Frequently
Asked Questions
From all your concerns regarding mortgage brokers to mortgage rates to accessing a mortgage calculator in Ireland or having a specific mortgage comparison.
SYS is here to answer all your questions, so you can focus on the long term and get to your dream house quicker!
How to get a mortgage?
Normal maximum rules are 4x gross income for a first-time buyer or 3.5x gross income for a subsequent buyer.
However, lenders can sometimes exceed these multiples.
A first time buyer is someone who has never had a mortgage on a property in Ireland or another country. Rules have changed, though, and if you were a subsequent buyer but went through a relationship breakdown or financial crisis, then you may again be classified as a first-time buyer.
Yes, however, firstly, you can’t be a first-time buyer; Buy to Lets is based on property value and rent, and both have to make financial sense.
Also, you must be financially independent and have a 30% deposit.
The real trick is to get advice from a broker who knows – as they can be tricky. All criteria for getting a normal mortgage are required; in addition, you need rough costings, site location, size of finished property, the final value of the property, and site value to get approval in principle.
Yes, you can!
This is just a type of mortgage you choose when getting a mortgage offer.
You will have the option of Fixed or Variable. It’s important to pick the right type of mortgage for your circumstances, so get advice.
New To Mortgages
You don’t always have to have a deposit to get a mortgage. You could get a gift from family, use the Help to Buy Scheme or the First Home Scheme; or a combination of all three!
You still need to prove repayment capacity, though.
Yes, you can; however, the same income multiples apply as in a joint mortgage application.
The minimum deposit is 10% of the purchase price or property value if the valuation comes in lower than the agreed sale price.
Speak to a specialist!
All lenders are different; however, getting a mortgage is based on income, deposit, personal circumstances, credit history, bank conduct, and more.
- get mortgage approval
- find a home
- pay booking deposit
- engage with a solicitor
- have valuation
- get mortgage offer
- sign contracts
- move in!
It sounds simple and can be done with the correct support
Switching Mortgage in Ireland
You can switch mortgage lenders anytime.
However, usually at the end of a fixed rate or if you are on a variable rate or tracker, always get a breakage fee statement and get advice, as switching must be beneficial.
Yes, but make sure you get a breakage fee statement and see if it’s financially viable, as the current lender may charge a penalty.
You can switch mortgage lenders anytime.
However, usually at the end of a fixed rate or if you are on a variable rate or tracker, always get a breakage fee statement and get advice as switching must be beneficial.
Firstly, see what options your current lender can offer. Get a breakage fee statement, get advice from a broker with access to all lenders, and look at the options available.
Yes, you can; your current lender will give you options, but explore others and get advice.
Mortgage Essentials
There are lots of deals out there, fixed rates, cashback offers, overpayment options, etc.
Every lender offers different deals, so get advice.
No. Unfortunately, stamp duty is 1% of the purchase price on the first million and 2% thereafter.
You can get a mortgage for 100% of the build cost if you provide the site.
However, rules and calculations apply, so get advice.
First-time buyers can borrow 4X income, need a 10% deposit, and personal circumstances need to fit the lender criteria; added benefits are help to buy, and first home scheme rules apply.
Get advice, as all lenders are different.
You can switch mortgage lenders anytime.
However, usually at the end of a fixed rate or if you are on a variable rate or tracker, always get a breakage fee statement and get advice, as switching must be beneficial.
We keep it Simple - The SYS Way
Purchasing a new home or changing your mortgage involves considerable thought.
As highly experienced financial advisors in Ireland, we are committed to helping you transition on your mortgage journey from searching for a home to becoming a happy homeowner.
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