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Why should I use the bonkers.ie mortgage calculator?

Buying a home is one of the biggest and most important financial decisions you’ll ever make! And your mortgage repayments are likely to be your largest monthly expense for years. With that in mind, it’s very important to make sure you choose the right bank with which to draw down your loan. That's where we come in.

With our mortgage calculator, you can compare rates and sign-up incentives from all of Ireland's leading banks and see what each will cost you over the lifetime of your loan. The entire process is also free and you can rest assured that our mortgage comparison service is comprehensive, impartial and independent.

How to get a mortgage in Ireland?

To qualify for a mortgage in Ireland you need to meet certain criteria. In general these are:

  • you need to have a secure source of income that can sustain a mortgage; typically, the income for a single applicant mortgage is €35,000 and €60,000 for a joint application
  • you'll need to prove that you can afford your repayments, even if rates rise by 2%; you can do this by providing evidence from recent rent and savings patterns
  • you'll have to have at least a 10% cash deposit if you’re a first-time buyer and a 20% deposit if you’re a second-time or subsequent buyer
  • you'll need to have a good credit history which means well-managed finances and little to no loans or credit card debt

How much can I borrow?

The Central Bank of Ireland's mortgage lending rules state that a prospective home buyer can borrow up to 3.5 times their annual income.

That means for instance, if you earn a basic salary of €50,000 a year, you can borrow a maximum of €175,000. If you’re buying with a partner who earns €40,000, that amount rises to €315,000.

Can I move my mortgage to another bank?

Yes you can, providing you meet certain criteria. You must consider factors such as:

  • the outstanding balance on your mortgage. If you’re coming to the end of your mortgage and you only have a small outstanding balance you might have difficulties switching; the average minimum new mortgage accepted by Irish banks for someone switching is around €30,000
  • you must have been making payments on the mortgage over the last 12 months
  • each bank has its own set of criteria, and if your financial circumstances have changed since you qualified for your initial mortgage, you may have problems switching
  • if you have a fixed rate contract with the current lender, you may be charged penalty fees for switching
  • you must have a good credit rating; an Irish Credit Bureau check will be carried out by the institution you are trying to switch to and if you've taken out loans or used credit cards and had difficulties repaying these, you may have problems switching to a new lender
  • you cannot switch if you are in negative equity.

What are the repayments on a 200K mortgage?

The repayments on a €200,000 mortgage depend on your bank's interest rate and the term of the mortgage. For example, a €200,000 mortgage with a rate of 3.10% over a 30-year term will require monthly repayments of €854. With our mortgage calculator, you can see what your monthly repayments will be with each bank.

How is mortgage interest calculated?

Ireland’s leading banks calculate the interest rates they charge based on a number of factors, including the European Central Bank’s interest rate, competition in the the marketplace and the percentage of a property’s value a borrower is seeking in the form of a loan. In the case of tracker mortgages, rates track the ECB main interest rate.

Who has the lowest mortgage rates?

Different banks offer different rates based on a prospective borrower’s loan-to-value ratio and therefore, there isn’t one answer to this question.

The best way to find out which bank has the lowest mortgage rates for your individual circumstances is to compare your options with our Mortgage Calculator.

It is important to note that the right choice for you may not necessarily be the bank that is offering the lowest rate. It is worth considering whether a fixed or a variable rate is preferable for you and what type of sign-up incentive each lender is offering.

How much deposit is needed for a mortgage?

There has been much debate in the last few years over how much prospective property buyers should be obliged to provide upfront in the form of a deposit for a mortgage.

As of January 1st 2017, first-time buyers are allowed a 90% loan-to-value limit, meaning that they are required to provide a deposit of 10% up front for any property.

This percentage goes up to 20% for second-time and subsequent buyers.

How much mortgage loan can I afford?

In order to prevent consumers from borrowing more than they can afford to repay, the Central Bank of Ireland imposes a loan-to-income cap on all borrowers.

The Central Bank’s mortgage lending rules state that you can borrow up to 3.5 times your annual income. In most cases, bonuses and commission payments aren’t considered income by lenders when calculating the amount of money you can borrow.

If you earn a basic salary of €50,000 a year, you can borrow a maximum of €175,000. If you’re buying with a partner who earns €40,000, that amount rises to €315,000.

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