Frequently Asked Questions

by | Apr 18, 2019

Mortgage Guide – Frequently Asked Questions


  • Where do I start with the application process?


  • Contact us on 021-4873595 or go online to make an appointment with us at our offices. A consultation is free of charge.


  • What is a fixed rate mortgage?


  • With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between the lender and borrower.

•  Although a fixed rate means your repayments cannot increase for a set period, your repayments will not fall during the fixed rate             period. As a result, you could miss out on lower interest rates and lower repayments. Fixed rates could cost more over the long               term, but they can offer peace of mind as you know that there will not be any increase in your payments during this term.


  • What is a variable rate mortgage?


  • A variable rate term is the most flexible rate. It allows you to pay off lump sums or increase monthly payments without any penalties. However, because variable rates can rise and fall, your mortgage repayments can go up or down during the term of your loan.


  • What’s the maximum amount I can borrow?


  • The amount you can borrow depends on whether you are a first or second-time buyer and is dependent on your income and your capacity to repay. The Central Bank Rules allow for first time buyers to borrow up to 90% of the purchase price of a property and up to 80% for second time buyers. A limit of 3.5 times one’s income is the maximum a bank can lend.


  • What documents do I need?


  • Documents vary slightly depending on if you are an employee or self-employed. Below is a list of the documents required.


  • Income Verification – Employee (for each applicant) • Up to date original Employee Status Report completed & stamped by employer within the last 6 months • Three recent original payslips (latest within last 6 months) • Most recent original P60 for each applicant


  • Income Verification – Self-Employed/Proprietary Director • Financial/audited accounts for the two most recent financial years signed by your Accountant • Two most recent years tax returns (P21 or Notice of Assessment or Chapter 4 Revenue Certificate with full completed Form 11) Tax Clearance Certificate



  • Bank Statements • 6 months continuous original Current Account Bank Statements or e-statements (the latest dated within the last 3 months) for primary current account and any additional secondary current accounts • Most recent original Mortgage Statement (if applicable) • Most recent Personal Loan Statements (if applicable) • 6 months Original or e-statement Business Bank statements (if applicable)


  • Savings/Balance of Funds • 6 months continuous original Savings Account Bank Statements or e-statements (the latest dated within the last 3 months) showing accumulation of savings balances • Any other documentation required to verify savings record and/or the balance of funds required


  • Credit Card Statements • 2 months continuous original Credit Card Statements or e-statements (the latest dated within the last 3 months) showing accumulation of savings balances


  • Other • Separation Agreements, Decree of Judicial Separation, Decree of Divorce, Deed of Waiver and/or other relevant court order • Detailed estimates for any renovations (if applicable)


  • Identification Photo ID • One original form of photographic ID for each applicant – passport or driver’s licence. Address Verification • One original utility bill or bank statement for each applicant – dated within past six months




  • What insurance do I need when buying a home?


  • You will need to arrange the appropriate Life Assurance and Home (Buildings) Insurance policies to protect both you and the property. These will need to be in place before you can draw down your mortgage, but we can assist with all that is required.


  • What other costs are involved with taking out a mortgage?


  • There are external costs involved in buying or selling a property, which could include:
  • Stamp duty, if applicable;
  • Legal fees to your solicitor;
  • Valuation report, payable to the bank’s valuer;
  • Surveyor’s report, if applicable;
  • Estate Agent Fees;
  • Broker Fees.


Why choose Airgead Mortgages?


We at Airgead Mortgages will assure you the best options on rate and term when it comes to choosing your mortgage provider. We have the benefit of being able to search the market to get the best value for you. If you are not quite at the purchase phase yet – we can assist you to get on the right track with preparing your finances so that you are organised when the time is right. We promise you the highest standard of service so that you are informed every step of your mortgage journey with us.



Contact Details



+353 21 2362870

3 Joyce House,

Barrack Square,
Co Cork.