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You are here: Home1 / Mortgage Terms

Mortgage Terms

Mortgage

A Mortgage is a loan for a property which becomes void once the loan has been repaid in full.

Approval in Principle 

This is a letter which is issued by a Mortgage Lender and details how much they are going to lend you. This letter often contains a list of criteria which must be met.

Loan Offer

A Formal Loan offer is issued by the Mortgage Lender which outlines all the Terms and Conditions of the contract. At this stage the buyer’s solicitor also receives all documentation from the Lender.

Variable Interest Rate

A Variable Interest rate means that that interest rates are subject to change during the course of the Mortgage, the rates reflect any changes in the ECB (European Central Bank) rates. This means that your monthly payments can go up or down. 

Fixed Interest Rate

You can choose a fixed rate for a certain period of time (2-7 years). By using a fixed rate you are guaranteed that your monthly repayments will remain the same regardless if interest rates are to rise or fall..

Monthly Repayment

The amount you pay each month for your Mortgage.

Mortgage Term

This is the length of time for which the Mortgage is taken out.

Stamp Duty

When you purchase your property, you will have to pay Stamp Duty which is a Government tax.

Equity

The amount of the property that you own.

Negative Equity

If the value of your Mortgage is more than the actual market value of your property.

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Fogarty Financial trading as Mortgage Buddy is regulated by the central bank of Ireland.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it.

Warning: You may have to pay charges if you pay off a fixed rate loan early.

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