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What is Mortgage Repayment Protector?

• Mortgage Repayment Protector is simply designed to pay all or part of the customers monthly mortgage repayments should they be out of work for more than 30 days due to:

⇒ PAYE: Accident, Illness, Redundancy

⇒ Self/State: Accident, Illness, Hospitalisation

• The customers benefit cover will depend on the type of employment they are in. This means that Self employed or State employed customers receive Hospitalisation cover instead of Redundancy cover.

• The customer can choose how much cover they want in multiples of €100 to a maximum of €2,000 per month.

• The customer can cover an extra 20% on top of their monthly mortgage repayment, which can be used to help pay other bills such as life insurance premiums, etc.

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What is Income Protection?

Income Protection is a form of disability or sickness insurance that can help prevent financial worries should you no longer be able to earn an income.

It is a very simple plan, that is becoming increasingly popular in order to protect lifestyles in today's world. You simply pay a monthly premium, based on factors such as your occupation, health, etc. that will ensure you receive a regular income if you are unfortunate enough to be out of work. There are no restrictions on the type of illness, injury, accident or disability that are covered.

Best of all, the important choices are up to you. Depending on your own individual circumstances, you can choose from various options. This enables you to tailor the product to suit your own requirements.

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STAMP DUTY

New Homes

If your are a first time buyer, no stamp duty is payable. For everyone else, the stamp duty on new homes depends primarily on the area of the property. If the property is under 125 square metres and you're an owner occupier (i.e. you plan on living there, but it is not your first home purchased) No Duty is payable.

Who:	Duty (Area under 125m2):	Duty (Area over 125m2):
First-time buyers:	EXEMPT - 0%	EXEMPT - 0%
Owner-occupiers:	EXEMPT - 0%	(see table below)
Investors:	(see table below)	(see table below)

Otherwise, if the property is over 125 square metres, or you're an investor, the stamp duty is calculated from the table below using whichever of the following two values is the greatest:

1. The cost of the site OR
2. 25% of (the cost of the site + the building costs less VAT @ 13.5%)

Value:	Non-investors:	Investors:
€1 - €127,000	0%	0%
€127,001 - €190,500	0%	3%
€190,501 - €254,000	0%	4%
€254,001 - €317,500	0%	5%
€317,501 - €381,000	0%	6%
€381,001 - €635,000	0%	7.5%
€635,001+	0%	9%

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Second hand Properties (previously occupied)

The Stamp Duty due on the purchase of a second hand home depends on whether you're a first time buyer or not and the price of the property being purchased. The table below will help you work out your Stamp Duty liability:

Price of Property:	First Time Buyers:	Owner occupiers/Investors:
€1 - €127,000	0%	0%
€127,001 - €190,500	0%	3%
€190,501 - €254,000	0%	4%
€254,001 - €317,500	0%	5%
€317,501 - €381,000	0%	6%
€381,001 - €635,000	0%	7.5%
€635,001+	0%	9%

When closing the sale, your solicitor will calculate the exact Stamp Duty due and you will be required to pay this amount to the Revenue Commissioners. Your solicitor will usually arrange this payment.

You may also be liable for a small Stamp Duty on your mortgage deeds. This duty applies to mortgages in excess of €254,000. The duty payable is €1 for every €1,000 of your mortgage. This duty is negligible and should not affect you greatly.

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How much can I borrow?

The maximum percentage of your home's value depends on the purpose of your loan, how you use the property and the loan type you choose.

Generally, you can borrow more for a property that you occupy as your main residence, up to 95%, than you can borrow for a Holiday Home or an Investment Property.

First Time buyers can borrow up to 100% of the purchase price of a property, however, this may be subject to certain restrictions.

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