Who is a first time buyer?
A first time buyer is a person who has not on any previous occasion, either individually or jointly, purchased or built on his/her own behalf a house (in Ireland or abroad) and · where the property purchased is occupied by the purchaser, or a person on his behalf, as his/her only or principal place of residence
How much can I borrow?
The amount your mortgage provider will lend you is based on your salary. Each lender will have its own formula for calculating how much they will lend to you. We can advise you of this. Repayment terms vary between 5 years and 40 years depending on your age.
What is a Property valuation?
To assess the value of the property a registered valuer must complete a market valuation report on your. The cost of this valuation depends on the value of the property and the minimum costs you can hope to incur will be €130.The valuation report provides an open market value of the property only. You may want to consider a more detailed Structural Survey. Occasionally the lender may require a more detailed survey than is provided in the Mortgage Valuation Report, the cost of which, is payable by you. We can recommend a panel of leading Valuers
What Insurance cover do I need?
It is mandatory to take out both building cover on the property and life cover on your own life.
How much will it cost to set up my mortgage?
At Southeast Financial Services we shop around to find you the lowest possible mortgage deal. We may charge a fee in some circumstances. You will be responsible, for your own legal fees, valuation fee and any survey fees..
Legal fees can be a major cost when purchasing a house. The legal work, which includes transfers of ownership of a property, is called conveyancing and this is completed by a solicitor. Costs will vary but most solicitors’ charge a percentage fee relating to the purchase price of the property. Always get a quotation before instructing them to do the work.
Legal Fees will be incurred in the preparation of documentation, this provides the lending institution security over the property and any other security requested. To minimise the cost, the lending institution will use the same solicitor for the security documentation as used for the conveyancing.
What is it?
When you are taking out a loan you are free to shop around for your own Mortgage Protection cover. The purpose of the Mortgage Protection policy is to clear the outstanding balance of a repayment mortgage in the event of your untimely death. It provides a specified amount of cover, which decreases over the term of the policy. The cost of the cover remains unchanged throughout the policy term.
Mortgage Protection Insurance – What type of loan is covered?
If your loan is a repayment type (sometimes called an annuity loan) where the amount you owe decreases gradually as you make your repayments then a Mortgage Protection Insurance policy is the most popular choice and is the most cost effective type of cover.
If your loan is interest only then you do not need Mortgage Protection Insurance but instead you need a life assurance policy, where the cover remains at a constant level..
When do I need to have the Mortgage Protection policy in place?
You need to hand the policy to your lender about a week before you need them to give you the loan. You do not need the Mortgage Protection policy when you are signing or house hunting..
Mortgage Protection Insurance – How do I apply?
You can request a free Mortgage Protection Insurance quotation online.
What happens if I stop paying?
You can cease your Mortgage Protection Assurance policy at any time (if your policy is being used as collateral then you need the assignees permission before you cancel a policy). If you stop paying the premiums, your life cover will also stop. There is no cash value at the end of the term or at any stage..
Mortgage Protection Insurance – How much Cover do I Need?
If you are in doubt ask your lender how much cover they require you to have. In general your lender will require a policy with a level of life cover that is not less than the total amount that you are borrowing. The policy should run for not less than the term of your loan. For example if you borrow a total of EUR 200,000 over 20 years. Then you will require a policy for EUR 200,000 over 20 years.
How much do I pay?
The quote is dictated by your age and whether you smoke or not, the amount of cover you require and over how many years it is required. All Mortgage Protection Insurance policies that we quote have guaranteed premiums throughout the term of the policy.
Must I accept the lenders own policy?
A lender will not advance a loan unless it is protected by a suitable policy. To encourage competition and by law, you do not have to accept the lenders own policy.By shopping around, you can ensure that you get the best value for your money. Independent cover allows you the freedom to change mortgage provider without having to replace your existing cover, a real concern if your health has deteriorated.
What is it?
A Life Assurance policy pays out the amount of Life Cover as a tax- free lump sum, whether you die on the first day of the policy or the last. The amount payable on death is fixed at the outset and stays the same throughout the duration of the policy. You simply choose the amount of life cover you need and the length of time for which you need it for. Your family can use this lump sum to cover any expenses they may have – for example funeral expenses or other debts. They could also invest it to provide a regular income.
Life Assurance- What protection can it provide?
In the event of death, the proceeds from a Life Assurance policy can be used to provide financial security in the following ways:
· To cover an interest only mortgage.
· For your family or dependants.
· To provide funds to repay business loans.
· To protect profits in the event of the death of a Key Person in your business.
Many companies also provide an upfront payment of your cover if you are diagnosed as suffering from a Terminal illness. A Terminal illness is a condition which in medical opinion is highly likely to lead to death within 12 months.
· A Single life insurance policy covers one person only.
· On a Joint life insurance policy two persons are covered, the amount of cover would be paid out on the first death, and the policy would finish.
· A Dual life insurance policy covers two persons independently. A benefit can be paid on an individual policy without affecting the other persons cover. If for example both persons were to die in an accident then both amounts would be paid to their children / next of kin. A Dual life assurance policy is cheaper than buying two separate ‘Single’ life assurance policies because the insurance company will only charge one policy fee.
What other Life Assurance options can I choose?
With life assurance there are two other options you can choose:
Conversion option – In return for a small extra premium you can include an option which gives you the opportunity of purchasing cover again without the need for medical information or tests.Without it, ill health could make the acquisition of new life assurance in the future either very expensive or impossible.The amount you then pay will depend on your age at the time of exercising the option and the type of life assurance policy to which you continue with.
Inflation Protection Option / Indexation – You can apply to have your level of life assurance cover increase to allow for inflation. This will also mean that the amount you pay will increase. If initially selected, this option is offered each year of the policy (some companies offer it every 3 years) without you having to provide evidence of good health.
This option protects the real value of your life cover as time passes.
You can stop the increases at any time; if you do then you will not be offered any further increases. If at a later date you wish to resume the increases then this will be subject to evidence of good health. 5
What happens if I stop paying?
You can cease your Mortgage Protection Assurance policy at any time (if your policy is being used as collateral then you need the assignees permission before you cancel a policy). If you stop paying the premiums, your life cover will also stop. There is no cash value at the end of the term or at any stage.
When you take out a policy you are entitled to a 30-day inspection period. If you are not completely satisfied during that period, you can cancel the Insurance policy without any questions being asked and you will receive a full refund.
If you have any further questions please emakl you query or contact us for a free call back.