There are examples in recent months of customers availing of all of the above and each bank has different criteria to the above.
Trading up or moving home
- Want to sell your home and buy a new home?
- Want to buy a new home but would like to keep your curent home and rent it out?
- Have the required 20% deposit but would like to secure a mortgage with a lower deposit (min 10%) and hence secure a loan to value exception?
- Want to apply for an exception to the 3.5 times income multiple rule?
- Have an income that includes variable pay i.e. overtimes, bonus, RSUs which you would like the bank to take into consideration in assessment?
- Which bank will give me the most money i.e. which banks take account of commissions and overtime?
- Who will give the most to the self-employed? Which bank will add back items from your accounts, such as depreciation, to increase your salary?
- What mortgage rates apply? – the difference between Fixed or Variable Rates and Discount mortgage rates?
- What is the maximum term available?
- Where to get mortgage protection and who provides the cheapest cover?
Another situation we have noticed is where the existing property is in need of major refurbishment – banks will lend to refurbish.
As a mortgage broker / advisor we can advise you without prejudice on each of the different banks (operating in the broker market) mortgage offerings, and terms and conditions for trading up mortgagees.
After assessing your individual situation and advising you accordingly we will then professionally package your application so that it meets fully with the expectations of the proposed bank.
We are flexible with regard to meeting times so you don’t have to take time off work, as you would with a main street bank.
Take into consideration the possibility of extra costs and expenses like Stamp Duty, Property Taxes, Legal Fees, etc.
Banks we deal with::
We will review your current financial position, listen to what you want to achieve and recommend a suitable mortgage solution that is right for you and meets your needs.
Effect of missing repayments
Warning: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.
Warning: IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME.
If your mortgage is ever on a variable rate
Warning: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
If your mortgage is ever on a fixed rate
Warning: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY.
If you have included debt consolidation in your mortgage
Warning: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU PAY MORE THAN IF YOU PAID OVER A SHORTER TERM
Interest only mortgages
Warning: THE ENTIRE AMOUNT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST -ONLY PERIOD