Mortgage advice needed for first time buyer.

A

Ash 22

Registered User
Messages
348
What would be the best value mortgage for young first time buyer on average wage at the moment. Hoping to borrow 190,000 approx.
Also please what is the best value in mortgage protection/life assurance for same.
 
Ash 22, why don't you make an appointment with a mortgage broker, they will inquire with a number of banks and building societies and present you with their findings, they can then advise you of the best offer. The same applies to mortgage protection. Are you in Dublin? If so, I found Mark Atkins at Atkins mortgage brokers on Harold's Cross Road fantastic. I have no affiliation, just really pleased with all the work he did for us.
 
Thanks thundercat. I'm down the south of the country and not very well up on all this.
 
read somewhere recently that most mortgage providers are looking for 20% cash contribution before considering a mortgage. the good old days are truly gone.
 
95% LTV is the maximum these days while to gain a good interest rate an 80% LTV would be good.
 
Bank of Scotland are still saying they do 100% mortgages on their website - and the rate is one of the best for high percenatge LTV loans. The press have been saying they are going to stop 100 mortgages soon though.
 
BOI have alreadu withdrawn from offering any new mortgages.
 
In relation to BOI they have only pulled new mortgages in the UK, they are still accepting applications in Ireland
 
You are correct, but when a Bank wont issue any new mortgages in any location it is a cause for concern.
 
Why? They have only stopped taking on new applications on a temporary basis as they had been swamped with them in the UK and couln't keep up. See [broken link removed].
 
Swamped or unable to finance effectively? time will tell.
 
Thanks for replies. Just a few more questions. If mortgage is initially taken out over 35 years can it be brought back to 30 years or less without any problem at a later stage also if lump sums are paid back along the way presumably that will decrease interest. At moment cant really afford to pay back anything over 250 per week, nearer to 200 the better. When approved for mortgage how long does it take for purchase to go through.
 
If you take out a fixed rate generally you are not allowed to top up payments or if you can, only to a certain limit.

If you stipulate that you wish to pay off the capital then this will reduce the interest you pay.
 
Thanks slinky. Going to go with tracker. AIB have offered 4.45% interest for first year and I presume rising to over 5 from next year on. Possibly have to go the 30 or 35 years at moment.
 
Ash 22 said:
Thanks slinky. Going to go with tracker. AIB have offered 4.45% interest for first year and I presume rising to over 5 from next year on. Possibly have to go the 30 or 35 years at moment.
Click to expand...


Don't presume anything! Check with them exactly what the interest will be after a year and exactly how much your repayments will increase by so you won't be in for any nasty shocks! In my opinion, tracker mortgages are the best value if you can get one and you can pay off more on this type when you want.
 
you'd better move quickly as the banks are pulling back to 90% for first time buyers, ebs should announce same shortly, wont be long before the rest follow
 
LDFerguson said:
Why? They have only stopped taking on new applications on a temporary basis as they had been swamped with them in the UK and couln't keep up. See [broken link removed].
Click to expand...

I heard this last week and it didn't add up for me on two counts.

1. I have never heard of a bank turing down business to cope with a 'backlog'.

2. Everything else I read seems to be saying mortages applications would be being down not swamped.
 
You must log in or register to reply here.
Menu
Log in
Register