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Saving for a mortgage - which lender

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  • 16-10-2011 7:20pm
    #1
    TommyTheGun
    Registered Users Posts: 227 ✭✭


    Hi Guys,

    Hoping to get some information about saving for a mortgage, so apologies in advance if this is not the right section.

    Ok basically, the situation is that I am about to start a new job soon and the money is luckily quite good so I believe it would be clever if I started saving for a mortgage.

    Being honest I wasnt going to, but I cannot believe how much the prices have come down even in the last year, and I believe that in say 12 months time, that the prices will probably bottom out(or be close to).

    Currently living at home and was going to rent, but now my intention is to save regularly with a lender so that I have savings of circa 20k by this time next year. At that stage I will have no loans (1yr left on a current loan), my c/c is clear and I will have the money in the bank.

    The job is a contract, but I am hopeful i will be permanent by then so I'm hoping I will be a good option for a lender for a loan of around 150,000 ( I dont want huge repayments). I will be on my own but I am open to the option of getting a tenant if necessary to boost income.

    Questions are:

    Would I be likely to get a mortgage at that stage do you think?

    and

    Who is the best lender to start the savings with?

    I am a BOI customer but I have been told that I'm more likely to get a mortgage off the lender I have been saving with. I am about to start these savings soon by DD, so I hope I will not be saving with the wrong bank.I will be looking around but I'm not sure who is best as in a bank/building society. any ideas?

    Any help much appreciated, I wouldnt be great when it comes to banks/mortgages.

    Cheers,
    Tom


Comments

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    #2
    Supercell
    Registered Users Posts: 15,401 ✭✭✭✭Supercell


    AIB - lowest rates but difficult long and arduous application process
    BOI - Shorter application processing times, lowish rates - was who we went with.

    The estate agent that sold to us recently said that in his recent experience that nearly all the people that were closing on sales were BOI mortgage approved too, read what you will into that.
    https://www.loughlinstown.ie/

    Have a weather station?, why not join the Ireland Weather Network - http://irelandweather.eu/



  • Options
    #3
    TommyTheGun
    Registered Users Posts: 227 ✭✭TommyTheGun


    Thanks Supercell,

    I checked out mortgages.ie and I think AIB were the best offer. I think I will just go and have a chat with a few banks and see what the general consensus is unless anybody on boards can offer any alternative information.

    Thanks,
    Tom


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