Mortgages for First Time Buyers
Cant get a mortgage approval? The Home Choice Loan caters for declined First Time Buyers. The Home Choice Loan is is currently available to First Time Buyers of new homes or new builds, subject to:
- Maximum loan amount of €285,000.00
- Income and employment qualification
- Maximum LTV (loan to value) of 92%
- Maximum term of 30 years
- Normal lending terms and conditions apply
Mortgages for Second Time Buyers
If you are a house mover you fall into the category of borrower that is most likely to secure your mortgage approval. All lenders are currently offering trade up facilities, to varying degrees. ICS Building Society is currently offering a €250.00 cash back incentive for all applications received which which drawdown by June 30th 2010. This offer which is subject to their normal lending crietria which is outlined below:
- Maximum LTV (loan to value) of 90%
- Maximum term of 30 years
- Minimum employment duration of 1 year (PAYE) and 2 years for the self employed
- Minimum property value of €250,000 in Dublin, €150,000 in Cork, Limerick and Galway and €125,000 elsewhere
- No interest only repayments are available
AIB are offering 92% LTV and 95% for specified professionals.
Mortgages for Switchers
KBC have recently launched a free switcher mortgage, the key benefits include:
- €1000.00 contribution towards legal fees
- Qualifying LTV has been rasied from 60% to 80%
- A range of interest rate options are applicable
- Debt consolidation of up to €40,000 considered
As with most switcher incentives, a clawback on the legal fee payment exists if you redeem the loan in the first five years. However, there is potential to save money by securing a lower rate, consolidating other non mortgage loans and you can also avail of some other good features such as the Saver Mortgage.
Mortgages for Investors
Property Investors have felt the brunt of the credit crisis in the past 18 months, being the category of borrower least supported by lenders.Currently only Haven Mortgages (the broker arm of EBS), ICS, AIB and KBC Bank are offering residential investment property loans. The criteria of the lenders is stringent in comparison to years gone by, it is safe to say that applications are underwritten on a case by case basis.
80% LTV can be obtained through ICS and Haven, subject to various conditions, but expect to contribute at least 30% of the purchase price yourself.
Whilst some lenders are basing their affordability assessment on interest only repayments they are also disregarding a significant proportion of the rental income.
If you have contracted to buy an investment property off plans here or abroad, talk to Home Brokers about our contract negotiation service which secured discounts of over €10,000,000 in 2009.
Mortgages for Foreign Property
In the current economic climate you may consider switching your spanish property mortgage to secure a better rate and save money on your monthly repayments.
Solbank offers a mortgage of up to 70% LTV and terms up to 30 years. The interest rate (last updated November 2009) is calcuated at a margin of just 0.50% over 12 month Euribor. Terms and Conditions apply.
For more information on mortgages email Paula or phone 01 832 3292.
Mortgage Repayments Difficulties?
If you are experiencing mortgage repayment difficulties you may find the attached document of some use. Published by the Irish Bankers Federations (IBF) in consultation with the Money Advice and Budgeting Service (MABS) the guide offers a clear four steps guide as to what you should do when mortgage repayment difficulties occur.
userfiles/IBF Consumer Guide - Mortgage Repayment Difficulties.pdf
For free, confidential support in dealing with repayment difficulties contact Peter at peter@homebrokers.ie or call 0818 333 602.
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WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
WARNING: THIS LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM.
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Weston and Wellington Ltd t/a Home Brokers is regulated by the Financial Regulator. Whilst we have made every effort to ensure that information contained herein is free from error, we do not warrant the accuracy, adequacy or completeness of same. All information is subject to change without notice. Weston and Wellington Ltd t/a Home Brokers is not liable for any losses, damages, liabilities, claims and expenses whatsoever arising out of the use of the material contained herein.
