The amount you can borrow depends on your current income and also your current outgoings.
Irish Lenders used to lend you a multiple of your yearly salary. However these days most lenders are more
inclined to look at what they think you can afford. Check out our How much can I borrow? calculator to get an
idea of how much you can borrow.
Capital & Interest
More commonly know as a repayment mortgage. This is the most popular type of mortgage. Over your agreed mortgage
term you pay both the interest and the capital in full. As long as you keep your payments up to date then your
mortgage will be cleared at the end of your agreed term.
Interest only
With an Interest only mortgage you elect to pay only the interest, the capital you borrow stays the same. This
option is often chosen by Investors who intend to sell the property and pay off the mortgage at a future date.
Interest Only mortgages have also become popular with First Time Buyers who want to keep their payments down in
the first few years.
Current Account Mortgage
This type of mortgage combines your mortgage account with your savings or current account to reduce your term or
your repayments. The balance in your savings or current account is offset against your mortgage and so reduces
the interest you pay.
Fixed
With a fixed rate you can budget and know exactly what you will be paying for 1, 2, 3 or more years. MortgageLine
can advise you of the best fixed rates on the market.
Variable
A variable interest rate moves up and down to reflect changes in the financial market. Each of the Irish Mortgage
Lenders set their own variable rates. These standard variable rates normally rise and fall in line with the ECB (European Central Bank) Rate, however there is no guarantee that they will.
Tracker
A Tracker Rate is a variable rate with a guarantee to be set at a fixed percentage above the ECB base rate. For
example if the ECB rate falls 1% your rate will reduce exactly 1%. The opposite happens if the ECB rate rises. In recent years Tracker rates have become more popular than Standard Variable rates because they offer better value for customers.
Discounted
Most lenders offer discounted rates. This will lower your repayments for the discounted period, normally one
to two years. After the discounted period you will move to the lenders standard variable or tracker rate. If you prefer you could opt for a fixed rate after the discounted period.
Capped
These mortgages guarantee that your interest rate - and your monthly payment - will never go above a set figure
within the capped-rate period. Below that set figure, the rate will move up and down in line with the European
Central Bank rate.
Mortgage Lenders will normally contact your employer to confirm your salary and employment
status but not without your permission.
In the past solicitors have charged up to 1% of your property purchase price but you can save
€1,000's with MortgageLines Low Cost Legal Fees. Our Low Cost Legal package starts from
€699 + Vat + Outlay. Ask your MortgageLine advisor for details.
There is generally no Stamp Duty on new properties for First Time Buyers and also on second hand
properties with a purchase price lower than €317,500. Checkout our Stamp Duty Calculator.
If you take a fixed rate then there will be early repayment charges if you pay some or all
of the mortgage off during the fixed term. You should check the charges before you sign your Mortgage Loan Offer.
Some mortgage lenders offer to pay some or all of your Legal fee's. However they claim these fee's back as an
early repayment charge if you clear your mortgage within a specified timescale, normally 5 years.
Yes, most mortgage lenders will allow you to overpay and thus reduce your mortgage
balance sooner. However you need to make sure that your mortgage is on a variable / tracker rate when you
make overpayments. If you are on a fixed rate you will be penalised for making overpayments.
Yes, most mortgages offer flexible options like payment holidays. During repayment holidays
the mortgage interest is added to the capital balance that you owe. Ask your mortgage advisor about payment
breaks.
No, you can only borrow a maximum of 100% of the purchase price of your new property.
However you can apply for a mortgage topup 6 months after you drawdown your new mortgage. This topup can be
used for Home Improvements or to pay off loans.
NO, you should never get your mortgage from the Estate Agent that your are buying your new
home from. The Estate Agent is working for the person selling the property and trying to get the max possible
price. You should never let the Estate Agent know how much you can afford.
Yes, we treat all your personal information with the strictest confidentiality.
Call us now on 1890 65 1890, Apply-Online OR request a Call-Back
