Your property queires answered

How to find an architect

I want to extend my home, and am eager to talk to an architect. After some brief research I have a short list of architects whose work I like. My question is: is it customary for a client to talk to a single architect, or several architects, before deciding to work with one?

You are certainly on the right track. Anyone wishing to employ an architect should do a bit of research and find out the architects working in the style they prefer. After that, the usual way of proceeding is to phone up the architect and give a broad idea of what you are looking for and your time frame. You don't say in what way you hope to extend your home but you may find that even this initial telephone call will rule out some of your choices.

As architectural practices get bigger and busier they tend to move away from simple conversions such as attic jobs or modest kitchen extensions. If however on the brief description of your project the architect is interested in getting involved (and you like the sound of him or her) the next step is to get him or her out to your home to discuss the project further. This may or may not cost you money and the RIAI, the professional body representing architects, suggests you ask if there will be a call-out fee. Expect to pay anywhere in the region of €85 to €150 if there is a fee. It is not unusual to get a couple of architects to discuss the project. After that, the expectation would be that you would appoint one architect to bring the project on.

Getting interest-only mortgage

I am considering buying an apartment and I understand that an interest-only mortgage is the way to keep my monthly repayments low. If I go for that option are there pitfalls I should look out for (as lower repayments seem too good to be true!)

You don't say in your letter if the apartment in question is for you to live in, or for you to rent out as an investment property - and when it comes to interest-only mortgages, it really matters. Interest-only mortgages are usually only ever given by lenders on investment properties. In the past decade investors have made a considerable amount of money buying apartments with interest-only mortgages, renting them out for four or five years, then once there has been significant capital appreciation, selling on, paying off the mortgage and the capital gains tax and still pocketing a considerable profit. With a "regular" annuity mortgage, every month your payments are made up of interest plus capital repayments. In the early years of a mortgage you pay more interest than capital repayments but you are still chipping away at it. An interest-only mortgage is just that - you pay the interest and the capital that you borrowed stays the same. That's why your monthly repayments are smaller than they would be with an annuity mortgage. Interest-only mortgages are quite different in other respects. They are for a much shorter term - from as little as two years to 10 years. Investors can borrow from between 80 to 100 per cent of the purchase price - to get a full 100 per cent mortgage, you'd be asked to put your other property up as security. Borrowers have to think early about what happens when the interest-only mortgage period is up and you have to pay off the capital sum in one go.

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Unfortunately, it is not possible to respond to all questions. The above is a representative sample of queries received. This column is a readers' service and is not intended to replace professional advice. No individual correspondence will be entered into.