Buying a home is the single biggest financial transaction that anyone makes in their lifetime and with the high cost of property in Ireland today, house purchase is an even bigger investment decision than ever before. With over 160 different mortgage offers currently available, it's important to get the best independent advice on the best option to suit your needs and the various conditions applying to your particular mortgage application.
Through its agencies, ADVANCE Financial Services places business with all of the major loan providers in the marketplace but before reaching that stage, prospective home-owners are taken step-by-step through the full mortgage process including completing the necessary mortgage application forms.
Professional, independent advice from ADVANCE Financial Services means potential housebuyers need not compromise on their mortgage arrangements and end up paying more than was necessary.
First-time buyers might have the option of borrowing up to 90% of the purchase price of the property, subject to income criteria. Most lenders will allow up to 85% on mortgages over €400,000 and 75% on one bedroom apartments.
Some will base it on a multiple of your income or joint income, while others will base it on a percentage of your disposable income - typically this will be in the region of 35% - 40%. Lenders will have different criteria on overtime, bonuses, commissions etc., but will generally allow certain percentages of these income to be taken into account. Some will also include a possible rent received from the rental of a room in your home.
Mortgage Protection policies are generally put in place to cover an outstanding mortgage loan amount. For most home loans, it will be a requirement of the lender that such a policy is put in place and cover is usually for the amount and the term of the loan.
As this cover decreases in line with the reducing loan balance, this cover is often the cheapest form of life assurance cover. It is worthwhile to periodically review the cost of this cover, as the rates charged for this type of cover change from time to time as it is a very competitive area in the market from a price point of view. While initial monthly savings could be small, when the amount is totaled over the remaining term of the mortgage, it can be significant.
Warning: If you do not keep up your repayments you may lose your home.
Warning: The cost of your monthly repayments may increase.
Warning: If you do not meet the repayments on your credit agreement, your account will go into arrears, this may effect your credit rating, which may limit your ability to access credit in the future.
Liam Cullen, Nigel McConnell and John Butterly trading as Advance Financial Services is regulated by the Central Bank of Ireland.
