Applying for a mortgage
How can you apply for a mortgage? What do you need to know? Before you start looking at properties, try to get ‘approval in principle’ for a mortgage first so you know how much you can borrow.
How much can you borrow?
There are many factors that lenders consider when deciding how much they will lend you. These include; Your income Your age If you have any dependents Other loans/debts you have Previous mortgages/other houses you own Lenders must apply Central Bank …
Types of mortgage
There are different types of mortgages and while they are not all widely available, it is good to decide what would suit you best.
Mortgage interest rates
There are three main interest rate options available: variable rate, fixed rate, split rate. When comparing the various mortgage interest rates on offer, use the annual percentage rate of charge (APRC) to compare mortgages of the same amount and term.
Switching lenders or mortgage
You could make significant savings on your mortgage if you can switch to a lower interest rate. Under Central Bank of Ireland rules, your lender must keep you informed about your switching options. They must: Tell you about cheaper options …
Mortgage fees and charges
When buying a property, or switching your mortgage, it is not just your regular mortgage repayments you need to think about. There are a number of others costs involved which you should be aware of and ask your lender about. …
Are special offers worth it?
Many mortgage lenders offer incentives to take out a mortgage with them but you need to consider if these short-term incentives are worthwhile when compared to the long-term costs of the mortgage. These incentives and offers can include: Getting a …
Refused a mortgage
There are many reasons why a lender may refuse to give you a mortgage and you can find out the reasons from them.
If you own your home and are over 55, an equity release scheme could allow you to release some of the value of your home without having to make repayments during your lifetime, move out or sell your home on the open market.
Changing your mortgage
Find out about changing your mortgage, including switching mortgages, extending the term, paying extra off your mortgage, trading up or trading down, switching from a subprime mortgage, consolidating debts, mortgage top-up and payment breaks.
Being in arrears on your mortgage means that you have missed some or all of your mortgage repayment. If you can’t meet your mortgage repayments, or you’re worried you might fall behind, you should contact your lender as soon as possible as missing a mortgage repayment could have a negative effect on your credit rating.
Local Authority Home Loan
From 4 January 2022, a new Government-backed mortgage scheme called Local Authority Home Loans are available to first-time buyers and Fresh Start applicants. This replaces the Rebuilding Ireland Home Loan. The scheme is for the purchase of new or second-hand …
Mortgage protection insurance
Mortgage protection insurance is a life insurance policy that pays off your mortgage if you or your partner die during the term of the mortgage.
Last updated on 5 January 2023