CMCC Financial Solutions is regulated as a mortgage intermediary and we hold a number of lender agencies. Our strategy is to make it easy for customers, first time buyers, trader uppers, refinancing and investors, to understand mortgages and make the right decision in terms of their property finance needs.
We will cover the cost of your initial mortgage consultation. After the initial assessment where we have determined an approval can be obtained an application fee of €250 will be payable for which you will receive the following service:
- Access to our experienced mortgage advisers who have over 20 years combined experience
- We will provide you with a document checklist and once all relevant documentation is gathered, we will assess the documentation submitted before processing with lenders
- We will seek approval for mortgage amount required with various lenders (with one set of forms) (subject to lender criteria)
- We will proceed with lender who offers the best rate depending on your personal preference be it fixed or variable
- We will deal directly with various lenders to take the stress out of the process for you, this involves:
- gaining initial approval in principal (AIP)
- Progressing to loan offer
- Ensuring conditions and insurances are satisfied for mortgage to issue
First Time Buyers
The maximum lending institutions are prepared to advance to first time buyers is 90% of the property purchase price up to €220,000 and 80% of the amount in excess of €220,000. First time buyers are required to contribute a minimum of 10% of the purchase price towards their property purchase. All applicants must demonstrate they can afford the mortgage applied for, underwriters will stress test the mortgage amount by adding 2% to the actual variable lending rate and applicant’s bank account statements must reflect an affordability to meet the repayment amount.
Ideally lending institutions like to see 5% of the deposit saved by the applicant, the balance can come from the following sources:
- Personal savings
- Parental gift, or
- Combination of both
If you are not a first time buyer, the maximum lending institutions are prepared to advance is 80% of the property purchase price.
Refinancing is when you decide to switch your existing mortgage without actually moving house. The criteria set by the Central Bank in Feb 2015 does not apply to refinancing applications. There are a variety of reasons why people would consider refinancing, namely:
- To carry out some necessary home improvements
- Invest in another property
- Purchase a holiday home
- Clear outstanding expensive short-term debt
- To assist family members with deposit on their property purchase
- Interest only facility available
- Existing provider has increased standard variable rate without any increase in ECB
- In addition, the cost of switching to a new lender is reducing, and therefore many mortgage holders are re-financing to avail of more competitive rates and a number of institutions are contributing towards client’s legal fees to facilitate the switch
Investment Property Purchase
At CMCC Financial Solutions we have extensive experience in arranging mortgage facilities for both first time buyers and experienced investors.
Dilosk Ltd (ICS)
KBC Homeloans Ltd
Brokers Ireland Network Services
Ulster Bank DAC