Seeking basic First Time Buyers advice

F

faketales

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We are FTB and have gone sale agreed on a property for 400k+ and will have a LTV rate of 60%.

Normally I am very financial aware and do my own research but due to life being busy, being unfamiliar with mortgages and a friend recommending a broker I decided to happily go along with their recommendation.

We received AIP with KBC a few months ago. We didn't receive a full breakdown of all the other options but we're informed kbc would be the best for us. They noted they stayed away from gimmicks which seemed fair and also noted KBCs track record.

Now it seems KBCs track record is gone but the broker stands behind their recommendation.

We have sought a second opinion from a different broker and they recommend PTSB because of their gimmick of cash back. I must admit it's tempting but I've read about potential risks on here.

Reading more it seems like we would qualify for Avant. There is no gimmick but a much better rate. 1.95 avant vs kbc 2.25 and 1500 to solicitor fees.

Some questions.

Where I see comparisons on here it usually just looks at repayment rate. But do I not need to look at what the closing balance will be on the capital at the end of the 3 or 5 years etc?

Is it too late for me to now apply for approval with avant? Am I skipping approval and just looking for the loan? We just closed but hope to get keys in 8 weeks.

Can I get loans approved for more than one bank? And just draw down the one I want. I guess the only issue will be paying for two valuations?

There's so much involved as a FTB it's hard to be on top of everything. I feel I dropped the ball on this. My focus was on the house then bidding.
 
faketales said:
Where I see comparisons on here it usually just looks at repayment rate.
Click to expand...

Not sure whose posts you are looking at?

If you look at the Best Buys you don't see that and you see me time and time again telling people to look at the interest rates and not the repayments.

Brendan
 
Go for good long-term value with either Avant or AIB or even a long-term fixed with Finance Ireland.

Forget about cash back as you are unlikely to bother moving after you get the cash back.

It is common to apply to many lenders at the same time. Your broker probably doesn't want to do the work so go somewhere else.

Brendan
 
Brendan Burgess said:
Not sure whose posts you are looking at?

If you look at the Best Buys you don't see that and you see me time and time again telling people to look at the interest rates and not the repayments.

Brendan
Click to expand...

Thanks Brendan. Sorry I have seen that and perhaps I missed the significance.

I want to understand how much better off I am between mortgage a and b. From what I understand it's the sum of how much I save in repayments of one over the other and what my outstanding balance will be after the 3/5 years.

Can I calculate this simply from looking at interest rates? Say 2.25-1.95 so a .3 difference on 265k for 5 years.

My maths is letting me down here.

I'll contact some brokers that do avant or finance Ireland today.
 
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