Ireland Mortgage FAQs: Expert Answers from Pangea Mortgages

Welcome to the FAQ section of Pangea Mortgages, your trusted mortgage broker in Ireland.

Whether you’re a first-time buyer, looking to switch mortgages, or simply need expert advice on navigating the complex world of home financing, you’ve come to the right place. Below, you’ll find detailed answers to some of the most frequently asked questions about mortgages in Ireland.

Our aim is to provide you with clear, useful information to assist you in making informed decisions about your mortgage needs. Explore our FAQs to discover how we can help you secure your dream home with confidence.

  • A mortgage is a type of loan specifically used to purchase property or land. The loan is secured against the value of your home until it is paid off. If you cannot repay the loan, the lender may repossess your home to cover the debt.

  • Choosing the right mortgage depends on your financial situation, how long you plan to stay in your home, and your risk tolerance. It's advisable to consult with a mortgage advisor who can assess your circumstances and guide you through the options available.

  • In Ireland, the main types of mortgages include fixed-rate, variable-rate, tracker, interest-only, and equity release mortgages. Each type has its benefits and drawbacks, depending on your long-term financial plans.

  • Lowering monthly mortgage payments can be achieved by refinancing to a lower interest rate, extending the loan term, or restructuring the loan. Consulting with a mortgage advisor can provide personalised options.

  • First-time buyers in Ireland may qualify for various government schemes like the Help to Buy incentive or can avail of special mortgage rates. A mortgage advisor can provide detailed information based on your specific situation.

  • Yes, switching from a tracker to a fixed-rate mortgage can provide more predictable monthly payments. It's important to consider potential fees and the timing of the market to ensure the best financial decision.

  • Before investing, consider the property's location, your financial stability, market conditions, and long-term investment goals. A financial advisor can help assess the potential risks and returns.

  • Applying for a mortgage involves submitting financial documents for review, a property valuation, and discussing your options with a mortgage advisor to find the best product for your needs.

  • The process can vary but generally takes a few weeks from application to approval, depending on your specific situation and the completeness of the documentation provided.

  • Early repayment can attract charges as it may affect the lender's expected yield on the loan. The specific terms depend on the mortgage agreement, so it's advisable to review these details before making extra payments.

  • Generally, you will need proof of income, identification documents, proof of address, and details of your financial history. The specific requirements can vary, so it's best to consult directly with a mortgage advisor.

  • Using equity release for debt consolidation involves borrowing against the equity in your home to pay off multiple debts, potentially reducing your overall monthly payments. However, this increases the total interest paid over the life of the loan.

  • With an interest-only mortgage, you pay only the interest on the loan for a set period. While this lowers your monthly payments initially, the principal amount remains unchanged, and you will need a plan to repay it at the end of the term.

  • The maximum age for mortgage repayment can vary by lender but generally extends to your retirement age or beyond. Specific age limits can be discussed during your mortgage consultation

  • Typically, you will need a deposit of at least 10% of the property’s purchase price for first-time buyers. Higher percentages may be required depending on the mortgage type and your financial history.

  • Yes, switching your mortgage can be a viable option to save on interest payments or tap into better mortgage terms. Pangea Mortgages offers a comprehensive review and switching service to assess if a mortgage switch benefits you.

  • If you face financial difficulties, it’s important to contact us as soon as possible. Solutions may include restructuring the loan, temporary payment breaks, or other measures to avoid falling into arrears.

  • Mortgage Protection Insurance is typically required to ensure that your mortgage is paid off in the event of your death before the mortgage is fully repaid. This is crucial for protecting your family from inheriting your mortgage debt.

  • As a mortgage broker, Pangea Mortgages has access to a wider range of products than a single bank can offer. This means we can compare different lenders to find the best rates and terms that fit your specific situation, potentially saving you money over the life of your mortgage.

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Killian Costelloe
Killian Costelloe
2023-08-21
Just had a chat with John Fahy this morning. Extremely helpful and explained everything very clearly to me. Thanks for all your help.
David Sullivan
David Sullivan
2023-08-18
We wanted to move from a tracker to a fixed rate mortgage and from the start John was extremely helpful and provided sound advice. He even supported us in areas nor related to the switch like arranging an appointment with a valuation agency. In the end, in a fast moving market, we believe we got the best deal it was possible to get.
Seshu Tirupathi
Seshu Tirupathi
2023-08-14
John was extremely professional and clear about all the steps in purchasing a home in Ireland. He was always accommodating with all our requests and transparent about how things are moving along in the application process. I would highly recommend his services if looking to buy a house, especially first-time buyers.
joice dondo
joice dondo
2023-07-19
Very helpful information I got from here , sound advice in a professional manner
Kevin Burrowes
Kevin Burrowes
2023-07-18
I wouldn't have been able to get through the mortgage processes without John, knows exactly what he is doing and should be charging more for his service. I would fully endorse his services for anyone who requires them.
Fiona Britton
Fiona Britton
2023-05-22
John was excellent to deal with, timely, efficient and helped us secure a mortgage with an excellent rate, we are in our home because of him !
slavisa miskovic
slavisa miskovic
2023-05-15
Quick response, definitely will ring them back