top 15 questions before you take out a mortgage

Folks

Afetr reading the previous post on closing the buy of properties, I got to wondering what are the top 15 questions you should ask a broker or bank about the mortgage package you are going to take out before you take it out....

ie. if you pay it off early are you faced with a fine/lump sum charge....

possibly people that have went down this road could reply as they will have some more experience in the matter, thanks

kk

1. What banks do you deal with?

excellent munsterdude

but there must be more out there... what questions do people now wish they had asked but forgot to...

thanks

If you have read all the relevant threads then maybe you could contribute to AAM by consolidating the key points into a draft list of the 15 key questions that you are looking for?

krabik said:

excellent munsterdude

but there must be more out there... what questions do people now wish they had asked but forgot to...

thanks

Click to expand...

None really, I just shopped for the best deal. So my question was "whats your best rate for x amount over 30 years".

I would say to be careful not to accept their offer on the mortgage protection policy, I found you dont always get the best deal on that from the same broker\bank. Shop around for that also...

Krabik,

A good starting point is the compare lenders section of [broken link removed]. It's for first time buyers, but it gives you a good idea of the main points to take into consideration.

Other than that, I think it mainly comes down to things like loan to value ration and the various discounts/options the various banks offer, if you're going on a fixed rate or a discount 1 year fixed rate what rate can you go on after, etc..
Another thing at the moment - if you're going for a fixed rate, you want to make sure that your loan offer guarantees it for a while as the ECB is likely to hike up the rates soon. This is sometimes referred to as "booking a rate".
If you want to take a 100% mortgage and need to borrow the deposit as well, you want to inquire about interest and possibility of a bridging loan.
You should also check if you can make additional payments into your mortgage account if you wish, and then i think someone mentioned it before the penalties if you want to get out of a fixed rate early or if you want to pay off the mortgage early.

A bit all over the place, but it should give you some ideas!