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First-time mortgage

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  • 01-07-2015 8:38pm
    #1
    celica1994
    Registered Users Posts: 685 ✭✭✭


    just looking for a little friendly advise :)

    im 30 years old working in the defence forces, have a good wage , good credit record and have about 7.5k in savings. currently at the moment im putting 250 euro a week into a savings account. im currently looking at a house to buy in laois for around 75k . from what i can see i need about 10 percent which of course would be 7500. can anyone lend a bit of advise on which bank would be the best to approach for a first time mortgage?


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    #2
    wyndham
    Registered Users Posts: 2,284 ✭✭✭wyndham


    The bank you are currently saving with would be a good starting point.


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    #3
    Liamalone
    Registered Users Posts: 4,960 ✭✭✭Liamalone


    wyndham wrote: »
    The bank you are currently saving with would be a good starting point.

    What he said, ten percent is the normal deposit at the minute as far as I'm aware, which you have. Best starting place is your current bank if you've been with them a while.


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    #4
    Charlie19
    Registered Users Posts: 11,756 ✭✭✭✭Charlie19


    Is it not 20% that's needed for a deposit.


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    #5
    Liamalone
    Registered Users Posts: 4,960 ✭✭✭Liamalone


    Charlie19 wrote: »
    Is it not 20% that's needed for a deposit.

    Ooopsz, I'm up in the north, I thought it was the same all over. 20% ouch. Any government schemes to help out?


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    #6
    Charlie19
    Registered Users Posts: 11,756 ✭✭✭✭Charlie19


    Liamalone wrote: »
    Ooopsz, I'm up in the north, I thought it was the same all over. 20% ouch. Any government schemes to help out?

    Looks like that 20% only comes into effect when the mortgage exceeds €220000.

    10% up till that.


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    #7
    farrerg
    Registered Users Posts: 133 ✭✭farrerg


    celica1994 wrote: »
    just looking for a little friendly advise :)

    im 30 years old working in the defence forces, have a good wage , good credit record and have about 7.5k in savings. currently at the moment im putting 250 euro a week into a savings account. im currently looking at a house to buy in laois for around 75k . from what i can see i need about 10 percent which of course would be 7500. can anyone lend a bit of advise on which bank would be the best to approach for a first time mortgage?

    The national consumer agency has a product comparison tool, shows all the fixed and variable rates available for your loan to value. BOI 2% cash back deal is worth a look too if you have no intention to sell up in the near future, and the interest rate on offer is also good


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    #8
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    celica1994 wrote: »
    just looking for a little friendly advise :)

    im 30 years old working in the defence forces, have a good wage , good credit record and have about 7.5k in savings. currently at the moment im putting 250 euro a week into a savings account. im currently looking at a house to buy in laois for around 75k . from what i can see i need about 10 percent which of course would be 7500. can anyone lend a bit of advise on which bank would be the best to approach for a first time mortgage?

    At that cost and that saving level you'd pay off the mortgage in less than 7 years. You're a shoo-in at any bank I'd say.


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