What Should I do First - Find a New Home or Find a Mortgage?

You are better off to find out exactly what size of mortgage you are eligible for before deciding on a property. This will establish the budget you have to spend on a new house, how much the monthly repayments will be, and if there are any other costs involved. Once you have mortgage approval, then you are in a strong position to go house hunting. 

Which Mortgage is Right for Me?

Finding the right mortgage for you is determined by your individual circumstances. Different lenders offer different options to customers, with some lenders offering different products and interest rates. That is why it is in your interests to use a mortgage broker, as they can talk you guide you through the mortgage process, offering advice and guidance where necessary, to ensure that you find the right mortgage for you.

What is Loan Approval?

Loan Approval is an initial approval from the bank informing you that you have qualified for a mortgage of a certain amount. All loan approvals will have conditions attached to them that will be relayed to you by your broker. Once all the conditions of the loan approval are satisfied a loan offer will be issued. The loan offer will be sent to your solicitor and to yourself, and a cheque will issue when all conditions of the loan cheque are issued.

What Documentation Do I Need?

Mortgage lenders demand alot of information so please bring along the following documentation to your first mortgage meeting. This will speed up the entire mortgage process.

• Passport
• Proof of Address (original utility bill x 2)
• Bank Statements (last 6 months)
• Payslips (last 3 months)
• Loan Account Statements (if applicable)
• Evidence of Savings

Should I go Fixed or Variable?

This is a question that can be answered by what you want. Fixed rates are fixed, and while a little higher than variable rates, you know exactly what your costs will be for the term of the mortgage. They give you peace of mind – so if variable rates rise, you know that you have an agreed fixed rate that will not change for the agreed term.

What Additional Costs are Involved in Buying a House?

There are a number of additional costs involved in buying your first house and they can be listed as follows:

• Valuation Fees - usually about €127 for initial valuation and another €75 for final valuation (required on new properties).
• Solicitor Fees - these will range from €1,200 - €1,600 depending on the solicitor.
• Life Cover - this is compulsory for all private dwelling homes, with simple life cover starting from about .25% of the value of the property per annum. It must be pointed out that all life cover is dependant on a variety of circumstances that include the borrowers medical history, age, and smoking status.
• House Insurance - this is necessary for all home purchases to cover fire and theft, and will

If you are a First Time Buyer, or your purchase is a new property under 125 sq mtrs you don't have to pay stamp duty on you’re your purchase. Otherwise you, you will be liable to pay stamp duty on the purchase price of the property. The following table outlines the stamp duty payable for both owner occupiers and investors:

What is Mortgage Interest Relief?

Mortgage Interest Relief is a deduction from your mortgage repayments, directly related to the mortgage interest paid on a mortgage for your primary residence. The mortgage tax relief is paid directly by your lender through a deduction from your mortgage repayments, and is dependent on the status of the individual. The following table outlines the status of the individual and the rates applicable to each instance.

Mortgage Interest Relief Rates 

Should I Remortgage my Car Loan or Credit Card?

We understand that from time to time, your monthly commitments such as credit cards, car loans, or personal loans can stretch your monthly finances. Refinancing these commitments by increasing your mortgage will save you money, by applying a lower interest rate on these borrowings, but we would recommend that you keep paying these loans off over the same period as the original borrowing, to make real savings. 

Will I have Access to all the Mortgage Lenders in the Market?