FAQs

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What is mortgage insurance?
Mortgage Insurance is designed to repay the loan in case the borrower defaults on loan payments. There are a number of different types of insurance to cover possible situations where a borrower may be unable to repay a loan. Irish Mortgage Corporation offers a full range of insurance options.

How long does it take to get pre-approved?
Usually, it takes around 24-48 hours. However, based on your circumstances you may require up to 3-4 days for your loan approval.

Do I need to make a down payment?
Deposits are required. For first time buyers, a minimum deposit of 8% is required but on average, 10% is the norm. Some mortgage lenders require as much as 20%.

When should I fix the interest rate on my loan?
There is no straight answer to this. If interest rates are going up, then locking into a fixed rate can be a wise move. However, if interest rates are near or close to their peak, you may find that locking into a fixed interest rate is not such a good idea.

What if I’m self-employed?
We offer mortgages specially to cater to customers who are self-employed

Can I switch over from one mortgage type to another? Since the so-called credit crunch in late 2008, switching from lender to lender for a better rate has become next to impossible. Additionally, negative equity (this is where the value of the property is less then the amount owed on the mortgage) is preventing many homeowners from switching.

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Warning: The cost of your monthly payments may increase, if you do not keep up your repayments, you may lose your home.
Warning: The entire amount you have borrowed will still be outstanding at the end of the interest-only period.
Warning: You may have to pay charges if you pay off a fixed-rate loan early
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.

118 Lwr Baggot Street Dublin 2 Tel:+353-1-676-3654 info@irishmortgage.ie

Irish Mortgage Corporation Limited trading as MoneyCoach, Irish Mortgage Corporation, Irish Pensions Corporation, Insuresave is regulated by the Central Bank of Ireland.
Registered in Ireland: Reg No: 155087. Registered Office: 118 Lower Baggot Street, Dublin 2, Ireland.

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