Mortgage Loans Special Offer!

To get an up to date value of your home usually costs €50 with a qualified valuer. We will refund this fee to any client who switches their mortgage protection / life cover and buildings to Mortgage Loans

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If this rate does come into effect the average mortgage is expected to drop by €80 per month. It will be interesting to see if all mortgage lenders will pass on the full amount to their customer. At the start of this month First Active and Ulster Bank pass on only 0.25% of the 0.5% drop. If this happens again, we advise shopping around and remortgage with a different lender.

With the low rates and developers jumping through hoops for buyers, offering cars, a year of your mortgage paid and more, First Time Buyers are beginning to show interest once again.

- It is for First Time Buyers and Home Mover mortgages only
- Minimum loan amount is €200,000
- Normal lending criteria applies
- Discounted standard variable rate only
- Available for all closed business by 30th June, 2009 �
- The €1,000 will be clawed back if the mortgage is redeemed within five years

KBC Homeloans have also reduced their fixed rate mortgage rates. They now offer:

- 2 year fixed rate 3.29%
- 3 year fixed rate 3.69%

Mortgage Lending in KBC is still restricted to 80% loan to value. Raising 20% towards the purchase of your first home is a “big ask” for any first time buyer. (E.g. €300,000 purchase price requires €60,000 deposit from applicant).

Along with that, when considering these types of incentives, it is important to assess the different interest rates available to you. The €1,000 sounds great! But, if you are on a higher rate than what’s available through other lenders, you could pay thousands more in interest throughout the term of your term of your Mortgage. This product is not available for remortgages.

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!

Seniors Money solves that by offering to lend 15% of the value of your home at age 60 or a maximum of 90% at the age to a maximum 45% at the age of 90. The interest rate is currently 5.65% p.a. There is a set up fee of €1,500 applied to all loans by seniors money which covers the valuation, independent legal advice etc.

The reality is people aged 60 plus who want to release equity in their homes are very restricted when applying for a mortgage due to a maximum age limits set by lenders, which is usually 70 for a PAYE worker and 75 for a self employed person. Many people live Mortgage free with a government pension as their sole income, in cases like this, in our opinion Seniors Money is a good option. It is an alternative pension option for those who didnt invest in a pension whilst younger. We advised the money released be used as a regular income to make the golden years just that.

Permanent TSB, KBC Homeloans, EBS, Irish Nationwide and Halifax and Bank of Scotland (Ireland) said the full half a percentage rate reduction would be passed on to customers with variable and tracker rate mortgages.
Bank of Ireland and ICS Building Society also confirmed this afternoon that they will pass on the full ECB rate decrease across their tracker and standard variable rate mortgage products, for new and existing owner-occupier customers.

National Irish bank confirmed it won’t be passing on the rate cut to its variable rate holders and both Ulster Bank and First Active confirmed they will pass on just 0.25%. For Mortgage holder with these lenders we advise switching to a more competitive lender. A quarter percent difference over the term of your mortgage could result in thousands of additional interest being paid.

- You must either be purchasing a new property or building a home
- You must have proof that you were refused finance with two mortgage lenders
- Minimum income for a single applicant is €40,000 per annum, €50,000 for a joint application
- Be in permanent employment for two years, if self employed two years accounts must be provided.

If you do meet the above criteria, Home Choice Loan is offering:

- 92% finance, subject to a maximum loan of €285,000
- A variable rate of 3.92%, APR 3.99
- A term of up to 30 years

I think restricting the product to new homes is unfair. Whilst I understand the Governments eagerness to help the floundering developers, I think it would be good to give first time buyers choice of their home, rather than restricting it.

We are now fully authorized to offer Home Choice Loan Mortgages. If you do have any questions on it, contact us and ask for Brendan.

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.

ICS also currently offer up to 92% of the purchase price and have a one year fixed rate of just 2.55% for First Time Buyer Customers who Drawdown before the 30th of June 2009.

Bank of Ireland announced on the 16th of February 2009 that it has put in place a fund of €1 billion for its First Time Buyer Customers. This is available across the bank of Ireland group, including ICS Building Society.

In recent months we have seen a significant rise in First Time Buyer enquiries and applications. This added incentive is an attractive offer and is a natural choice for First Time Buyers as it will ease the associated costs with the purchase of your first home.