When you are looking for financial options, it is critical to talk to the right people. The key strength that Mortgages4u offers, is a personal and truly expert service. We put you, the customer, at the centre of our business. Mortgages4u has a reputation for providing excellent customer service - a reputation we work hard to maintain.

Whether you are purchasing for the first time, looking to get more value from your current mortgage or buying to invest Mortgages4u will provide sound advise on all the latest rates, repayments, flexible options available and we will tailor a mortgage to your own personal circumstances.

Mortgages4u is regulated by the Irish Financial Services Regulatory Authority.

Do you charge any fees for using your services?

Mortgages4u does not charge any fees for it’s services.

How much can I borrow?

Your income will determine how much you can borrow. This includes any overtime, commission, bonuses and any other payments

The maximum amount you can borrow is 95% of either the property value or the purchase price - whichever is the lower. If, for example, your property costs EUR300,000, you can borrow up EUR285,000, provided you meet our lending criteria.

We also arrange 100% mortgages for First Time Buyers. Again this is based on income and other relevant lending criteria such as employment history etc.

What other costs will I have to pay?

Legal Fees

It's worth shopping around for a solicitor, since prices can vary. Budget for between 1% and 1.5% of the purchase price (before VAT). Your solicitor will also charge you for administrative expenses such as telephone and fax charges and for third party costs such as payments to the Land Registry or Registry of Deeds office.

Valuation Report and Surveyors Report

A professional valuer will assess your chosen home to make sure it is worth at least the amount you're paying for it. The valuer's fee is usually about €130.A surveyor's report is more wide-ranging than a valuer's report and can point out faults that are not easy to see. This would obviously cost more, around the region of €300 - €400, but may be higher or lower depending on the amount of work that needs to be done.

Stamp Duty

Stamp duty is a tax you pay to the Government when you are buying your home. In certain circumstances, you might not have to pay it. It is charged at the following rates:

• The floor space is equal to or less than 125 square metres (1,346 square feet)
• The home is your only, or main, home for at least five years and you will not earn any rent for the property during this time
• On your mortgage deed: If your mortgage exceeds €253,947.61 duty is charged at €1.27 for every €1,269.74 borrowed. On an €317,434.51 mortgage, for example, you will pay €317.43.

New homes

For owner-occupiers there is no stamp duty if your property is less than 125 sq.m. (1,345 sq.ft). If the property exceeds that limit, partial stamp duty is applicable and is calculated on the greater of the site value or 25% of the combined consideration for the site and the house. The amount of stamp duty in this case should be checked with your solicitor or builder. Please note if you let the property within 5 years of purchase, exemptions given will be clawed back.

Second-hand homes

This is a lender insurance that protects the lender against loss in the event of repossession or a fall in value where the loan amount exceeds the sale price of your property. It is normally applied where the mortgage amount is more than 75% of the purchase price and is only applied to the loan amount over that threshold. Not all lenders charge this insurance. First Time Buyers are not charged this fee by any lender.

The relief is always given at the standard rate of tax, which is 20%. Where the interest actually paid in a tax year is below the limits quoted above, the relief is restricted to the actual interest paid.

What are my repayment options?

Repayment Mortgage

A Repayment mortgage is where your monthly repayment is made up of interest on the loan plus a partial repayment of the capital amount so that by the end of the term the entire loan will have been repaid. Interest is calculated daily. The initial repayments are largely made up of interest, so you won’t necessarily see a significant reduction in capital for the first few years.

Interest Only

If you choose the interest only option your monthly mortgage payment covers only the interest charged on the loan. The capital amount borrowed is not repaid until the end of the mortgage term. You will therefore need to have this amount available from your own resources at that time. You can choose to repay the loan either from the proceeds of an investment or pension plan. Whichever you choose, it is your responsibility to ensure you will be able to repay the loan from the proceeds of the investment. You can choose the Interest Only Option on a temporary basis, something which investors/self-builders often do until their cash flow improves.

Should I fix my mortgage rate?

Whether you fix your rate or leave it as a variable rate is a personal choice. Here’s how the different rates work so you can make an informed choice.

Fixed Rate

With a fixed rate loan, the repayment you make is fixed for an initial term, (such as 1, 2, 3, or 5 years).When you choose a fixed rate, it’s often easier to budget because you will know exactly how much the mortgage repayment will be for some time ahead. A fixed rate is not affected by changes in general market interest rates. This means you will not be subject to any rate increases in the fixed period or any rate reductions that may be passed to variable rate customers. When the fixed rate you chose comes to an end you can agree another fixed rate, or you can switch to the variable rate at the time. The choice is yours.

NOTE: REDEMPTION FEES MAY APPLY IF YOUWANT TO EXIT EARLY FROM A FIXED RATEMORTGAGE CONTRACT

Variable Rate

With a variable rate, your monthly repayments may rise or fall from time to time, in line with general market interest rates. If rates fall, your monthly repayment reduces, but if rates rise, you pay more. A variable rate may suit you if you are in a financial position where an increase in interest rates would not adversely affect your ability to repay. You may also benefit from the fact that unlike fixed rate mortgages a fee will not be applicable if you wish to change to another mortgage type or voluntarily increase your repayments.

Tracker Rate

‘LOCK IN’TO CURRENT MARKET RATES. With a Tracker Mortgage, movements in the European Central Bank (ECB) rate are fully transmitted in a defined timeline to the customer. In effect, from the customer’s perspective this is a 'lock in' to current market rates. This is a ‘variable rate’ type mortgage which guarantees to track the ECB reference rate within a specified margin (percentage points). The product gives a price guarantee to customers locking them in at various rates above the ECB rate, dependent on other factors , such as loan amount, loanto-value, and the type of securities against which the loan is held. (i.e. primary residence or residential investmentproperty).

Split Rate

Here you can set a part of your mortgage at a fixed rate and the remainder at a variable rate. If rates fall, the repayments on the variable part of your mortgage will reduce, and if rates rise you have the security of knowing that only the variable payment is affected. We can develop a split package to suit your needs.

What Insurances do I need and why?

Mortgage Protection

This repays the mortgage in full in the event of your (or your partner's) death during the term of the mortgage. A mortgage protection policy covers the amount outstanding at any given time during the life of your mortgage. So, as your borrowings reduce, so does the level of cover. We can arrange a policy for you and help you choose the most competitive Mortgage Protection policy available. We would recommend that you take out a Life Policy. A Life Policy differs from Mortgage Protection in that the amount of cover does not reduce with the amount owing over the life of the mortgage term. So, should you die in say Year 29 of a 30 year mortgage, the same amount will pay out which will pay off the last year's loan repayment and the balance goes to your family or estate. Life Cover is more affordable when you are young but gets progressively more expensive as you get older. It’s therefore advisable to buy it as cheap as you can get it, when your young and relatively healthy!

House Insurance

The loan cheque will not issue until there is adequate insurance on your property. We can arrange a quotation for you at very competitive rates.

Income Protection

This is not compulsory but, depending on your employment situation, would be very wise to have. If your income reduces drastically or stops altogether due to you being sick or otherwise not able to work for a long time or if you were made redundant, this policy will pay your mortgage for up to 12 months.

I wish to improve my home. How can I borrow to do this?

If you're planning to remain in your own home, there's nothing like a bit of redecorating or even building an extension to make the old place new again. The most efficient way of financing this is to release some of the equity built up in your home.

So, if your home is worth say €300,000, you can borrow a maximum of 92% of the value of the property. This equates to €276,000. Remember you will need to subtract your existing mortgage balance, say €140,000, to work out how much you can borrow now. In this example, it amounts to €136,000

Releasing equity, also known as remortgaging is also a great method by which to finance educational fees, medical expenses or investing in a holiday home.

Mortgages4u can arrange a remortgage with a quick turnaround of 10 days after all documentation has been submitted to the lender. There are cash savings too, as some lenders will pay all your legal fees. Using equity to pay off debts is an excellent option for most people, as a mortgage rate is generally much lower than the rates most banks charge on credit cards, personal loans and overdrafts. You could clear your car loan and opt to pay that portion of your mortgage over 5 years if you wanted to, so you would not be spreading it over the whole term of the mortgage. This can all be organised with the minimum of fuss.

I wish to pay off some loans. How can I do this?

Again, you could release equity in your home by remortgaging. Mortgages4u will go through all your options and how your monthly outgoings could be reduced.

What is a Credit Check ?

The majority of lenders and finance companies subscribe to the Irish Credit Bureau (ICB). All mortgage applicants are screened by the lender through this Bureau. The ICB record a rating of your previous repayment history with all of their subscribers. If you have any problems with previous loans repayments (no matter how trivial they seemed to you at the time), the chances are they were recorded and your rating affected accordingly. A bad rating could result in a refusal from the lender without any explanation.

It is in your own interest to be completely honest with us at time of application. There are very many understandable reasons why a loan could fall into arrears or a repayment missed and we will help you by explaining fully to the lender what happened previously and why they should not be concerned about you as a borrower. You are entitled to view your personal record by contacting the Irish Credit Bureau at (01) 260 0388 - ICB House, Newstead, Clonskeagh Road, Dublin 14. The current cost is €6.50.

What is a parental guarantee/guarantor?

Many parents now own extremely valuable property on which there is little or no borrowing and, as house prices force more and more first time buyers out of the house market, this is often an option which may allow them to buy their first home.

It can be a very effective way for some parents to help their children buy their first home. A parental guarantee for the mortgage or a portion of it will allow their children borrow more than they would ordinarily have been allowed. However, a guarantor should have disposable income to support their children, if the need arises. However, the ultimate responsibility for the loan is with the borrowers.

Can I pay more off my mortgage every month?

So long as you are not tied into a fixed rate, you can pay more than your required repayment amount either as a monthly over-payment or as a lump sum.

Can I pay my mortgage off early?

Generally speaking, yes. However, if you have a fixed rate mortgage, please check before early redemption of your mortgage that there is no penalty for breaking the term of the fixed rate contract.