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Financial Advice

Mortgage Advice

First Time Buyers

First Time Buyers
Buying your first home is a huge decision and the mortgage process can seem daunting and overwhelming. We are here to help you every step of the way.

 

How much can you borrow?

Banks can only lend you up to 3.5 times your gross salary – that’s your annual income before tax. If it’s a joint application, that’s your combined gross income. … Your mortgage still needs to be within 3.5 times of your income/combined income.

 

Getting your deposit together

As a First Time Buyer you will need a deposit of at least 10% of the house price.Get into the habit of saving a regular amount to demonstrate your repayment abilitySearching for your new homeKnow how much you can borrow before you start your house searchLook at some properties to get an idea of the cost of the home that you want and the area you would like

 

Applying for your Mortgage

In order to submit your application you will need to provide the documentation outlined here. Bring these along with you to your appointment with us and we will talk you through the process.

 

Finding your new home

Once you have found the perfect one for you – let us knowYou will need a valuation and sign your documentation with your solicitorYou need to arrange

 

Life Insurance & Home Insurance.

We can help you with thisYour solicitor will arrange the transfer of funds and collection of keys to your new home

Rate Review

Review your Mortgage Rate

The mortgage market is very competitive at present and interest rates are low – so you should keep a regular eye out for better mortgage deals.
New ones are coming on to the market all the time and if you’re not locked in to a fixed or discount rate deal with an early repayment charge, it could be worth your while changing lenders (remortgaging) at any time.
Take advantage of our FREE mortgage review service and see if you are on the best rate or if you can get a better one! You could be making some real savings, so give our team a call and we will go through the process and see if you are eligible

Buy to Let

Buy to Let Mortgages

Whether you are an established property investor, or this is your first Buy-To-Let property, it’s important to make the right investment decision, that’s why Cregan Kelly O’Brien have teamed up with ICS Mortgages to provide Residential Investment Property mortgages at extremely competitive rates. Cregan Kelly O’Brien make the process of mortgage approval as simple and as efficient as possible.

Mortgages for:

  • Individuals
  • Companies
  • Pension Trusts (SSAP)

Age Profile

  • Minimum Age 21
  • Maximum Age 75 on maturity

3 Repayment Options

  • 5-15yr Interest Only
  • 20yr Capital & Interest
  • 35yr Flexi-Mortgage

Pension Trusts

Extremely Tax Efficient

  • Non Recourse Mortgage
  • 100% Rental Income is vested in the Pension
  • No Capital Gains Tax on divestment
  • Non Recourse – the loan is secured on the property and not the pension trust itself

Loans From

  • Minimum Loan €40,000
  • Maximum Loan Size €1.25m

Property Profile

  • Property must be located in Ireland
  • Property must be used for rental

Buy to Let key Features

  • Up to 4 Individuals per Application
  • Existing Companies or New/Existing Special Purpose Vehicles
  • Small Self Administered Pension Trusts
  • Term 5 to 35 Years
  • 35 year Flexi-Mortgage (yrs 1-10 interest only option remaining term Capital & Interest)
  • Maximum Age on maturity 75yrs instead of 65yrs)
  • Up to 70% Loan to Value (LTV) (Loans up to €1m
  • Up to 65% LTV (loans from €1m to €1.25m)
  • Minimum Property Value €80k no maximum property value
  • Minimum Annual Income 40k for single/joint application
  • You must own an existing property
  • 100% Rental Income is vested in the Pension
  • No Capital Gains Tax on divestment
  • Non Recourse – the loan is secured on the property and not the pension trust itself
  • Up to 70% Loan to Value (LTV) (Loans up to €1m
  • Up to 65% LTV (loans from €1m to €1.25m)
  • Minimum Property Value €80k no maximum property value

See our Handy Guides & Brochures

Buy to let Mortgage for Property Investors

Buy to Let Property Investors Guide

 

Buy to Let Portfolio Refinancing

Mortgage Approval

Simple Steps to Getting your Mortgage Approved

Step 1: Good Saving Record

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.
Step 2: Clean Bank Statements
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.
Step 3: Existing Loan Records
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.
Step 4: Proof of Income
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.
Step 5: Proof of Identity

You will also need proof of identity e.g. Photo ID as well as a recent utility bill.

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.

Terminology

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.