Best Mortgage Broker in Waterford

deisedevil

As the title suggests. What are you experiences with mortgage brokers in Waterford and which ones are the best to go to?

wellboytoo

deisedevil wrote: »

As the title suggests. What are you experiences with mortgage brokers in Waterford and which ones are the best to go to?

Whew, try Harry Houdini, he is about the only fellow with a chance of getting a mortgage anywhere at the moment, and you will have to have 20% of the purchase price of what the prospective bank say the house is worth, not your valuation, best of luck, The B of Ireland are probably your best bet , go directly, they are the only ones really in any kind of way in business.

deisedevil

wellboytoo wrote: »

Whew, try Harry Houdini, he is about the only fellow with a chance of getting a mortgage anywhere at the moment, and you will have to have 20% of the purchase price of what the prospective bank say the house is worth, not your valuation, best of luck, The B of Ireland are probably your best bet , go directly, they are the only ones really in any kind of way in business.

So even if you have 10% of the purchase price as a deposit and you have an excellent record of savings, two people in good full time jobs, no loans and a squeaky clean credit rating you have no chance of a mortgage?

wellboytoo

Sorry but that is the way it is at the moment, 20% is what they are all insisting upon.

thomasm

deisedevil wrote: »

So even if you have 10% of the purchase price as a deposit and you have an excellent record of savings, two people in good full time jobs, no loans and a squeaky clean credit rating you have no chance of a mortgage?

That certainly seems to be the case from recent experience

wellboytoo

I presume they are factoring in another price drop this year, and don't want any more negative equity scenarios, so until prices start to rise above their below cost level at the moment , this will continue, You might try do a deal with a builder where he has stock and will let you rent it for a period and the rent goes against the purchase price previously agreed thereby allowing you to earn up tothe 20% figure whilst living in your house, there are precedents for this and is doable legally and other wise.

dayshah

Waterford Credit Unions do 20 year loans. It might be an option.

deisedevil

thomasm wrote: »

That certainly seems to be the case from recent experience

This country is really in the gutter. :mad:

deisedevil

wellboytoo wrote: »

I presume they are factoring in another price drop this year, and don't want any more negative equity scenarios, so until prices start to rise above their below cost level at the moment , this will continue, You might try do a deal with a builder where he has stock and will let you rent it for a period and the rent goes against the purchase price previously agreed thereby allowing you to earn up tothe 20% figure whilst living in your house, there are precedents for this and is doable legally and other wise.

That's pretty similar to what my friend is looking to do. But that will mean instead of for example having a 20k deposit for a 200k house he will need 40k for a 200k house. Is that what you mean?

ArtVandelay76

I got mortgage off AIB this time last year and all they asked for was 8% deposit for a €200,000 mortgage. I had more than the 8% saved up but they would have given me the 92% of €200,000. I bought the house on my own too so dont know how they,re fixed for mortgages at the moment but you could try them.

They have an interest rate calculator on their website

http://www.aib.ie/personal/mortgages/First-Time-Buyer-Package

wellboytoo

deisedevil wrote: »

That's pretty similar to what my friend is looking to do. But that will mean instead of for example having a 20k deposit for a 200k house he will need 40k for a 200k house. Is that what you mean?

No If you agree with Builder A to buy a house from him for 200k you sign a legal sale contract and get mortgage approval for same you have your 20 k deposit and the contract allows you to move into the house and pay him a monthly rent of (say) 1000 euro, after 20 months this rent is shown as a deposit , you throw your 20k into the pile and the bank gives him the 160k, being the 80%, house is yours.
Hope that explains it.

wellboytoo

ps you will not start paying the mortgage until the rental period is up.

deisedevil

wellboytoo wrote: »

No If you agree with Builder A to buy a house from him for 200k you sign a legal sale contract and get mortgage approval for same you have your 20 k deposit and the contract allows you to move into the house and pay him a monthly rent of (say) 1000 euro, after 20 months this rent is shown as a deposit , you throw your 20k into the pile and the bank gives him the 160k, being the 80%, house is yours.
Hope that explains it.

Ah right. He says he asked a mortgage advisor in TSB about this. He's renting his parents second house but the rent money will go towards the deposit. He was hoping they would be able to do something like you suggested above but TSB advisor said that all he could do was save the money he wasn't having to pay in rent and then put that towards a deposit and apply for the mortgage in the normal way.

Who would provide the type of mortgage you are suggesting above please? Would be very interested to know more about this.

wellboytoo

Any of the banks, it is no different from a normal mortgage, because you are renting the house first and then buying, essentially it is an agreement between you and the builder nothing to do with the bank! You kinda have to arrange it with the builder and bring it to the bank then,.

deisedevil

wellboytoo wrote: »

Any of the banks, it is no different from a normal mortgage, because you are renting the house first and then buying, essentially it is an agreement between you and the builder nothing to do with the bank! You kinda have to arrange it with the builder and bring it to the bank then,.

Sorry for grilling you on this but this is totally different from what the advisor told him.

Is it the same if you are buying a house privately and not through a builder?

(thanks for the advice by the way)

wellboytoo

It's different in that the builder has a house(s) he needs to unload probably to get the bank off his back, so he will bend much more than a normal vendor just to stay in business, it can be done but you need two willing partners, so look around at who has unsold stock of houses in an area you want to live in,make sure that the area is finished , ie no unfinished roads, footpaths between your proposed house and the entrance, common sense stuff really. pm me if you want anymore infp

cuppac12

hI,

Anita Cambie of Anita Cambie Financial is a Mortgage Advisor, she has tons of experience and has seen every kind of senerio going.
Give her a ring and run it by her, if she cant help you she will be honest with ya, on the other hand maybe she can.
Either way costs you nothing.

051 821774 or 086 3263184

dark_shadow

Hi guys instead of starting a new thread I found this one from last year. So just basically wondering what's the story with mortgage brokers now in Waterford?? Are they still going? Who would you recommend going to? Or would I be better going around to each bank and enquiring??

Hoping to make a purchase this year all going well so any advice on any of the above would be greatly appreciated!:)

Thanks:)

Trotter

Id definitely recommend Anita Cambie as a previous poster mentioned there.
http://www.anitacambie.ie/

dark_shadow

Trotter wrote: »

Id definitely recommend Anita Cambie as a previous poster mentioned there.
http://www.anitacambie.ie/

Cheers for that trotter! Might give her a ring later and see what's the story!

One of the lads in work was telling me about Derek Walsh up on Patrick street....anyone have any opinions on him??

Dan133269

dark_shadow wrote: »

Hi guys instead of starting a new thread I found this one from last year. So just basically wondering what's the story with mortgage brokers now in Waterford?? Are they still going? Who would you recommend going to? Or would I be better going around to each bank and enquiring??

Hoping to make a purchase this year all going well so any advice on any of the above would be greatly appreciated!:)

Thanks:)

Not interfering or telling you what to do, but why buy a house now? Prices are still on the way down, no end in sight anytime soon, and that's just nationally. Prices in Waterford have even further to fall as we've been hit even worse with emigration and job loss. There's also a large oversupply of houses around town.

If you're looking at buying a place for 150k, hang on 1 1/2 years, that'll more than likely be 20k off the purchase price. Just my thoughts.

dark_shadow

Dan133269 wrote: »

Not interfering or telling you what to do, but why buy a house now? Prices are still on the way down, no end in sight anytime soon, and that's just nationally. Prices in Waterford have even further to fall as we've been hit even worse with emigration and job loss. There's also a large oversupply of houses around town.

If you're looking at buying a place for 150k, hang on 1 1/2 years, that'll more than likely be 20k off the purchase price. Just my thoughts.

You are right in what you say dan! But that's what I was saying 2 or 3 years ago! I have now saved enough money for a deposit etc over the years so I'm prepared to buy now. Thanks for your suggestion though!:)

So has anybody had any experience with Derek Walsh in Patrick street?

watermark

my 2 cents.....my girlfriend and i bought 2 years ago. ebs were the only bank that gave us a chance! most other banks (kbc, aib) said we needed a disposable income of €2500 per month AFTER BILLS AND OTHER OUTGOINGS before we would be considered.

ebs asked us:
do you both have full time employment: yes
good credit rating: yes
other loans: yes but manageable
how much would ye like the cheque for??

in fairness if we waited till now to buy we wouldnt have a hope as gf lost her job not too long after we moved in. so if you can afford it, buy now. yes prices will drop further but who cares. negative equity is b*ll*cks! (im not denying it exists haha) but everything you own is in negative equity because the second you use it it becomes de-valued.

did anita cambie work in derek walsh' before?

michellie

We got our mortgage through Jim in one stop mortgages on yellow road that was in 2008, I know Jim doesn't work there anymore, but they were great, always really fast if we needed any paperwork.

tankbarry

another mention for anita cambie..... fairly good at what she does her place is on the dunmore road just after the woodlands and the other pub on that road

Cabaal

michellie wrote: »

We got our mortgage through Jim in one stop mortgages on yellow road that was in 2008, I know Jim doesn't work there anymore, but they were great, always really fast if we needed any paperwork.

Actually I'd have to recommend one stop Mortgages myself, very helpful and straight talking.

At the time I got mine we first went to the bank and all the bank wanted to do was sell is more and more loans ontop of a mortgage which we thought was insane.

mozattack

ArtVandelay76 wrote: »

I got mortgage off AIB this time last year and all they asked for was 8% deposit for a €200,000 mortgage. I had more than the 8% saved up but they would have given me the 92% of €200,000. I bought the house on my own too so dont know how they,re fixed for mortgages at the moment but you could try them.

They have an interest rate calculator on their website

http://www.aib.ie/personal/mortgages/First-Time-Buyer-Package

Civil servant?

Finneen

dayshah wrote: »

Waterford Credit Unions do 20 year loans. It might be an option.

Not if you've left Waterford.

Siamsa Sessions

Myself and herself have been in with George Walsh in One Stop Mortgages on the Yellow Rd. and he's a top man.

He saved us money on house and life insurance, and was spot on with his advice about us trying to swap mortgage providers.

This is the website: http://www.onestopfinancialservices.ie/

dog the bounty hunter

I had issues with my bank( EBS) went to Anita Cambie ( as mentioned above- past Woodlands Hotel ) , she helps us fill in all of the forms (10 pages long) negotiated on our behalf with the bank, also saved us money on our life insurance and house insurance, was easy to deal with , and did not charge

justbored

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