Mortgage advice needed

The Troll

Anyone have any recommendations for the cheapest mortgages available. I am told the rates differ from bank to bank.

Thanks.

muffler

Its a bit like buying a new car -various extras and enticements.
You just need to shop around. A broker is probably your best bet.

Most of the lending agencies will give you a discount on the first 12 monthly repayments so you need to be asking what amount you will be paying back in a years time. That will give you a better idea as to repayments.

You also need to look at the possibility of increasing your repayments in, say 5 years from now. Will they allow you to do this? Also can you pay off some of the mortgage with the odd lump sum here and there.

Can you pay off in full in a few years without being penalised. Nearly all the lenders have web sites and a list of FAQ's so I would read them and it may give you a better idea.

One final word though is that there will most likely be a bit of a rise in interest rates over the coming weeks so watch out for that

Mezcita

Definitely worth shoppoing around. I ended up going with a broker from the Irish Mortgage Corporation who came up with better rates than I was able to find myself.

As stated above, it looks like interest rates are going to go up soon so be careful how much debt you take on.

hawker

Recently I went about remortgaging my house. I paid an informal visit to a broker who more or less told me that Ulster Bank were the best rates at the time. After coming out of broker I though to myself 'Why not visit Ulster Bank directly and cut out the middle man'? I did.

Rather cheeky of me but it saved me €1000.

Moonbeam

EBS are usually one of the cheapest,
They are also one of the hardest to get your mortgage from though.

Victor

Realise that your risk profile may adjust the rate you are offered up or down.

Sleipnir

While brokers can be useful, you should still shop around.
Don't forget that the brokers are paid by the mortgage providers so
a.) they will not neccessarily have the best deal for you as they won't be tied in with all mortgage providers.
b.) they may be influenced by the commision they get from different mortgage providers. If bank A. pays 1000 and Bank B pays 5000, which do you think he would be more inclined to go for?

LegacyUser

you'll be offered alot of sweet new customer deals, for the first year, at around 2.6% or so.

make sure you think long term though.

variable rates have been pretty good for the last while, but they're expected to rise, i bought my gaf in april, at 3.1% variable with boi, i'm switching to a 3 year fixed at 3.49%

while .39% sounds like feck all, that translates as an extra €60 or so a month.

i think it's better to be safe than sorry, i can afford €60, i've heard rates are expected to rise by .75% by the end of next year.

up to you, do you wanna pay less and hope rates don't go up, or do you want to play it safe and pay a fixed amount you know you can afford.

all the rates are on their sites, just pick the best one for you.

good luck.

TempestSabre

Victor wrote:

Realise that your risk profile may adjust the rate you are offered up or down.

Any more info on that titbit?

Victor

If you are a "sure thing" like an accountant or doctor, where you are most likely not to get into default, you will get preferential treatment. If you have a history of debt problems, the bank will want to make more money off you to cover the risk.