Property for Sale > Buying a Property

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  Buying a Property

  Found your perfect property? Golden Mile can advise and help you negotiate the purchase of your new home with ease.

  • Commercial Real Estate
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  • Commercial Property Sales
  • Commercial Brokerage
  • Property Mortgage Jargon

  • Kids and the Property Ladder
  • Securing your Property
  • Mortgages
  • Property Inspection

• Mortgages

  Mortgages are gereally divided into four main types: fixed rate, variable rate, split rate and tracker mortgages.

  Fixed and Variable Mortgages

  A fixed rate mortgage ensures that the rate and repayment amount is unaffected by market fluctuations and stays fixed for the entire term of the mortgage. This has both benefits and drawbacks: your repayment will not be affected by interest rate increases but neither will you enjoy a cut in interest rates. Another drawback of this type of mortgage is the inflexibility – if you want to change to another type of mortgage before the term has ended you are likely to be charged a fee to be able to do so.

  A variable rate mortgage, as the name suggests, has a rate that can rise and fall during the term of the mortgage as a consequence of interest rate changes made by the European Central Bank, for instance. There is more flexibility with this type of mortgage, in the way you make repayments and also in the ability to change to another mortgage type.

  Split Rate and Tracker Mortgages

  Again as the name suggests, split rate mortgages allow you to divide the loan between fixed, variable and tracker rates. The borrower can decide the amount to be placed under each mortgage type in most cases.

  Tracker mortgages use a set percentage above the European Central Bank rate and then ‘track’ that rate throughout the mortgage term. The tracker rate is unrelated to a bank’s variable rate, but is guaranteed to stay at the same percentage above the European Central Bank rate for the entire mortgage term.