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Saturday May 19 2012




BUY SELL RENT MORTGAGES LIFE, PENSIONS & INVESTMENTS My OBG CONTACT US ABOUT US


Mortgage Repayments Protection
Worried about meeting your repayments, due to illness or redundancy?

Call OBG Mortgage Services on +353 719194194 or email us

F.A.Q’s


What is a Mortgage?
In general terms a mortgage is an arrangement where your Financial Institution/Bank will lend you money so that you can purchase a house. The Bank uses the house as security for its loan. Technically speaking, a mortgage is a legal deed that is also known as a “charge”, signed by you to give the house as security.

What is APR?
APR stands for Annual Percentage Rate. It helps you compare the total cost of different mortgage deals. APR is an interest rate calculation designed to reflect the total cost of credit over the whole term of the mortgage.

What is a Variable Interest Rate?
This is a rate that can go up or down during the life of the mortgage. Changes in the rate also mean that your monthly repayments can rise or fall.

What is a Fixed Interest Rate?
This is a rate of interest that is set for an agreed period, e.g. for 3 or 5 years. A Fixed Rate ensures that your mortgage repayments will remain the same each month for the duration of your fixed rate term.

What is a Tracker Rate?
This is a variable interest rate that tracks the European Base Rate (also known as the ECB rate which is set by the European Central Bank). Your Financial Institution will guarantee that your mortgage rate will never be more than a specified amount above the ECB rate. Any fall in the European Base Rate results in lower repayments, but any increase means higher repayments.

What is Loan to Value?
This is an expression of your mortgage as a percentage of the value of your property. For example, if you have a property worth €100,000 and you are borrowing €92,000, your mortgage is 92% of the value of your property thus giving you a Loan to Value of 92%.

What Costs can I expect when Buying a House?

Valuation Fee
All Mortgage Providers require a professional valuation of the property to ensure that it is worth at least the amount that you hope to borrow. Oates Breheny Group Mortgage Services will arrange for a valuer to assess your property. A standard valuation report is €130.00

Surveyor’s Fee
Your solicitor might recommend you organise your own survey to confirm the structural soundness of the property. This will usually happen when you are purchasing a second-hand property.

Legal Fees
You will need a Solicitor to act for you in the purchase of your property. There is no set fee for handling the purchase of a property. You should consult your Solicitor in advance with regard to any professional fee, outlays, property registration fees etc.

Stamp Duty
This is a Government duty placed on the market value of a property. Please view our Tax Guide for further information.

Indemnity Bond
Some lenders, particularly when dealing with residential investment property purchase will charge a client a once off indemnity bond fee when the loan amount sought is more than 75% of the purchase price or value of the property. The purpose of the bond is to insure the lender against a potential loss in the event that they could lose monies following the repossession of the property, following defaulting loan repayments. In some instances your lender will pay this fee on your behalf.

Buildings & Contents Insurance
Buildings insurance will protect your home and provide you with the necessary funds to cover the costs of rebuilding or repairing your home in the event of incidents such as a fire, storm or flood. The amount will depend on the size and the value of the property and the insurance company you choose. It is also recommended that you also take out contents insurance to replace any personal possessions which could be lost or damaged.

Mortgage Protection and Life Assurance
Your home is probably one of the biggest investments you’ll ever make. Therefore it’s important to consider what would happen should you be unable to keep up your repayments. Mortgage Protection insurance is mandatory by law and can protect your repayments in the event of a serious illness or death. Life Assurance can provide a lump sum for your family or your partner should you die during the term of the policy.

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