Getting a mortgage in 2011

miss-bored

I am looking for some advice from you all! I am looking for a mortgage for about 200k for a new build. I am currently in full time work and have a few pound saved. Someone advised me to go to the mortgage corporation who search for a mortgage for you-

I have phoned them for info, they charge 699 plus vat. Or I could approach each bank myself! Don't know where to begin! Are there any specific banks that would be better to approach? Has anyone dealt with mortgage corpo before? Has anyone been successful getting a mortgage in 2011?

Thanks for the advice

Samash

Hi miss bored,
we got mortgage approval in january and are in the process of buying our first home. last summer we tried to get a mortgage, (dont think i can post up which financial institution this is here??) initialy it was for a self build and they said not a hope with hidden costs etc. so we agreed on buying instead and then they changed their minds about that too :mad:
before christmas we went to BOI (to buy not self build) and they were very helpful and as i said we got approved in jan. the house is being purchased for 140k, we have savings of 60k, and got approved for 100k.
my OH is working at the moment, im not, he earns about 35k a year. but our mortgage advisor said it was our savings record that really helped in the application, we also had to pay off car loan of 3,500 as part of the conditions.
i suppose it is difficult to secure a mortgage these days and banks are really cautious but the best thing to do is make an appointment just to see what they would be looking for. if you have savings,and a reasonable income you never know.
i have no experience of mortgage brokers- that was going to be my next port of call! hope this helps

JuliusCaesar

miss-bored wrote: »

Or I could approach each bank myself! Don't know where to begin! Are there any specific banks that would be better to approach?

All the banks look for the same information. Go into any bank or building society and pick up a mortgage pack. Gather the info. (The mortgage corp or any other mortgage broker will ask for the same info, so you're going to have to gather it anyway.) Photocopy the lot by the number of banks/building societies.

Phone each of them and set up appointments with their mortgage person - if you do it a fair bit in advance, you should get to see them all within 2 days or so. Discuss it with them.

They'll each go back to their Mortgage Dept afterwards and will write to you to let you know how much they are willing to lend.

I found it was better to deal with each bank /building society myself as I could answer any of their questions and so while the broker couldn't get me a mortgage, two banks offered me the money.

miss-bored

Guys, thanks for the info, ok tomorrow I will get mortgage info from ulster bank, AIB, boi, TSB, assume I am looking for the best deal! Kinda need to save that money that a broker would charge me.

Still welcoming any experiences or advice on mortgages, thanks

just do it

miss-bored wrote: »

Guys, thanks for the info, ok tomorrow I will get mortgage info from ulster bank, AIB, boi, TSB, assume I am looking for the best deal! Kinda need to save that money that a broker would charge me.

Still welcoming any experiences or advice on mortgages, thanks

They'll want to see at least a 20% deposit. As well as this you'll have to be able to pay other costs such as solicitor, furniture and fittings, stamp duty etc.

They will also want to see capacity to make monthly repayments. Can you demonstrate monthly saving? Is your bank balance solid or constantly in and out of the red? Do you have other assets, particularly property in negative equity? Other loans, credit card balances etc., secure steady income.

Ultimately after a period of reckless gambling (sorry lending), the banks are and must now only lend to sure bets.

That's my tupence worth, I hope it helps. I'm not in the business by the way, just personal opinion and experience.

Talking to them isn't a scary experience, the person you will be talking to is just another person who did the leaving and then went looking for a job, and hopefully for you probably earns less than you! They will be trying to help you. They will build up a picture of your financial position and if they feel you are a worthy applicant, they will contact their under-righters to see if they will lend to you.

Good luck.

curlysues89

Samash wrote: »

Hi miss bored,
we got mortgage approval in january and are in the process of buying our first home. last summer we tried to get a mortgage, (dont think i can post up which financial institution this is here??) initialy it was for a self build and they said not a hope with hidden costs etc. so we agreed on buying instead and then they changed their minds about that too :mad:
before christmas we went to BOI (to buy not self build) and they were very helpful and as i said we got approved in jan. the house is being purchased for 140k, we have savings of 60k, and got approved for 100k.
my OH is working at the moment, im not, he earns about 35k a year. but our mortgage advisor said it was our savings record that really helped in the application, we also had to pay off car loan of 3,500 as part of the conditions.
i suppose it is difficult to secure a mortgage these days and banks are really cautious but the best thing to do is make an appointment just to see what they would be looking for. if you have savings,and a reasonable income you never know.
i have no experience of mortgage brokers- that was going to be my next port of call! hope this helps

Hi Samash,
Im in the process of trying to get a self build mortgage myself and finding it very tough.Would it be possible for you to PM me the name of the bank that said not a hope about self build?

miss-bored

I have an appointment with TSB tomorrow morning about getting a mortgage on my self-build. I am hoping to get for 180k. I am planning on meeting with Ulster bank too later this week. Suppose if I qualify with any bank I will just accept depending on the interest rate. Assume the interest rates will be more/less the same in all banks? Or is there such a thing as a best bank for getting a mortgage with these days?

Thanks

curlysues89

miss-bored wrote: »

I have an appointment with TSB tomorrow morning about getting a mortgage on my self-build. I am hoping to get for 180k. I am planning on meeting with Ulster bank too later this week. Suppose if I qualify with any bank I will just accept depending on the interest rate. Assume the interest rates will be more/less the same in all banks? Or is there such a thing as a best bank for getting a mortgage with these days?

Thanks

I have been looking at the banks interest rates and the bank of Ireland and EBS seem to be the cheapest variable rate over LTV greater than 50%

just do it

miss-bored wrote: »

I have an appointment with TSB tomorrow morning about getting a mortgage on my self-build. I am hoping to get for 180k. I am planning on meeting with Ulster bank too later this week. Suppose if I qualify with any bank I will just accept depending on the interest rate. Assume the interest rates will be more/less the same in all banks? Or is there such a thing as a best bank for getting a mortgage with these days?

Thanks

I'd advise to go to them all, there is only around 5 of them anyway. They'll all want pretty much the same info so photocopy it x5!

Then the best bank is the one that will give you a mortgage. If you're lucky, you'll get more than one offer and then you can choose.

just do it

miss-bored wrote: »

I have an appointment with TSB tomorrow morning

How'd it go?