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Getting a mortgage - how do you decide which bank to go to?

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  • 04-01-2015 4:58pm
    #1
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭


    Aside from the obvious thing of going for the lowest interest rate, is there anything to consider when choosing which bank to get mortgage with?

    What else would you be looking at?

    The only two other things I can think of are potential hidden costs (but not sure what to look for), and whether to go for an Irish or a foreign bank (thinking that a foreign bank should have less pressure to cover for existing under-performing loans here and might be able to offer better rates, but will also be more reckless if things go wild again in the country as they won't be subject to political pressure and are unlikely to receive financial support from the State).

    Am I looking at the right think, and would anyone have suggestions of banks offering the better deals at the moment?


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    #2
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Go to all banks. This is one of the biggest financial decisions of your life. Shopping around is worthwhile.

    The interest rate offered is, by a long shot, the most important factor.

    Use this search tool to give you guidance as to where the best rates are. Talk to all banks at the same time. Some of the banks will offer you non-advertised rates.

    At a high level, it does vary, KBC offer some of the more competitive rates at the moment.


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    #3
    Bob24
    Registered Users Posts: 10,905 ✭✭✭✭Bob24


    Thanks a lot - good advice.

    The link is good - I will use it to get an idea of what to expect and talk to a few banks.

    I also have 2 more questions if anyone is able to answer:
    - Will a broker have access to different (i.e. better) deals than me going directly to the banks or is the point of using one just to get help wit the paperwork?
    - My partner is currently on a one year contract of employment which ends soon but will very likely be renewed (if needed she can probably get a new one year contract signed shortly and provide it with the mortgage application). I was checking the banks' mortgage calculators and saw they are asking for your yearly "guaranteed income". How will they look at someone who is in a contract - is that considered a guaranteed income which counts towards the calculation of the maximum amount for the mortgage? (and if it is not, will they consider her as basically having no income - which I guess would reduce the maximum amount I can borrow?)


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