Shopping for a Mortgage

I

IrishGunner

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Currently looking at shopping for a Mortgage. Have no Debts good savings and in well paid job

Is it better to go direcltly into the Mortgage providers with Payslips, savings etc or better to go to a broker. There are so many brokers out there and not sure if that would be better to save the hassle or just go direclty to the banks. Do Brokers take commision or charge ? Not sure of how much of a mortgagte I wish to take yet

Any tips or advice before I go on my search as to what would be best for me
 
I am a broker so I suppose I'm biased but I'll try to be objective.

A good broker will discuss your requirements and may be able to save you time by telling you which lenders will and won't lend what you need. A broker will also discuss and compare the various rate options from different lenders. Most brokers will have one generic application form suitable for most lenders so you only have to gather the information and fill out the form once.

Ask your broker at the start which lenders they deal with, as not all brokers deal with all lenders. Few if any deal with National Irish Bank for example. If a broker recommends a particular product to you, ask to see how it compares with other products from competing lenders.

Some brokers operate on commission; others charge fees and others have hybrid arrangements. Clarify this from the outset.
 
we went through a broker and never felt sorry, we were rather under time pressure to have everything sorted out asap and very busy in our jobs and were lucky to have the broker do it for us. we weren't charged any fee, the broker we've chosen got the fee from the bank.
 
The most important factor for you IrishGunner in choosing whether you go to a bank or direct to a broker is their allegiance.
Would you trust a Chelsea fan or a Manc :mad: to arrange your mortgage?
 
NorfBank said:
The most important factor for you IrishGunner in choosing whether you go to a bank or direct to a broker is their allegiance.
Would you trust a Chelsea fan or a Manc :mad: to arrange your mortgage?
Click to expand...

Yeah they would probably screw me or add another 5 minutes to my consultancy bill c'mon the Gunners

What should I look for in a broker as honestly with work constraints I would not get time to go around doing this myself personally or by phone. Living in Dublin so is there a regulation that I would need to check to see if they are approved or other questions I should ask similar to what LDFerguson advised

Thanks
 
Just to disclose from the outset I'm a broker too.

LD has outlined the most important points, have any of your mates bought recently?

Recommendations are usually the best way to go, just make sure the broker who arranged your mate's mortgage is actually still working there.

You can check approval here

[broken link removed]

It is most important to get a breakdown of fees from the start so you know exactly what you must pay for.

As you are constrained by work, see is the broker happy to do most of the work over email or the phone so you do not have to keep visiting their office.




[broken link removed]
 
Think mates went straight to Bank and have their houses a couple of years will ask around to see if anyone can recommend one. May go directly to my bank PTSB but its trying to find the time and would like to shop around

No rush for it but will check with some more 'well known' brokers
 
If you have 10% deposit saved, no loans and a strong salary then just go to AIB, they have the best rates but are the most difficult lender to get approved by.

PTSB rates are brutal.


Just be sure to shop around for the related insurances.
 
One more question

It was suggested that I should go to family solicitor and deal with them as they maybe able to help with Mortgage. Aware they can deal with all the legal mumbo jumbo etc but do they deal with the banks in relation to Mortgate approval ?
 
NorfBank said:
The most important factor for you IrishGunner in choosing whether you go to a bank or direct to a broker is their allegiance.
Would you trust a Chelsea fan or a Manc :mad: to arrange your mortgage?
Click to expand...

Or worse for IG they could be a Spurs fan.

I would definitely my own research first, just pop in to a few of the banks, I was very surprised by the different amounts and rates offered recently, e.g. AIB offered me about 70k more than BOI when I had previously assumed they would both be the same. As previously stated by someone else AIB do appear to have some of the best rates at the moment. No harm in getting a broker's input though, get all the information you can.

I wouldn't have thought you would need a pay a solicitor just for the mortgage approval, you should be able to manage that by yourself. Hold off on paying solicitors until conveyancing etc.
 
OMG a Spurs fan dont think I could go with that the shame

Trying to get to a bank during lunch time. What do I need to bring

Last 3 months payslips
Bank Statements last 6 months
Details of savings
Anything else P60 ??

Also may speak to Solicitor as I need one if I am going to buy. He can point me in the right direction
 
NorfBank said:
If you have 10% deposit saved, no loans and a strong salary then just go to AIB, they have the best rates but are the most difficult lender to get approved by.

PTSB rates are brutal.


Just be sure to shop around for the related insurances.
Click to expand...

+1.

AIB or BOI at the moment seem to offer best value.
In my particular circumstance I found BOI most helpful even though I actually bank with AIB..
 
First 2 times I looked for a mortgage went with broker - so much paperwork and red tape and meeting up with them, did my head in. Got approved first time, but houses were too expensive (2007, thank God I didn't go any further) then got turned down in 2008 cos wasn't in permanent job.

Last year did search on mortgages.ie saw that AIB had the best rates, so as I bank with them and there's one right beside work and I couldn't face going back through a broker, went direct, and it was sooo simple! Had approval in hours. Could speak direct to my mortgage guy any time I wanted, answers straight away, and everything went so smoothly. Needed hardly any paperwork cos it was my own bank...way simpler!!
 
I'm on my fourth mortgage and have always dealt directly with the bank. I've never used a broker. I just shopped around myself and made my decisions based on the info I gathered.
 
Going through the same myself at the moment. Went with Rea mortgage brokers when we bought our current home 5 years ago but as they went out of business we decided to try the banks directly first and if we had any hassle we would go to a broker like last time. We checked the mortgage rates and BOI and AIB were by far the cheapest on the market and there isn't much between them. AIB are slightly better on the fixed rate, BOI on the variable (for our circumstances anyway). It looks like they are the only one's serious about lending at the moment (maybe EBS too but not as competitive).

Got accepted by both and it was relatively painless. The pain is filling all the forms in after that!!! Mortgage Protection forms are the worst!

We are going with BOI as we are under a bit of time pressure and they were quicker off the starting blocks. But in fairness AIB were great to deal with too and we would have been happy to go with them too.
 
Went to Solicitor to discuss the legal mumbo jumbo and fees etc not a bad price

They refered me to KBC Mortgages via their groupscheme. Have not looked at other banks yet but are KBC Mortgages good value or dont touch with a barge pole? Have to shop around re Life Insurance. Not sure if work life inscurance will cover me?
 
Gunner, I have a KBC mortgage. I got mine through a broker friend of the family, but if I'd have known the hassle and length of time it would take, I'd have gone direct to other banks. Not quite sure who was at fault for the length of time it took, but they blamed each other and were it not for the fantastic solicitor I had, who pushed and pushed them to complete, would have taken even longer. So, I personally, wouldn't go with KBC again.
 


Heard they are not the best to deal with but are their rates competitive ? Have to visit AIB and BOI yet
 
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