Mortgages

We have the Best Mortgage rates on the market

Rates as low as 2.99% fixed (3.14% APRC) or 3.1% variable ( 3.16% APRC) available for First Time Buyers , House Movers and Mortgage Switchers.

  • €2000 cashback if you switch your mortgage, is available up to the 30th of September 2017;
  • Discount of 0.2% available from KBC if you open a current account with them.

 This simple guide will help if you are a first time buyer and looking to purchase your first home or if you are looking to move home or if you are just looking to switch your mortgage provider and get a better mortgage rate.

Cregan Kelly O'Brien can arrange mortgages for first time buyers, switchers, and those trading up or moving.

€20,000 tax free rebate for first time buyers

Simple Steps to Getting your Mortgage Approved

Good Saving Record
01

One of the key criteria for getting mortgage approval is to prove that you have a record of saving and if you are renting a house, proof of your rental payments and that these together outweigh the mortgage that you would pay even allowing for interest rate increases as the lender will stress test your repayment capacity.

Ideally you should be saving for a minimum of 6 months and have evidence of your deposit required.
Existing Loan Records
3

Lenders will need to see statements of any loans you have and your record of making repayments on these loans. If you have a current mortgage they will need to see a minimum of at least 6 months recent mortgage statement.

Proof of Identity
5
You will also need proof of identity e.g. Photo ID as well as a recent utility bill.
Clean Bank Statements
2

All mortgage applicants must produce six months bank and credit card statements and this should give a good picture to any lender regarding your financial habits. Your current account should show that you are saving a certain amount each month, this saving amount could be mandated to a savings account and your current account should show if you have any rent payments also. Payments to any online gambling sites is a definite no.

Proof of Income
4

If you are a PAYE worker your lender will need to see your P60 and 3 consecutive pay slips. Your employer will also need to sign off a salary certificate to confirm your earnings and that you are a permanent employee.

If your salary is boosted by bonuses and guaranteed extra income, you will need to show this also.

If you own your own business, the lender will want to see recent audited accounts.

If you are Self Employed, applicants will need an accountant’s confirmation that their tax affairs are in order along with recent Notice of Assessments statements from the Revenue Commissioners.

Based on having all of the above, you are now in a position to start looking at properties and to apply for a mortgage. It is crucial that you have all the above information ready as lenders want to see all the relevant information at the outset.

 

How Cregan Kelly O'Brien can help

Mortgages arranged for first time buyers, switchers, and trading up or moving.

Gather Information
01
We can give you an idea of the max mortgage that you can apply for and the monthly repayments based on this mortgage amount. We will advise you regarding the best rates that are available and whether to take a variable or fixed rate mortgage and the term or length of your mortgage.
Offer Accepted
3
If your offer is accepted then we seek formal loan approval and recommend that you pay over a deposit and engage a solicitor to act on your behalf.
Identify the Property
2

You identify the property that you are looking for, and arrange to have the property surveyed.

We will apply for mortgage approval on your behalf in respect of this property.

Drawdown & Purchase Property
4
Cregan Kelly O'Brien arrange life cover or mortgage protection - which is life cover to cover the exact amount borrowed over the specific term of the loan and building insurance on the house being purchased, both of these are compulsory. Engage with your solicitor to arrange the drawdown of your mortgage and transfer of funds to seller’s solicitors.

Central Bank Mortgage Lending Guidelines

The Central Bank of Ireland has introduced regulations which apply proportionate limits to mortgage lending by regulated financial services providers in the Irish market.  The measures introduce proportionate limits for loan to value and loan to income measurements for both primary dwelling houses and buy to let mortgages. The limits are supplementary to individual banks' credit policies and are not designed as a substitute for lenders’ responsibilities to assess affordability and lend prudently on a case-by-case basis.

Loan to Value (LTV) for principal dwelling houses (PDH)

There are different limits for different categories of buyers: 

  • PDH mortgages for non-first time buyers are subject to a limit of 80 per cent LTV.
  • For first time buyers of properties valued up to €220,000, a maximum LTV of 90 per cent will apply. For first time buyers of properties over €220,000 a 90 per cent limit will apply on the first €220,000 value of a property and an 80 per cent limit will apply on any excess value over this amount. 
  • The cumulative monetary value of loans for principal dwelling purposes which breach either of these limits should not exceed 15 per cent of the euro value of all PDH loans on an annual basis.

Housing loans for borrowers in negative equity who wish to obtain a mortgage for a new property are not within the scope of the LTV limits.

Loan to Value (LTV) for Buy to Let mortgages (BTLs)

  • BTL mortgages are subject to a limit of 70 per cent LTV.
  • This limit can only be exceeded by no more than 10 per cent of the euro value of all housing loans for non PDH purposes during an annual period.

Loan to Income (LTI) for PDH mortgages

  • PDH mortgage loans are subject to a limit of 3.5 times loan to gross income.
  • This limit should not be exceeded by more than 20 per cent of the euro value of all housing loans for PDH purposes during an annual period.

Switcher mortgages and housing loans for the restructuring of mortgages in arrears or pre-arrears are not in the scope of the Regulations.

Contact Us Now for More Information

We at Cregan Kelly O’Brien Financial Planning have experience in dealing with all types of mortgages and we are fully independent advisors and regulated by the Central of Ireland.

Testimonial
Sign Up For Our Newsletter

A Quarterly Newsletter with the latest news and products for pensions, savings, and insurance.

Cregan Kelly O'Brien will not share your contact details with any third party.

Request a Call Back

Need Advice, Information,
or a quote?

Call us now on 01 870 0370
or request a call back

Contact Us
Financial Planning
Colm Kelly
T: +353 1 870 0370
E: colm@ckob.ie

Insurance
Tommy O'Brien
T: +353 1 883 9020
E: tommy@ckob.ie

About Cregan Kelly O'Brien

 

In 2007 Maurice Cregan and Colm Kelly established CK Financial Services to provide independent financial planning and advice to business owners and individuals. Tommy O'Brien, a General Insurance expert, then joined them in 2010, enabling them to meet the full financial needs of their clients. The group has since been renamed Cregan Kelly O'Brien.

Latest Twitter Posts

Call us now on 01 870 0370
or request a call back