Frequently asked mortgage questions :

If your question isn't answered in the mortgage guides (see the menu on the left) in our jargon buster or in the home buyer guide section it may be answered below:

• How many years can I take a mortgage over?
• What is an interest only mortgage?
• What is a tracker mortgage?
• My credit history is not spotless.  Can I get a mortgage?
• The local authority will sell me my council home under the Tenant Purchase Scheme - how much can I borrow / what deposit will I need?
• What is a remortgage?
• Can I get a mortgage for an overseas property in Ireland?
• What deposit do I need - can I borrow 100%?
  

How many years can I take a mortgage over?  (return to top)

• The maximum term that most lenders will consider for first time buyers and owner occupiers is 40 years (although some will only lend for up to 35 years). 
• Buy to Let mortgages usually have a maximum term of 20 - 25 years.
• The rule of thumb, to keep in mind, is that the lenders will require the mortgage to be completed by the age of 70 - so if you are 32 years old now, the maximum term for you is 38 years.  
  

What is an interest only mortgage?     (return to top)

• An interest only mortgage is a mortgage where you pay only the interest payments (either for a number of years, or for the term of the mortgage). 
  
• Therefore, when you are on the interest only mortgage, the amount you have borrowed will remain constant - as you are paying nothing off the mortgage amount.  It may not be suitable for everyone. 
• It has become popular with some property investors (as a measure to keep the mortgage repayments low, with the view that rent may raise in the future. 
• It can also be useful for first time buyers to keep their repayments low in the first year (or couple of years), when there are a lot of costs, such as furnishing the home, decorating etc. 
• With most lenders, who offer interest only options, you can swap over to a standard repayment mortgage at a later stage, without much hassle.
  

What is a tracker mortgage?     (return to top)

• A tracker mortgage is similar to a standard variable rate mortgage, with one main difference - it 'tracks' the European Central Bank (ECB) rates.  The benefit is that it commits the lender to keeping their 'margin' (the markup they charge on top of the wholesale rate) under a certain level.  Tracker mortgages are not available in Ireland at present.

My credit history is not spotless.  Can I get a mortgage?    (return to top)

• Most Main Street Banks and Building Societies won't consider offering you a mortgage if you are in arrears, or if you have a less than perfect credit history. 
• However, there are a range of lenders who may be able to help you.  The mortgage will be more expensive than a standard one, but it may give you the opportunity to buy a house or to remortgage, when the traditional lenders won't consider you. 
  Click here for more info.
  

The local authority will sell me my council home - how much can I borrow / what deposit will I need?     (return to top)

• When you are buying a home from the council, you will receive discounts of up to 30% off the property value.  Therefore some lenders will consider lending you 100% of the purchase price & even some additional money for home improvements.  To arrange approval click here
  

What is a remortgage?     (return to top)

• A remortgage is a way of releasing equity from your existing home, in order to consolidate loans, to raise money for lots of different reasons (home improvements, buying overseas property, helping the kids with a deposit for their first home...), or simply to swap lenders to get a better (and cheaper mortgage). 
  

Can I get a mortgage for an overseas property in Ireland? (return to top)

• If you are planning on buying an investment property in the UK, some Irish lenders will offer a sterling mortgage option.  
  
  
• If you are buying in other countries (Spain, Hungary, USA etc), you generally have two options - either arrange a mortgage through a lender in the country where you are planning on buying the property, or by refinancing your Irish property to release equity to fund the purchase. 
  

What deposit do I need?

• It depends on if you are a first time buyer, home mover, refinancing or buying to let. Click here for more.
  

Other Popular Articles:

• Buying a Home - Step by Step
• Mortgage Application Process
  
• Rates & Costs
• Do I Need a deposit?
  
• Which type of mortgage is best for me?
• How Much Can I Borrow?
• Would I Be Approved?
• Approval in Principle - Why it's so Important
• Online Mortgage Application
  
  
• Mortage Lender Profiles
  
  

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