Frequently Asked Mortgage Questions

Park Financial deals with all lenders on the Irish market and all Life Insurance providers. This makes sure you are getting the best advice.

Park Financial is a Dublin-based mortgage broker serving home buyers, movers and mortgage switchers across Dublin City, North Dublin, South Dublin, Fingal and Dún Laoghaire–Rathdown. Our mortgage advisers meet clients throughout Dublin, including areas such as Dublin 1, Dublin 2, Dublin 3, Dublin 4, Dublin 5, Dublin 6, Dublin 6W, Dublin 7, Dublin 8, Dublin 9, Dublin 11, Dublin 13, Dublin 14, Dublin 15, Dublin 16, Dublin 17, Dublin 18, Dublin 20, Dublin 22 and Dublin 24.

We also help customers in areas including Clontarf, Drumcondra, Glasnevin, Raheny, Swords, Malahide, Howth, Blanchardstown, Castleknock, Tallaght, Terenure, Dundrum, Rathfarnham and Dún Laoghaire, Blackrock.

As a First Time Buyer the maximum a lender can lend is x 4 times your salary. As a Second Time Buyer the maximum is x 3.5 times your salary. In certain cases, a lender will make an exception and allow you to borrow above this amount. This is considered a Central Bank exception.

Using an independent Dublin mortgage broker gives you whole-of-market access that individual high-street banks cannot match. While a direct bank can only sell its own internal products, an independent broker acts as your personal advocate to compare live interest rates, terms, and cashback offers across the entire Irish lender panel.

Key advantages of choosing an independent broker like Park Financial include:

• Whole-of-Market Access: Park Financial instantly compare top retail banks and non-bank lenders, including Avant Money, MoCo, ICS Mortgages, Haven, Bank of Ireland, PTSB, Spry and Núa.

• Maximum Legitimate Borrowing Capacity: Different lenders apply different income stress-testing criteria; a broker matches your specific profile to the bank most likely to grant exceptions or higher loan amounts.

• Accelerated Digital Onboarding: With Park Financial’s 100% paperless platform, you can upload documents and track milestones securely online, allowing our team to secure a bank Approval in Principle (AIP) up to 3x faster than traditional brokers.

A mortgage broker simplifies the switching process by comparing the entire market to find lenders offering lower interest rates, cashback incentives, or better terms. They handle the heavy lifting, such as advising you on your current loan-to-value (LTV) ratio, identifying potential savings, and managing the paperwork involved in moving to a new provider. By acting as your advocate, they ensure you avoid unnecessary fees and secure a deal that reduces your monthly repayments or shortens your mortgage term.

This will be dependent if you are classed as PAYE or Self-Employed.

PAYE

• Salary Certificate
• If you are on a contract a copy of this will be required:
  • 3 months payslips
  • 6 months bank statements for all accounts
  • ID & Proof of Address

Self-Employed

• Accountants letter confirming your tax affairs are up to date
• 2 years Accounts, Chapter 4/Notice of Assessment & Form 11s
• 6 months business account statements
• 6 months personal bank statements for all accounts
• ID & Proof of Address

We work with home buyers, movers and mortgage switchers across all areas of Dublin, including Dublin City, South Dublin, Fingal and Dún Laoghaire–Rathdown. Whether you’re buying your first apartment, moving to a larger home or switching your mortgage, our advisers can help you compare suitable mortgage options.

As a first-time buyer you will be eligible for the Help to Buy, First Home Scheme, Tenant Home Purchase and the Local Authority Scheme.

Yes. Many self-employed applicants successfully secure mortgages each year. We help business owners, company directors and sole traders prepare the documents lenders require and compare mortgage options from lenders that consider self-employed applications.

Understand the terms and conditions of your existing mortgage, including the interest rate, repayment terms, and any penalties for early repayment.

At Park Financial we will then assess all your options to see how much you can save by switching.

• Proof of Income
• Bank Statements
• Proof of Identity

Contact us today and we will advise how much you can save by switching lender. We will go through a list of interest rates available from all the lenders to ensure you are getting the best rate on the market.

You can also try our Switching Calculator to see how much you can save.

Your lender may charge a breakage fee if you are still locked into a fixed rate. When assessing your current terms, you can contact your lender and they will be able to advise if there will be any breakage fee for switching mortgage.

Broker – No Fee
Legal Fees – €1,000 to €1,500 (Depending on your solicitor)
Valuation fees €150 – €185 (Depending on the valuer)

Some lenders now offer to pay a contribution to customers towards their switching fees and this payment normally covers the cost of switching lender. So, in many instances, switching lender will not cost you anything.

On average the process takes about 6 weeks. It is important your solicitor requests the deeds from your existing lender as soon as possible to avoid any delays.

This type of insurance is designed to pay off the remaining mortgage on your home if you pass away. Mortgage protection also offers the option to include specified serious illness coverage for an additional fee. This coverage will provide a payout if you are diagnosed with a specified serious illness within a certain period.

Without mortgage protection, you won’t be able to secure a mortgage. It is typically a legal requirement set by your mortgage provider and must be in place before the mortgage can be finalized.

Serious illness insurance provides a tax-free lump sum if you are diagnosed with a specified illness or disability covered by your policy. Also known as “critical illness cover,” it is often offered as an additional benefit on term life insurance, whole life insurance, or mortgage protection policies, but it can also be purchased as a standalone insurance policy.

Income protection insurance provides regular cash payments to replace a portion of your lost income if you are unable to work due to a medium to long-term illness, injury, or disability. Sometimes referred to as “permanent health insurance” (PHI), it is different from private health insurance and does not cover redundancy. To be eligible for income protection insurance, you typically need to be in full-time paid employment or self-employed.

A self-build mortgage is designed for individuals constructing their own home and operates differently from regular mortgages:
With a standard mortgage for a completed house, the funds are released in one lump sum.

With a self-build mortgage, the funds are drawn down in stages, corresponding to each phase of the construction.
You only pay interest on the amount you’ve drawn down from a self-build mortgage, rather than on the entire loan amount.

Some lenders will allow an applicant to borrow up to 100% of the cost of construction. The maximum loan to value will be 90% of the value in repair figure (value of the property when the works have been completed).

As a contingency all applicants must have at least 10% of the cost of the works as a deposit to allow for any overspend on the project.

If you have an existing mortgage, you might be able to increase or top up your loan to fund home extensions or improvements.

You may be able to borrow up to 80% of the value in repair figure (value of the property once the proposed works are completed).

• Poor Credit History as result of missed loan or credit card payments.
• No evidence of repayment capacity over the last 6 months.
• Income is not secure or permanent
• Too much debit
• You do not have the full 10% deposit

The payment of tax will be dependent on how much of a gift you receive. You can receive a gift of up to the value of €3,000 which will be exempt from Capital Acquisition Tax.

The threshold for anything above this amount is broken down as follows:

• €335,000 from a parent
• €32,500 from another family member
• €16,250 from a friend
• If you receive a gift above any threshold, you will be taxed at 33%. For example, if you receive a gift of €50,000 from your brother you will pay €5,775 in Capital Acquisition Tax (€50,000 – €32,500 = €17,500 x 33% = €5,775).

A split mortgage allows a borrower to divide their mortgage between a fixed and a variable rate. For example, if the total mortgage is €400,000, the borrower might split it into €300,000 fixed and €100,000 variable.

This arrangement provides the borrower with the flexibility to make lump sum payments or pay off the variable portion without any penalties. The repayments for the fixed portion remain consistent, offering stability for the borrower.

If you change jobs before drawing down your mortgage, the lender may withhold your funds. This is primarily because a probationary period poses a significant risk to the lender, as there is no assurance you will successfully complete it.

If there is no probationary period, the lender will reassess your financial situation based on your new income to ensure you still qualify for the approved loan amount.

In some cases, a probationary period can be waived if you have a strong employment history.

In short, these expenses should not impact you getting a mortgage. The lenders will be able to factor these payments back in for repayment capacity purposes as they are seen as once off expenses. The lenders may ask for proof of payment so holding onto any receipts is advised.

It is important however that you make sure you still have enough savings in place to cover the 10% deposit.

This depends on the lender but it is usually 30 days after your drawdown date. Once you make the first repayment you can contact the lender and change date. There are some lenders who will let you pick the repayment date from the outset.

Yes, an applicant’s income will be assessed by advancing one, two, or three points on their current pay scale.

New entrants to the Civil Service and recently promoted employees who must serve a one-year probationary period will also be considered.