FAQ

What is a mortgage broker?
A mortgage broker acts as an intermediary between the client and the bank. A mortgage broker has multiple lending sources and so finding the right product and best deal for you can be achieved. It saves you time and effort, and will lead you through the process offering advice along the way. 

What outgoings should I include on my mortgage application?
The only information we normally need is information on current credit or loan commitments, with over 6 months to run. We provide a list of documentation required- link to documentation required.

What happens if I lose my job?
If you lose your job and cannot meet your repayments, your home could be at risk. It is strongly recommended that you take out a mortgage accident sickness and redundancy policy, which will pay your loan for up 12 months.

How do I repay capital with an interest only loan?
If you have an interest only mortgage, your monthly payments will pay the interest on your mortgage, but not the lump sum you initially borrowed. You can pay off the original loan any way you choose, but you often have to inform the lender at the start how you intend to do this. Most people save money in a separate plan designed to pay off the capital when the mortgage term is complete.
The main options for saving in this way are in an ISA, an endowment policy or a pension. 

Can I off-set the interest paid on the mortgage against my income tax?
Yes, depending on the country this would depend on exactly how this would work. 

How long does an Approval in Principal last?
Generally an approval in principal from the bank will last between 3-6 months. However the banks have the right to request updated documentation at any time.

Will the bank take future rental incomes into consideration when giving approval for a mortgage?
No. In the majority of countries CFP deal with, for a non-resident mortgage, the bank will only qualify clients on a mortgage based on their own personal finances. The mortgages for non-residents abroad are not buy to let mortgages.

Can I get a mortgage offer before I find a property?
Yes. An agreement in principle can be made but the lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy or re-mortgage.

What is Loan to Value (LTV)?
LTV is the size of your loan in proportion to the value of your home. For example, if you are buying a home for €100,000, and you make a down payment of €10,000, then your loan amount would be €90,000. Your LTV would be 90% (the loan is 90% of the value).

What are the EURIBOR and Libor?
EURIBOR, (Euro Interbank Offered Rate) is the rate at which euro interbank term deposits are offered by one prime bank to another prime bank.

LIBOR, (the London Interbank Offered Rate) is a filtered average of inter-bank deposit rates offered by designated contributor banks.