Subway_surfer
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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.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
BrendanThis 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
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?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.
If you didn't use a broker, you'd definitely miss out. Any good broker would have an agency with Avant.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
That's definitely true – unless you had done your homework and you knew which lender and which rate you wanted.If you didn't use a broker, you'd definitely miss out.
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.Any good broker would have an agency with Avant.
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