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GMC Mortgages
GMC Mortgages is the leading website on mortgages in Ireland. If you’re looking for a mortgage in Ireland, or switch mortgages , or a are looking for a subprime mortgage , mortgage abroad ,
or details on new mortgages products we have it all here in one location. Simply go to the homepage of the site and select the mortgage calculator of your choice.
Alternatively, you can call GMC Mortgages on 1890 462 462 or email info@gmc.ie to get in touch with one of our independent financial brokers.
If you are planning to apply for a : tracker mortgage, fixed rate mortgage, moving home, first time buyer, re-mortgage, 100% mortgage , buy to let mortage, then look no further.
On GMC Mortgages you will find a wide variety of rates and mortgages available in Ireland.
The aim of GMC Mortgages website is to help potential purchasers navigate through the complex array of mortgage options – we demystify financial jargon while clarifying the choices
available when applying for a mortgage. Assisted by easy-to-use calculators and unique mortgage wizards, you can navigate through the steps of applying for a mortgage. In fact, our website lets
you do everything from finding out how much you can borrow to receiving instant mortgage approval online.
As independent financial brokers GMC Mortgages know the market and can help you finding what’s best for you, we deal with all the main Irish Financial lending institutions and offer all the
products available in the market: tracker mortgages, fixed rate mortgages , 1 year fixed rate mortgages , 2 year fixed rate mortgages , sub prime mortgages, switch mortgages With branches throughout Ireland,
GMC Mortgages provides a one-stop-shop for Mortgages in Ireland. So if you are buying or selling a property in Ireland, then GMC Mortgages is the place for you.
At GMC Mortgages we also specialise in arranging mortgages for property abroad by either helping you releasing equity on your Irish home or by arranging a mortgage with
a foreign bank. GMC Mortgages has established long term relationships with lending institutions in Italy, France, Spain and the UK.
Paying back your mortgage:
Despite all the different types of mortgage schemes and deals available, there are still only two basic ways of repaying your mortgage:
Repayment mortgage:
A repayment mortgage is also known as a Capital & Interest mortgage - your monthly repayments pay off the interest and some of the capital borrowed each month. This is the only method that ensures your mortgage is totally paid off by the end of the term - so long as you keep up your payments.
Interest Only mortgages:
This is where you only repay the interest on your mortgage each month, so you'll need some sort of investment plan to pay off the capital, e.g. a pension, an endowment policy, an ISA or other long term investment plan. When your investment matures, you cash in the plan and use it to pay off your mortgage loan. You are responsible for the repayment of the capital when the mortgage reaches the end of the term.
Types of mortgage products
Discount mortgages
The rate of interest you pay is set at an amount below the lender's standard variable rate (SVR), and the rate you pay moves up or down in line with any changes to the SVR. This type of loan is cheaper than Standard Variable Rate at the start of your mortgage and allows you to take advantage of any interest rate cuts. But if interest rates rise, your monthly payments go up.
The discount you enjoy in the first few years of your mortgage can mean a big saving, however the discount usually means you are tied into your mortgage during the discount term. So, if you change your plans and need to repay your mortgage during the discount term, you will have to pay an Early Repayment Charge. However if you simply need to move house, you can usually take your mortgage with you.
Fixed Rate mortgages
The rate of interest on your mortgage is fixed for a set period of time regardless of whether the European Base Rate or the lender's Standard Variable Rate changes.
Typically mortgages have rates that change over time - with the effect that repayments can go up as well as down. This can make budgeting difficult, but a fixed rate mortgage can help. Fixed rate mortgages are suitable for those who prefer to know exactly what their monthly outgoings will be and are averse to the risk of rates increasing. An Early Repayment Charge may apply if the mortgage is repaid during the fixed period.
Remember, if interest rates fall, you may miss out on a reduction in your monthly payments.
Cashback mortgages
You receive a lump sum or percentage of your loan in cash when you complete your mortgage.
Tracker mortgages
Your mortgage interest rate is linked to the ECB rate for a set period. So if the base rate goes up so will the rate of interest you will have to pay on your mortgage, but if the base rate falls so will your monthly repayments.
Flexible mortgages
This type of mortgage is designed to accommodate your changing financial needs. It may allow you to overpay, underpay or even take payment holidays. You may also be able to make penalty free lump sum repayments.
100% Mortgages
100% mortgages now being made available by a number of lenders to the general public in Ireland. All the lending institutions have some conditions that need to be met to avail of these mortgage products. General conditions that must be met are:- Continuous employment for a minimum of three years, Property must not be a one bedroom apartment or studio.,Property must not be a self build or site purchase only.
Deferred Start
Deferred start mortgages are mortgages where you can postpone repayments for one, two or three months at the start of the mortgage. Often mortgage providers will provide flexibility to first time buyers or those who need some financial comfort at the start or during the life of the mortgage to ease your personal financial burden. There are also a host of other mortgage options which have been developed by lenders in response to the needs of first time buyers
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