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Deferred Payments

It's important to check the flexibility of the mortgage provider you choose - it can make a vital difference to financial comfort at the beginning or during the life of the mortgage, when your personal circumstances may change. There are a host of mortgage options which have been developed directly in response to the needs of first time buyers.

Among the many options available are:

- Deferred start mortgages, where you can postpone mortgage repayments for one, two or three months at the start of the mortgage
- Lowstart, that allows you to make reduced payments for up to three years.
- Interest only mortgages for up to 3 years for first time buyers.

Other choices available include:

1. Making no repayments during one or two calendar months, allowing freedom from monthly repayments at times of increased demand on cash like at Christmas time.
2. You can increase your repayments by a set amount each year thereby reducing the amount of interest paid, by paying off your mortgage sooner.
3. Arranging an agreed additional payment each month while on a variable rate mortgage reducing the term and total interest payments over your mortgage.
4. Paying off lump sums when additional cash is available.

Lenders policies in these areas vary, please speak to our consultant for further information.

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Variable rate warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home. The payment rates on this housing loan may be adjusted by the lender from time to time.

Warning: Your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it

Fixed rate warning: You may have to pay charges if you pay off your fixed-rate loan early

Interest only warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period

Debt consolidation warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term

Endowment loan warning: There is no guarantee that the proceeds of the [Insurance Policy / Pension Policy] will be sufficient to repay the loan in full when it becomes due for repayment