Reverse Mortgages in Ireland: A Comprehensive Guide

Reverse mortgages, while a familiar concept in many countries, are relatively new to the Irish financial landscape. As the population ages and the need for retirement income grows, reverse mortgages are emerging as a viable solution for many Irish homeowners. This guide delves into what reverse mortgages are, how they work in Ireland, and the potential benefits and drawbacks for Irish homeowners.

What is a Reverse Mortgage?

A reverse mortgage is a financial product that allows homeowners, typically aged 60 and over, to convert part of the equity in their home into cash. Unlike a traditional mortgage, where the homeowner makes payments to the lender, with a reverse mortgage, the lender makes payments to the homeowner. This product is designed to help retirees supplement their income by accessing the wealth tied up in their property without having to sell their home.

How Reverse Mortgages Work in Ireland

Eligibility Criteria

In Ireland, to qualify for a reverse mortgage, also known as a lifetime loan or equity release, homeowners typically need to meet the following criteria:

Age: Applicants must usually be 60 …

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Urban vs. Rural: How Location Affects Your Mortgage Options

When considering buying a home in Ireland, the location you choose—urban or rural—can significantly impact your mortgage options and overall experience. Each setting offers distinct advantages and challenges that can influence your decision. Here’s a comparison of mortgage options and considerations for buying in urban versus rural areas in Ireland.

Mortgage Options in Urban Areas

Urban areas, like Dublin, Cork, and Galway, offer a variety of housing options, from apartments to townhouses. Because these areas are densely populated and in high demand, they often have a higher cost of living and property prices.

Advantages:

Accessibility: Urban areas generally have more lenders and financial institutions. This competition can lead to better mortgage rates and terms for buyers. Employment Opportunities: With a concentration of businesses and industries, urban areas provide more job opportunities, which can positively impact your mortgage application by demonstrating steady income. Amenities and Infrastructure: Proximity to amenities such as schools, hospitals, public transportation, and entertainment facilities can enhance property values and make urban properties more attractive.

Considerations:

Higher Property Prices: Due to the high demand, property prices in urban …

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Navigating the World of Online Mortgages in Ireland

Introduction

In a country known for its rich traditions and bustling technology sector, it’s no surprise that even the age-old process of securing a mortgage has shifted online. Ireland, with its vibrant economy, is embracing the convenience of online mortgages. In this comprehensive guide, we delve into the benefits, considerations, and navigating the evolving realm of online mortgages in Ireland.

The Emergence of Online Mortgages

Gone are the days of endless appointments with bank representatives and drowning in paperwork. With online mortgages, the entire application to approval process can be completed from the comfort of your home or anywhere with an internet connection. This convenience has led both lenders and borrowers to increasingly utilize online mortgage platforms.

Benefits of Online Mortgages

Convenience:Online mortgages offer unparalleled convenience. No longer restricted by traditional banking hours, borrowers can apply for a mortgage at their convenience, whether it’s early morning or late at night. Additionally, the ability to submit documents electronically eliminates the need for visits to the bank or mailing paperwork. Speed: Online mortgage processes often boast faster processing times compared …

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Self-Build Mortgage

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.

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Buying your own home in Ireland

 

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 …

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Switch and Save

Avant Money estimate that over €25bn of mortgages are on an interest rate higher than they need to pay.

With the cost of living at an all time high, could a 5 minute discussion with a broker save you money in the months and years ahead. It could be the best 5 minute chat you have ever had!

Switching your Mortgage from one provider to another is simple, your Broker will do the research for you and let you know if you will SAVE money.

Some lenders are offering a cashback incentive to help cover the costs with switching, this is a great benefit and something people should look out for. It’s not always right for everyone but certainly worth speaking about.

If you are looking for a financial health check, please drop me an email today or pick up the phone for a no obligation chat –  james.curd(at)mortgagebrokers.ie or 01 633 9248.

 

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Should I switch my Mortgage?

Should I switch my Mortgage? It’s a good question that many borrowers have been asking over the last year and a question that will become a lot more frequent as we head into 2024. Many people have secured themselves a great Mortgage rate over the past 5 years and will soon be looking at what their repayments will be after the ECB rate increases over the last 2 years.

 

Rates have been driven up by the lenders in response to the ECB rises and Mortgage holders will, unfortunately, see the impact of this when their current fixed period comes to an end, which is why it is well worth having a chat with a Broker to see if there is something better for you.

 

Some lenders have fantastic cashback products that can help with many things such as the Legal costs, or the increased monthly costs you are likely to incur. Some Lenders will have lower rates than you are currently paying, why would you pay more at your current lender?

 

In summary, the answer to my …

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Repayment Capacity

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

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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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Mortgage Myths Busted

Mortgages for anyone can be confusing, especially for young people or first time home-buyers. There are several common misconceptions or myths when talking about mortgages. Here we will set the record straight and bust those mortgage myths. 

It is NOT true that you have to be an existing member of a bank to get approved for a mortgage. Mortgage applications are assessed on a case to case basis. Being established at a bank already does not affect the outcome or make you more or less likely to get approved. Existing members also do NOT get better agreements. 

Having evidence of gambling will NOT exclude you from being able to get you a mortgage. Having several transactions to online gambling websites may raise some concerns to lenders but occasional transactions will not strike your eligibility and will not be held against you. 

It is NOT impossible to get a mortgage if you’re self-employed. Many people think if you’re self employed it is challenging to get a mortgage and a home. Being self-employed does not exclude you from being approved from getting …

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