# Looking for the best Mortgage Broker / Financial Advisor in Ireland



## bnb (20 Sep 2011)

As the title says, quite simply, I am looking for the best mortgage broker in Ireland.  I am looking for the guy/ or gal/ or company that you would say...

"If X can't get you a mortgage, nobody can"

Would help if they were close to Limerick, but location not too important. I would travel anywhere to meet them.

I quite simply have to get a mortgage before Christmas and I would do anything to get it.

The reason I have been unable to get one is my bad credit history. I have had a few late payments in the past, although, for what it's worth, I've never had any debt written off - everything was always paid off.

On the plus side, we have a good joint income (90k+) with my wife's job in particular 300% rock solid (she's a permanent teacher). Also, we are not looking for a huge loan (only 200k) and our Loan to Value Ratio is quite small (only 50%).

I really really need to get a mortgage. I want to give it one last shot before the end of the year. I want to give it my best shot and I want to get the best possible person I can to work with.

So all suggestions of people / companies to work with would be greatly appreciated.


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## NorfBank (20 Sep 2011)

bnb said:


> The reason I have been unable to get one is my bad credit history. I have had a few late payments in the past, although, for what it's worth, I've never had any debt written off - everything was always paid off.



Can you expand on this?

How many missed payments, 
when were they, 
were they recorded on ICB, 
how many loans were involved.

What lenders have you approached so far?


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## Bronte (20 Sep 2011)

bnb said:


> I quite simply have to get a mortgage before Christmas and I would do anything to get it.
> 
> 
> .


 
This is not a good way to start. Have you tackled your reasons for your bad debt? For what reason do you need one before xMass?

You are looking at purchasing for 400K with a loan of 200K on an income of 90K? Presumably 400K buys a lot of house (big and detached) in Limerick?

Is your job secure. 

To answer your question you wouldn't go far wrong with Norfbank, and if he can't get you a loan I'd say nobody can.

And welcome to AAM bnb.  The more details you give the better the advice.


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## ClubMan (20 Sep 2011)

bnb said:


> On the plus side, we have a good joint income (90k+) with my wife's job in particular 300% rock solid (she's a permanent teacher). Also, we are not looking for a huge loan (only 200k) and our Loan to Value Ratio is quite small (only 50%).



Very roughly ...

€200K @ 5% over 30 years = mortgage repayment of c. €1100 p.m. (not  allowing for deduction of owner occupier mortgage interest tax relief).

Married couple each on €45K = €90K total yields a net income of c. €65K p.a. or €1250 p.m.

Can you realistically afford this?


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## orka (20 Sep 2011)

ClubMan said:


> Very roughly ...
> 
> €200K @ 5% over 30 years = mortgage repayment of c. €1100 p.m. (not allowing for deduction of owner occupier mortgage interest tax relief).
> 
> ...


With one a public sector worker, I make it a net of about 62,500 - but that's 5,200 per month (is your 1,250 a weekly amount?). 1,100 on a mortgage seems do-able (21% of net) provided there aren't loads of other loans to pay off and/or other repayments to make.


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## Brendan Burgess (20 Sep 2011)

This makes very little sense

You are buying a house for €400k, yet you have €200k in cash. 

You have €200k in cash, but you have a bad credit record. 

You have to buy a house by Xmas. Why do you have to buy a house at all? 
And why by Xmas - that would be some Xmas present. 

If you have a bad credit record, it suggests that you are not good with money. The urgency and style of your post, would further suggest that you don't take a moderate approach to things.

If you have €200k in cash, just buy a house for €200k and live mortgage-free.  

Save up another €200k and trade up when you have it saved. 

The best mortgage broker/financial advisor will probably tell you the same - don't borrow if you are not good with money.

Brendan


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## ClubMan (20 Sep 2011)

orka said:


> With one a public sector worker, I make it a net of about 62,500 - but that's 5,200 per month (is your 1,250 a weekly amount?). 1,100 on a mortgage seems do-able (21% of net) provided there aren't loads of other loans to pay off and/or other repayments to make.


Oops - sorry - divided by 52 not 12! Doh!


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## DerKaiser (20 Sep 2011)

bnb said:


> I quite simply have to get a mortgage before Christmas and I would do anything to get it.
> 
> The reason I have been unable to get one is my bad credit history. I have had a few late payments in the past, although, for what it's worth, I've never had any debt written off - everything was always paid off.



I think people are being a bit harsh on you here.  Its possible the banks overblow minor credit problems and maybe you're sick of the process.

The thing that strikes me is that the €400k is a heft amount these days.  A lot of places with a guide of €400k might take the hand off you for €300-350k and in that ballpark it might be possible to secure the mortgage required on your wife's income only.

Also, a bit of patience would do you the world of good. With that much cash you can negotiate a very good interest rate and a good purchase price. 

As an example, say you went to any lengths and paid €400k and got an variable rate of 6% on 200k for 25 years, the repayments would be €1300pm. On the other hand if you negotiated the purchase price down to €350k and got a better mortgage deal of 4%, your repayments would be only €800pm.

Think about it. I know you said you'd do anything but would you draw the line at €500pm out of your pocket for the next 25 years for the sake of a quick deal?


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## bnb (20 Sep 2011)

Thanks for the replies. 

I am really looking for the name of a good financial advisor / mortgage broker as I think I really need someone good on my side if I am going to get anywhere with it. Someone who will (eventhough I hate the term) "Think outside the box...!!!"

That said, if some posters here think they can offer something, then I'd be happy to tell the full sordid detais....

I'm not buying a house. I already own the house. I have managed to build the house and have it finished completely and am living in it. I built the house using mainly

Credit Union Loans (€160k)
Family Loan (€20k)
Bank Term Loan (€10k)
Money from the sale of a previous house (€80k)
The Site was a family site
I built the house using CU loans and the like because I couldn't get a mortgage with my Credit History. Start Mortgages were the only ones who would consider giving me one, but they didn't do self builds. So I would have to finish the house, and they would consider giving a loan on the finished house. 

So I finished the house and moved in 12 months ago. I had Start Mortgages there in the back of my mind as a last option. I spent the last 12 months exploring other options. Then 2 months ago when I decided, as much as I might not like it, Start is my only option - I'll go back to them. So I rang them up, and they had stopped taking on new business the previous week...!!!!

I want to get a mortgage for €200k to pay off all the Loans I have taken out to build the house. At the moment I am paying back almost €2.5k a month between all the loans and this is putting us under pressure. Most months we survive, but if we have anything extra like a fill of oil or something like that, the squeeze really comes on.

As I said, our joint income is about €90k. My wife's income (a permanent teacher) is just over €50k. In terms of the ability to pay back, I think she would almost qualify for that on her own.

Obviously, Credit History is the big issue. Mine is not good. I have 3 problems in it...

A Mortgage that went 4 months into Arreers 4 years ago
A Credit Card that was cancelled
A Term Loan that went 7 months into Arreers 2 years ago.
But for what it's worth all were paid off and cleared.

It is the Term Loan that went 7 months over that is really killing me. The other two happened 4 years ago when I was starting up a business and didn't get paid for 12 months. The term loan only happened 2 years ago. It was stupidity on my part. It was an old term loan that I had paid a big lump sum into a few years previously. I didn't realise the loan was in Arreers and the letters from the bank were going to my old address. I didn't find out about it untill I applied for a mortgage and it came up in my ICB report. I cleared it straight away. But I know it's my own fault for not watching it.

Finally on the value of the house. Like all houses now, it is diffricult to value. The house is 3000 sqr feet on an extremely scenic site private site in a desirable area (where it is difficult to get planning). I am saying €400k. 5 years ago, (not that it means anything now) It would have been worth €600k+. I think today, if you put it on the market for €350k it would sell fast.

They're all the facts. Fell free to ask questions - But I do think I need serious professional help if I am going to have any hope. I just want to give it one last big shot.


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## Brendan Burgess (20 Sep 2011)

Hi bnb

Your history suggests that you are not good with money. You let 3 loans go into arrears. You built a house with very expensive credit union money. 

I would be very surprised if any lender would give you a loan. It's not just the security. In fact, it's not just the repayment capacity either. It's your history of repaying loans, which by your own admission, is not great.


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## bnb (20 Sep 2011)

Brendan Burgess said:


> Hi bnb
> 
> Your history suggests that you are not good with money. You let 3 loans go into arrears. You built a house with very expensive credit union money.
> 
> I would be very surprised if any lender would give you a loan. It's not just the security. In fact, it's not just the repayment capacity either. It's your history of repaying loans, which by your own admission, is not great.



I appreciate the comment, but - tell me something I don't know.

I have been through all this. Obviously my history of repaying loans is the reason I can't get a mortgage...!!!

The only bit of what you said that I would disagree with is building the house with CU money. I would do that again in the morning. It is expensive money, but it is more than worth it to be finally in our house, 6 years after we first applied for planning permission. Buying / building a house isn't always just a financial decision. We are very happy here in our house and I wouldn't change that for a second. 

I might have over stated how desperate I am in saying I *must* get a mortgage. We can survive as we are. We're not going under. Some months are stressful, but we're surviving. And it will only get better, possibly even in the short term. I should be able to increase my own Nett take home pay by 600 or 700 a month in the next few months. But it would make life a whole lot easier if I could get a mortgage or at least consolidate some of the loans together.  

Whilst I don't mind the comments about what my situation is and how I got into it, and I am happy to answer questions / comment. But I don't want to lose sight of what I originally looked for.

I want someone who can recommend a good financial advisor. I know I can't walk into any high street lender and apply for a loan. That's why I want someone who will know everything else I can possibly try. 

Using my wife's good credit history and job
Restructuring the existing loans in some way.
Getting the loan against other property
Getting someone else to co-sign the loan


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## Bronte (21 Sep 2011)

I recommended someone to you in the first reply. If you're lucky he might come back and say whether you have any chance. But based on your credit history I'd say you have no chance. Presumably your wife does. Has she an excellent credit record? She has a permanant job. Not sure how much they will lend based on her salary. Not sure how a bank will react to her applying for a mortgage on her own. Is the property in both names? 
 
This post is a classic example of someone giving a story looking for advice but it being clear when clarified that the situtation is entirely different to what one thought. It is really important that posters give as much financial data as possible. 

Outgoings:
Can you post up the repayment amounts, interest rates, and terms. Whose names are these loans in. This will help with ideas on restructuring.
Property valuation:
Can you clarify what a similar house in your area is selling (Daft/auctioneers). And what one actually sold for at the height of the boom. As far as one can tell prices have dropped 50% to 60% depending on the area. Could you give an idea of the location, county even. You could telephone an auctioner for advice on what they think it would sell for, so you have an idea before you start looking for a mortgage. A bank will require you to do a valuation later so it's a good idea to know the value now so you won't be disappointed and ask for too much. 

Bad credit history:
You do indeed have a bad credit history but to your credit you have paid back everything. Banks do not look at it this way. They will classify you as a bad risk. There is no way I can think of around this. Especially as one of them is only 2 years ago. 

Other property
You mention getting a loan against other property, do you have other assets?

Guarantor
Based on your credit history, you should not ask any family member to co-sign a loan for you. Sorry to be blunt. In any case it's rarely a good idea. 

Money makeover
Would you consider doing the money makeover, it's amazing where one can make savings and that thread generally can throw up ideas.


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## bnb (21 Sep 2011)

Bronte said:


> I recommended someone to you in the first reply. If you're lucky he might come back and say whether you have any chance. But based on your credit history I'd say you have no chance. Presumably your wife does. Has she an excellent credit record? She has a permanant job. Not sure how much they will lend based on her salary. Not sure how a bank will react to her applying for a mortgage on her own. Is the property in both names?



My wifes Credit History is clear except for the mortgage 4 years ago. That was a joint mortgage. But before it came to even looking at Credit Histories, the banks I talked to would not give a mortgage on the family home without both people. To answer your question as to whose name the house is in... the fact is, it can be in whatever name would give us a chance of mortgage.




Bronte said:


> This post is a classic example of someone giving a story looking for advice but it being clear when clarified that the situtation is entirely different to what one thought. It is really important that posters give as much financial data as possible.


To be fair, I origionally posted just looking for the name of a good professional financial advisor, so the details weren't really relevant. When it was apparant that the posters here might be able to offer a bit more than just that, I told all.




Bronte said:


> Outgoings:
> Can you post up the repayment amounts, interest rates, and terms. Whose names are these loans in. This will help with ideas on restructuring.



All loans are in my wife's name. I did have one but finished paying it this year.

2 Credit Union Loans of €50k and one for €60k. The repyaments on these are roughly €700 each. All 3 are 10 year loans
1 BOI loan for 10k with repayments of €300

Interest Rates, I don't have to hand.



Bronte said:


> Property valuation:
> Can you clarify what a similar house in your area is selling (Daft/auctioneers). And what one actually sold for at the height of the boom. As far as one can tell prices have dropped 50% to 60% depending on the area. Could you give an idea of the location, county even. You could telephone an auctioner for advice on what they think it would sell for, so you have an idea before you start looking for a mortgage. A bank will require you to do a valuation later so it's a good idea to know the value now so you won't be disappointed and ask for too much.



Sure, you know yourself the way things are today, we could have a whole thread on valuation alone and I don't want to get bogged down on it here. 

But to Answer your question.... In The same area as mine...

There is one house similar to mine, about 300 sqr feet bigger and a slightly better site... advertised for €775k. But that is just mental - It would never sell for that.

There are two houses further houses similar to mine. They are both advertised for €450k. But personally, I would say there are worth about €350k. My house is about 300 sqr foot bigger than these and I would say my site is also better.

But, I don't want to get bogged down in valuations... Let's just, for the sake of argument, accept that it is worth €400k. If I got to the point with a bank of debating the value of the house, I'd be very happy.



Bronte said:


> Bad credit history:
> You do indeed have a bad credit history but to your credit you have paid back everything. Banks do not look at it this way. They will classify you as a bad risk. There is no way I can think of around this. Especially as one of them is only 2 years ago.



Yes - It's the 2 year old one that is really breaking me. But, as much as it is 100% my own fault, it was a genuine honest mistake as opposed to not having the money. I went to my local Bank Manager 2 years ago who I have a very good relationship with from working with him through our business. I was 100% up front with him with everything. As he has worked with me over the years with the building of the business, he could see how it had grown and was continuibng to grow and he backed me 100%. He helped me put it together to see if he could do anything for me. Then he came back a few days later saying Head Office had come back saying my ICB report is showing a current loan 7 months overdue. That was the first I heard of it. And Yes, I know, I should have made it my business to know it... But I was building a house, running a business and raising a family. I was hearing nothing from the bank, so I thought everything was ok.

The thing was, the total outstanding amount was only about €2k and I cleared the loan straight away. But it still comes up in black and white on the ICB report as 7 paymenst overdue which obviously looks terrible.




Bronte said:


> Other property
> You mention getting a loan against other property, do you have other assets?



To be honest, not really. I could possibly look at getting other property in my name but I don't think I am desperate enough to do that. I was just throwing out a few options.



Bronte said:


> Guarantor
> Based on your credit history, you should not ask any family member to co-sign a loan for you. Sorry to be blunt. In any case it's rarely a good idea.



I accept your point - that my history does look very bad on paper. But I have explained some of it above. I am from a very close family, as is my wife. We have helped out both in the past. If having a guarantor was a real option, then I certainly could get one. But again, banks don't seem to really be considering them anymore



Bronte said:


> Money makeover
> Would you consider doing the money makeover, it's amazing where one can make savings and that thread generally can throw up ideas.



Well, the next step I have to do if this doesn't work out (whick I do know it probably won't) is just accept that I have to keep paying away those loans for another 12 months and sit down and do a budget based on that.


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## wbbs (21 Sep 2011)

I think you will have to resign yourself to continuing as you are, no bank is going to give you a mortgage in the present climate with your record and it is very unlikely any bank will give your wife a mortgage in her own name only on the family home.


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## Bronte (22 Sep 2011)

bnb said:


> My wifes Credit History is clear except for the mortgage 4 years ago.
> 
> 
> . I went to my local Bank Manager 2 years ago who I have a very good relationship with from working with him through our business. I was 100% up front with him with everything.
> ...


 
Thank you for being frank it always helps.  So your wife also has a bad credit history.  From a banks point of view yes on paper very bad even if the amounts are low,  but in fact you both are not good with managing money, I know you were busy and fair play to you for starting a business, which I hope goes from strength to strength for you, I always admire the bravery of entrepreuneurs and can well understand you took your eye off the ball on the paperwork due to the stresses and strains of that.  Going forward either you or your wife or an accountant/book keeper should do that.  

The only hope I can see is if you go and talk to your friendly bank manager, lay your cards on the table and see if he can do anything for you. But my experience of even the best bank managers is that Dublin blocks them at every turn as they only go by ticking boxes.  

Please do not go down the route of family guarantees, only leads to tears (in general).  

So what to do if refused, you are on the right track, endure the pain of the interest rates for now, try and over pay if possible, try to negotiate a lower interest rate with the credit unions.  As you have not posted interest rates (and really you should have an idea of these !) and until you do the money makeover thread it is difficult to suggest which loan to tackle first.


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## bnb (22 Sep 2011)

Bronte said:


> ...From a banks point of view yes on paper very bad even if the amounts are low,  but in fact you both are not good with managing money...



Bronte - Thanks for the post. I'll probably reply later - In work now. Just had to say, to be fair to my poor wife, she is brilliant with money. The only thing she's guilty of is trusting me. The only black mark on her history is a joint mortgage that she thought I was looking after. 110% my fault. Only for her good history and her being so good to save over the years, we'd be nowhere now.  Even now, she still has about €15k in the Credit Union. Now, we can't touch it because we have loans there as well, but still, it's a credit to her to have it there.


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## flossie (22 Sep 2011)

bnb, just sharing my experience of banks/mortgage....

Went looking for a mortgage last year, applied to EBS and AIB (who i bank with). EBS offered me a substantially lower amount than what i was looking for (off the top of my head i think i was about €145k when i have a salary of around €70k) and AIB refused as i had missed one payment on a student loan about 4 years ago (grand sum of €160, i missed as i was overseas at the time). AIB ignored the fact all my loans had been paid off much earlier etc. I have put the mortgage idea on hold temporarily (on a Rent to Buy scheme which appears to suit me for the time being) and paying off any single € i owe. I wouldn't even bother applying to AIB now when i come to get the mortgage in the next 12/18 months.

They really are being very strict, as mentioned above, it is no more the bank manager making the decision but boxes being ticked anc computer saying yes/no. It's frustrating, but in the long run it is (i am sure) partly to our benefits.


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## bnb (22 Sep 2011)

flossie said:


> ...it is no more the bank manager making the decision but boxes being ticked anc computer saying yes/no.....



No doubt about it. 

In fairness to the Bank Manager who I deal with through my business, I couldn't fault him. I really felt that he believed in me and that he gave it his best shot. 

But it was completely out of his hands.


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