Representative example: Mortgage Amount 100,000 €, Mortgage Term: 20 years, Monthly repayment: 615.79 €, APR: 4.3 %. APRC includes 150 € valuation fee and mortgage charge of 175 € paid to the Property Registration Authority. The total amount you pay: 148,114.60 €. The cost of monthly repayments may increase. A 1% interest rate rise would increase monthly repayments by 54.02 € per month.
Representative example: Loan Amount 100,000 €, Term: 20 years for an Owner Occupier Residential Property with LTV < 50% will have a variable interest rate 2.75 %, APRC: 2.81 %, monthly repayment: 541.86 €. If the interest rate does not vary during the term of mortgage, total cost of credit would be 30,320.44 € (inclusive of 215 € valuation report fees and security release fee of 60 €). Total amount repayable: 130,320.44 €. The effect of a 1% increase in interest rates for such a mortgage will add 50.43 € to the monthly repayments.
Representative example: Loan Amount 100,000 €, Term: 20 year, Monthly repayment: 616.57 €, Total cost of credit: 650.60 €, Total amount repayable 147,976.80 €, Variable borrowing rate: 4.20%. If interest rates increases by 1% an additional 54.48 € would be payable per month, APRC of 4.32 % applies and consists of variable borrowing rate of 4.20 %, Valuation fee: 130 €, Property Registration Authority fee: 175 €, Security vacate fee: 35 €.
If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.
Depending on their lending policy, lenders may lend anything between 80 % to 92 % of the value of the property you want to buy as long as your income and other factors make your purchase affordable. If you get a 90 % mortgage, this means that you will have to fund 10 % yourself. For example, if you can afford to buy a house worth 300.000 €, your lender may lend up to 270.000 €. You will have to fund the remaining 30.000 € yourself.
You will usually need ID documents for all parties to the mortgage - a Passport or Driving licence and a utility bill to confirm current permanent address;
Each PAYE applicant will also need to provide their most recent (original) P60, last 3 months’ payslips and last 6 months’ bank statements;
Self-employed applicants will need to provide their last 2 years’ certified/audited accounts and last 6 months’ business bank account statements;
Self-build applicants will need to provide a Fixed Price contract or detailed building costings.
Your lender will check your credit history before they decide to give you a loan. Most lenders use the ICB (Irish Credit Bureau), which keeps files on individual borrowers. If you are turned down for a mortgage and you have never had problems repaying your loans, you may want to check your credit record.
A variable interest rate is subject to change, and will rise and fall over the term of the mortgage. This means that the repayment may change throughout the mortgage term. You can make additional repayments to your variable rate mortgage at any time. It’s also possible to change to a fixed rate, if required. A fixed rate mortgage loan has a rate fixed for a specified period of time. This means that the monthly repayment amount will remain the same during the fixed period.
If you have chosen variable interest rate, note that the Bank may increase or decrease the interest rate on the loan at any time.
You can choose from Bank's range of competitive fixed and variable rate options. These rates vary depending on the amount of your loan relative to the property value, known as Loan to Value, or LTV. Alternatively you have the option to fix a portion of your mortgage and put the rest on a variable rate.
APR – Annual Percentage Rate represents an annual cost (in %) of borrowing. It is the total cost of credit a borrower pays, expressed as an annual percentage of the amount of credit given. APR is a useful for comparing costs between different loans and different lenders. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement.
If you do not keep up your repayments you may lose your home.
All lenders must be registered with Central Bank of Ireland. Before borrowing make sure that your lender is regulated to avoid illegal money lenders.
You may have to pay charges if you pay off a fixed–rate loan early.
The cost of your monthly repayments may increase.
Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer!
Look at your income and outgoings and think if you'll be able to pay all your bills and debts. Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.
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