Mortgages
We offer a range of mortgage services to fit your unique needs and financial situation. Our goal is to guide you through the process of finding the right mortgage deal for you. Learn more about the types of Mortgages we offer at RK Financial.
- Home
- Mortgages
First Time Buyer
As a first-time buyer in Ireland, it is important to have access to a broker as we can talk you though what is required, when you are ready multiple options available to you when purchasing your first home. However, there are some key differences in terms of eligibility criteria, loan amounts and interest rates. To be eligible for a first time buyer mortgage in Ireland, you will typically need to meet the following criteria:
- You must be a first-time buyer, which means you have never owned or purchased a property before.
- You must have a good credit rating and a stable income
- You must have a sufficient deposit, which is usually around 10% of the property’s value.
- You must provide evidence that you can afford the mortgage payments, including any associated fees and expenses.
The loan amount for a first time buyer mortgage may be up to 90% of the property’s value, depending on the lender. The interest rates for first time buyer mortgages may be also more favourable than for standard mortgages, reflecting lower risk associated with first-time buyers.
In addition, first time buyers in Ireland may be eligible for government incentives, such as the Help to Buy Scheme and the First Home Scheme which can provide addition financial support for purchasing a home.
It’s important to note that first time buyer mortgages can be complex, we are here to help you understand the various offerings on the market and to choose the right mortgage for your needs.
Second Time Buyer
A second-time buyer mortgage is a type of mortgage offered to individuals who are looking to purchase their second home in Ireland. These mortgages are similar to first-time buyer mortgages in that they provide funding to help you purchase a property. However, there are some differences in terms of eligibility criteria, loan amounts, and interest rates.
In Ireland, second-time buyer mortgages are typically available to individuals who have already owned a property and have a good credit rating. The eligibility criteria may vary between lenders, but generally, you will need to meet the following requirements:
- You must have a good credit rating and a stable income.
- You must have sufficient equity in your property or have the ability to make a down payment.
- You must have a plan for how you intend to repay the mortgage.
Once you have met the eligibility criteria, you can apply for a second-time buyer mortgage. The loan amount will depend on the lender’s assessment of your financial situation, but generally, you can expect to borrow up to 90% of the property’s value and is typically the loan amount set at 3.5 times income.
We are here to help you to understand your options and choose the right mortgage for your needs.
Self-build
A self-build mortgage is a type of mortgage offered to people who wish to build their own home in Ireland. Unlike traditional mortgages, which are typically used to purchase an existing property, self-build mortgages are designed to provide funding for the construction of a new property.
In Ireland, self-build mortgages work in a similar way to regular mortgages. However, there are some key differences. Firstly, self-build mortgages are released in stages as the construction of the property progresses. This is to ensure that the lender is satisfied that the construction is progressing according to plan and that the property will be completed to a good standard.
Typically, self-build mortgages are interest-only during a period of the construction phase, which means that you only pay interest on the amount of money you have borrowed up to that point. Once the construction is completed, the loan will convert to a standard mortgage, and the borrower will begin to repay both the principal and interest.
To be eligible for a self-build mortgage in Ireland, you will need to provide a detailed plan of the proposed construction, along with an estimate of the total cost of the project. Lenders will also require evidence that you have the necessary skills and experience to manage a construction project.
It’s worth noting that self-build mortgages can be more difficult to obtain than regular mortgages, as lenders consider them to be higher-risk. However, they can be an excellent option for people who wish to build their own home and are willing to take on the challenges that come with managing a construction project.
Buy-to-Let
A buy-to-let mortgage is a type of mortgage that is designed for people who want to buy a property in order to rent it out in Ireland. The aim of a buy-to-let mortgage is to help investors purchase a property that they can then rent out to tenants, with the rental income generated covering the cost of the mortgage payments and potentially providing a profit.
In Ireland, buy-to-let mortgages work in a similar way to standard mortgages. The main difference is that the loan is secured against the rental income generated by the property, rather than the borrower’s income. This means that lenders will typically require a higher deposit than for a standard mortgage, often up to 30% of the property’s value.
Interest rates for buy-to-let mortgages may also be higher than for standard mortgages, reflecting the higher risk associated with rental properties. However, the interest rate may vary depending on the lender and the borrower’s credit history.
To be eligible for a buy-to-let mortgage in Ireland, you will typically need to meet the following criteria:
- You will need to have a good credit rating and a stable income.
- You will need to have a sufficient deposit, usually around 30% of the property’s value.
- You will need to provide evidence that the rental income will cover the mortgage payments.
- You will need to have a plan for managing the property, including finding tenants and maintaining the property.
It’s important to note that buy-to-let mortgages can be complex, and it’s important to do your research and speak to a financial advisor before making any decisions. This will help you to understand the risks and rewards associated with this type of investment, and choose the right mortgage for your needs.
Investor Mortgages
Investor mortgages are a type of mortgage in Ireland that are specifically designed for individuals who want to invest in property. These mortgages are intended to help investors purchase one or more properties with the aim of generating a return on their investment.
In Ireland, investor mortgages work in a similar way to standard mortgages. However, there are some key differences in terms of eligibility criteria, loan amounts, and interest rates.
To be eligible for an investor mortgage in Ireland, you will typically need to meet the following criteria:
- You will need to have a good credit rating and a stable income.
- You will need to have a sufficient deposit, usually around 30% of the property’s value.
- You will need to provide evidence that the rental income or potential resale value of the property will cover the mortgage payments.
- You will need to have a plan for managing the property, including finding tenants and maintaining the property.
The loan amount for an investor mortgage may be higher than for a standard mortgage, as lenders consider these loans to be higher risk. The interest rates for investor mortgages may also be higher than for standard mortgages, reflecting the higher risk associated with property investment.
It’s worth noting that investor mortgages can be complex, and it’s important to do your research and speak to a financial advisor before making any decisions. This will help you to understand the risks and rewards associated with property investment and choose the right mortgage for your needs.
Switchers
Switching a mortgage in Ireland is the process of transferring your existing mortgage from one lender to another. The aim of switching a mortgage is to take advantage of a better interest rate or to get more favourable terms from a different lender. Here’s how the process typically works in Ireland:
- Research and compare mortgage options: Before switching your mortgage, it’s important to research and compare the different mortgage options available. You should compare interest rates, fees, cashback offers and other terms and conditions to determine which lender offers the best deal for your needs.
- Apply for a new mortgage: Once you’ve found a lender you want to switch to, you’ll need to apply for a new mortgage. This will involve submitting an application and providing documentation such as proof of income, employment, and identification.
- Get a valuation of your property: The new lender will usually require a valuation of the property you’re using as collateral for the mortgage. This valuation is typically carried out by a qualified surveyor and will determine the current value of the property.
- Legal and administrative processes: Once the new lender has approved your application and received the valuation, there will be legal and administrative processes to transfer your mortgage from your current lender to the new lender. This will involve paying any fees associated with the transfer and signing new legal documents.
- Closing your old mortgage: Once the new mortgage is approved and set up, the new lender will pay off your old mortgage and take over the mortgage on your property.
It’s important to note that there may be fees associated with switching your mortgage, such as valuation fees, legal fees, and early repayment fees from your current lender. However, switching to a better interest rate or more favourable terms can save you money in the long run. It’s also important to consider the impact of switching your mortgage on your credit score and to speak to a financial advisor before making any decisions.
Warning: If you do not keep up repayments you may lose your home
Warning: The entire amount that you borrowed will still be outstanding at the end of the interest only period.
Warning: The cost of your monthly repayments may increase.
Warning: This new loan may take longer to pay than your previous loans. This means you may pay more than if you paid over a short term.
Warning: This new loan may take longer to pay than your previous loans. This means you may pay more than if you paid over a short term.
Warnings: Purchasing this product may negatively impact on your ability to fund future needs.
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