Small mortgage - 1st time buyer

[poolfan]

Hi myself and partner are in fortunate position that we are only looking for a small mortgage of between 50k and 80k

We are first time buyers

Wondering is it best to go for mortgage as a couple or single person?

Are there any banks that allow you pay off mortgage early, for example if you got a lump sum from investment could you pay off mortgage early without any penalties

 

[Steven Barrett]

Are you buying it together? Do you both intend on contributing to the repayments? Then get a joint mortgage unless one of you has a bad credit rating.

If you have a variable mortgage, you can pay in lump sums at any time. It is under the fixed term interest rates that there are penalties (or they recoup the interest they would have earned) if you pay it off early. That applies to all banks.

I hope this helps.


Steven
www.bluewaterfp.ie

 

[Brendan Burgess]

You should make sure that you do an agreement with your partner before you buy the house which sets out what share each of you owns, who pays the mortgage and what happens in the event of a break-up.

Brendan

 

[poolfan]

Are you buying it together? Do you both intend on contributing to the repayments? Then get a joint mortgage unless one of you has a bad credit rating.

If you have a variable mortgage, you can pay in lump sums at any time. It is under the fixed term interest rates that there are penalties (or they recoup the interest they would have earned) if you pay it off early. That applies to all banks.

I hope this helps.


Steven
www.bluewaterfp.ie

We would both be contributing our savings , both of us have no loans and no bad credit ratings,

We could afford one of us on our own to contribute to the repayments

Definitely be going variable rate with that advice thanks