Buy to Let Mortgages

Features and Benefits

• 15-year Interest Only option
• 25-year Capital and Repayment option
• 35-year Flexi-Mortgage*

*1 to 10 year Interest Only option with remaining term on Capital and Interest up to 35 years depending on age

• Up to 70% Loan to Value (or 65% depending on the location)
• Term 5 to 35 years
• Maximum age on maturity 75 years

Features and Benefits

• 10-year Interest Only option
• 25-year Capital and Repayment option
• 35-year Flexi-Mortgage
• Up to 70% Loan to Value (or 65% in some instances)
• Term 5 to 35 years
• The company must be registered in Ireland, with one Irish resident Director on a minimum annual income of €40,000

Most Lenders will allow an equity release up to 80% loan to value. However, the reason for the equity release is also important. Talk to us and we will advise how best to package your application prior to presenting to a Lender.

Equity releases are suitable for people who fulfil the following criteria:

1. You are in positive equity i.e. your mortgage balance is less than the property value
2. The equity release does not exceed 80% loan to value
3. You are currently on a variable rate. While this is not essential, you may incur additional costs when redeeming / clearing your mortgage if you are on a fixed interest rate
4. The term remaining on your mortgage is at least 5 years or greater

Using a Mortgage Broker such as ourselves saves you the time and hassle involved in going directly from Bank to Bank or Lender to Lender. We will take this difficult and cumbersome process away from you personally through the work of a dedicated Mortgage Adviser, Yvonne Walsh, who will liaise with the lenders and guide you simply through the mortgage process step by step.

Buying a house and getting a mortgage can be a challenging process with many people finding it very stressful and time consuming. Working with Yvonne will make your life easier as she will answer any questions you may have and ensure that the process runs as smoothly as possible.

We deal with a select number of Lenders who have very competitive interest rates. We can advise you on the best interest rates available from these Lenders and which ones are most likely to approve your application based on their lending criteria.

At Financial Sense, we deal with the following Lenders:
• Haven (AIB)
• Finance Ireland
• ICS Mortgages

Before you start looking at properties, you ideally need to have ‘approval in principle’ from a lender. This lets you know how much you can afford to bid on a property and allows you to spend your time in a more focussed manner. Indeed, many auctioneers will require you to have this approval in principle in place prior to viewing or bidding on properties.

• Projected Rental Income – This is one of the most important factors when purchasing a Buy-to-Let as the projected rental income needs to cover the expected monthly mortgage repayment at a stressed rate. An auctioneer will provide you with an estimate in line with market conditions and similar properties in the area
• Income: Lenders will look at the annual income of each party to the mortgage
• Existing Mortgage & Personal Loans: Lenders will want to see 6 months statements for any borrowings you have and will want to know if you intend on retaining them or paying them off
• Residential status: Are you a resident in Ireland or moving to
• Money management: Lenders will look at your bank statements and assess things like ability to meet direct debits and standing orders, if you are using an overdraft facility on a regular basis, if there is evidence of excessive use of online gambling etc
• Balance of Funds: The Lender will want to see where the deposit is coming from or how it was built up
• Credit history: This shows your track record of paying other loans in the past. A poor credit history can prevent you from getting a mortgage
• Number of applicants: Are you borrowing by yourself or with someone else? Full details will be required for all parties to the mortgage
• Age: What age you are now, what age you will be when you retire and/or when the mortgage ends

You will need to complete an application form and supply a number of documents such as the following:

1. Proof of Identity – Passport or Driving Licence
2. Proof of Residence – A recent utility bill* *No more than 3 months old e.g. ESB, telephone, Credit Card Statement
3. Employment Detail Summary (previously known as the P60)
4. Payslips – 3 months up to date payslips
5. Salary Cert – this is completed and stamped by your employer
6. Bank Statements – 6 months original continuous Current Account Bank Statements for both personal and business bank accounts (the latest dated within the last 3 months)
7. Existing Mortgage – Mortgage statement for current property
8. Balance of Funds – Estimated value of current property and likely profit to be made from sale plus 6 months continuous savings statements, if applicable
9. Credit Card Statements – 6 months continuous original Credit Card statements

Additional items for Self Employed:

1. Accounts – Last 3 years Audited/Certified Accounts and Tax Returns
2. Form 11 – for last 3 years
3. Chapter 4 – for last 3 years
4. Tax Affairs – Letter from Accountant confirming tax affairs are up to date/tax clearance cert

You also need to satisfy relevant credit checks potentially including those from other countries if you have lived outside of Ireland in the past