Penalties can also apply in the event that you try to change your mortgage or make early repayments. To take advantage of the First Time Buyers Grant, you need a certificate from the Department of the Environment that confirms that your chosen property qualifies on size criteria, less than 1340 square feet. Freehold A freehold interest in a property means that the ownership is total, without time limit and without any recurring payments due to any party. Ground Rent Annual rent paid by the leaseholder of a property to the owner of the freehold. Guarantor Sometimes, to secure a mortgage or other loan it is necessary to get a third party to agree to be responsible for the debt in the case of default.
Buildings Only covers the cost of rebuilding the property.
Buildings and Contents also covers the contents of the property. All Risks also includes accidental damage and loss of personal belongings while away from the property. Index Linking The ability to increase your mortgage repayments over time to reduce the mortgage term and the amount of interest paid. This is usually not available with fixed rate mortgages. L Land Registry Government agency that records legal ownership of Irish property.