Mortgages

Property is back and house prices are showing steady increases.  Banks are back actively competing for business and that is good for those looking for mortgage finance.  It is true that lending criteria continue to be strict, but once the applicant meets the minimum standards set down by the lender and indeed, the Central Bank, the mortgage  will be sanctioned.  We are mortgage brokers.  That means we look at your circumstances and we find the mortgage that is most suitable for you.  Through our agencies with Haven Mortgages (AIB) and PIBA Mortgages we have access to lenders such as AIB, ICS, Permanent tsb, Pepper and KBC Bank.


Sometimes it might be best to delay an application for a little while, until you have the required service with your employer, until your savings account looks a little healthier, until your car loan is cleared off or whatever.   Through years of experience we know the 10 most common  Reasons for Refusal.  We will make sure that you do not fail for any of those top 10 Reasons, so that your application has the best chance of being approved.  


Buying a home and taking out a mortgage is the biggest deal most people will have in their lifetime.  It can also be one of the most daunting, intimidating and frustrating things that many people go through.  That need not be the case.  Of course it will be nerve wracking and there will be tension while you wait for an offer.  But we can ensure that all of your paperwork is properly put together so that your application has the best prospect of being approved with the minimum of fuss.

We will advise you how much you can borrow, the different mortgage types available, mortgage term and interest rate options. In short we ensure that getting your mortgage is as seamless and painless an experience for you as is possible.

It is also important to examine the small print closely to make sure that you are not making a mistake which could prove very costly, especially measured over the lifetime of your mortgage.  Whether you are a first time buyer, trading up, building a new home, buying-to-let or simply looking for a better rate, call Liam McGuire Financial Services for the best in mortgage advice.CONTACT US NOW for FREE CONSULTATION.

Business owners across the country are finding that unsustainable levels of debt are crippling them both financially and psychologically.  On a personal level many people are also finding the pressure of oversized mortgages and excessive debt to be extremely difficult.  In a lot of cases, the relationship with their lenders has deteriorated and it does not seem possible to agree a repayment schedule that fits their budget.  With over three decades of experience in lending Liam McGuire has an excellent record of negotiation on behalf of distressed business owners and borrowers.  The one consistent comment across all such borrowers is that the lender always seems to have the advantage and that the borrower has to agree terms and repayments that are simply unrealistic.  There are many ways to reduce payments to affordable levels and in some cases it may even be possible to negotiate new contracts with the lenders.  The first step is to call Liam McGuire Financial Services today. For further details CONTACT US.

1.  Bank Accounts:  Clean up your bank statements.  Make sure that there are no unpaid debits or missed payments on loans and close your online betting accounts.  Even if such debits are discretionery or if you place only an occasional bet, if a lender sees such items on your statements the response will almost certainly be negative.  Make sure wages, rent etc are channelled through your bank accounts, as this is always a positive. Save regularly through your accounts - that is essential.  If possible get rid of credit card debt - if for no other reason it is the most expensive form of credit you can avail of.

2:  Consult an Independent Advisor:  You can approach a lender directly and you may get on fine.  However, you only get one chance to create a first impression.  An independent mortgage advisor will ensure that your application is in best possible shape when it reaches the lender and that there are no banana skins on your path to property ownership, which might easily have been avoided.  Beware also that, even if they are aware of better options elsewhere, employees and tied agents of lending institutions are prohibited from advising you of such better options.

3.  Listen to your Pocket & be Realistic:  Forget what the lender will tell you  that you can borrow - that is an upper limit but what you can really afford may well be less.  You are the best judge of how to manage your finances and how far your income will extend.  Identify the level of your monthly income that you can afford to spend on a mortgage and the related insurances.    Only proceed if you are reasonably assured of your employment going forward.  Calculate affordability on the basis of minimum levels of income and do not depend on commissions, bonuses or overtime that may be subject to significant fluctuation.

4.  Set Your Limits:  Before you commence your property search set your spending limits.  This will help you to avoid the frustration of viewing and falling in love with your dream home, only to discover that even on double your income it is not affordable.  Consult with your Independent Mortgage Advisor and establish likely level of funding so that you can house-hunt at the appropriate level.

5.  Location:  Remember the 3 most important elements of property purchase - Location, Location & Location!  Very often the property that best suits you in terms of proximity to work, schools and services will also be the most expensive.  While there may be merit in choosing a cheaper property in a secondary location, do not forget ongoing costs for commuting, second car, time in transit etc.  Furthermore, if there is any likelihood that you may be transferred through work or that you may wish to move at any time in the future, the cheaper property in a remote location may prove a lot more difficult to sell.

6.  Consult your Solicitor:  Never proceed without discussing the matter with your legal advisor.  It will potentially save you a lot of grief.

7.  Insurances:  Factor in the cost of mandatory insurances such as Mortgage Protection & Fire.  Also consider other options such aas repayment protection, which may be desireable depending on circumstances.

8.  Beware of Special Offers:  When buying a mortgage be wary of special offers.  Introductory offers are just that - loss leaders to get you into the lenders web.  Look at the overall package and judge it accordingly.  Equally, while it may be convenient to buy a ready to go house with everything from TV to cutlery included, look at the real value of the property and base your decision on that.  Remember the adage - there is no such a thing as a free lunch!  Somewhere along the way the cost of any extras you may be offered will be factored into the price you pay.

9.  Take your time:  Never be forced into either purchasing a property or taking a mortgage.  Expert sales people can coerce you into rushing decisions almost unknown to you and buyers often feel almost obliged to proceed, without being 100% happy to do so.  Relax, and do not proceed until you are totally happy to do so.

10.  Ask that Question:  There is no such thing as a stupid question.  If you have any question at all ask your Independent Mortgage Advisor and he will be delighted to set you straight.

Mortgage Types

This is the most common type of mortgage.  The  mortgage is repaid by monthly  payments over a defined period of 10-35 years at a fixed or variable interest rate. In the early years most of the repayment is interest. As the mortgage term passes more capital is repaid. At the end of the mortgage period the mortgage has been repaid and the property belongs to the mortgage holder.

As the name suggests only the interest element of an Interest Only Homeloan is repaid and the mortgage (capital) balance remains outstanding.  Usually such loans will convert to capital and interest after an initial interest only term.  Sometimes the loan will be repaid when a specified event takes place  (e.g. sale of a property, when an investment matures etc.).  Interest Only loans are not generally available at present, unless the method of repayment meets the bank’s criteria and is likely to be delivered on time or if sustainable reasons are given as to why capital and interest payments should be deferred at the outset. 

With this type of mortgage instead of paying the capital element of the mortgage off with the regular mortgage payments, the borrower will make interest payments only on the mortgage.  At the same time he or she will pay into a pension plan with a view to accumulating enough tax free capital on retirement to pay off the outstanding mortgage amount.  This can be very tax efficient as the borrower claims tax relief on the amount contributed to the pension.  It should be noted however, that there is no guarantee that the accumulated fund at retirement will be sufficient to pay out the tax-free lump sum required to clear the mortgage.

Mortgages for Residential Investment Properties (RIP’s or Buy-to-Let’s) can be arranged to assist in the cost of purchasing investment properties.   Contact Liam McGuire Financial Services if you are looking for Buy-to-Let Finance..

Commercial mortgages are available in respect of commercial properties – offices, licenced premises, hotels, farms or retail premises etc.  Liam McGuire Financial Services can guide you through the process, having agencies with the leading commercial lenders.