How to Buy an Apartment Building in Ireland

 

It s often very hard to comprehend how best to invest in apartment buildings. However, a good understanding of the 4 steps below will see to it that the entire process becomes more easy and successful. 

Be sure that you owning an apartment building is the right thing for you

Regardless of whether you are a novice in real estate or have already built up a portfolio, the most crucial question to explore is whether owning an apartment building is the right thing for you. There are many things to consider and these include time and cost. The costs associated with an apartment building include ongoing cash flow matrix and of course, the initial capital requirement. An apartment building requires a lot more management and involvement, like addressing issue to do with management, leasing paperwork, and dealing with the turnover of tenants. Prior to owning an apartment building, ensure that your finances and schedule are set up to cope with the change. 

Try to figure out the type of apartment building you want to buy

Apartments come in all …

Read More

The Advantages of Applying for Mortgage Online in Ireland

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 …

Read More

What Documents do you Need to Make a Mortgage Application?

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 …

Read More

Can one person in a married couple take out a mortgage?

This is a question we regularly get, and it’s a tricky answer because it’s both ‘yes’ and ‘no’. If the property is a homeloan the answer is ‘no’, if it’s a buy to let then the answer is ‘yes’.

Perhaps you are wondering why this might be a question? Normally it’s because one of the couple have an issue that would adversely affect the mortgage application, such as a spouse who has a bad credit rating, or they might have other debts (like cars or personal loans).

Another thing that we see is the likes of Stamp 4 status or a persons legal status being an issue so in this case you might see them factored in when it comes to the running costs estimated but the lender will not factor in any of their income, this then puts very negative pressure on the application.

Can it be done? Not without committing a version of mortgage fraud. Regulated entities are required to disclose all facts to the bank when making a credit application on behalf of a customer (CP10 declaration), …

Read More

An unusual mortgage approval

That banks are lending enough is evidenced in gross lending contraction, that they simply ‘aren’t lending’ is factually incorrect.

We encounter all kinds of strange paths to homeownership with our clients and thought it might be worth showing a recent example which probably never would have made it through without a broker, branch banking typically run a mile from this type of case or don’t spot the angle.

In this instance we had a permanent worker with a child and no savings. This instantly has a few negatives, having children reduces your borrowing capacity and not having savings diminishes any hope left.

With this case in particular though, there were other aspects that swayed it. The client lived with a relative who was selling a property and moving in with a sibling, some of the profits were going to go towards helping our client make a purchase.

A gift alone normally won’t help you get a loan, you have to prove repayment capacity, some lenders will let the whole deposit come from a gift but you still …

Read More

Online Mortgage, Dublin Ireland

We are fans of technology and that is why way back in 2007 we went for a fully transparent business model which would allow our clients to track their mortgage on our system which uses the same level of security as online banking.

The current method of an online [glossary id=’6898′ slug=’mortgage’ /] application has not developed in Ireland to the extent that it could have, in part due to a collapse of lending.

We envisage that in time it will all be done online and electronically which will be good for everybody, brokers in particular as currently we end up using vast amounts of paper to replication applications to different lenders. The indexing of documents so that they can be sent securely online from one database to another is the next step.

In terms of when that will happen? Probably not for a few years yet, the systems don’t exist in banks to accept documents like this yet, a [glossary id=’6802′ slug=’broker’ /] could change easily because they have smaller less mission critical systems to work with. By that …

Read More

Mortgage providers to restrict rural lending

We were mentioned in the Irish Independent today in a story about lenders restricting mortgage credit in rural areas. They are doing this by lowering LTV’s or coming up with requirements on population size for LTV’s (Loan to Values).

Mortgage broker Karl Deeter of Irish Mortgage Brokers said lenders were now discriminating against those seeking loans to buy property in rural areas. “If you are not buying in Dublin, Cork, Limerick or Galway cities they do not want to know. This is all part of a growing trend to discriminate against properties outside of the cities,” Mr Deeter said.

Read More