Mortgage Advice for First Time Buyer

GotBainne?

Hi,

My husband and I are buying our first home together. We have a secured a mortgage with AIB (3 years fixed). We have decided to have a look at the other lending institutions in light of all of the problems with AIB. What lending institutions, in your opinion, are offering the best mortgage deals? All the rates are pretty similar but are there lending institutions that offer "something extra"?

GB.

ntlbell

maybe have a chat with a broker who can deal with them all and find you the best deal to suit your needs.

D3PO

GotBainne? wrote: »

We have decided to have a look at the other lending institutions in light of all of the problems with AIB. .

that statement is just illogical.

1. AIB is of systematic importance and wouldnt be allowed fail. As opposied to Anglo which everybody bar the government knew wasnt of systematic importance.

2. If something did happen why would you care. your drawing down a mortgage not investing your life savings into a deposit account.

beeno67

D3PO wrote: »

that statement is just illogical.

1. AIB is of systematic importance and wouldnt be allowed fail. As opposied to Anglo which everybody bar the government knew wasnt of systematic importance.

2. If something did happen why would you care. your drawing down a mortgage not investing your life savings into a deposit account.

Not really illogical.

• They have a fixed rate for 3 years. In 3 years time will AIB still be in serious financial difficulty? Almost certainly.
• Will AIB have variable rate mortgages below average, average or above average in 3 years time? Well almost certainly above average unless something changes in next 3 years.
• Add that to the fact that there is a chance they will be in negative equity and will be unable to change mortgage provider. Thus they will be at the mercy of AIB's above average variable rate.

D3PO

beeno67 wrote: »

Not really illogical.

• They have a fixed rate for 3 years. In 3 years time will AIB still be in serious financial difficulty? Almost certainly.
• Will AIB have variable rate mortgages below average, average or above average in 3 years time? Well almost certainly above average unless something changes in next 3 years.
• Add that to the fact that there is a chance they will be in negative equity and will be unable to change mortgage provider. Thus they will be at the mercy of AIB's above average variable rate.

true, but then again every bank in this country is and will be in financial difficulty in 3 years so you can be pretty sure every single one of them will have higher rates in 3 years time.

If thats your concern then you fix for a longer time,

Treehouse72

GotBainne? wrote: »

Hi,

My husband and I are buying our first home together. We have a secured a mortgage with AIB (3 years fixed). We have decided to have a look at the other lending institutions in light of all of the problems with AIB. What lending institutions, in your opinion, are offering the best mortgage deals? All the rates are pretty similar but are there lending institutions that offer "something extra"?

GB.

I'm not trying to be needlessly confrontational or negative here, but your tone is rather odd. It's almost as though shopping around for the best mortgage deal is an afterthought. If you have not already done this shopping around, and if it has only just occurred to you to look for other quotes, I would respectfully suggest that you have not thought through the entire purchase process deeply enough. Not even being aware of what else is out there, or what other institutions are offering seems like an enormous oversight on your your part in my opinion.

GotBainne?

Treehouse72 wrote: »

I'm not trying to be needlessly confrontational or negative here, but your tone is rather odd. It's almost as though shopping around for the best mortgage deal is an afterthought. If you have not already done this shopping around, and if it has only just occurred to you to look for other quotes, I would respectfully suggest that you have not thought through the entire purchase process deeply enough. Not even being aware of what else is out there, or what other institutions are offering seems like an enormous oversight on your your part in my opinion.

Hi,

I am asking for advice not a lecture, thank you. My view of forums like this is that they are places where you can have a healthy open discussion.

GB.

Treehouse72

GotBainne? wrote: »

Hi,

I am asking for advice not a lecture, thank you. My view of forums like this is that they are places where you can have a healthy open discussion.

GB.

You're right. I shouldn't be so negative. Let me try to be more constructive.

I hear that PTSB, Bank of Ireland, EBS and several others such institutions offer the kinds of products you are looking for. These institutions are known collectively as "banks" or "building societies":

A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank connects customers with capital deficits to customers with capital surpluses.

http://en.wikipedia.org/wiki/Banking

As for getting in contact with them, I'd first suggest trying here:

http://www.goldenpages.ie/

Enter the word "bank" or "building society" (upper or lower case) in the box and press "Search". A list will then appear of all the "banks" and "building societies" out there. After that, you'll need one of these:

The telephone (from the Greek: τῆλε, tēle, "far" and φωνή, phōnē, "voice"), often colloquially referred to as a phone, is a telecommunications device that transmits and receives sound, most commonly the human voice. Telephones are a point-to-point communication system whose most basic function is to allow two people separated by large distances to talk to each other. It is one of the most common appliances in the developed world, and has long been considered indispensable to businesses, households and governments. The word "telephone" has been adapted to many languages and is widely recognized around the world.

http://en.wikipedia.org/wiki/Telephone

As you mentioned in your OP, AIB is currently experiencing some difficulties. It is enormously to your credit that you have been following the financial news so closely and are aware of these problems. You are clearly a keen market watcher! And you wouldn't want your mortgage being issued by such a dodgy outfit, right? So you'll no doubt be happy to hear that all the other "banks" are in great shape. Bank of Ireland, EBS, Irish Nationwide or Anglo Irish Bank - all of them far better options than the ailing AIB. I'm sure they'd be falling over themselves to offer you a mortgage.

Finally, I have heard that buying a house in the middle of the biggest property crash in the history of the world is a wise decision and you are to be applauded for doing your bit to get the country back on it's feet. Good luck with it. You clearly have all the bases covered and have no need for a lecture, so I'm glad I could provide this constructive advice.

robd

Ah Treehouse72.

Only on an internet board do you get a reply that is so hilariously funny to the casual observer while being oh so completely condescending to the original poster.

Blackjack

I giggled.

Does that make me a bad person?.

dory

I admit, I laughed too. OP, I really feel sorry for the poor misfortunates who have mortgages right now. It's not too late for you to escape!

dory

dory wrote: »

I admit, I laughed too. OP, I really feel sorry for the poor misfortunates who have mortgages right now. It's not too late for you to escape!

I know several people on tracker mortgages who bought their houses 6 or 7 years ago, their mortgage payments including life insurance are less than what they'd rent their properties out for. They don't need your sympathy.

Victor

Treehouse72 wrote: »

You're right. I shouldn't be so negative. Let me try to be more constructive.

No need to be so sarcastic and condescending. Constructive posts only please.

---

Do shop around and get as many opinions and options.

While it is possible that the value of your property may decrease, there is at least the certainty that you are not buying at the top of the market.

ZYX

Treehouse72 wrote: »

You're right. I shouldn't be so negative. Let me try to be more constructive.

I hear that PTSB, Bank of Ireland, EBS and several others such institutions offer the kinds of products you are looking for. These institutions are known collectively as "banks" or "building societies":

http://en.wikipedia.org/wiki/Banking

As for getting in contact with them, I'd first suggest trying here:

http://www.goldenpages.ie/

Enter the word "bank" or "building society" (upper or lower case) in the box and press "Search". A list will then appear of all the "banks" and "building societies" out there. After that, you'll need one of these:

http://en.wikipedia.org/wiki/Telephone

As you mentioned in your OP, AIB is currently experiencing some difficulties. It is enormously to your credit that you have been following the financial news so closely and are aware of these problems. You are clearly a keen market watcher! And you wouldn't want your mortgage being issued by such a dodgy outfit, right? So you'll no doubt be happy to hear that all the other "banks" are in great shape. Bank of Ireland, EBS, Irish Nationwide or Anglo Irish Bank - all of them far better options than the ailing AIB. I'm sure they'd be falling over themselves to offer you a mortgage.

Finally, I have heard that buying a house in the middle of the biggest property crash in the history of the world is a wise decision and you are to be applauded for doing your bit to get the country back on it's feet. Good luck with it. You clearly have all the bases covered and have no need for a lecture, so I'm glad I could provide this constructive advice.

Not only condescending and sarcastic but stupid advice also. Obviously never read the original post (or simply couldn't understand it), saw what he wanted to see and went from there.

Ntlbell's advice is the best. Get onto a mortgage broker and discuss all your issues with them. Discuss their fees (if any) up front. Ignore the advice from people on this forum, most of whom have never taken out a mortgage.

Treehouse72

ZYX wrote: »

Not only condescending and sarcastic but stupid advice also.

Just so I can know for my own future reference, could you point out the "stupid advice" in my post? Cause I can't see it. I'm not saying it isn't in there, just I can't see it.

Cheers.

testicle

Have you full Approval or Approval in Principle?

ZYX

Treehouse72 wrote: »

Just so I can know for my own future reference, could you point out the "stupid advice" in my post? Cause I can't see it. I'm not saying it isn't in there, just I can't see it.

Cheers.

Your advice is to phone every mortgage provider in the country and discuss their mortgages with each one. Now remember she has already checked the interest rates. It is other aspects of the mortgage she wants to discuss. Phoning each mortgage provider is stupid and a total waste of time. She probably wouldn't even know which questions to ask. Most first time buyers do not. Perhaps you could give us a list of the questions she should ask!

Far more sensible, and the advice she was already given, is to phone one mortgage broker. Not only will this be much faster and easier, the broker will also flag issues for her that she may not have even thought of.