Mortgage Advisor Dublin | Mortgage Broker Services

Why choose a Mortgage Advisor?

So you have decided that you are going to buy a property. This will mean, in most cases, that you will need a mortgage. There are two options available to you. 1st is the DIY option. This is where you will walk into all the Banks yourself and deal with them directly throughout the mortgage process. You will be in direct contact with the Bank throughout. This will be painful for you!

2nd option is a mortgage advisor in Dublin, like Pangea Mortgages. They handle all the work for you and will compare offers across all Banks. They are trained to deal with Banks and the jargon that comes with mortgages. They can then breakdown the offers for you in plain and simple English.

The problem with the 1st DIY option is that when you deal with the Banks individually, they will only see that Banks products. You will never be advised that its cheaper to go across the road and get a Mortgage with Bank X. You will be dealing with Sales people in the Banks who are only trying to sell you their products. A mortgage advisor will compare offers from all Banks and crucially they have access to Broker only lenders such as Finance Ireland and ICS – who often have better rates than AIB and Bank of Ireland.

When dealing with Pangea Mortgages we will start with a mortgage broker consultation. We walk you through the process step by step. As the a mortgage broker Dublin, we can provide you with the benefits of our years of experience and our online system also makes the process easy. No more face to face and reams of paper like you get with the high street Banks.

How to get started?

The most common way people find a broker is on-line. If you Google – best mortgage broker Dublin, independent mortgage advisor, first choice mortgage brokers, best mortgage advisor in Dublin you will find a decent advisor in your area. Alternatively, you can just reach out to Pangea Mortgages where you will get the a mortgage advisor.

As we are mortgage advisors, we are licenced by the Central Bank of Ireland so you can be assured you are dealing with high quality professionals. We are also not tied to any one Bank – we are a mortgage advisor – we work for you and in your best interests alone. We scan the Banks for the most suitable mortgage for you.

Once you contact us , we offer a full mortgage broker consultation, we go through your financial position and advise on how much you can borrow and what the likely repayments will be.

Next, we set you up on the Pangea Mortgage online mortgage platform. You can upload all the paperwork here – there’s no need for physical documents. Once that’s done, we will call you to walk through your options and which Bank(s) we recommend you apply to. Once you are happy, we will put all the paperwork in for you. We manage all correspondence with the Banks and answer any queries they may have. It usually takes about 3 weeks from submitting an application to getting a loan offer. As your Mortgage Advisor Dublin , we will keep you updated at every step of the journey.

Repayment capacity

That your income less expenditure still leaves enough each month to meet the proposed mortgage repayments. We look at your Nett (after tax) income each month and see what your outgoings are, and we can then assess how much of a mortgage you could afford to repay each month. Any rent that you are paying or savings that you have each month, will count towards this repayment capacity. Most first time buyers believe that paying high rent can count against you – but for repayment capacity, its actually beneficial.

Gross Income is 4x the mortgage amount

With the first time buyer scheme, your income (combined if applying with a partner) must be 4x the mortgage amount. Say for example you have two applicants, both earning €50k (combined €100k per year) – this would enable you to get a mortgage of €400k. The value of the property will need to be at least €440k to satisfy the additional first time buyer deposit requirements. Which we outline below.

First time buyer deposit

With a first time buyer mortgage you can borrow upto 90% of the value of the property. This means, as in the example above, you only need to have a 10% deposit saved. The Banks prefer to see these savings as consistent weekly/monthly build up over say 6 months. Be consistent. Don’t try and put in an amount say €1,000 in month one and then need to take out €200 of this to cover expenses the next month. We can work with you to plan out your cashflows to prepare for a first time buyer mortgage. Getting consistent Bank statements that meet the lenders requirements is very important in a first time buyer application. We will help you put your best foot forward.

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Type of Mortgages in Ireland

There are two types of mortgage. Fixed and variable. Fixed mortgages mean that you are guaranteed to pay the same amount of money every month for the period you have selected (usually 2-5 years). The benefit of this is certainty , it’s the same cost every month and you can plan accordingly. The most common fixed rates are between 2-5 years but a number of lenders are now offering 20-30 years fixed rates. The downside to a fixed rate is that if rates fall and you wish to change to another Bank there will be penalties for doing so. Fixed rates at present are much lower than variable rates – as your mortgage advisor we will explain to you why and the difference between the two.

Variable rates mean that it’s at the Banks discretion to move the charge up or down, meaning your mortgage could change from one month to the next. It could be higher or lower. Your Pangea Mortgages Advisor will let you know what product is most suitable for your needs. Contact us today on 0858600728 to find out more.

In the last 5 years, fixed rate mortgages are now by far the most common. Customers like the certainty of being able to plan their outgoings for the next number of years. The most common fixed terms are 2 or 3 years, but an increasing number of Banks now offer 5, 7 and even 10 year rates. It can be very confusing trying to decide which rate is best for you, so we recommend speaking with your Pangea Mortgage Advisor. We will ensure you get the best mortgage advisor tailored for your circumstances

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It will just take a few minutes to find out how much money you can save! We help you achieve your property goals.

How To Use Our Mortgage Calculator

The most common tool customers and a mortgage advisor will use is the mortgage calculator. The major drivers of the monthly cost of a mortgage will be – amount, rate, and time. Once you know the amount you are looking to borrow you can enter the term you wish to borrow over. Most Banks will provide mortgages until you are 66 or 67 years of age. The maximum term they will lend over is 35 years. So once you are over 31/32 – the length of time you can borrow for decreases – increasing your monthly repayments. Talk to one of our mortgage advisors to learn more.

The mortgage calculator will give you a quick view of roughly how much your monthly repayments will be. These are only an indication and you need to speak with your Pangea Mortgage advisor to get a definite amount. You can rest assured, as an independent mortgage advisor, and the best mortgage broker in Dublin – we will be able to get the very best rate for you. Contact us now.

How much can I borrow?

3.5x times the combined salary for second tiem buyers and 4x for first time buyers. In certain circumstances, you can get a higher multiple than this, but it will depend on your circumstances and where in the country you are buying a property. Speak with one of our mortgage advisors to find out more

Which Bank has the lowest rates?

This is constantly changing as the Banks are competing with each other for customers. Every 3/6 months new rates will come out onto the market. Generally speaking, AIB and Bank of Ireland will not have the lowest rates. They are by far the biggest Banks and have massive marketing and advertising spending – so they don’t need to offer low rates. As your mortgage advisor we can show you all the different rates the Banks offer and advise you on incentives such as cashback offers

Will property prices go up or down this year?

They will go up! There is a major lack of supply of property in Ireland right now, this has led to the housing crisis that people are so familiar with. This lack of supply, when combined with (1) a record demand for mortgages in November 2020 and (2) record low interest rates will drive prices upwards. The global money printing of central banks also means that there are now several “funds” active in the Irish market that are able to buy up entire developments and only make them available for the rental market. There will be far too many people chasing far too few properties – this always drives the price up. If you would like more expert economic property advice, please contact us for a free mortgage consultation.

How long does the process take?

Once we receive all of your documentation (current accounts, payslips, etc) we will submit to the Banks. It is currently taking about 3 weeks to get a Loan offer from them. This is sent to you and to your solicitor. Your solicitor will go through the loan offer and all legal documents with you and is a crucial part of the process – here at Pangea we only work with the very best solicitors so we can advise you on the best one near you. Once the legal process is complete your solicitor will request the funds and you will be able to close within a week.

Talk with a Mortgage Advisor

We are happy to help with any question you have no matter how small or trivial – we are here to help you !

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

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

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

2023-07-19

Very helpful information I got from here , sound advice in a professional manner

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.