgage costs. Be sure to limit overdraft fees and excessive spending, particularly gambling-related expenses, on your bank statements, as this will look bad to lenders.
2. Have a good credit rating
It is essential …
The city of Dublin is one of the most popular hubs for relocation for people from all over Ireland and the world. Divided into a north and south side by the Liffey River, Dublin has many great neighborhoods within its 24 postal districts. Boasting a population of 1.2 million people, more than 25% of the entire country’s population, Dublin is a busy city packed with a variety of inhabitants and lifestyles. Whatever type of lifestyle you’re looking for, there is a great neighborhood in Dublin that can suit your needs. Here is a brief look at some of the best locations in Dublin.
City Center South
Looking to live a city lifestyle, with great food and diverse nightlife? If so, City Center South may be for you. Though it may be a little more affluent and expensive to live in than its Northern counterpart, North Inner City, or D1, City Center South, known as D2, provides a great experience for those looking to live in a central location with lots of tourist attractions. Nearby attractions include the iconic Temple Bar, …
In a rapidly digitalized world like the one we live in, obtaining a mortgage now requires more paperwork than it has ever been. Whereas some of the documents are electronic, the process of obtaining them. The expectations weren’t relatively as high as they may have been. Many lenders did not investigate a borrower’s employment, income, and commitments as thoroughly as they did today a decade ago.
Understanding the purpose and function of the primary mortgage paperwork will assist you in navigating from application to closure with confidence. There are many crucial procedures to buy a property, and the completion of your mortgage loan application is one of the most significant ones. It has various essential parts which collect information about you, your money and your future mortgage data. Be prepared to provide your Social Security number, date of birth, marriage and contact information to provide information about yourself and any other joint guarantor. Be ready to give your income, spending, assets and liabilities documents (what you owe). You are required to supply this information if any legal difficulties or …
Currently, there are 10 mortgage lenders in Ireland. These include Ulster Bank, ParmanentTSB, KBC Bank Ireland, ICS Mortgages, Haven, Finance Ireland, EBS, Bank of Ireland, Avant Money, and Allied Irish Banks. All of these mortgage lenders are financial institutions which give home loans to people who aspire to own a home.
You are probably thinking about how to pick the best of the 10. When choosing the lender that best suits your need, the major factor to take into consideration is the amount of mortgage you want to borrow. Each of the 10 mortgage lenders in Ireland will make an assessment of your assets, debt, and credit score, each differently. You should note that the Loan to Value Ration (LTV) is the most important pieces of information that the lenders will look. LTV is calculated by dividing the money you are borrowing with the property’s estimated value. With the LTV, the lender will be able to understand the risks involved with lending you the mortgage. Normally, the LTV of a loan is 80 percent or less. It is important to …