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Mortgages & Advice

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FAQ. View All Frequently Asked Questions

What is a mortgage?

In general terms mortgage is an arrangement where the mortgage lender lends you money so that you can purchase a house. The mortgage lender uses the house as security for its loan.

What is APR?

APR stands for Annual Percentage Rate. It helps you compare the total cost of different mortgage deals. APR takes into account the amount of interest you will pay, the mortgage term and other charges or fees.

What is Loan to Value?

Loan to value is an expression of your mortgage as a percentage of the value of your property. For example, if you have a property worth €100,000, and you are borrowing €95,000, your Loan to Value is 95%.

What is an interest only mortgage?

An interest only mortgage is a mortgage where you pay only the interest payments Therefore, when you are on the interest only mortgage, the amount you have borrowed will remain constant - as you are paying nothing off the mortgage amount.

What is Tax Relief at Source (TRS)?

Since 1 January 2002, tax relief for home mortgage interest (known as TRS) is now given at source. There is no change in the qualifying conditions for tax relief. The tax relief element on the mortgage interest is given, by your lender, either in the form of a reduced mortgage payment or a credit to your funding account. It is not necessary to claim mortgage interest relief in the annual tax return, and it no longer appears on your Notice of Tax Credits.

What is Approval In Principal

Before you start the search to find a property you need to know what you can afford and therefore what your price range. So the first step is to contact your mortgage lender or broker to begin this process.