How many mortgage lenders are there in Ireland?
There are 9 mortgage lenders available in Ireland. These include AIB, Bank of Ireland, EBS, Haven, KBC, Mortgage Store, Pepper Money, permanent tsb, and Ulster Bank.
Can I switch mortgage providers?
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 the outstanding amount left on your loan is under €30,000, a new lender is unlikely to allow you to switch
- you must qualify for your new mortgage, just as you did for your initial one; if you financial circumstances have changed since your first mortgage approval, you may be unable to switch
- you must have a good credit rating
- you must not be in negative equity
- if you have a fixed rate contract with the current lender, you may be charged penalty fees for switching
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.
How to compare mortgage lenders?
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.
Which mortgage lenders will lend the most?
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.
Lender are permitted to exceed the the 3.5 loan-to-income cap for 20% of the total value of lending in a calendar year.
What do mortgage providers look for in a bank statement?
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.
- you’ll need to prove that you are a sensible spender; banks will not look kindly on risky expenses like payments to gambling sites or hefty unpaid credit card bills
- your statements should also prove that you save or pay rent regularly; make sure that rent and savings payments are clearly outlined in your statements
Should I choose a mortgage that offers cashback?
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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