When you take out a mortgage, understanding how the interest is calculated is crucial. Let’s break it down into simple terms. The Basic Formula Mortgage interest is typically calculated on a monthly basis using this formula: A Real-World Example Let’s…
What is a Buy-to-Let Mortgage? A Buy-to-Let (BTL) mortgage is a specific type of loan designed for people who want to purchase property as an investment to rent out to tenants. It’s different from a regular residential mortgage because you’re…
When choosing a mortgage, one of the first decisions you’ll need to make is between an interest-only mortgage and a repayment mortgage. Let’s break down both options to help you understand which might be right for you. What is a…
A tracker mortgage is a type of home loan that follows, or “tracks,” the movement of a specific interest rate, usually the European Central Bank (ECB) rate or another benchmark rate. This means that when the benchmark rate changes, the…
Variable-rate mortgages are a popular choice for homebuyers due to their flexible nature and the potential for lower initial costs. Here’s a breakdown of what you need to know: What is a Variable-Rate Mortgage? A variable-rate mortgage (VRM) is a…
A fixed-rate mortgage is one of the most popular mortgage options available to homebuyers in Ireland. But what exactly is it, and how does it work? Let’s break it down. What is a Fixed-Rate Mortgage? A fixed-rate mortgage is a…
A mortgage is simply a loan used to buy a property. When you can’t afford to buy a home outright, a bank or financial institution lends you the money, and you agree to pay it back over time, usually 20-35…