Mortgages
Whether you’re a first-time buyer, looking to switch your mortgage, shopping for a buy-to-let property or just want to know what you would be able to borrow before you go looking at properties, we can find the best mortgage for you. If you are just starting out and wish to know how much of a mortgage you would get we can apply for an Approval in Principle which allows you shop with the confidence that you know how much you can spend.
Mortgages
Whether you’re a first-time buyer, looking to switch your mortgage, shopping for a buy-to-let property or just want to know what you would be able to borrow before you go looking at properties, we can find the best mortgage for you. If you are just starting out and wish to know how much of a mortgage you would get we can apply for an Approval in Principle which allows you shop with the confidence that you know how much you can spend.
We are here to make your mortgage experience hassle-free.
First Time Buyers
A first time buyer is someone who has never bought a property in his or her own name before. If a couple are applying together then neither of them can have previously bought a property in order to qualify for first time buyer status.
The following terms and conditions apply to first time buyers as specified by the Central Bank of Ireland:
First Time Buyers
A first time buyer is someone who has never bought a property in his or her own name before. If a couple are applying together then neither of them can have previously bought a property in order to qualify for first time buyer status.
The following terms and conditions apply to first time buyers as specified by the Central Bank of Ireland:
Example: a property costing €200,000 requires a deposit of €20,000 and you can get a mortgage of €180,000.
Example; If the mortgage repayments are €1000 per month, you must show that you have the capacity to pay this amount back on a monthly basis through your current rent or savings.
Getting approval in principle means that you have the option of drawing your mortgage when you find a specific property or build your home. It is like being given permission to go house shopping or to start planning your new build. This is why we recommend you apply for the maximum amount you qualify for. You only borrow what you need to purchase or build the property. In fact you don’t have to draw down your mortgage at all if you don’t want to. Your application will become obsolete after 6 months and you will have to reapply.
What is the Help to Buy Incentive?
This is a government incentive scheme for first-time property buyers. It will help you with the deposit you need to buy or build a new house or apartment. You must buy or build the property to live in as your home.
How much is this incentive?
The maximum HTB refund is calculated at the lesser of:How do I apply for this incentive?
To draw the funds down you must have;The Rebuilding Ireland Home Loan is a new Government backed mortgage for first time buyers. It is now available nationwide from all local authorities. The main benefit of such a scheme is that your mortgage repayments will be significantly smaller as the interest rate on the mortgage is much lower. If you have a poor credit rating and have been declined for a mortgage on numerous times before you can still qualify for this scheme.
First Time Buyer Resources
Second Time Buyers
1. If you are buying your second home/trading up, some different rules apply;
No matter what type of mortgage you are looking for, we can help you get the best mortgage rates!
If you already have a mortgage and providing that you meet certain criteria, it is possible to switch banks to save money and get a better deal on your mortgage.
The following criteria need to be met:
Benefits of Switching your mortgage to another bank:
Second Time Buyers
1.If you are buying your second home/trading up, some different rules apply;
No matter what type of mortgage you are looking for, we can help you get the best mortgage rates!
If you already have a mortgage and providing that you meet certain criteria, it is possible to switch banks to save money and get a better deal on your mortgage.
The following criteria need to be met:
Benefits of Switching your mortgage to another bank:
Residential Investment Mortgage – Buying a property to rent out to tenants:
This is where an individual(s) is looking for a mortgage to buy a property and rent it out to tenants in order to generate an income from the asset.
The maximum loan you can get is 70% of the purchase price of the property.
A 30% deposit is required in most cases. This does not include stamp duty, solicitor and other related fees and charges.
There are 3 ways in which you can obtain one of these mortgages:
1. Using the Personal Finance option
2. Using a Special Purpose Vehicle (SPV) option
3. Using a pension fund
These types of mortgages are quiet complicated and difficult to explain. If you would like more detail on this topic it is advisable to either conduct a conference call or set up a meeting with one of our experienced advisors
Residential Investment Mortgage – Buying a property to rent out to tenants:
This is where an individual(s) is looking for a mortgage to buy a property and rent it out to tenants in order to generate an income from the asset.
The maximum loan you can get is 70% of the purchase price of the property.
A 30% deposit is required in most cases. This does not include stamp duty, solicitor and other related fees and charges.
There are 3 ways in which you can obtain one of these mortgages:
1. Using the Personal Finance option
2. Using a Special Purpose Vehicle (SPV) option
3. Using a pension fund
These types of mortgages are quiet complicated and difficult to explain. If you would like more detail on this topic it is advisable to either conduct a conference call or set up a meeting with one of our experienced advisors
Whether you are:
We can help you get the best mortgage rates!
If you already have a mortgage and are looking to switch your existing mortgage for a reduced interest rate or fix your interest with the best fixed rate available, we can help. We can also help you avail of the best cash back options available. These promotional options are changing on a monthly basis by all the providers, so we will ensure that you are kept up to date with the best ones.
Previous Credit rating issues?
If you have had trouble getting mortgage approval in the past due your credit history, mortgage brokers like ourselves are your best bet at getting a mortgage because we can apply on your behalf to some alternative lenders that may accept your application when banks and other institutions turn you down.
If you have a number of outstanding loans and would like to consolidate them into your mortgage, this is now possible. You can reduce your monthly repayments with one loan and one direct debit while simultaneously reducing your overall monthly loan repayments.
This type of Mortgage is relatively new and at present is not offered by banks. It is only offered by alternative lenders such as Finance Ireland.
For more information on Loan consolidation mortgages Contact Us
If you have a house that is in positive equity, you may be able to re-mortgage your house and generate cash for yourself to use on the following;
1. Getting a deposit for another property
2. Funds required for Education purposes of your children
3. House improvements or renovations
This type of mortgage is relatively new and at present is not offered by banks. It is only offered by alternative lenders such as Finance Ireland.
For more information on Equity release mortgages Contact Us
This is where an individual(s) is looking for a mortgage to buy a property and rent it out to tenants in order to generate an income from the asset.
If you would like to find out more about Mortgages and how we can help you secure one, please contact us on:
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© 2020 Money Maximiser | Money Maximising Advisors Limited is regulated by the Central Bank of Ireland - C154250 | Privacy Policy