The alternative is to go directly to the bank or banks yourself. But you need to consider is it better to deal with a lender or Insurance company directly when they only have their own products to offer you? As regulated intermediaries we are obliged to look after your interest. Lenders pay intermediaries to give them business because it is good value for them to do so.

New lending rules will limit borrowing in most cases to a maximum of 3.5 times gross income. This is not to say that you will qualify for this amount but rather that this will act as a cap. Borrowing limits also take account of the following:

Restrictions on the percentage of your net income that you can spare, ensuring that you have a certain minimum level of money to cover the cost of living.

Proving that you can afford the proposed repayments by reference to current spending and savings habits.

In assessing a mortgage application the key consideration lenders look at is ability to service loan repayments. In order to assess this, lenders review your current income and make estimations as to the likelyhood of your income continuing into the future. In this regard certain classes of employment are by their very nature more secure than others.

A mortgage is a long-term commitment. Banks can only include your sustainable income when calculating the amount you can borrow. If you are a PAYE employee this means your guaranteed basic salary, not including bonuses or other once-off income. To show your sustainable income you will need to: Provide 3 months’ payslips Have a Salary Certificate signed and stamped by your employer.

The Interest Rate is the actual rate at which interest is charged on the amount you borrow. Banks calculate interest on a daily basis.

APR stands for Annual Percentage Rate (APR) which is the total cost of your mortgage over its term, taking into account both interest rate charged and other fees, as well as whether interest is charged monthly or quarterly.

The Interest Rate is the actual rate at which interest is charged on the amount you borrow. Banks calculate interest on a daily basis.

With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between the lender and borrower.

Although a fixed rate means your repayments cannot increase for a set period of time, your repayments will not fall during the fixed rate period. As a result, you could miss out on lower interest rates and lower repayments. Fixed rates may cost more over the long run but they offer peace of mind as you know your repayments will not rise during the fixed rate period.

Variable rates offer the most flexibility. They allow you to increase your repayments, use a lump sum to pay off all or part of your mortgage or Remortgage without having to pay any fixed rate breakage fees.

However, because variable rates can rise and fall, your mortgage repayments can go up or down during the term of your loan.

A mortgage is a long-term commitment. Banks can only include your sustainable income when calculating the amount you can borrow. If you are a PAYE employee this means your guaranteed basic salary, not including bonuses or other once-off income. To show your sustainable income you will need to provide 3 moths payslips and have a Salary Certificate signed and stamped by your employer. You can pick up this certificate in your local branch.

The minimum loan amount you can borrow for a mortgage is €40,000. The minimum loan amount for further advances is €25,000.

The maximum amount you can borrow depends on several factors such as your income and your capacity to repay your loan. For a guideline on how much you could potentially borrow check out our online Mortgage Calculator.