Can you apply to several banks at the same time?

C

Chris2014

Registered User
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119
Hi

Im a first time buyer and will soon be applying for mortgages.

Is it just a matter of applying to as many banks as possible for a mortgage and weighing up my options or will being refused by one show up on some kind of check when applying to a second bank?

Thanks
 
The best deal is EBS and you should apply to them and focus on them.

However, things can go wrong, so you need approval from at least one other bank.

So focus on EBS and one other and see how you get on.

Brendan
 
@Brendan Burgess Is EBS still the best deal? They are 3.5% for about 70% LTV, while Ulster Bank are 3.1% (with current account). Surely over the long term, 3.1% is better, since UB pass on the rate cuts?

Both offer cashback, 2% EBS, E1500 UB. This is not much of a difference in the grand scheme of things. What makes EBS the best buy?
 
Applying for a mortgage is very time consuming and a complete pain, so why would you want to do it multiple of times? Do your research on the best deal for you now and make an application to them for a mortgage. Once you get into the nitty gritty of it, you will be thankful you aren't making multiple applications.

From the banks point of view, processing a mortgage application is very time consuming and comes at a cost. Those wasted costs are passed onto the consumer. As a broker, we don't make multiple applications as too many cases that are not proceeded with will lead to us losing out agency.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Firstly to Brendan.

I actually followed the very valuable advice on the sticky of Mortgage best buys and had a meeting with EBS.

The advisor said i was well clear of the income needed (for a single income mortgage of 80k) but the only thing i need now is to save regularly over the next 6 months. Long story short i get my bonus in March so i was going to apply then with about 12k down for 70-80k.

The reason why i am asking can i apply to multiple places was im on a single income (Partner in college for 3 years) and would need a to buy a starter home but i was wondering if there might be at least one place that would give me the amount needed to buy a house that i would stay in for about 100k so i wouldn't have to move in a few years.

Also to everyone else thanks for the advice. Its incredibly relevant and helpful.

to SBarret regarding the why would you want to do it multiple times.

My logic was that if i got the documents together i could use the same documents multiple times. Is there any reason why i couldn't do this? I thought that was what a broker would do for me but i'm obviously mistaken and its probably not as simple as that.
 
You can use the documents multiple times but no, a broker won't send them out to everyone, they'll look at the best rate, most suitable term etc for you and make the application.

From your reply, it appears you haven't demonstrated an ability to repay the mortgage if rates go up by 2%. This is quite common for people applying for mortgages. They want to see you can afford a higher rate. All banks are the same.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 


The situation i'm in now is i had already saved 10k and then stopped adding to it for the past few months and spent the savings on a car instead so i wouldn't have to borrow. Put 500 a month towards a car and spent 3k instead of borrowing.

Therefore i have no regular savings in my last 6 months but plenty before that.

He said if i bought a small house for 80k it would free up 1300 a month between rent and savings.

My income is decent at 35k but i have 2 kids and a partner who's in college.
 
Not to sure about using documents multiple time, from my experience in dealing with banks regarding a mortgages, was that they all want originals and not photocopies.
 
iamaspinner said:
Why is Bank of Ireland still not a good deal with 2% cashback and low fixed rates?
Click to expand...

It really is very simple to answer this. There are thousands of punters, like me, who would prefer to sleep rough and burn my property, than use Bank of Ireland for anything. This includes the use of their toilets. There is another post on AAM today concerning their 2%. Read it and then form an opinion.
 
I have mortgage approval with both EBS and Bank of Ireland. I need a mortgage for >80%.
I am considering going with Bank of Ireland on the fixed rate of 3.45% for 3 years. Is this a bad idea?
 
Shop around and go with which one you feel most comfortable with. It really is all a matter of taste.
 
Yes, I would agree. But down to attitudes shown to customers, together with past experiences endured by others. All down to the comfort factor. Times have changed, and regardless how and what it says, the past uncouth behaviour of some financial institutions has left many in distress.
 
Thanks for the reply to my question. I'm also a ftb, or better I'm trying to be one! Your replies strengthen my opinion to stay away from BoI. After an initial contact through phone and a few emails later, I decided to change to doing it in person in a branch, from which they were supposed to call me. A few more emails later I'm still waiting...

I thought their 60-80% LTV fixed rates (2 and 3 years) weren't to bad?
 
Anything that looks too good to be true, normally is. To you and all others, I used to be rich until I stupidly went to BoI. Down to fraudulent behaviour, as stated by Ombudsman, they think they got away scott free. But fraud in Ireland is not statute barred.
OP, good luck with your home and finance hunting. For you and many others, the Banks in Ireland broke the country and tried the people. Never surrender.
 
I feel a bit cautious about committing to a fixed rate of 3.45% for 3 years with Bank of Ireland, while the variable rate is 3.7% with EBS. I suppose it is the chance that I have to take, as variable rates may go up or down over the next few years.
 
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