Life Insurance/Serious Illness Cover

At Mortgage Buddy, we want to support you through all walks of life. That is why we provide Life Insurance/Serious Illness Cover.

Life Insurance Policy

If a Lender is going to give you a large loan, they want to ensure that if something were to happen to you, they will be re-paid their money, this is why a Lender will insist that you have life insurance in place.  The annual cost of a life insurance policy will depend on a number of factors such as your age, health, smoker status, amount borrowed and the term of the mortgage. We can talk to several insurance companies on your behalf and source the best policy for you, saving you time and making the application process as stress free as possible! 

Serious Illness Cover

Serious Illness Cover pays out a tax-free lump sum in the event that you’re diagnosed with an illness that is covered by your policy. It provides valuable financial support if you fall ill and are forced to stop working. We will review serious illness cover options for you with the insurance companies we work with. Its not a nice topic to discuss but its an important one. Contact us today

Benefits of Life Insurance/Serious Illness Cover

  • Protects the well-being of and provides a lump sum payment to your family if you are unable to work.
  • Provides a tax-free, cash lump sum to you if you are diagnosed with a specific serious illness.
  • Covers a wide range of illnesses.
  • Innovative cancer-only option available.
  • Your policy can cover more than one person.
  • You can increase cover at times when you need it.
  • Gives you time to focus on what really matters, getting better

You can check out some of the most important items for your Life Insurance/Serious Illness Cover here!

Mortgage holders could save over €10.000 by switching – Central Bank report

Mortgage holders could save over €10.000 by switching – Central Bank report states,  but the vast majority opt not to change, according to a new study.

The research by the Central Bank found that 61 per cent of eligible mortgage holders could save more than €1,000 within the first year if they switched providers. This would result in a more than €10,000 saving over the remaining term of the loan.

How much could I save? 

According to the Central Bank, three in every five eligible mortgage holders stand to save over €1,000 within the first year alone if they switch mortgage provider, and more than €10,000 over the remaining term.

Those who switched ended up with an interest that was, on average, 1% lower than what they’d been paying.

To see how much you could save, just head over to our mortgage calculator and input your details to get a quote.

Can I switch? 

While the savings on the table are certainly exciting to see, it’s important to note that not everyone will be eligible to switch.

For example, most lenders will want to see that you have at least €30,000 remaining on your mortgage as well as five years.

Also, if your financial circumstances have changed for the worse since you originally got your mortgage you may not be accepted by any lenders.

Banks will also want to see that you have at least 10% equity in your home, though 20% or more would be ideal.

Also, those on tracker rates will generally be getting the best deal available anyway so switching for them would make no sense.

Finally, if you’re on a fixed rate you’ll usually be charged a breakage fee for leaving it early although those with less than 12 months remaining will be charged little, if anything, for breaking contract and so should not be deterred from switching.

Get in touch with us!

If you are considering making a change by switching your mortgage please get in touch with us though our social media or website.

We can assist you in anyway to make the process as simple as possible for you.



6 tips to help you gather your mortgage deposit

Top tips for getting your mortgage deposit together:

At Mortgage buddy we understand the pressure that many potential buyers are facing when it comes to gathering the money for a deposit. We decided to make our 6 tips to help you gather your mortgage deposit.

1. Get acquainted with the Help-to-Buy scheme

This scheme gives a tax rebate to first-time buyers of up to €30,000 to help towards the deposit for a NEW build property. The scheme is open until December 2021 having recently been enhanced by the current Government. Click here to learn more about this scheme. 

2. Look into a mortgage ‘exemption’

The Central Bank requires you to save a deposit of at least 10% of your house price, which is easier said than done with rent prices as high as they are.

However in any one calendar year, 5% of mortgages to first-time buyers can have a deposit below 10%, provided you meet other lending criteria of course. So chat to your bank about the possibility of getting a mortgage deposit exemption.

3. Consider mortgage cashback deals

A lot of banks are currently offering mortgage cashback deals for first time buyers. While the rates on these deals tend to be higher, meaning you pay back more over the longer term, there’s a lot to be said for getting a cash lump sum within a few weeks of drawing down your mortgage. Plus, you can always switch to a cheaper non-cashback deal after a few years.

4. Get more money savvy

Get up to speed on how to spend your money more wisely and watch the pennies accumulate. Every little helps to borrow a phrase.

Saving just €25 a week on your outgoings by being more money savvy will add up to over a grand by the end of the year. And by making sure you’re not overpaying on your household bills you’ll save even more. You can view some top tips on how to save your money here.

5. Claim a tax refund

According to information by the main independent providers of tax refund services in Ireland, the average refund for anyone who looks into their tax affairs is in the region of €900-€1,100. A refund like this won’t by itself help you get your deposit together but it all adds up. It’s better that the money is in your pocket as opposed to the Government’s!

6. Save

Every journey starts with the first step as they say. And whilst the task of saving for a deposit might seem insurmountable at times, even putting away just €50 a week would add up to €2,600 at the end of one year (€5,200 if you’re a couple and both saving) and that’s before you earn any interest.

Because even if you magically got gifted your entire mortgage deposit you’d still have almost no chance of getting a mortgage for the rest of the amount required unless you can demonstrate some type of savings habit.

Setting up a direct debit or standing order and paying into your savings account just after payday is the best way to go and means you’re less likely to miss the money.

If you have any more questions you are asking yourself, you can take a look at our most commonly asked questions here 🙂

Re-Mortgage Movers/Switchers

Switch and Save

We have plenty of options for Re-Mortgage Movers/Switchers. If you are in a position to switch, it can make financial sense to do so. You will have a lower interest rate and in turn a lower monthly repayment. Up to €3,000 cash back on successful applications.

Who’s suitable?

Banks will typically only consider switching applications from those whose loan represents 80 per cent or less of the value of the property. While rising prices may have helped in this regard, it may still exclude some.

The costs

Switching your mortgage isn’t free. Banks will typically require you to get a valuation of the property carried out ahead of switching and you can expect this to cost upwards of about €130+VAT. Generally this isn’t paid for by a bank.

The risks

Just like any time you fix your mortgage or opt for a variable rate, switching mortgage providers brings the risk that your current provider might actually end up offering better rates than the provider you move to. You can review some of your options here.

Check your Eligibility

Would you like to learn more about our Mortgage products? To see if you qualify for a Re-Mortgage Movers/Switchers mortgage, get in contact today and one of our Qualified & Experienced Lending Managers will get right back to you. Our easy to use online mortgage calculator will tell you how much you can borrow, and how much your monthly repayments will be.

  • Min. loan size €100,000 -Max. loan size €1.5 million
  • Max. term 35 years
  • up to 90% LTV if no equity release is required
  • Must be resident & working in ROI

First Time Buyers

First Time Buyers

Buying your first home can be a stressful and confusing time. There are so many advertisements, blogs and also lenders out there that it can be difficult to find answers to your questions. We at Mortgage Buddy are here to make the process are easy as possible for first time buyers!

At Mortgage Buddy we will meet you at a time that suits. You don’t have to limit your appointment to 9 – 5. We deal with a number of Irelands leading lenders which ensures that we get the mortgage that is the best fit for you.

Our team will take you through the mortgage process from beginning to end taking care of all paperwork. As a result, this will free up your time to research the market and find your perfect home.

We do advise that you secure an AIP (approval in Principle) in advance of looking at properties, as you are ready to move straight away should you identify the home you wish to purchase. As a result of this, it avoids disappointment if the home of your dream comes to the market. This could leave you in a situation where you are not in a position to move forward with a purchase.

How much can First Time Buyers borrow:

Currently, with central bank rules you can borrow up to 90% of the value of the property, so you will require a 10% deposit. This is referred to as LTV (loan to value)

You can borrow up to 3.5 times your salary. This is referred to by LTI (Loan to income). In some circumstances it may be possible to borrow outside 3.5 times and we can advise you on this, for instance.

Mortgage Features for First Time Buyers:

  • Choice of fixes and variable rates. You can choose a combination of both if you wish.
  • Max LTV 90%
  • You will need to be over 18 years of age at the time of the application
  • A term of up to 35 years is available depending on your age at outset
  • You will require a mortgage protection policy. We will be able to provide you with a full comparison of the market as we have agencies with all the life companies in Ireland.
  • Additional fees to cover your mortgage valuation fee ( €130-160 ) Stamp duty ( 1% of the purchase price) Legal Fees and in some cases a structural survey
  • It is acceptable to receive a gift of part of the deposit, but the banks do like to you have shown the ability to save for your deposit yourself.

We look forward to hearing from you and making the journey of your first mortgage a Happy and exciting experience.