Are there any real advantages/disadvantages to using a Mortgage Broker?

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Unregistered

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Hi

I'm thinking about buying a house for the 1st time. I'm 24 and my current salary is €42000. I have a bit in savings (nowhere near the 10% yet) but if needs be can up my saving for a few months to get there and live like a student again. I have been considering contacting a mortgage broker to maximise the amount I can borrow and I am considering renting a room. My father has also offered to go guarantor. I've heard stories of mortgage brokers that can get all sorts of deals even 100% mortgages (I'm not one of the professionals considered for these). I have also read some of the stories on the site about bad deals and high interest rates. I'm currently paying €700 a month in rent so I am confident that I can afford a mortgage and also hate the fact that I am paying my landlord's mortgage.

I was wondering if anyone had some personal experiences/knowledge they would like to share.

Any Comments would be much appreciated.

Thanks.
 
hiya

im in the same position myself trying to get on the property market. i have tried everywhere to get more then 92% but no joy yet if you do hear of anywhere would you post it on the site. ive also heard of people getting a more % because there parents went guarantor but i cant seem to get any info on this either. im just starting to apply with all the banks and see what they can do. If i hear anything i will post it on the site.
 
I know it's a nightmare. It will take years to save €30,000 (a decent deposit I think). It's just a shame when I'm practically paying a mortgage in rent as it is. My father has plenty of capital and is willing to go guarantor (whilst I would prefer to go it alone I don't have an option) so I can get somewhere decent but I just keep coming up against this deposit brick wall. Back to the saving I suppose - only another 2 years to go!
 
Unregistered said:
hiya

im in the same position myself trying to get on the property market. i have tried everywhere to get more then 92% but no joy yet if you do hear of anywhere would you post it on the site. ive also heard of people getting a more % because there parents went guarantor but i cant seem to get any info on this either. im just starting to apply with all the banks and see what they can do. If i hear anything i will post it on the site.
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When I bought my current home I went through First Active the house was in need of renovations so I asked if it would be possible to give a 5% deposit and they agreed to supply the 95% required no bother at all.
Found them great to deal with so try them out all they can say is no.

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Good Luck :)
 
thanks for that info i have emailed them now so hopefully we will be on the property market even sooner thank expected
 
unreg guest.

are you a member of a credit union if you are send me your email address and i may have an idea for you.

another thing if your father has his mortgage with ebs he can get a loan through his mortgage of 30K, payments can be started max 3 years after gettting loan as far as i know but it will be worth having a look into it.
 
I had looked into that but as he is not with EBS he will have to transfer his mortgage - I couldn't ask him to do that. He has always had all his business (commercial stuff too) with the same institution.

I'm not a member of a credit union. I know I should be. You are unregistered too so can't pm you - can I ?
 
well its worth a try all he can say is no.

you can send me your address to martinaips@hotmail.com and i could tell you what i was thinking but you would need to be a member of the credit union. You should join they are very helpful
 
Unregistered said:
thanks for that info i have emailed them now so hopefully we will be on the property market even sooner thank expected
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Comon let us know how you got on.....please? :)
 
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