Service

We pride ourselves on providing an unrivalled professional service to our
clients.

  1. Each application is allocated to an experienced mortgage advisor
  2. Your dedicated consultant will deal with your application from start to
    finish.
  3. We provide fast decisions and deal promptly with all relevant matters.
  4. We strive to build long lasting relationships.

Experience

All our mortgage applications and enquiries are handled by highly experienced finance specialists.

The Irish market is very competitive. No single lender can claim to offer the best package. There is a wide range of mortgage products available and significant differences between lenders in regard to lending criteria. Our role is to advise on a mortgage product that best suits your needs.

Matters to be considered when choosing a lender include:

  • Lenders lending criteria – our consultants will advise you on this point
  • Current mortgage rates – both new business and existing customer rates
  • History of rates compared to the rest of the market
  • Market experience of lenders – commitment to the Irish market
  • Service factors – e.g speed of which mortgage can be processed and service throughout the life of the mortgage

Our experienced mortgage advisors will walk you through the products on offer and the rates available from our mortgage underwriters and provide all information you need to make it easy for you to decide what mortgage is best for you.

1. Making the decision to buy property

  • Once decision is made, start saving
  • Forgo entering into new loan agreements whenever possible
  • Keep a close eye on property market
  • Establish your property goals

2. Obtaining loan approval

  • Call us for an initial discussion (01 662 4595) – lending criteria, borrowing capacity, costs etc
  • Complete a mortgage application form
  • Assemble all information needed to support your application
  • Obtain formal approval in principle

3. Set your sights on a property

  • Choose your preferred location and match borrowing capacity with property goals
  • Be prepared to negotiate aggressively
  • Don’t rush or buy when you are not convinced
  • Make sure the property is right for you and your budget
  • Obtain approval in respect of the chosen property

4. Purchase a Property!

  • Engage a Solicitor
  • Spend time reading your contracts and offer letters before signing and ask questions if you are not happy – both your solicitor & mortgage horizons will be more than willing to help where possible
  • Sign contracts for purchase of property
  • Sign Loan Offer Letter – arrange household and life cover (Mortgage Horizons would be delighted to help you with the arrangement of this cover)
  • Close sale and draw down mortgage
  • Move in & enjoy your new home!

  1. A Good Credit History
  2. Age 18 or over
  3. Age not greater than 70 at end of mortgage term
  4. Lending rules based on Central Bank (CBI) criteria limits lending to no more than 3.5 times household income for individual and joint applications.  These are Loan to Income (LTI) rules.
  5. Lending rules based on Central Bank (CBI) criteria limits Loan to Value (LTV) for first time buyers to 90% of purchase price and 80% for second time buyers for individual and joint applications.
  6. Exceptions to either LTI or LTV rules are permitted on a case by case basis by the specific lender but not both. 
  7. In order to switch an existing mortgage amount, the Loan to Value should be 90% or below.
  8. In order to switch an existing mortgage amount and release equity the Loan to Value should be a maximum of 80%.
  9. The maximum mortgage available to Irish residents is therefore 90%
  10. Ability to repay – lenders will need to see current evidence of repayment capacity equivalent to stress tested (2% above standard variable) based on mortgage amount sought.
  11. Full-time employment. This may be permanent, contract or self-employed. We can advise based on your specific situation. 
  12. The primary focus is on repayment capacity.

Please note these are general rules and we would be happy to discuss your specific situation.

The key consideration for you is to be happy that you can comfortably afford your repayments. Lenders look at two main areas when considering an application.

  1. Income
  2. Loan to Value

Income

Lenders look at both gross income and net income

  • Some overtime can be taken into account (if proven regular)
  • An element of bonus, to the extent, it is guaranteed, will be taken into account (once proven over 2-3 years)
  • Consideration will be given to length of employment and security of employment
  • For commission based income – lenders estimate normal income levels

Loan to Value

Irish residents qualify for a loan to value of up to 90% for Irish properties for first time buyers and 80% for second time buyers under Central Bank rules. It is possible for second time buyers to avail of 90% LTV if the specific lender grants an exception. 

We appreciate that these rules may not appear straight forward therefore if you would like to discuss please do not hesitate to contact one of our consultants for a step by step explanation.

Once you give us a call or complete our application form we can assess your situation and estimate on a case by case basis. Based on the information we will generally be able to advise you straight away whether you will qualify for a mortgage and we will also provide you with an estimated borrowing limit. As a general rule once you have provided us with your documentation (approx. 1-2 weeks) the application process takes approximately 10 days to receive an approval in principle. However, if the lender has queries this can take longer. The length of the process will then depend on whether you have a property secured or not, whether you are a self-build or switcher. Once the property is known a loan offer will be issued once any conditions are satisfied (normally 1-2 weeks). The process will then move to legals which may take 6-8 weeks but can take longer depending on the transaction. Therefore, approximately 3 months is a rough guide as to the length of the process if a property is known. When switching, the process is generally shorter.

Our consultant will be happy to advise you of the precise information required in order for you to make an application. As part of our service we will explain the various options available and will guide you through to the completion of your purchase or switching of your mortgage. 

One decision which needs to be made is whether to choose a variable or fixed rate mortgage. There are several factors to consider in making your choice.

We can discuss this decision with you in detail to ensure you get the best rate & term for your personal circumstances and to ensure that you are comfortable with your choice.

Most lenders offer products, which allow you split your mortgage into fixed and variable elements if you wish.

It is important to bear in mind that breaking a fixed rate contract may involve penalties for doing so (break cost). Your mortgage consultant will discuss the various options open to you and provide you with explanations of the different options available to you.

Loan to value is the percentage of debt you have secured against your property for example if you have a mortgage of €200,000 and the current market value of your property is €400,000 then your loan to value is 50%.

In the same way if lenders will extend 90% finance on a mortgage application then if you purchase a property for €300,000 then the maximum mortgage you can take is €270,000.

If your Loan to Value is 90% then you will need to provide 10% of the funds to close the sale (not including legal fees, valuation fees and stamp duty). If your loan is 80% then you will need to provide 20% of the funds to close the sale (not including legal fees, valuation fees and stamp duty) and so on. Lenders do allow gifts from parents to make up part or all of the deposit. Some lenders like to see at least 5% saved. All lenders though do require to see the ability to save demonstrated, as this shows affordability to repay the loan.

A mortgage broker is a person or company that arranges a mortgage between you and a lender (usually a bank). Mortgage Horizons is a mortgage broker. Our services are impartial meaning that we are not tied to any one lender so we can shop the market for you, and free so there is no cost to you in taking your mortgage via Mortgage Horizons. There is no differential pricing between the individual lenders and Mortgage Horizons, this means you get the same interest rates via Mortgage Horizons as the lenders would provide directly. We will be there with you every step of the way, helping to navigate you through the process.

A Mortgage is a loan that is advanced by a Bank to a customer or joint customers that is secured by the value in the property that is being purchased. i.e. if the customer cannot pay the loan then following an appropriate process the Bank can ask for the property to be sold to repay the loan.

Unfortunately, it is not possible if you are in arrears or have a poor credit history as a general rule. It may be dependent on how may missed payments have been made on a mortgage and the reason for the poor credit history but in general 5 years of good credit history will be required once there an historic event of poor history. You should speak to your mortgage advisor to discuss any specific points, as some lenders may be more flexible than others.

Lenders will look at your employment, income and current evidence of repayment capacity. Our role is to work with you to present the strongest and most positive application to the lenders on your behalf. Lenders like to see permanency of employment and in some cases will not lend when an applicant is within their probationary period or on contract. In looking at repayment capacity the lender will look at current outgoings on rent, savings, any loans that will not be in place post draw down of the mortgage. What we at Mortgage Horizons try to do is give the underwriter comfort that repayments can be met based on current commitments and savings which will now be focused on the mortgage repayment.

The costs you may need to consider are deposits, stamp duty, legal fees, surveyors fees, valuation fees, life and home insurance.

Mortgage Horizons does not charge a fee for processing your application. Our Terms of Business outline our service and we will provide them to you at our first point of contact. Mortgage Horizons has been trading for 15 years. All our mortgage applications and enquiries are handled by highly experienced and qualified advisors. At Mortgage Horizons, we pride ourselves on providing an unrivalled professional service to our clients. Each application is allocated to a qualified mortgage expert. Your dedicated consultant will deal with your application from start to finish. We provide a fast efficient service proactively and promptly dealing with all relevant matters.

You will require a solicitor to handle your legal work, who will liaise with your mortgage lender to close the transaction. They will request title deeds from the seller, certify title for the lender and also review and work on the mortgage loan offer documentation with you. Once you receive your mortgage approval in principle you can engage your solicitor. You will need to meet with your solicitor to sign loan offer documents.

A fixed rate is an interest rate that will not change for the duration of the period you fix for e.g. 3 year fixed rate at 3.5% the interest rate will be 3.5% for the next 3 years when you can then choose a fixed rate again (at the rate on offer at the time that may be higher or lower) or chose a variable rate.

A variable rate is an interest rate that has an open-ended period i.e. not fixed for a period of time. This rate changes at the Bank’s discretion, as a result of competition in the market or in a response to changes to interest rates in Europe or the cost of borrowing to Irish banks changing due to the situation of the National Economy.

When you take out a mortgage, you might have the option to get a fixed rate for a period. Many people, will opt for fixed rates as the amount you pay monthly is fixed for the period that is agreed, meaning that if rates go up you don’t feel the effects of this as the amount you pay stays constant. Due to the nature of a fixed rate, repayments are set and as such there is generally limitations on overpayment and some lenders will not allow any overpayment, others will allow limited overpayment. If you overpay while on a fixed rate and this is outside of the lenders terms then you could incur a break penalty and break out of the fixed period. This allows you to budget and plan for other life events that might happen in this time such as holidays, Christmas or a trip down the aisle! You could also opt for a variable rate loan which means that the amount that you pay might go up or down without your control depending on variable rates at the time. However, a variable rate will allow you to pay off more on your mortgage or avail of a fall in your mortgage if interest rates fall and the decrease is passed on by the lender.

You may also be able to split your mortgage so that some of it in on a fixed rate and some of it is on a variable rate. The main thing to consider when deciding between the rates is the amount of risk you are willing to take, specifically if variable rates rise can you afford a jump in your monthly repayments? What will you have to sacrifice every month if that happens? Here at doddl, our experienced advisors can help you talk through your options and help you chose the right product for you!

Lenders will generally use between 25% and 50% of variable income to apply to CBI lending rules. Variable income is any income that is not guaranteed. Variable income must be proven in current and prior periods by way of payslip. Variable income may include: Overtime – will be taken into account if proven regular. Bonus – to be demonstrated that it has been paid for the past 2 to 3 years (depending on Lender) and average taken. Commission – it is generally recognised that this can be a major part of remuneration packages particularly in the sales industry. Commission is generally reviewed on the basis of proven income over a period of 6 to 12 months or estimated normal / average income levels.

The Term of the mortgage is the agreed length of time that the loan will be repaid over.

A lender is always required to quote the Annual Percentage Rate of Charge (APRC) when advertising a loan or the borrowing rate and its purpose is to help you compare the true cost of borrowing. The Annual Percentage Rate of Charge (APRC) therefore calculates the total amount of interest that will be paid over the entire period of the loan based on information available at the time.

A number of factors should be taken into consideration when choosing a new lender, including:

  • Lenders lending criteria – our consultants will advise you on this point,
  • Current mortgage rates – both new business and existing customer rates,
  • History of rates compared to the rest of the market.

Market experience of lenders – commitment to the Irish market, Service factors– e.g. speed of which mortgage can be processed and service throughout thelife of the mortgage.

Our experienced mortgage experts will walk you through the products on offerand the rates available and provide all information you need to make it easy for you to decide what mortgage product best suits your requirement.

The Irish market is very competitive. No single lender can claim to offer the best package. There is a wide range of mortgage products available and significant differences between lenders in regard to lending criteria. Our role is to advise on a mortgage product that best suits your needs.

One decision which needs to be made is whether to choose a variable or fixed rate mortgage. There are several factors to consider in making your choice. We can discuss this decision with you in detail to ensure you get the best rate & term for your personal circumstances & to ensure you are comfortable with your choice. Most lenders offer products, which allow you split your mortgage into fixed and variable elements. It is important to bear in mind that breaking a fixed rate contract may involve penalties.

Your mortgage consultant will discuss the various options open to you and provide you with explanations of the different options in an easy to understand manner. Factors to consider may be however: Are interest rates likely to rise? How low are interest rates compared to recent historical levels? Do you like certainty of payment amounts? Would you like to split your mortgage between part Fixed and part Variable? What will happen to my rate at the end of the period if I fixed?

Contact Mortgage Horizons on 01 6624595 or email info@mortgagehorizons.ie with an outline of your current mortgage position and we will contact you to work through your requirement.

Remortgaging or switching your mortgage is the process where you change mortgage providers to avail of a different mortgage product. The security passes to the new lender.

Mortgage Horizons operates an online mortgage switching platform at www.doddl.ie. Doddl is a free and impartial online mortgage switching platform that focuses purely on the process of switching your mortgage. We are regulated by the Central Bank of Ireland. We hold agencies with all the mortgage banks in Ireland, what this means is that we can offer you, our customer, choice with regard to your mortgage options. Mortgage Horizons t/a doddl is regulated by the central bank of Ireland.

 

With most lenders the minimum term would be 5 years and maximum term is normally 35 years. This can change depending on the lender, type of mortgage you’re taking and the age you will be finished paying.

The benefits of using a mortgage broker are that you can shop the market for the best rates and products from a number of lenders and at Mortgage Horizons we also do not charge a fee therefore you can secure the best rates at no additional charge to you. You can avail of all the same rates from the lenders as if you were dealing directly. Mortgage Horizons are also impartial as we are paid equally by all lenders for providing this service to you.