Mortgage Switch: Who to approach for my criteria?

[FrCrilly]

Hi All,

I'm presently into the following mortgage:

Amount O/sing: €205,000
Salary: €37,000
Term: 40 Years
Present Value of property: €275,000
Age (me): 28
Time since inception: 1 Year

I'm now looking to switch mortgage for the best deal but do not know much about the mortgage market. Can anyone with a bit of inside knowledge of the sector advise on which companies I should approach directly that are most likely to cater for my criteria.

If you need any further information let me know.

Thanks In Advance for all responses.

 

[ClubMan]

What is your existing deal (rate)? Are you sure that you need to switch? What sort of deal are you looking for - e.g. tracker/variable or fixed?

 

[LDFerguson]

There are only a few lenders offering 40 year terms, e.g. Ulster Bank, First Active and Permanent TSB and I'm guessing you're already with one of them so your search might not be too intensive if you're looking to maintain your existing term. Also, as you're at 5.5 times salary, that will exclude a few such as Bank of Ireland, ICS and NIB.

 

[ButtermilkJa]

Surely the banks threw out that 'salary multiple' rulebook years ago when prices went crazy? Do they not work on the c.35-40% net monthly earnings guideline instead?

 

[LDFerguson]

Surely the banks threw out that 'salary multiple' rulebook years ago when prices went crazy? Do they not work on the c.35-40% net monthly earnings guideline instead?

Bank of Ireland and ICS still work off multiples of gross salary. Others who did switch over to the net income guidelines have fairly strict criteria which results in the multiple of income never exceeding about 5 x gross income anyway.