Mortgage FAQs: Clear Answers, Real Guidance

Getting a mortgage comes with a lot of questions and no two situations are the same. This page is designed to give you clear, straightforward answers to the things you need to know, whether you are buying your first home, switching your mortgage or exploring your options. We break down the process, explain what lenders look for and help you understand what is possible based on your circumstances, so you can move forward with confidence.Clear Answers, Real Guidance

1. What does a mortgage broker do?

A mortgage broker acts as an intermediary between you and lenders. At Mortgage Navigators, we assess your financial situation, compare mortgage products across multiple lenders, and recommend the most suitable option based on your needs. We also handle the application process, paperwork, and liaise with lenders, solicitors, and estate agents along with your home Insurance & Mortgage Protection to make the process as smooth as possible. We guide you from application to drawdown.

2. Why should I use Mortgage Navigators instead of going directly to a bank?

Banks only offer their own mortgage products, whereas Mortgage Navigators has access to a wide panel of lenders ensuring you get Market based advice. This means we can compare multiple options to find you the most competitive rate and terms that suit your individual needs. We also provide personalised advice and ongoing support throughout the entire process.

3. How much can I borrow?

In Ireland, most lenders offer up to 4 times your gross annual income as a First Time Buyer, 3.5 if you are a mover. Factors such as your basic income, variable income, existing debts, employment status, and credit history all play a role. Exceptions to the Loan to Income Multiple may be available in certain cases… so always ask.

4. How much deposit do I need?

A minimum deposit of 10% if you are purchasing a residential home, Minium of 30% if you are purchasing an Investment property. A deposit for a newly built residential home can be supported with Government Incentives, namely the Help to Buy and First Home Scheme.

5. What is Approval in Principle (AIP)?

Approval in Principle is a preliminary approval from a lender indicating how much they may be willing to lend you. It is not a formal loan offer but shows estate agents and sellers that you are a serious buyer. These AIP’s can be issued as a fully underwritten AIP or a First Step AIP…. Underwritten is more solid. Please note that on going sale agreed a material check in circumstances is undertaken so ensure no dramatic changes on bank statements or employment has occurred.

6. How long does the mortgage process take?

On going sale agreed the process can take anywhere from 4 to 12 weeks depending on factors like document submission, property valuation, and legal work. Mortgage Navigators helps streamline this timeline by managing communication between all parties.

7. What documents do I need to apply?

You will typically need proof of income (payslips, salary Cert & Tax Docs), bank statements, identification, proof of address, and details of savings and debts. Self-employed applicants will require additional financial documentation.

8. What is a fixed-rate mortgage?

A fixed-rate mortgage means your interest rate stays the same for a set period, providing certainty on repayments regardless of market changes. Most lenders offer overpayment flexibility on fixed rates.

9. What is a variable-rate mortgage?

A variable-rate mortgage can change over time based on market conditions or lender decisions, meaning your repayments may increase or decrease.

10. Should I fix my mortgage or choose a variable rate?

This depends on your financial goals. Fixed rates offer stability, while variable rates offer flexibility. Mortgage Navigators helps you weigh the pros and cons based on your situation and a full review will be undertaken on all lenders to ensure you are perfectly matched.

11. Can I switch my mortgage to a better rate?

Yes, switching (or remortgaging) allows you to move to a different lender offering better rates or terms. This can result in significant savings over time.

12. When should I review my mortgage?

You should review your mortgage when your fixed rate is ending, if interest rates change, or every few years to ensure you remain on a competitive deal. You should also review if there are any significant changes to your personal circumstances.

13. Are there costs involved in switching mortgages?

As this is a legal Transaction you have to have the solicitor to act on your part – typically costs here range from €1200-1800 but many lenders offer cashback incentives to offset these costs.

14. What is mortgage protection insurance?

Mortgage protection is a life insurance policy that pays off your mortgage if you pass away during the term of your mortgage, ensuring your family is financially protected. It is a legal requirement in Ireland to have Mortgage protection to drawdown a mortgage.

15. What is the Help to Buy scheme?

The Help to Buy scheme is a government initiative that assists first-time buyers in purchasing new homes by providing a tax rebate to help with the deposit. This is currently 10% of the purchase price of a newly built property to a maximum refund of €30,000

16. Can I get a mortgage if I am self-employed?

Yes, but you will need to provide additional documentation such as 2-3 years accounts and tax returns. Lenders typically look for at least 2 years of consistent income. If you are a contractor lenders will review your income differently.

17. What impacts my mortgage approval?

Key factors include your income, employment stability, credit history, savings record, and existing financial commitments.

18. How can I improve my chances of approval?

Maintain a strong savings record, reduce unnecessary spending, reduce personal debt, avoid missed payments, and ensure your financial documentation is in order.

19. What happens after my mortgage is approved?

After approval, you’ll receive a formal loan offer once you go sale agreed on a property. Your solicitor will handle the legal process, a valuation needs to be completed on the property, Home insurance and Mortgage protection needs to be put in place and once completed, funds are issued to your solicitor to purchase your property.

20. How do I get started with Mortgage Navigators?

Simply book a consultation with one of our advisors or start your application online. We’ll assess your situation, explain your options, and guide you step-by-step through the mortgage process, from application to getting your keys, we are with you every step of the way.