First Credit Mortgages

P

Pringles

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Hey

Was just wondering if anyone has used the services of the company First Credit Mortgages and how they found them. Came across them after watching the programme 'I'm an Adult Get Me Out of Here'.

Any experience's would be great help. Thanks

Pringles
 
Are they a "sub-prime" lender by any chance who lend at higher rates to those who have chequered credit histories or would otherwise find it difficult to borrow from a more mainstream lender? Or are they simply a mortgage broker and not an actual lender. Why are you interested in them specifically and not one of the many other brokers/lenders around?
 
I have seen them advertise in The Irish Independent. Looks like they cater for general mortgage/remortgage services. See here. Not surprising that the op came across them on I'm an Adult Get Me Out of Here since the presenter is also the MD of first Credit Mortgages.
 
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Is this programme a feature length advertisement for the company or something? I've never watched it myself...
 
ClubMan said:
Is this programme a feature length advertisement for the company or something? I've never watched it myself...
Click to expand...

It certainly seems to be. Also this guy gives what I would consider to be pretty dubious advise on his personal [broken link removed].

Just two examples are:

Personal Debt is one of the major factors affecting the amount people can borrow. Don’t be afraid to refinance personal debt over a longer term to reduce your loan repayments (which allows you borrow more. For example; A Couple who have a car loan of €480 per month with a balance of €7500 owed can borrow only €271000 on a 100% mortgage. However if they refinance the personal loan over 6 years reducing the loan repayment to €129.00 per month they can borrow €353000.00. This mortgage amount of 30% more. This can be the difference between being getting on the property ladder and loosing out. It is important to note that the figures given above the monthly repayments including the personal loans are no more than 35% of monthly net take home pay. However in all cases make sure that you are comfortable with the loan repayments before taking out a mortgage.
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and:

To fix or not to fix

Currently we are advising almost all customers to Fix, however it is important to check the value of the fixed rate versus the lowest tracker rate ( and then speak to someone who can advise you on how many interest rate rises are expected over the term. For example currently there are 3 year fixed rates of 4.65%to 5.09% and higher available. When you consider that tracker rates for First time buyers are around 4.85% and there is at least one more interest rate rise due (and possible more) it makes absolute sense to fix. In all cases you need to speak to a good broker who can advise you on all of your options.
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I think on this site you would find mostly the direct opposite advice being given.
 
To be fair, the programme isn't that much of a plug for the company - it deals with all areas of being a FTB, including personal issues, location, bidding, choosing one property over another etc.

No connection with John McGuire or First Credit.
 
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