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mortgage : minimum amount and term

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  • 20-10-2018 6:42am
    #1
    mkdon
    Registered Users Posts: 419 ✭✭


    anyone know what the minimum amount for a mortgage is and what providers provide this ? also what is the term of the loan( minmum)


    looking for a small mortgage but doesn't seem possible and may need to pay exorbitant rates of interest on ordinary credit union or aib loan

    any help appreciated


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    #2
    NinjaTruncs
    Registered Users Posts: 2,495 ✭✭✭NinjaTruncs


    mkdon wrote: »
    anyone know what the minimum amount for a mortgage is and what providers provide this ? also what is the term of the loan( minmum)


    looking for a small mortgage but doesn't seem possible and may need to pay exorbitant rates of interest on ordinary credit union or aib loan

    any help appreciated

    Take a bigger one than you need on variable and instantly pay off the excess?

    4.3kWp South facing PV System. South Dublin



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    #3
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    NinjaTruncs wrote: »
    Take a bigger one than you need on variable and instantly pay off the excess?

    what do you mean exactly take a loan for say 200k pay off 120k instantly and left with an 80k mortgage wig small repayments?


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    #4
    NinjaTruncs
    Registered Users Posts: 2,495 ✭✭✭NinjaTruncs


    mkdon wrote: »
    what do you mean exactly take a loan for say 200k pay off 120k instantly and left with an 80k mortgage wig small repayments?

    Yes, and if you can't get a short term length like you want you can over pay your repayments to bring down the term. It will only work on variable mind, if you were to fix you're limited with how much you can over pay, and can't make lump sum payments.

    4.3kWp South facing PV System. South Dublin



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    #5
    ArtyC
    Registered Users Posts: 1,505 ✭✭✭ArtyC


    You can get an 80k mortgage with boi. Take the long term, go with variable rate and over pay it


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    #6
    pancake12
    Registered Users Posts: 30 ✭pancake12


    I would talk to a broker, for professional advice. Mortgages.ie - they are the most helpful ever.


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    #7
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    About 50k and 10 years.

    Don't try pull a fast one like previous poster said. Trying to circumvent the rules will not work out well.


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    #8
    mkdon
    Registered Users Posts: 419 ✭✭mkdon


    myshirt wrote: »
    About 50k and 10 years.

    Don't try pull a fast one like previous poster said. Trying to circumvent the rules will not work out well.

    10k where aib? boi do 80k ?
    basically I just need a loan of 80 to 100k mortgage


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    #9
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    The banks will give you that much no problem. Its not that low.


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    #10
    L1011
    Registered Users Posts: 68,798 ✭✭✭✭L1011


    NinjaTruncs wrote: »
    Take a bigger one than you need on variable and instantly pay off the excess?

    Would not be possible if the house was cheap.


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    #11
    jimmycrackcorm
    Registered Users Posts: 14,339 ✭✭✭✭jimmycrackcorm


    mkdon wrote:
    what do you mean exactly take a loan for say 200k pay off 120k instantly and left with an 80k mortgage wig small repayments?

    Indeed. Make sure you follow the naif rules I. E. Minimum deposit, record of savings and 3.5x ability to pay.

    Go for a variable mortgage and then pay off a whack to reduce the capital.

    I think the minimum amount is circa 40k for most banks but those that pay out a few K cashback on drawdown might not be so keen as they don't gain.


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