John F. Loughrey & Associates Ltd. t/a The Mortgage Centre is regulated by the Central Bank of Ireland.
Loan payments are used to cover only the interest owing on the mortgage and no contribution is made to reduce the initial amount borrowed.
Payments are affected by interest rate adjustments and will decrease or increase in line with those alterations. Following any change to the rate applicable to your account your lender will advise you of the new monthly repayment.
Because the repayments are only used to cover the interest, the amount of the mortgage has not reduced and the entire amount becomes due at the end of the agreed term of the mortgage.
It is important that you make suitable arrangements to repay the loan amount outstanding (together with any accrued or unpaid interest) by the end of the agreed term of the mortgage. You will therefore need to contribute to an acceptable Investment or Pension Plan, which will cover repaying the borrowings at the end of this term, or have other suitable investments in place.
We would also recommend that you obtain advice from one of our Independent Financial Advisors to find what Investment option would be most suitable for you.
You should have some form of Life Insurance in place to repay the mortgage should you die during the mortgage term and we at The Mortgage Centre can advise you on this too.
Contact one of our Qualified Financial Advisors for Independent Advice
REGULATORY INFORMATION
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
INTEREST ONLY LOANS
WARNING: THE ENTIRE AMOUNT THAT YOU BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST ONLY PERIOD.
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