The Future of Mortgages: Digital Mortgage Platforms

In today’s swiftly evolving digital sphere, the convergence of finance and technology, known as fintech, stands as a pivotal aspect shaping the financial realm, particularly within the domain of mortgages.

Fintech companies are at the forefront, offering digital mortgage platforms that serve as cloud-based software solutions for mortgage origination. Leveraging cutting-edge technologies such as artificial intelligence, blockchain technology, biometric authentication, big data, and automation, these platforms aim to streamline the mortgage process, enhance accessibility, and furnish tailored solutions to borrowers.

Nonetheless, akin to any technological advancement, digital mortgage platforms present both merits and demerits, essential for a comprehensive understanding of their impact on the housing finance landscape.

Key Attributes of Digital Mortgages

Online Application and Document Upload

Through secure online portals, borrowers can seamlessly complete applications and electronically submit documents, thereby automating manual processes and curtailing paperwork.

Accessibility and Support

Users benefit from real-time updates on loan status, document processing progress, and overall advancement. With round-the-clock access to information and support resources via any device and from any locale, digital platforms prioritize convenience and accessibility.

Customization

These platforms furnish diverse …

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Green Mortgages: What exactly are they and what do they offer?

In light of the pressing global imperative to address climate change, there’s a notable surge in efforts from both individuals and industries to shrink their carbon footprint and adopt sustainable habits. Within the realm of real estate, this shift towards sustainability is unmistakably reflected in the rising popularity of green mortgages.

Here in Ireland, esteemed for our natural beauty and unwavering dedication to environmental conservation, the advent of green mortgages signifies a commendable stride towards a greener future. This begs the question: What exactly do we mean by “green” mortgages?

Green mortgages, also referred to as sustainable mortgages, are a specialized form of loan meticulously tailored to finance environmentally friendly properties or home enhancements, such as solar panels, insulation, or smart heating systems. By affording borrowers more favorable terms and lower interest rates, these mortgages incentivize individuals to embrace eco-friendly practices.

Furthermore, green mortgages offer substantial cost-saving benefits for homeowners over the long haul. By championing energy efficiency, they facilitate decreased energy consumption, leading to reduced utility bills. Through strategic investments in energy-saving technologies and home upgrades, homeowners can effectively …

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Are mortgage interest rates going down?

With the recent announcement of PTSB dropping their 4 years fixed rate and announcing low 3 years fixed rate, things sure look like the decline of mortgage interest rates is about to start. You could save yourself a could of euros a month in mortgage repayment by switching to another lender with lower rates.

Contact us today to see which rates you could get and how much you could save.

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Self-Build Mortgage

Building your dream home may seem like a nightmare from finding a plot of land to build, getting the planning permission and finding the builders all before you start building.

However, one thing that would be made easy is getting the mortgage to build the house. We at Irish mortgage Brokers are experts in self-build mortgages and would make the mortgage process easy for you from the first initial drawdown to the final drawdown.

There are also government schemes that can help you with financing the build such as the help to buy and first home scheme.

You can’t find your dream home, why not build one? Contact us today- Timileyin Arimoro on 016583040 or ta(at)mortgagebrokers.ie.

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Buying your own home in Ireland

 

At some point in your life, you may wish to ditch the rental market and buy a home. Buying a house can be a wonderful and exciting time. But it can also be a complex and confusing process if you are not fully informed on the processes involved in buying a house. There are basically 5 steps to the process of buying a property in Ireland.

So, here’s a quick summary of the steps;

Financial Stage House search House viewings Putting down an offer Closing the purchase.

 

 Financial Stage

This is the most important step when it comes to buying a property in Ireland. There are two ways to buying a property, you can either buy it outrightly with cash or purchase through a mortgage. A mortgage simply put is a type of loan used to buy a property. The amount you have as cash and the amount you can get from the mortgage lender can help you set a budget on the value of property, type of property and location you can buy in.

If you are …

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Visa stamps in Ireland and Mortgages

A visa is a paper document attached to a page of the holder’s passport, that serves as a form of pre-entry clearance which allows the holder to travel to the country that issued the visa. Most visas to Ireland are valid for 90 days, if you wish to stay for more than 90 days, you would have to apply to Immigration Service Delivery (ISD) for permission. You would need this permission if you are from a country outside of the EU and Switzerland. You will need this permission to work, study, live, join family or get a mortgage in Ireland as a citizen of a non-EU country.

There are about 12 visa stamps in Ireland which you can apply for, however, not all these stamps are eligible for a mortgage. Out of these 12 visa stamps, only 6 visa stamps are eligible for a mortgage.

– Stamp 1: This gives you the permission to work or operate a business in Ireland, subject to certain conditions. The conditions and privileges attached to Stamp 1 depend on various factors, including the individual’s …

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Thinking of moving home in 2024?

Firstly, I would like to wish you all a Happy New Year.

As many of us spend more time at home during the Festive season than we do throughout the year, we often look back and reflect on the past year and start thinking about potential changes we might make in 2024.

A lot of us will be thinking of moving home this year, maybe the family grew in 2023 and you are looking for more space, where as some people will be looking to downsize as their children move into a new home of their own. Maybe you are working remotely now and want to relocate to a different County? These are just some of the many reasons that you may wish to move home in 2024.

Many questions will be swirling around in your head, such as – How much can I borrow? What will my repayments look like? How can I save money? These are some of the many queries we are here to help you answer. Pick up the phone or drop me an email and …

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Switch and Save

Avant Money estimate that over €25bn of mortgages are on an interest rate higher than they need to pay.

With the cost of living at an all time high, could a 5 minute discussion with a broker save you money in the months and years ahead. It could be the best 5 minute chat you have ever had!

Switching your Mortgage from one provider to another is simple, your Broker will do the research for you and let you know if you will SAVE money.

Some lenders are offering a cashback incentive to help cover the costs with switching, this is a great benefit and something people should look out for. It’s not always right for everyone but certainly worth speaking about.

If you are looking for a financial health check, please drop me an email today or pick up the phone for a no obligation chat –  james.curd(at)mortgagebrokers.ie or 01 633 9248.

 

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Should I switch my Mortgage?

Should I switch my Mortgage? It’s a good question that many borrowers have been asking over the last year and a question that will become a lot more frequent as we head into 2024. Many people have secured themselves a great Mortgage rate over the past 5 years and will soon be looking at what their repayments will be after the ECB rate increases over the last 2 years.

 

Rates have been driven up by the lenders in response to the ECB rises and Mortgage holders will, unfortunately, see the impact of this when their current fixed period comes to an end, which is why it is well worth having a chat with a Broker to see if there is something better for you.

 

Some lenders have fantastic cashback products that can help with many things such as the Legal costs, or the increased monthly costs you are likely to incur. Some Lenders will have lower rates than you are currently paying, why would you pay more at your current lender?

 

In summary, the answer to my …

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Repayment Capacity

One of the most important elements of applying for a mortgage is repayment capacity. The lenders will want reassurance that you can pay the monthly mortgage amount that you would be due to pay.

You can demonstrate repayment capacity in many ways, the main three would be, savings, rent or your current mortgage.

As an example, if you mortgage repayments are going to be 1500 per month, the lenders will want to see you paying this amount for at least 6 months prior to an application. One common mistake we have seen recently is clients who are saving 1500 at the start of a month and gradually withdrawing it as the month progresses. If you save 1500 in at the start of the month and finish the month with an increase of 500 in savings, you have only saved 500 euros that calendar month.

We can offer our tips and explain the best way to monitor this at any stage, please feel free to contact me at james.curd(at)yes.ie

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