The Complete Mortgage Service
At Lyons Financial Services, we believe that professional financial advice is essential. It is because of this belief that we provide a Complete Mortgage Service that does much more than simply choose the cheapest rate.
Talk to us early! We can assist and guide you to ensure your best chance of success in securing finance to buy a property.
Initial Discovery Meeting:
– Identifying your unique requirements
– Establishing key mortgage selection criteria
Explanation of Market Jargon:
– Clear and simple explanation of any confusing mortgage terminology
First market analysis to create Lender shortlist considering:
– Interest Rate
– Speed of Processing
– Financial Strength
– Customer Service Ethic
– Other Costs
– Assisting you in completing the mortgage application
– Positioning of your application for approval
– Identifying and overcoming any sticking points
– Selection of appropriate Lender
– Based on ‘up to the minute’ market analysis
– Submitting your application
– Confirming receipt by Lender
– 48 hour follow up service to keep your application on track
– Dealing with any issues as they arise
– Managing the Lender / Solicitor interaction
– Communicating with your Solicitor directly
– Keeping the Solicitor on track
– Managing the Solicitor / Lender interaction
The Final Completion Service:
– Managing the final completion process in that stressful final 24 hours
– Minimising the stress involved at the final hurdle
How much you can borrow really depends on what you can prove you can comfortably afford in monthly repayments for the life of the loan.
When assessing your borrowing capacity, the lenders will look at the overall financial situation. This will include:
- Your income – only guaranteed income will be used for calculations. Bonuses and overtime may not be taken into account.
- Other loan repayments
A “stress test” will be carried out on all applications. This will show whether you could continue to pay your mortgage if interest rates were to increase.
The maximum term is 35 years. This will depend on your age and will vary between lenders. Our advisers will be able to advise which term best suits you.
We can look for loans of up to 90% of the lower of the valuation or purchase price of the property. This will vary between lenders and will also depend on the location and type of property.
Mortgages are available for self-build customers subject to you meeting all the usual criteria.
We can look for loans up to 92% of the cost of the build. You will need to supply additional documents relating to the cost of the build. Our advisers will be able to give you all the details.
The Interest Rate is the actual rate at which interest is charged on the amount you borrow.
APR stands for the Annual Percentage Rate (APR) which is the total cost of your mortgage over its term, taking into account both interest rate charged and other fees, as well as whether interest in charged monthly or quarterly.
There are two main types of insurances that you need to have in place before the lender will issue your loan. These are Life Assurance and House Insurance. You may also want to consider Income Protection. Our advisers will be able to advise on what policy best suits your needs.
You will need to choose a solicitor to act on your behalf. Some solicitor’s fees can start at €1,000, not including VAT and outlay. It is worth shopping around to get the most competitive quote available.
A valuation report must be completed for the lender. The standard valuation fee is €130.
A structural survey is not required by the lender (unless the valuation report states that a survey is required); however for your own peace of mind we would recommend organising a survey on the property. Fees for a structural survey are approx. €400, but can vary between firms.
Our advisers will be able to advise the duty payable.
- Your monthly repayments may rise and fall as interest rate changes over the life of the loan.
- You have the option to make early or lump sum repayments without any penalty.
- You can switch to a Fixed Rate at any time.
- Your repayments will stay the same for an agreed period. Some lenders offer up to 10 year fixed rates.
- This gives you the peace of mind of knowing that your monthly repayments are fixed and protects you from interest rate increases. Fixed rates are generally higher that variable rates.
- A breakage cost may be incurred if you wish to pay a lump sum or switch to a variable rate during the fixed term.
Split Rate: You can opt to split your loan between variable and fixed.
Please contact a member of our Mortgage Team to discuss our Mortgage FAQs or any other mortgage queries on 1890 304 304.