Residential Mortgages

NMS - Irish Mortgage Brokers based in Dublin, specialise in putting together the most comprehensive Mortgage Packages available in Ireland.

 

             

 

• Repayment terms up to 40 years
• Interest only repayment options
• Great value fixed or variable rates with NMS Mortgage Brokers in Dublin Ireland.
• Great value fixed rates

Buying a home of your own can be a complicated and confusing process, involving unfamiliar legal transactions and large sums of money. But don't despair, click here to view our guide designed to take you through the whole process, step by step. NMS - Mortgage Brokers in Ireland, providing Mortgages and Remortgages in Ireland.

If you would like some further information about mortgages,  

call 1850 700 777.

 

 

Mortgage Interest Relief

From 1 January 2008 tax relief on mortgage interest for first time buyers will increase form €8,000 to €10,000 for single persons and €16,000 to €20,000 for married persons. This relief will be available for the first seven years of the mortgage and is granted at source at the standard rate.

 

Stamp Duty

Property Value	Stamp Duty Rate
Up to €127,000	Exempt
If over €127,000, the excess over €125,000 to €1,000,000	7%
Balance	9%

 

 

NMS Mortgage Brokers - Step by Step Guide to Mortgages in Ireland

How much can I borrow from Mortgage Brokers in Ireland?

The lenders will calculate how much you can borrow based on your net income, this can range from 35% - 55%.

You can repay a mortgage over any period between 10 and 40 years, provided the mortgage is repaid before age 80.

 

 

How do I choose the best Irish mortgage option for me?

There are a wide variety of ways you can repay your mortgage in Ireland. Outlined here are basic details on the various mortgage repayment options on offer.

 

Tracker Mortgages
Why are Tracker Mortgages proving so popular in Ireland?
Tracker mortgages first became available to Irish home buyers, when Bank of Scotland entered the Irish Market.  Since their introduction, trackers have become more and more popular, now making up a very significant percentage of all mortgages taken out in Ireland.  Most Irish lenders now offer tracker mortgages, due to huge demand.

A tracker mortgage is a variable rate mortgage, with a fixed margin.
The bank fixes their 'margin' (or markup) which they can never increase.  Over the term of the mortgage you'll pay whatever the European Central Bank (ECB) rate is plus the lender margin.  So for example if you are offered a tracker of ECB + 1%, this means your rate will be 3% (2% ECB current rate + 1% lender margin).  If the ECB rate goes up or down by lets say 0.25%, your mortgage rate will go up or down by the same amount.

Essentially, by taking a tracker mortgage, you 'lock in' to current market rates, which are at historically low levels.  Your mortgage rate will only ever increase if the ECB increases their rate. 

 

Variable Rate Mortgages in Ireland
The repayments on a variable rate mortgage in Ireland will fluctuate in line with general interest rate movements.
If interest rates fall, your monthly mortgage repayments will fall. If interest rates in Ireland rise, your repayments will increase.

 

Fixed Rate Mortgages in Ireland
You may not want to take the risk of a rise in mortgage interest rates in Ireland, particularly if you are working on a tight budget.
With a fixed rate mortgage, a competitive rate of interest is fixed for an agreed period which can range from one to ten years. This removes any risk associated with fluctuating Irish interest rates.

 

Annuity Mortgages
An annuity mortgage is repaid monthly over the term of the loan. You simply pay off part of your borrowing each month, plus the outstanding interest. In the early years, the capital amount of the loan you repay is lower - most of each payment being interest. As the amount you owe reduces over the years, interest becomes a smaller part of each monthly payment. Tax relief is available on the mortgage interest. As the interest you pay is higher in the earlier years of the mortgage the benefit of tax relief is greater, when borrowers are most likely to be short of cash.
Interest Only Mortgages. Under this method, you repay the interest only and the capital is repayed at the end of the mortgage term. This eases cash flow and maximised tax relief.

 

Interest Only Mortgages / Investment Mortgages
With this repayment method you have the option to just repay the interest each month , thus giving you a lower mortgage payment and manage your cashflow a lot easier and at the same time maximising your tax relief. When the property is eventually sold and provided it has made a profit you then repay the capital from the proceeds of the sale. Interest Only Mortgages are becoming increasingly important in Ireland.

 

Endowment Mortgage
Under the endowment method you pay interest on your full borrowing throughout the mortgage term and this qualifies for tax relief. You also pay monthly contributions to an endowment policy, which includes sufficient life assurance to pay off your loan in the event of your untimely death. By the end of the mortgage term, the value of the endowment policy should have grown sufficiently to repay the mortgage in full and in addition possibly pay you a cash surplus.

 

Pension Mortgage in Ireland
Under the pension method you pay interest on your full borrowing throughout the mortgage term and this qualifies for tax relief. You also pay monthly contributions to a pension policy, which includes sufficient life assurance to pay off your loan in the event of your untimely death. By the end of the mortgage term, the value of the pension policy should have grown sufficiently to repay the mortgage in full. In addition leaves you with a pension for life. You can also claim tax relief on your pension contribution in Ireland.

 

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