Mortgage terms explained

  • HTB - Help to Buy Incentive is a tax refund of up to €20,000 if you are a First Time Buyer and buying a newly built home.
  • LTV - Loan to Value - This is the value of your mortgage in comparison to the value of the property. For example, if you receive 90% Loan to Value as a first time buyer and the property is €200,000, you will receive a mortgage of up to €180,000.
  • AIP - Approval in Principle - The first step in a mortgage application is to receive approval in principle from a mortgage provider. This shows the mortgage value you would receive.
  • Breakage cost - You may get charged a fee if you pay back your mortgage early. You should check your letter of approval for the fee amount.
  • Deposit - this the the amount you need to pay towards the property.
  • Full Loan Offer - The letter from the mortgage provider to say your mortgage has been approved for the property you wish to purchase.
  • Mortgage Protection - Mortgage protection safeguards your home. It pays the any remaining balance on your mortgage in the event of your death. Mortgage protection is essential – from the day you buy your home until your mortgage is fully paid.
  • FactFind - You will undergo a FactFind with Cornmarket to determine the best products to meet your needs. For example, you will undergo a FactFind when completing your mortgage application.