Mortgages

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How do I start the process of obtaining a mortgage?

The biggest piece of advice, talk to someone to knows

Talk to us today. We can guide you along the road of securing the most suitable mortgage for you. “I just want to talk to someone” this is the most common phrase we hear when clients call us with a mortgage query.

We are more than happy to meet you in the office or online whatever is most suitable to your needs. This is most likely the biggest spend you will have in your life it is worth taking the time to meet and talk to someone about what exactly it is you are looking for.

By discussing your requirements with a Financial Broker like Moore Financial Consultants we can offer you the best of what is available in the market. Your mortgage is unique to you and no two people will have the same set of circumstances so talk to someone who will listen to you and understand what you are looking for.

Why would I need to use a Mortgage Broker?

There are a number of decisions you will need to make when applying for and obtaining a mortgage:

  • How much should I borrow?
  • Which lender should I borrow from?
  • How long should I borrow for?
  • Should I request a fixed or variable rate mortgage?
  • Which type of mortgage protection cover is best suited to my needs?

We will help you through the process of applying for a mortgage.

We will be able to explain the choices available to you in simple language, allowing you to make an informed decision. We will guide you on the decisions you need to make, based on your personal and financial circumstances.

Ultimately, as your Mortgage Broker we will ensure that you choose the best mortgage to suit your needs and circumstances. Rate is hugely important but it is not the only driver in choosing a mortgage provider. Ability to overpay, payment breaks and the amount they will allow you to borrow are all factors in your decision as to what provider to go with.

Mortgage Checklist

What documents do you need to apply?
Regardless of your mortgage provider, you’ll need the following documentation:

  • Current account bank statements for the last 6 months.
  • Savings account statements for the last 6 months.
  • Proof of your income: your latest P60/ Employee Benefit Statement
  • 3 recent payslips.
  • 6 months credit card statements.
  • Proof of rent paid to the landlord (if applicable). Rent book not sufficient.
  • Details of any loans, amount, rate and repayment (if applicable).
  • Salary cert stamped by an employer.
  • Self-employed 3 years certified accounts.
  • Photo ID: such as a valid passport or driving license.
  • Proof of your current address: such as a household bill in your name.
  • Fully completed application form.
How do mortgages work?

How do mortgages work?

A mortgage is a loan that a bank lends to you to help you buy a property. The amount of mortgage you then take out will be a percentage of the purchase price – this is called a loan-to-value or LTV. The amount you get approved for will depend on how much you are earning and how much you have proven you can save as well as some other factors such as existing debt and dependents.

How do you get a mortgage?

How do you get a mortgage?

You can apply for a mortgage through a bank or in some cases a credit union. Before you go talk to anyone you will need a few documents to hand, including proof of identity, utility bills and bank statements and proof of income. When you apply you’ll be asked a series of questions about yourself and your finances, so your lender can calculate what kind of mortgage you’ll be able to afford. As a broker we will then discuss with you which bank is going to best suit your needs.

How much mortgage can you afford?

How much mortgage can you afford?

The amount of mortgage you can afford is based on your yearly income and any financial commitments you already have.

You can find out how much you could borrow with our Apply online tool. Simply enter your yearly income and other financial commitments you have and we’ll do the rest.

Whether a lender will let you borrow this amount though will also depend on your credit history, deposit amount, mortgage term and the number of dependents you have relying on your income.

What are mortgage interest rates?

What are mortgage interest rates?

Mortgage rates are the rate of interest charged on a mortgage. They are determined by the lender in most cases, and can be either fixed, where they remain the same for the term of the mortgage, or variable, where they fluctuate with a benchmark interest rate. Before you compare mortgage rates, you first need to understand the different types and how they work. We will sit down and discuss your situation and what is right for you.

What is an approval in principle?

What is an approval in principle?

An Approval In Principle is confirmation of how much a bank would be prepared to lend you in theory – based on the information you’ve given them – and this can help show that you’re ready to buy when it comes to making an offer on a place. It’s important to remember though that an approval in principle is not a guarantee that a lender will let you borrow that much, and they can still decide not to lend to you when you come to make a full mortgage application.

This is because a full mortgage application also looks at your full credit history and financial situation. An approval in principal will often have conditions attached to it which have to be met before a mortgage can be approved.

What is a Letter of offer

What is a Letter of offer

A letter of offer is a legal document that a lending institution will send to both you the client and a copy to your solicitor. Is sets out the terms and conditions of your loan. It should be read very carefully to ensure you are fully aware of all the conditions of your new mortgage.

Is switching mortgage a good idea?

Is switching mortgage a good idea?

Ideally you should keep a regular eye out for better mortgage deals. New ones are coming on to the market all the time and if you’re not locked in to a fixed or discount rate deal with an early repayment charge, it could be worth your while changing lenders at any time.

Are special offers worth it?

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 percentage of the mortgage value back in cash either when you take out the mortgage or after a number of years, or both
  • A set amount of cash
  • Money towards legal or valuation fees
  • A discounted rate for having another product with them i.e. a current account

Cashback offers can seem like a great deal, especially if you are moving house and have additional expenses, but they need to be weighed up against the long-term cost. The interest rate should be your main consideration as this is what will determine the overall cost of credit.

What happens to your mortgage when you move house?

What happens to your mortgage when you move house?

Many mortgages are portable, so in theory you can take your existing deal with you when you move. However, it’s unlikely that the mortgage on your new house will be identical to the one on your existing home.

Unless you’re downsizing, you’ll probably need to borrow an additional amount. This is possible, but it is likely to be at a different rate than you’re paying on the existing mortgage so it all gets a bit more complicated. It’s simpler if the fixed or introductory term has ended and you’re out of the penalty period when you come to move.

You’ll also need to go through the same affordability and credit checks you went through to get your current mortgage deal to make sure you could afford to borrow more. There will also be some mortgage fees you’ll need to pay when moving house, including a property valuation, legal fees and stamp duty.

Fixed rate mortgages

Fixed rate mortgages

Fixed rate mortgages have an interest rate that stays the same for a set period. This is generally between two and five years, although it is possible to get a fixed term of up to 10 years or more. Your repayments are the same every month, so you’re protected from rises in interest rates. Most will charge you a penalty – known as an early repayment charge (ERC) – if you choose to leave the deal before the end of the fixed term.

Variable rate mortgages

Variable rate mortgages

Interest rates adjust periodically with a variable rate mortgage, which means repayments may change throughout the loan term. For standard variable rate (SVR) mortgages, each lender has an SVR that they can move when they like. This often roughly follows the European Central Bank (ECB) base rate movements.

Consider the fees

Consider the fees

Our Fees: Your first consultation is free. If we think that you are mortgage ready then we charge €500. €250 to make a mortgage application to the chosen lender and €250 upon a mortgage in principle.

Legal Fees: You must use a solicitor to carry out conveyancing work when purchasing a property. Conveyancing is the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. You should discuss with your solicitor how much they will charge for (a) their professional services and (b) the other ancillary costs in the conveyance.

Valuation: All lenders require that a valuation is carried out on the property prior to granting a mortgage. In most cases the valuation is instructed by the lender but is paid by the borrower.

Mortgage Protection Insurance: If you have a mortgage on your family home, you are legally required (with some exceptions) to have life insurance cover to pay off the mortgage should you die before the end of the mortgage term. This is called mortgage protection cover.

Credit history

Credit history

If you are worried about your credit history you can get a credit report from the Irish credit bureau at www.icb.ie.

Save a deposit

Save a deposit

The more money you can save as a deposit, the less you’ll need to borrow as a mortgage loan – and having a bigger deposit can help you get access to more competitive mortgage rates.

All borrowers will be required to put a deposit towards the cost of the property. This will not be less than 10% for First Time Buyers and 20% for Non-FTBs (unless an exemption is granted).

Guides and Brochures

You can download our guide to mortgages here

Mortgage Guides

Mortgage Guides

> Guide to Mortgages

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    Warning: If you do not keep up your repayments you may lose your home.

    Warning: The cost of your monthly repayments may increase.

    Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

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