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 of a mortgage can you get?

When giving you a mortgage, lenders use different criteria to decide how much they are willing to lend you and they must follow specific Central Bank of Ireland rules when doing this. The Central Bank of Ireland’s rules apply limits …

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. Since 1 January 2019, the Central Bank of Ireland has put new measures in place to make it easier to switch your mortgage. …

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 …

Mortgage interest relief

Mortgage interest relief was a tax relief that was in operation until the end of 2020. Homeowners could claim tax relief on the interest paid on a qualifying mortgage loan in a given tax year. The mortgage had to have …

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.

Equity release

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.

Mortgage arrears

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.

Rebuilding Ireland Home Loan

From 1 February 2018, new Government-backed mortgages called Rebuilding Ireland Home Loans are available to first-time buyers.  They are available through local authorities nationwide and can be used to buy new or second-hand properties, or to build your own home. The …

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 28 June 2021

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