Mortgages

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?

Lenders use different ways to work out the amount of money they will lend you for a mortgage, and they have to follow certain Central Bank rules when doing this. Some will lend you a multiple of your annual income. …


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

To see if you are eligible to switch you need to think about: Your Loan-to-Value (LTV) ratio, which is how much you owe on your mortgage in relation to how much your house is worth. Lenders will look at your loan …


Mortgage fees and charges

Aside from your mortgage, there are a number of other costs involved in buying a home. But you can avoid or reduce them, if you are prepared to shop around. Administration fee – Some lenders charge this fee to cover additional …


Mortgage interest relief

You are entitled to claim tax relief on the interest you pay on your home mortgage over a given tax year, provided you took out your mortgage prior to December 2012. A tax year means the period from 1 January …


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.


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.


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