Permanent TSB announced they will be restricting their mortgage lending even further. The following restrictions are effective immediately:

1. Mortgage Applications which are outside nets on the loan amount requested will be declined. Previously if a mortgage application was a little outside policy, Permanent TSB was open to negotiation if the application was strong e.g. good savings, in strong employment etc.

2. Remortgage applicants will no longer be able to refinance short term debt if applying to Permanent TSB. Any short term debt will be considered as an outgoing hence reducing the amount you can borrow. Along with that the maximum loan to value for Remortgage applications will be restricted to 75% loan to value.

With Mortgage lenders polices changing all the time it is important to speak to an Independent Mortgage Broker when applying for your Mortgage. Our experienced advisors give jargon free advice comparing all the options available to you, through 16 lenders. Choosing the right Mortgage could save you thousands over the term!

We have had many calls from people enquiring about their Remortgage options available in the current market. We have also had people wondering “Are Mortgage lenders issuing approvals at all?”

There have been major restrictions in Mortgage lending in Ireland over the past year.  The frustrating thing about it for us and for some of our clients affected is that when lenders changed their polices, they gave no lead in time which resulted in a lot of people who had mortgage approval to be left stranded, some of which were at advanced stages of their mortgage loan application.

Good news is that in recent months Mortgage lending in Ireland has stabilized. We have prepared a brief synopsis of  what is available for Remortgages in Ireland, I hope you find it helpful. This synopsis considers the following Mortgage lenders – AIB, KBC Homeloans, First Active, Haven Mortgages, Permanet TSB, Bank of Scotland, ICS Building Society & Leeds Building Society.

- Mortgage lending ranges from 50 – 92% of the value of your home.
- A max term ranges is between 30 – 40 years
- Interest only option is available with some of the lenders. The interest only period  ranges from 1 - 10 years
- You can consolidate your short term debt into your new mortgage, some lenders are restricting the amount you can refinance.
- Variable rates as low as 3.25% is available and a two year fixed rate of just 2.8%

If you would like to find out more about your remortgage loan options, call us now at Mortgage Loans or fill in the form on the right hand side of this page to receive a call back.