March 2006

Councillor Cormac Devlin has advised first time buyers to obtain a copy of "Mortgages Made Easy" which has been published by the Financial Regulator.

Dún Laoghaire Fianna Fáil Councillor Cormac Devlin has advised first time buyers who want to get on the property ladder to pick up a new guide that explains the mortgage process without getting bogged down in detail.

Cllr. Devlin said the Financial Regulator has published its new guide to home loans and mortgages outlining the process for prospective homeowners and offering advice for existing mortgage holders.

‘The independent publication gives unbiased information to help consumers make informed mortgage decisions when buying their first home, trading up, switching mortgage lenders or buying investment property.

‘The guide explains how to work out how much you can borrow, what size mortgage you can get and some of the risks associated with 100% mortgages.

‘It details how to choose a mortgage and explains the different types of mortgages, interest rates and flexible payment options. The crucial thing to consider is how much you can afford to repay each month,’ said Cllr. Devlin.
She said many young couples want to buy their first home but are put off by the variety of mortgage options and repayment red tape.

‘This is an invaluable guide for people who just need the simple facts and straightforward advice. With economic indicators showing continued economic growth in the coming years, many people will be trying to get their hands on a property.

‘For many, it is an investment rather than shelling money out on rented accommodation which has no financial return in the future. The Financial Regulator’s mortgage guide is an invaluable resource for anyone who wants to know more about their property options,’ said Cllr. Devlin.

Copies of "Mortgages Made Easy" are available free by calling 1890 77 77 77, logging on to www.itsyourmoney.ie or by calling in to the Financial Information Centre in College Green, Dublin 2. Opening hours are from 8am - 8pm
(Mon. - Fri) and from 9am - 1pm (Saturdays).

More information is available on: www.itsyourmoney.ie

The document is avaiable for downlaod by clicking here
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Cllr. Cormac Devlin, "Saint Michaels", Glenageary Avenue, Dún Laoghaire, Co. Dublin
Telephone: +353 (1) 275 0786 Email cormacdevlin@ireland.com
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