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Mortgage advice recommendation....

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  • 31-07-2018 9:24am
    #1
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭


    Currently myself and partner are renting, its just gone a year and the Landlord has indicated he wants to sell the property.
    We both like the property and area and would be interested in maybe buying it at the right price, which the landlord is aware of. He has indicated that he'd be open to doing a deal with us before putting it on the market.

    My question is this. Who and where is the best place to go to now for advice on getting a mortgage? I'd be looking for independent advice that tells us if we would get a mortgage based on our current circumstances, and how much, and which banks/institutions would offer us one and what they might offer.
    Should I be going to a mortgage broker or is there an indepenent service I can avail of that is totally impartial and would provide the details we are looking for?
    Thanks.


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    #2
    Interested Observer
    Registered Users Posts: 13,106 ✭✭✭✭Interested Observer


    Go to one of the free appointments with the banks. They'll tell you exactly how much you can borrow etc. You're under no obligation and you can shop around for the best rate. They all have very similar requirements in terms of savings etc, all have to stick to the central bank guidelines.


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    #3
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭terrydel


    Interested Observer wrote: »
    Go to one of the free appointments with the banks. They'll tell you exactly how much you can borrow etc. You're under no obligation and you can shop around for the best rate. They all have very similar requirements in terms of savings etc, all have to stick to the central bank guidelines.

    Cheers for that.
    My thing is that I'd like to avoid having to go to half a dozen appointments with different banks, and if possible get info for all/some/most of the banks in one go, if thats possible?


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    #4
    Interested Observer
    Registered Users Posts: 13,106 ✭✭✭✭Interested Observer


    terrydel wrote: »
    Cheers for that.
    My thing is that I'd like to avoid having to go to half a dozen appointments with different banks, and if possible get info for all/some/most of the banks in one go, if thats possible?

    How much you'll actually be able to borrow is set out by the central bank and it's going to be the same for them all. The savings requirement and ability to repay is the same for them all. So you'll get a good idea just from one appointment. If they tell you you're good to go and begin your application then you'll be fine for everywhere, if they tell you you're a bit away then you'll be a bit away for everywhere. I'm recommending this because the appointments are very handy to set up, there's no question of payment and you'll get a lot of information from them.

    If you want to then actually apply to all the banks in one fell swoop a broker is the way to go.


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    #5
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Interested Observer wrote: »
    Go to one of the free appointments with the banks. They'll tell you exactly how much you can borrow etc. You're under no obligation and you can shop around for the best rate. They all have very similar requirements in terms of savings etc, all have to stick to the central bank guidelines.

    Exactly this. A mortgage broker is not necessary unless possibly you have some circumstances that might make your application more complicated than usual. You can apply to all banks yourself and see what they offer you.

    In general, you can borrow 3.5 times your income and you will need a 10% deposit. There are exceptions to these rules but they are generally reserved for higher earners, and banks can also run out of exceptions during the year so it's certainly not something that's guaranteed if you need it. On top of that, each bank will have its own affordability criteria - generally, this will be testing if you can afford mortgage repayments if current interest rates increase by 2%. You'll need to show at least 6 months consistent savings too.


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    #6
    terrydel
    Closed Accounts Posts: 3,881 ✭✭✭terrydel


    Interested Observer wrote: »
    How much you'll actually be able to borrow is set out by the central bank and it's going to be the same for them all. The savings requirement and ability to repay is the same for them all. So you'll get a good idea just from one appointment. If they tell you you're good to go and begin your application then you'll be fine for everywhere, if they tell you you're a bit away then you'll be a bit away for everywhere. I'm recommending this because the appointments are very handy to set up, there's no question of payment and you'll get a lot of information from them.

    If you want to then actually apply to all the banks in one fell swoop a broker is the way to go.

    Cool, thank you again. We've an appointment with a bank next week so that'll be our guide for now.


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