Public Sector Mortgages

Our simple online calculator will tell you how much you may borrow as a Public Sector Employee and how much you will have to pay back each month.

The exemption is limited to a maximum of 20% of the amount lent to first-time purchasers. For second-time purchasers, the exemption is restricted to 10% of their yearly credit. In layman’s terms, 1 in 5 first-time purchasers and 1 in 10 second-time buyers should be excluded.

• Mortgage rates beginning at 3.25% are competitive.
• Mortgage Application Process for Public Sector Employees Simplified
• We can use your starting salary as two points higher on the wage scale.
• Without penalty, you may pay down an additional 20% of your mortgage in any 12-month period.
• Allowances and Overtime Mortgage
• Breaks Accepted Throughout the Term

A reverse mortgage is, in essence, a loan. A 62-year-old homeowner with significant home equity can borrow against the value of their property and receive cash in the form of a lump sum, set monthly payment, or line of credit. In contrast to a forward mortgage, which is used to purchase a property, a reverse mortgage does not require the homeowner to make any loan payments.

The backing agency guarantees the loan amount for each loan type, safeguarding the lender in the case that the borrower is unable to repay the obligation. The arrangement considerably decreases lenders’ risk and may allow them to provide cheaper loan rates or minimal, or even no, down payment requirements.

Mortgage lenders favor those in stable job with a high level of income. As a result, government servants will check most lenders’ boxes when it comes to job stability, making it simpler to achieve larger salary multiples and greater loan-to-value loans for civil officials.

Help to Buy Scheme

The Help to Buy (HTB) programme is a government-funded program that assists first-time buyers with their deposit for purchasing or self-building a new house. Those who take advantage of the plan must buy or build a house for themselves. Those who fulfill the criteria will be eligible for a refund of Income Tax and Deposit Interest Retention Tax (DIRT) paid in Ireland. The refund will be for the four tax years preceding the year in which the application was lodged.

Local Authority Affordable Purchase Scheme

The Local Authority Affordable Purchase Scheme makes local authority-provided homes more affordable to first-time buyers and Fresh Start applicants whose combined mortgage and deposit do not cover the market price of a newly built property.

First Home Scheme

The First Home Scheme seeks to assist qualifying first-time buyers and Fresh Start applicants by bridging the difference between their deposit and mortgage and the new home’s private market price (subject to regional price ceilings).

Local Authority Home Loan Scheme

The Local Authority Home Loan is a government-backed mortgage for first-time buyers or applicants with a ‘Fresh Start.’ It is offered from all local governments across the country to persons with moderate or low incomes who are unable to obtain adequate money from regulated financial companies to purchase or build a house. Eligible first-time buyers can apply for a Local Authority House Loan to buy a new or used home or to build their own.

Cost Rental

A new type of long-term, sustainable property renting is cost rental. Cost Rental is aimed for middle-income people earning more than the social housing constraints.

Rents for homes under the Cost Rental model are set to pay solely the costs of funding, constructing, administering, and maintaining the dwellings. Rates will be set at 25% less than private market rents in the region.

Mortgage to Rent Scheme

The MTR plan allows households in acute, unsustainable mortgage arrears with little or no possibility of a dramatic improvement in circumstances to surrender a property to a lender and become a social housing renter while remaining in their own home and community. The house will be brought up to private rental requirements as part of the program.

If you or your partner are confident that the probation period will be finished when you apply for a mortgage, there is nothing prohibiting you from looking at properties with the AIP. You’ll have a difficult time getting a mortgage with any bank while one of you is on probation.

Bank of Ireland UK has stated that it will begin issuing a two-year 95% loan-to-value (LTV) mortgage tomorrow. This product, together with the previously released 5 year 95% LTV package, will expand the alternatives accessible to brokers and their clients.

Actually, there are 6:

• Annuity Mortgage (Repayment)
• Interest Only Mortgage
• Pension Mortgage
• Endowment Mortgage
• Deferred Start Mortgage
• Offset Mortgage

You can calculate your own repayments: Repayments Calculator.

In general, approval can happen in as little as two weeks after submitting a solid and detailed mortgage application.

LTV is an abbreviation for Loan to Value. This is the ratio of the amount borrowed to the value of the property. For instance, if the house is worth €200,000 and the loan is worth €150,000, the LTV is 75%.

• They will examine your financial situation to ensure that you are likely to fulfill the loan and affordability conditions of the specific lender.
• They may have unique arrangements with lenders that are not available elsewhere.
• They frequently assist you in completing the documentation, so your application should be processed more quickly.
• They will assist you in considering all of the fees and features of the mortgage, in addition to the interest rate.
• They should only propose acceptable mortgages for you and inform you which ones are likely to be approved.

A mortgage broker works as a third-party mediator between a borrower and a lender to execute real estate transactions. The broker will gather information from an individual and contact many lenders to locate the best possible loan for their customer. They will assess your credit to determine what kind of loan they can arrange on your behalf. Finally, the broker acts as the loan officer; they gather the appropriate information and collaborate with both parties to finalize the deal.