Mortgages.ie - Mortgages and Mortgage Protection Insurance

Mortgages.ie have a large range of innovative calculators developed specifically for the Irish mortgage market.
Mortgages calculators »

Mortgage repayment calculator
This is an extremely useful tool when comparing mortgages. Special features include the ability to compare mortgages true costs by analysing the real rates over the life of a mortgage unlike conventional calculators which only look at opening rates.

Switch and save calculator
Our switch and save calculator calculates the benefit of simply switching to the cheapest lender available. It is quite amazing the savings that one can make over the life of a mortgage through switching.

Deposits

Deposits are not strictly a cost but when you are adding up what money you need to buy a house, your deposit will be the biggest element of this requirement.

First time buyers can get approval up to 90% and if availing of the help to buy scheme can effectively get up to 95% when taking the 5% grant into account.

Savings are a key part of the mortgage process. Some banks currently place less reliance on savings than in the past, but the discipline of saving cannot be underestimated and will stand to you when assessing your max mortgage amount.

A steady savings record helps an application. Banks may require evidence of the deposit as part of the loan underwriting process. Gifts from parents very often form a part of the deposit.

Stamp Duty Rates – see our stamp duty calculator

Legal Fees – see our legal fees calculator

Surveyor Fees

We would highly recommend that you arrange a structural survey of the property whether it is new or second hand.

A qualified surveyor can check the property for any structural problems or advise you on any matters that may involve significant outlay e.g. dry-rot, subsidence, dampness etc.

Banks may not require a structural survey, but this should not deter you from arranging one with a reliable surveyor.

Valuation Fees

Before a lender will issue a formal offer letter in respect of a property, they require an independent valuation from a qualified valuer. We will arrange this for you. Typical Cost €180.

Mortgage Protection and Life Insurance

Lenders require mortgage holders to take out a life insurance policy. This policy provides for the repayment in full of the mortgage in the event of death of one of the mortgage holders. You do not have to take out this insurance through your lender. Our Life Insurance and Mortgage Protection service will always save you money in this area. Mortgages.ie act as an intermediary for 5 of Ireland's leading Life Companies.

For a mortgage protection or life insurance quote please use our mortgage protection calculator.

Home Insurance

The lender will also require that you take out a building insurance policy on your house and that the interest of the lender be noted on the policy. We can advise on which provider will offer the best value.

One decision which needs to be made is whether to choose a variable or fixed rate mortgage.

There are several factors to consider in making your choice. Future interest rates are uncertain and fixing interest rates should be considered in the following circumstances:

• Where mortgage repayments represent a major portion of net income
• Where mortgage levels are large
• Where there are general feelings that interest rates will rise
• Where rates are historically low
• Whether you like certainty
• Most lenders offer products, which allow you split your mortgage into fixed and variable elements. It is important to bear in mind that breaking a fixed rate contract may involve penalties.

Compare mortgages using our mortgage calculator.

Mortgage Approval generally takes 5-10 working days to arrange mortgage approval. This timeline is subject to all the standard information being provided in advance of our approach to lenders. If all the information that we request is not provided we will not be able to arrange approval in this timeline.

If you are buying a second-hand property you will need to have a deposit of 10% of the purchase price. This is generally sourced through savings but if you are lucky enough to receive a gift then that can be included.

If you are a first-time buyer and purchasing a new property a 10% deposit is also required. This can be sourced in part from the help to buy scheme, subject to certain limits. The amount that you can claim is the lesser of €30,000 or 10% of the purchase price.

The first home scheme also offers help to first time buyers. This is a shared equity scheme whereby the scheme holds a share of the property. The amount available is up to 30% of the purchase price or 20% if you are using the help to buy grant.

You may also wish to look at your borrowing limit using our how much can I borrow calculator.

Researching the market to provide choice!

Mortgages.ie acts as an impartial advisor in regard to the mortgage products available from Ireland's major mortgage lenders.

Our recommendations are based on an assessment of the suitability of a mortgage product to meet your unique requirements.

Our focus is on the long term value of the mortgage product.

Our website reflects our commitment to bringing you all the latest news and information on the Irish Mortgage market to assist you in making an informed decision on the range of mortgages available in Ireland.

Experience

Mortgages.ie is part of the Finance Company of Ireland Ltd.

The group was established in 1994 and has gained a strong reputation in both business and consumer finance. Our product range includes mortgages and insurance.

Our management team is headed by Shane Lavin. Shane is a fellow of the Institute of Chartered Accountants in Ireland and has over 40 years’ experience in Finance and Banking.

Service

We pride ourselves on providing a highly professional service.

1. Each application is allocated to an experienced mortgage consultant.
2. Your dedicated consultant and your appointed administration support consultant will be available to you from start to finish.
3. We provide fast decisions and deal promptly with all relevant matters.
4. We strive to build long lasting relationships founded on our customers satisfaction with the service levels and products we provide.