Advice........first time buyer question

dark_shadow

Hi everyone.

Basically my girlfriend and I are looking to buy our first house but were not sure how or where we start.

Firstly we are both working and have sufficient savings but where do we go from here??

Do we go to one of those mortgage advice shops or a bank?? The reason I ask is this is because the bank we have savings with have ads on telly saying there approving x amount of first time buyers. But then we were told we should go to a mortgage advice shop.
Thing is though we dont know which one.....are they all the same??

So who do we see first?? Dont want to walk into a place and look like a fool because we dont know what we are doing:o

I know we have to get p60, payslips, salary certificates etc thats no problem. I have looked on the internet and it gives SOME advice but only the basics (maybe I'm looking in the wrong place:o)

I know this will be a very long process but we might as well get the ball moving now as any other time.

Apologies for the long thread!!!

Any advice/suggestions would be greatly appreciated:):)

giles lynchwood

Get an Annuity mortage in preferance to an endownment one.

Bards

giles lynchwood wrote: »

Get an Annuity mortage in preferance to an endownment one.

even better will be a mortgage where you can overpay/payoff the mortgage early with no penalty, and where the interest is cacluated on a reducing balance

dark_shadow

giles lynchwood wrote: »

Get an Annuity mortage in preferance to an endownment one.

Thanks:)

dark_shadow

Bards wrote: »

even better will be a mortgage where you can overpay/payoff the mortgage early with no penalty, and where the interest is cacluated on a reducing balance

Thanks:)

dark_shadow

But my question is where do I go first bank or a mortgage advice shop?? I know theres one up on patrick street and another down by reginalds tower. Are these any good or is there others??

southofnowhere

When I was in your shoes I dealt directly with the banks after doing my own research. Got a tracker mortgage at the time, thank God!

I think you would be okay going to speak to the banks directly and see how much they are willing to lend and what kind of mortgages they are offering. Don't commit to anything and ask lots of questions.

Then, after that, if you find yourself a bit confused/lost/needing advice go see a broker to break it all down for you (or come on here and ask all of us!).

More important than proving you qualify for a mortgage/having the right documents is knowing what you can afford to repay and what mortgage will suit you down the line. Get reading! Some good stuff on boards and askaboutmoney.com for a start.

Derek Walsh's (DNG) is the place on Patrick Street and not the only mortgage broker/auctioneers place in Waterford if you want to combine those two.

Also if you're looking for a great house down this neck of the woods that will shortly be coming on the market as an unnamed individual is moving jobs, counties and houses then send me a PM

THall04

dark_shadow wrote: »

But my question is where do I go first bank or a mortgage advice shop?? I know theres one up on patrick street and another down by reginalds tower. Are these any good or is there others??

I used the one in Patrick St (DNG Derek Walsh) and I had no problems , they arranged the mortgage , property valuation and insurance(personal and property).

They are also estate agents , so they might try and push you into buying one of the properties on their books .....but remember it's a buyer's market...take plenty of time to shop around for the best deal you can get/don't let the first bank or mortgage broker you deal with pressurise you into anything....house prices aren't going up any time soon , so unlike those who bought in the last few years you can relax and take your time.

Sully

Not the best forum to be discussing mortgage advice, as this is a Waterford City discussion forum, so I have moved it to a more appropriate area which handles such threads!

Topic Moved

dotsman

OP, there are only 3 banks offering mortgages to First Time Buyers - AIB, BOI and EBS.

The advantage of a mortgage advisor, is that you only have to give the information once and he/she then deals with the paperwork of the numerous applications. This was of more benefit when there were a lot more banks open for business.

The disadvantage is that, sometimes, the personal approach is best. For example, if you have a good history with a certain bank, in can work in your favour. Likewise, if your parents also have a good history (and are going guarantor), it can help.

Another problem can be the mortgage advisor not entirely having your best interests at heart. I don't mean to tar them all with the same brush, but there may be a chance that they concentrate your application with the bank that they have the best relationship with or receive the highest commission from.

There's no harm in doing both. Go in and talk to your bank. Afterwards, see a mortgage advisor and see if they can offer any better.

You're entering into one of the biggest financial transactions you will ever make. Take your time and explore all avenues.

dark_shadow

Thanks to everyone for your replies so far!!:D

It has been really helpful. Like somoene said its the biggest decision most of us make so I just want to be well prepared! I'll get all my stuff together over the next week and we'll start from there.

Thanks again for your help!:)

GeorgeH

Don't know if you have decided on your property yet & if this would be any use to you. But I came across a new outfit who helps buyers, as opposed to auctioneers, who always act on behalf of sellers (sellers pay their commissions!)
Look at www.buytogether.ie
Just a suggestion, I have no vested interests.