Mortgages

At PSC Wealth Plus we understand that in the current environment, it is not as easy to get a mortgage approval as it once was. We deal directly with five different lenders, who are open for mortgage business and offer competitive mortgage rates.

We do not use a third party to submit your application and you therefore do not occur a fee for using our services. If your mortgage is approved we receive a commission of approximately 0.5% of the loan amount from the lender. This does not increase the cost of your mortgage and there are NO HIDDEN COSTS involved in using our services.

The advantage for our clients is that they complete one application form, which we then submit to a number of lenders to attain the most suitable and cost effective mortgage for their needs. The paperwork is minimised for the client and we use our contacts and experience to attain the mortgage best suited to your needs.

Please contact us today on 066 712 6333 or email bdowling@psc.ie

Please find links below to useful loan and mortgage calculators provided for your convenience. Please note these are for information and guidance only and do not constitute the offer of a loan or mortgage."

6 Steps to completing your Mortgage

1. How much can you borrow?
   As a first time buyer your first step should be to see how much can you borrow. This will give you an idea of your price range. This process is known as getting an Approval In Principle (AIP) and simply means the Lender will give you an exact figure of how much they will lend you.
   
   An Approval In Principle is gained by submitting a completed application form along with the necessary supporting documentation, which we will help you with. We will submit your application to our panel of lenders and see who will offer you the best deal.
   
   

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2. Find your Property
   The next step for you, and the most important, is to locate a suitable property. This can be an exciting time so enjoy!
   
   

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3. Getting Your Loan Offer
   Once you have paid your deposit or your offer has been accepted on your new home the next step is to get your formal loan offer, specific to your property, from your chosen lender. In order to do this we will need a valuation report to be carried out on your property, this is standard for all mortgages and is carried out by a Valuer on behalf of your Lender. All lenders have their own panel of valuers. The next step is to decide which interest rate you would like to have from your chosen Lender. There are several options e.g. Fixed and Variable - see our section on interest rate options.
   
   

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4. Hire a solicitor
   You will need to have a solicitor in place before the loan offer issues from your chosen lender. The loan offer will issue to both your solicitor and to PSC Wealth Plus. You can then arrange a convenient time to visit your solicitor in order to sign the loan offer. Once your solicitor has gone through everything with you, you will then sign the contracts for your new home and hand over the balance of your deposit.
   
   

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5. Insurance
   You will need to organise mortgage protection/life insurance and house insurance before your mortgage cheque will issue. These are required by all lenders. We have access to all the main providers of life insurance in the Irish market and so can advise you as to who is offering the most competitive quote for your needs (Please see our life insurance section).
   
   

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6. Get the Keys!
   Your Solicitor will return all the signed legal documents to the Lender and request that the mortgage cheque will be issued
   
   

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Types of Mortgages

1. Repayment/Annuity Mortgage
   This is the most common type of mortgage used by people purchasing a property and is sometimes known as a repayment mortgage. The monthly repayment is split between paying the interest and the capital elements of the loan.
   
   In the early years of the mortgage, a far higher portion of the monthly repayment amount is used to service the interest on the loan, than is used to clear the capital owing. Gradually over the term of the mortgage the portion used each month to clear the capital element increases until finally the loan is paid in full.
   
   

   Warning: If you do not keep up your repayments you may lose your home.

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2. Interest Only
   This means you only pay off the interest on your mortgage. The capital amount stays the same. At the end of the term the amount owed is still the same as the amount originally borrowed.
   
   Usually Interest Only is applied for 3 - 5 years and the repayments are readjusted after the interest only period finishes.
   
   In some cases when purchasing an investment property you may be able to get interest only for the entire term of the mortgage. If you choose this your options at the end of the term would be:
   
   

   Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.

   1. Sell the Property
   2. At the same time as the mortgage was taken out, also have taken out an investment or unit linked product with a life insurance company-sometimes referred to as an endowment policy-that will pay off the balance. It should be noted that there is no guarantee that all life assurance policies will clear the principal amount owing at the end of the term of the loan. (Endowment Mortgage)
   3. Use your pension to pay off the amount (Pension Mortgage)

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3. Tenant purchases/Affordable Housing
   PSC Wealth Plus offers mortgages to individuals wishing to purchase an affordable house (usually in a development which is sold at a discount by the local authority) and also to tenants who wish to buy their homes from the local authority (price is discounted). For more information on tenant purchases and affordable housing, please see your local authority website.

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Interest Rate Types

1. Fixed
   With a fixed rate the monthly interest charged on your mortgage remains the same throughout the specified fixed period, i.e. 2 years. The rate can be fixed for a period of between 1 -10 years. The rate will always remain the same during this period regardless of interest rate increases by the Lender or the European Central Bank.
   
   The advantage of a fixed rate mortgage is that you know exactly what your monthly repayments will be for the fixed period. Generally the longer you fix your rate for the higher the rate will be.
   
   One disadvantage to note with regard fixed rates is if you break out of them within the fixed rate period by selling or trading up, you will be charge a penalty fee. If you fix into a rate there is also a chance that interest rates may fall and you will end up paying a higher than average interest rate.
   
   

   Warning: You may have to pay charges if you pay off a fixed-rate loan early.

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2. Variable
   A variable rate can rise and fall at any time during its term. The lender has the right to change its variable rate at any time but generally lenders will change their rates in line with changes in the European Central Banks rate.
   
   With a variable rate your monthly repayment can go up or down.
   
   

   Warning: The cost of your monthly repayments may increase. If you do not keep up your repayments you may lose your home.

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3. Split Interest Rate
   An interest rate option where you can split part of your mortgage as a fixed rate and have the remainder on a variable rate. If rates fall, repayments on the variable part of your mortgage reduce, and if rates rise you have the security of knowing that only part of your loan repayments will rise, i.e. the variable portion.

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Click here to use our instant mortgage calculator
Click here to use our instant remortgage calculator
Click here to calculate your monthly repayment amount

Please contact us today on 066 712 6333 or e-mail bdowling@psc.ie or eoneill@psc.ie

Apply online for your mortgage today