MORTGAGES

At LMFS we can arrange the right type of mortgage for you. Whether you are a first time buyer, trading up or looking for a commercial or investment property, we at LMFS can guide you through the process.

First Time Buyers

Buying a house will probably be the biggest investment you will make in your lifetime. It can be daunting and that is why it is important to get independent professional advice in the process. Lenders will advance up to 90% of the purchase price. How much you can borrow will also depend on your guaranteed income.

Next Time Buyers

If you previously owned a property, then you will probably have been through the mortgage process before. However, terms and conditions are continually changing and it is important to be aware of the current criteria for loan sanction. If you already owned a property lenders are limited to sanctioning only 80% of the purchase price.

Switcher

Many homeowners feel trapped with mortgages that were arranged in a different era, very often on terms, conditions and interest rates which are uncompetitive and punitive. Lenders now actively compete for the business of such borrowers, with a range of switcher incentives.

For a review of your existing mortgage call us now on 064 6632255.

Buy-to-Let

Mortgages for Residential Investment Properties (RIP’s or Buy-to-Let’s) can be arranged to assist in the cost of purchasing investment properties. Lenders will usually not lend more than 70% of the purchase price.

Commercial Mortgages

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.

Types of Mortgages

Repayment / Annuity Mortgages
This is the most common type of mortgage. The mortgage is repaid by monthly payments over a defined period, usually between 10 and 35 years, at a fixed or variable interest rate. In the early years a high portion of the repayment is interest. As the mortgage term passes more capital is repaid and the interest element reduces. At the end of the mortgage period the mortgage has been repaid and the property belongs to the mortgage holder.
Interest Only Mortgages
As the name suggests only the interest element of an Interest Only Home loan is repaid and the mortgage balance (capital) 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 there is a specific method of capital repayment that 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.
Pension Mortgages
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 only payments 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. Lenders are reluctant to provide these types of mortgage at present.
Buy-to-Let / Residential Investment Properties
Mortgages for Residential Investment Properties (RIP’s or Buy-to-Let’s) can be arranged to assist in the cost of purchasing investment properties. Lenders will usually not lend more than 70% of the purchase price. Contact Liam McGuire Financial Services if you are looking for Buy-to-Let Finance.
Commercial Mortgages
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.

REQUEST A FREE CONSULTATION

Call Liam McGuire Financial Services to discuss your Mortgage needs on 064 663 2255