Frequently Asked Questions

• Where do I start with the application process? 

• Contact us on 021-2362870 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? 

• From January 2023, a change in Central Bank rules means that first-time buyers can now borrow up to four times their gross income. This is an increase from 3.5 times income previously.

The requirement to have a deposit of at least 10% remains the same.

People who are divorced and people who have been declared bankrupt (who may therefore have previously owned a home) can now be considered first-time buyers. But you must no longer have any interest or share in your former home.

 

Certain exemptions or exceptions can be available with some lenders. With an exemption a mortgage seeker can potentially borrow up to 4.5 times their income.

Second-time and subsequent buyers or ‘movers’ can borrow 3.5 times their gross income. However the deposit requirement is being reduced to 10% from 20%

 

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 – PAYE Income
  • Up to date original salary cert completed & stamped by employer
  • Three recent original payslips
  • Most recent original Employee Detail Summary, Income Verification – Self-Employed/Proprietary Director

Financial/audited accounts for the three most recent financial years signed by your Accountant • Three 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 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 showing accumulation of savings balances • Any other documentation required to verify savings record and/or the balance of funds required

Credit Card Statements • 6 months continuous original Credit Card Statements or e-statements 

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.