Mortgage Options for First Time Buyers

W

wardct

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Who is currently lending to first time buyers?
I know all the following are - AIB, BOI/ICS, EBS and PTSB (although it seems PTSB don't offer fixed rates unless the LTV is <50%).
Anyone else?

What are the features I should look for?
Rates (fixed/variable), possibility of a split rate, max LTV rate. Anything else especially useful for the FTB?

Is it better to deal with the banks directly or why deal with brokers?
 
AIB, BOI and EBS are the main ones lending currently that I see. I applied for a mortgage to AIB, BOI and EBS and received approval for all. PTSB, Halifax, NIB etc all have much higher rates and are nearly pricing themselves out of the market. AIB / BOI are slightly cheaper than EBS. All rates are on their websites - compare APRs.

In terms of what you can get it all comes down to your savings history, debt, income and out goings and past history will determine how much you can borrow.

In terms of 'Rates (fixed/variable), possibility of a split rate, max LTV rate' That all depends on personal circumstances so one would need more info to answer that question.

In terms of 'banker or broker' I would try both as some brokers don't offer all banks. Also you can then compare.
 
You could consider using a broker - but up front, get them to explain their fees, and the lenders they work with. Let them do the leg work, and make sure they tell you the rates offered by all lenders, not just the "best" one. You can then cross check these by speaking to the lenders directly. It sounds like a lot of work, but this isn't just a plasma TV you're buying - your are purchasing say e250k - do your sums.
Re: interest rates - as we're tied to Germany and France via the ECB, the current general consensus is that rates will rise in the next 12 months (though Greece and the other PIIGS could change things).
In Ireland, most people go variable, but that's unusual in other markets. Consider locking in for 5 years.
 
hi i have heard that some brokers are now charging for putting up applications as the banks have reduced / removed their commission. also the banks may not offer their discount rates to the broker but will offer them to you if you apply directly .
i did a split rate myself . have 50% var so i can pay some off the mortgage and 50% on fixed so i wont get hit fully when ecb rises
 
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