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Mortgage Products

Mortgages in Ireland are usually of 2 types:

1. Full repayment mortgage

Also known as “annuity mortgage” or “capital and interest mortgage”.

For a given interest rate, you pay the same amount of money every month for the entire mortgage term. In the early years a lot of your monthly payment will be interest, but the capital (the original loan amount) decreases rapidly in the later years.

2.Interest only mortgage

As the name suggests, you only pay one month’s interest at the end of each month. Thus your loan amount does not reduce at all. Until such time as you start paying off some capital, your loan amount will still be what it was at the start.

Sometimes clients chose to raise the capital amount by investing in a pension scheme. This may be very attractive to self-employed people as the pension contributions, within limits, may qualify for top rate income tax relief.

For company directors, especially owner directors, the company pays the pension contributions rather than the director having to repay the mortgage out of his net take home pay.

Investors often take interest only mortgages. This may allow them to match rental income with the monthly mortgage payment. In this way the property costs them nothing each month and the capital appreciation of the property in the long term similarly costs nothing! 

Purposes of Mortgage
- Home Purchase
Up to 92% mortgage finance may be available to help you to buy your home

- Remortgage
Up to 90% mortgage finance
Switching lender for a better rate
Raising money for home improvements or any other purpose
Debt consolidation

- Residential Investment Property Purchase (R.I.P.)
Up to 90% mortgage finance although it may be possible to secure over 100% where there is equity available in another property

- Commercial Property Purchase
Typically 70% to 75% loan-to-value
Office, retail and industrial property

Call us today on 01-6276000 or email info@lucasmortgage.ie