Who is the best person to speak to about getting initial mortgage advice ?

S

Subway_surfer

New Member
Messages
1
Hi,
I am a complete newbie to all of this - I have been saving and am hoping to be in a position to buy soon but I am completely clueless to be honest and don't know where to start.
Is a financial advisor a good person to speak to or is it a mortgage broker? if you speak to a mortgage advisor in the bank, can it really be impartial?
I am thinking I could be eligible for a Local Authority home loan and so I am not sure if I should speak to someone there first. I know I'd have to be refused a mortgage from the bank first but what if I do that and then do not want to go ahead with a LA loan -can you go back to the bank straight away?
I try to get information from people/friends/colleagues etc but find a lot are cagey!
just to add im not looking for people to recommend brokers/advisors etc to me just general direction on how to get advice

Thanks
 
I would say post your details here.

Check out these Key Posts

Key Post - Key Posts & Links

Most Frequently Asked Questions https://www.askaboutmoney.com/threads/overpaying-my-mortgage-should-i-reduce-the-term-or-the-monthly-repayment.204528/ https://www.askaboutmoney.com/threads/when-is-it-right-not-to-overpay-your-mortgage.221401/ Brendan Burgess' Guide to Mortgage Repayment...
www.askaboutmoney.com

and this one in particular

Key Post - Preparing for a mortgage application

If you're considering applying for a mortgage in the future, there are some steps you should take now. If anyone wants to add to these, please do and they can be incorporated into the post. You are unlikely to get a mortgage if... You cannot show a history of being able to pay the proposed...
www.askaboutmoney.com
 
I've drawn down two mortgages. The first (innocently) when I just went to Bank of Ireland who my wife always banked with, and the second time via a broker.

I'd highly recommend a broker. They are ultimately paid by the bank but are working for the customer to at least some extent. They have familiarity with the underwriting practices of all the different lenders and can help you best present your circumstances to all lenders.
 
As a former mortgage advisor, I would suggest that you make a few appointments and visit the various institutions, collect a few application forms and make yourself familiar with the process. After a few interviews you will have gathered enough knowledge to actually make an application.
 
First all, know you can get a mortgage of 4 times salary from January. If that, plus deposit, is enough to buy somewhere, go to a mortgage broker. They know the market and which lender offers the best rate. Yes, they get paid by the provider, but they all pay the same rate so they aren't swayed by bigger commissions from one provider over another.
 
This all assumes a really competent, efficient broker and some are not.

If you qualify easily for a mortgage go directly to lenders.

If you are borderline or problematic a broker increases your chance.

In any event, you should first talk to you own bank. I am not saying that you should take out your mortgage with them, but you should try to get them as a "banker". Then shop around for a better deal.

The best deals are AIB - directly and Avant - via a broker.

Brendan
 
Subway_surfer said:
Hi,
I am a complete newbie to all of this - I have been saving and am hoping to be in a position to buy soon but I am completely clueless to be honest and don't know where to start.
Is a financial advisor a good person to speak to or is it a mortgage broker? if you speak to a mortgage advisor in the bank, can it really be impartial?
I am thinking I could be eligible for a Local Authority home loan and so I am not sure if I should speak to someone there first. I know I'd have to be refused a mortgage from the bank first but what if I do that and then do not want to go ahead with a LA loan -can you go back to the bank straight away?
I try to get information from people/friends/colleagues etc but find a lot are cagey!
just to add im not looking for people to recommend brokers/advisors etc to me just general direction on how to get advice

Thanks
Click to expand...
It's no harm talk to both a broker and local authority. Keep your options open. I bought my house through the local authority. Just bear in mind that local authorities will be looking at 12months statements etc rather than 6 months for the banks. It will also limit your search area as you'll be limited to the postcodes covered by the authority. You can always apply to a few different local authorities to broaden it out. You don't need a "refusal" from the bank as such to apply just a statement of how much they will lend you. In most cases it's less than the local authority can offer. Good thread on that process on Boards.ie if you search Rebuilding Ireland.
 
I would say speak to a broker. I went directly to my bank after saving for years and they basically told me to "go away." (I had a 10% deposit but was a couple of thousand short of the legal costs). In retrospect I was in a far better position than it might have seemed at the time & didn't buy for another 3 years, by which time typical prices locally had risen by around 25%. A broker might be a bit more forgiving.
 
Brendan Burgess said:
This all assumes a really competent, efficient broker and some are not.

If you qualify easily for a mortgage go directly to lenders.

If you are borderline or problematic a broker increases your chance.

In any event, you should first talk to you own bank. I am not saying that you should take out your mortgage with them, but you should try to get them as a "banker". Then shop around for a better deal.

The best deals are AIB - directly and Avant - via a broker.

Brendan
Click to expand...
Brendan

If you go to a broker in the first place, you won't have to shop around. they will tell you who offers the best deal. Which may be Avant who you need to access through a broker. If shopping around by yourself, they won't deal with you so you may miss out.
 
Steven Barrett said:
If you go to a broker in the first place, you won't have to shop around. they will tell you who offers the best deal. Which may be Avant who you need to access through a broker. If shopping around by yourself, they won't deal with you so you may miss out.
Click to expand...
But I don't think that all brokers deal with Avant? So if you didn't know any better and you picked a broker who doesn't deal with Avant, would you miss out on their rates?

@Subway_surfer Have a look at this thread. It's straightforward (I hope) advice on picking a good lender, which is part of what you need to know. It also explains how much you can borrow.

Key Post - First Time Buyer mortgage guide

Some tips and Frequently Asked Questions when applying for a mortgage as a first-time buyer (FTB)... Start by getting mortgage approval from the lender you bank with If you have your current account with Bank of Ireland, then apply directly to them for a mortgage. Assuming you have a good...
www.askaboutmoney.com
 
Last edited:
Paul F said:
But I don't think that all brokers deal with Avant? So if you didn't know any better and you picked a broker who doesn't deal with Avant, would you miss out on their rates?

@Subway_surfer Have a look at this thread. It's straightforward (I hope) advice on picking a good lender, which is part of what you need to know. It also explains how much you can borrow.

Key Post - First Time Buyer mortgage guide

Some tips and Frequently Asked Questions when applying for a mortgage as a first-time buyer (FTB)... Start by getting mortgage approval from the lender you bank with If you have your current account with Bank of Ireland, then apply directly to them for a mortgage. Assuming you have a good...
www.askaboutmoney.com
Click to expand...
If you didn't use a broker, you'd definitely miss out. Any good broker would have an agency with Avant.




I am not a mortgage broker, so I have no skin in this game.
 
Steven Barrett said:
If you didn't use a broker, you'd definitely miss out.
Click to expand...
That's definitely true – unless you had done your homework and you knew which lender and which rate you wanted.

Steven Barrett said:
Any good broker would have an agency with Avant.
Click to expand...
Here is the list of brokers on Avant's website – 52 brokers, which presumably is all the brokers in the country that have an agency with Avant.

I wonder how that number (52) compares to the total number of brokers in Ireland. Are there 607?

List of Mortgage Broker in Ireland

A full list of Mortgage Broker in Ireland including Mortgage Broker in Dublin, Galway, Cork and Kilkenny.
www.localbusinesspages.ie www.localbusinesspages.ie

If that number is even vaguely correct, and assuming the non-Avant brokers never mention Avant, there is a very high chance that a would-be borrower will miss out on Avant's rates.
 
Last edited:
You must log in or register to reply here.
Back
Top