Secure Step Mortgage - Examples
The Secure Step Mortgage could protect you in an uncertain market.
The example below demonstrates what happens after the first five years of your Secure Step Mortgage
The example shows how Secure Step works and is based on a property valued at €250,000 with a mortgage of €237,500 (95% LTV) required.
| After 5 Years | Property Value decreases by 10% | Property Value decreases by 20% | Property Value increases by 10% |
|---|---|---|---|
| Actual Mortgage Amount after 5 years (including repayments) | €222,443 | €222,443 | €222,443 |
| New valuation after 5 years | €225,000 | €200,000 | €275,000 |
| Am I entitled to a refund from the developer to reduce my mortgage? | Yes | Yes | No |
| Amount of refund (max 15% original purchase price) | €25,000 | €37,500 | N/A |
| Revised Mortgage Amount | €197,443 | €184,443 | No Change |
| Loan to Value after 5 years | 88% | 92% | N/A |
Please note: Top Up/Further Advances are not permitted within the first five years.
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.
VARIABLE RATE LOANS: THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY.
