At Donnellan & Co., we offer a Mortgage Brokerage Service. As Independent Financial Advisors we liaise with all the major mortgage providers to help you secure your mortgage and ensure you are getting the best deal possible. We will advise you how much you can borrow, the different mortgage types’ available, mortgage term and interest rate options. We will also organise all the necessary paperwork.
Taking out a Mortgage is likely to be the biggest financial transaction you will ever make. Therefore it is very important to get Professional Independent Advice. The wrong decision can be costly, as you may end up paying more over the lifetime of your mortgage than necessary. So whether you are a first time buyer, investor, commencing a self-build project or simply looking for a better rate, Contact Us Today.
Mortgage Types
Repayment / Annuity Type Mortgage
This is the traditional mortgage type, whereby the borrower repays the mortgage over a defined period of 10-35 years. The loan is repaid monthly at a fixed or variable interest rate. In the early years most of the repayment is interest. As the mortgage term elapses more capital is repaid. At the end of the mortgage period the mortgage has been repaid and the property belongs to the mortgage holder.
Warning: Your home is at risk if you do not keep up repayments on a mortgage or any other loan secured on it.
Interest Only Home loans / Residential Investment Property Loans
These types of mortgages are not in great demand at present however for the right property they are still available. As the name suggests only the interest element of the loan is being repaid and the mortgage / capital balance remains outstanding. The interest only term can vary.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
Pension backed Mortgages
With this type of mortgage instead of paying the capital element of the mortgage off, the mortgagee will set up a pension and contribute the equivalent amount to a pension. This allows the individual to claim tax relief on the amount contributed to the pension and build up a fund tax free which would hopefully be enough to pay down the outstanding loan balance at the end of the term.
Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.
Commercial Mortgages
A commercial mortgage is simply a mortgage that is granted in respect of a commercial property, e.g., an office or retail building. It works in just the same way as a residential mortgage, i.e., you repay capital and pay interest (interest only options are also available) usually on a monthly basis. If you are interested in purchasing a building for use by your business we can help you get the best deal from amongst our panel of commercial lenders by negotiating on your behalf.
