Meeting with broker ...

S

Salem

Registered User
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Hey guys,
Myself and my wife are meeting with a broker to discuss a home construction loan ... Our current house is worth 410k with remaining mortgage of 113k ... We are looking for 300k to build and decorate our new house which we will reside in ... We plan to rent our current property at the going area rate of 1200 p/m ... The value of the new house when complete is 550k ...
If we can get a long term int. only mortgage does this all sound straight forward ??
I would like to have all my figures and details laid out clearly in black and white for the broker ...
Is there a format or layout for this sort of thing ??

Thanks in advance
 
What sort of broker? How independent is s/he and how many lenders does s/he deal with?
 
Hi Salem,

The first broker I met just sat down with me, explained all the options based on my facts and figures and it was more an informal chat than anything else. As long as you have all the info in your head it will be fine. They keep asking the right questions anyway.I't sonly when you proceed that you have to produce a lot more detail and info on paper. Also make sure you try a couple of brokers and not just the one, and possibly a couple of lenders too, so you can be sure to get the best deal. Good luck!
 
Clubmans questions are valid for dealing with brokers generally but if it is a long term ( 20 or more years ) interest only mortgage on a ppr that you are after then afaik Bank of Scotland Ireland are the only ones who might entertain you.
 
Bank Of Scotland do not lend for self build properties, only lend on completed/habitable properties
 
A good friend of ours is a developer who uses this broker and told him about our situation ... They both seem to think there shouldn't be a problem ...
Thanks Petal ... Though I thought if 1 broker gets the most suitable deal for you another broker won't get much better as they will all try the same lenders ?? (Sorry but we're a bit green on this whole thing) ..
So I don't need me suit/briefcase and the wife in her best frock at the meeting !!
 
" I thought if 1 broker gets the most suitable deal for you another broker won't get much better as they will all try the same lenders ?? "

Not the case I'm afraid. Some brokers only have one or two lenders on their books. Best to go to one that has most or all lenders at their disposal.
 
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