Buy to Let Mortgages Made Simple
Thinking of buying an investment property? Irish Mortgage Corporation guides you through the buy to let mortgage process.
Obtaining a Mortgage
Irish Mortgage Corporation will be there through each point of the process from application to completion. Our consultants will discuss the specific needs of our customers and then provide a range of options that meet their needs.
Following is a summary of those services we provide to first time buyers:
- Taking client information and assisting with application completion.
- Analysing prospective clients income and debt and pre-qualifying the prospective client to determine the maximum mortgage they can afford.
- Educating clients in the home buying and financing process, advising on various loan products, and demonstrating how monthly payments could vary under each product.
- Assisting with the collection of financial information (tax returns, bank statements) and other related documents which form part of the application process.
- Advising clients on documentation required to progress loan applications including verifications of employment and verifications of deposit.
- Assisting the evaluation of life insurance options and advising on all relevant application details.
- Maintaining regular contact with the client, solicitor, lender between application and closing to appraise the status of the application and gather any additional information as needed ensuring mortgage closes at or near the required closing date set by the consumer.
- Continuous Client service after mortgage drawdown.
Even if you are not ready to obtain a mortgage now, we can advise you on what will be needed for a mortgage assessment and give you an indication of how much you can borrow so you know your spending level and prepare you for a mortgage in the future (see our top tips).
Gerry Griffin QFA LIB talks you through the basics of buy to let – a great introduction if you are interested or already involved in property as a business, or an investment.
Where are you now and where do you want to be?
- Get an indication of how much you can borrow which will be a based on the following:
- Repayment Capacity
- A combination of savings/rent for the last six months will indicate the monthly amount you can afford in mortgage payments.
- 6 month statements for assessment (both bank and credit card) keep your bank accounts well maintained.
- Savings and rent clearly evidenced
- Avoid missed payments, referral charges, constantly being overdrawn.
- Set up a high interest savings account for regular savings
- Avoid short term and credit card debt where possible
Our new Remortgage Calculator is just being checked - you will be able to see how much you might be able to save by switching your mortgage.
What does it mean to remortgage?
When we talk about remortgaging our property we are focused very clearly on a property remortgage in Ireland - significantly different from many of our neighbours.
So to be clear when we say remortgage we mean changing the interest rate, the term of the mortgage, the type of mortgage or any of the conditions attached to the mortgage. Often when people think of remortgaging they are looking to reduce the monthly payment that they make - this is a perfectly reasonable outcome, but is not the only one!
It is also important to understand that remortgaging is not the same as switching mortgage - both looking to remortgage your loan or switch to another lender are valid options you need to look at what is the best option for you.
We are living in extraordinary times - there are issues we cannot control, but there are others that we most definitely can.
Why can I remortgage?
If we live in a house that we own with a mortgage, or own one or more properties that we let to others we may NOT be getting the best deal on that mortgage:
- the original loan will have been based on a Loan to Value at that time - it is very likely that this will have changed - our house may be worth more, and we may owe less - so for our lender we have become a much better risk and they may be able to apply a different rate.
- Our circumstances may have changed - we may have been in the same job for longer, got a promotion, a pay rise or some share options or bonuses - gain this may affect the way we are looked at by a lender.
- We may be thinking of staying where we are for longer, investing in extending our property rather than moving, starting or adding to a family - this may mean we would consider extending the term of our mortgage, so spreading the cost into the future.
No matter what your current situation is it would be good to talk through the options available, and now may be the best time to look at it - there are plenty of choices and the lenders and Irish Mortgage Corporation are very much open for business.
Getting professional advice is as easy as scheduling an online meeting or booking a call.
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