Many mortgage holders are eligible to switch mortgages and could save significant sums of money by doing so. To qualify to switch mortgages, you must consider the following:
If you are eligible to switch mortgages, you can see how much you would save by by comparing your switching options with our mortgage calculator.
It is vital to compare your options before deciding to take out a mortgage. Taking the time to do so could save you tens of thousands of euro over the lifetime of your loan.
Thankfully, it is very easy to compare mortgage lenders with our Mortgage Calculator. Simply enter the amount of money you would like to borrow, the value of the property you are purchasing, the term of your loan and whether you would like a fixed or variable rate and you'll be shown a list of all of your options.
The Central Bank of Ireland's mortgage lending rules impose a cap on the amount of money a bank is permitted to lend.
Currently, Ireland's banks are allowed to lend up to 3.5 times a borrower's annual income. In the case of two people buying a home together, the bank can lend 3.5 times their two incomes combined.
Lenders are permitted to exceed the the 3.5 loan-to-income cap for 20% of the total value of lending in a calendar year.
Lenders examine bank statements to get an understanding of a borrower's repayment capacity. In other words, they want to know that you going to be able to meet your monthly repayments. There are a number of elements that a provider will look for in your bank statement. You'll be asked to produce six months of bank and credit card statements and these need to tell the right kind of story about your spending habits.
With so many banks now offering cashback on their mortgages, it's no surprise that customers and especially first time buyers, are being tempted by these often sizeable lump sums of cash.
The question to consider before diving in is do these offers represent the best value over the long term?
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