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.
To qualify for a mortgage in Ireland you need to meet certain criteria. In general these are:
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.
Yes you can, providing you meet certain criteria. You must consider factors such as:
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.
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.
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.
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.
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.Mortgage Calculator
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