home loans

zag

does anyone know the best place to get a mortgage?

to mod-I dunno where else to put this thread.

Beruthiel

how much are you looking for?
if you're starting off and need a help out, I highly recommend the Shared Ownership Scheme that the Co. Co. do for first timers...
I started off with them and then eventually bought them out by taking a mortage out with IIB Homeloans, they are probably as good as you'll get
www.iibhomeloans.ie

zag

Hey beruth, I've just moved to Tipp, in Roscrea, the house we are looking at is 210,000. IIB look interesting. The whole thing is a bit daunting though, knowing to make the right decision and all. And I'm not all that impressed with my new job. Could be shaky. I would need mortgage protection.

EKRIUQ

If you want to get an overall view of all companies you could try getting in touch with a mortgage broker who like an insurance broker will trawl through the banks and buildings societys looking for the most attractive package which will suit you.

All banks offer a range of facilities and differant types of mortgages but of course they all think that their's is best. But as its going to be a long term investment a slight difference in percentage between one bank and another may be thosands in interest.


P.S.
who the hell would want to live in Roscrea

Sleipnir

dont' buy a house if you're job ain't looking too good ferchrisakes!
Mortgage protection is grand for a while but I would imagine there is small print which says things like
"If you lose your job the day after we give you the money, forget it we won't pay out"
Plus, I don't think it pays for the whole thing, that would be a bit handy. I'd have punched my boss years ago of that was the case.

but, if you want to leap into being in debt to someone over 210,000 euro when you're not sure you'll be able to pay it back even in the short term, get in contact with a broker!

ravenhead

There's an agent (Keiran O Mahony) in cashel for PERMENANT TSB that is brill ... he will give you all the info that you need ... best of luck

Beruthiel

Originally posted by zag
Hey beruth, I've just moved to Tipp, in Roscrea, the house we are looking at is 210,000. IIB look interesting. The whole thing is a bit daunting though, knowing to make the right decision and all. And I'm not all that impressed with my new job. Could be shaky. I would need mortgage protection.

you will not get a mortage without mortage protection
yes, starting off it is a bit scary, and it can be a pain in the ass with the amount of paperwork and crap that goes on. However, once it's over and you've been in the house a while, you realise that it's actually cheaper to pay a mortage than rent and after a few years, you could sell and make a profit - hence there's no need to worry anymore!
this guy helped me out with the IIB mortage, he is a broker, dublin based I'm afraid but I didn't have to do a thing, he was very helpful - perhaps if he can't help you himself, he can at least point you in the right direction:
Aidan Savage - 087 2580524
good luck

SAXA

Morgage protection kickes in 6 months after signing. The bank will pay your morgage for 12 months or until you find employment again. Once your have emplyment you must work for (I think) 6 months before the morgage protection kicks in again.

Beware morgage protection is different from a Moratorium that a bank may give if you loose you employment. A Moratorium means that you do no have to pay the morgage repayments for a set number of months but the total amount that needs to be repaid remain the same. You will also need life assurance which now only last for the term of the morgage. I think all/most financial insitutions have stopped whole of life cover because of the cost involved. Again contact a morgage adviser / broker

threebeards

Originally posted by SAXA
Morgage protection kickes in 6 months after signing. The bank will pay your morgage for 12 months or until you find employment again. Once your have emplyment you must work for (I think) 6 months before the morgage protection kicks in again.

Beware morgage protection is different from a Moratorium that a bank may give if you loose you employment. A Moratorium means that you do no have to pay the morgage repayments for a set number of months but the total amount that needs to be repaid remain the same. You will also need life assurance which now only last for the term of the morgage. I think all/most financial insitutions have stopped whole of life cover because of the cost involved. Again contact a morgage adviser / broker

Hi Saxa,

Just to clarify in relation to mortgage protection - Mortgage protection is another term for life assurance. It's only payable on death. This product decreases in line with your borrowings so that if a life assured dies within the term, the borrowings are cleared and the policy ceases. Level term cover remains at the sum assured for the duration of the policy but this can also be indexed to increase annually supported by a premium increase. What you wrote about (employment) is repayment protection and there are many different types of it depending on the lender. You were right in that it is usually payable for a year.

Whole of life cover is available from all insurers but isn't commonly availed of for the reason you stated - price!

Paddy20

The forum; Business/Economy/Finance would seem the place for the type of advice you need. It is a decision that will effect the rest of your life, and many financial institutions are basically rip-off merchants on mortgages linked too life assurance etc.

For heavens sake - take your time - shop around, and read up on the subject in 'Independent' books not produced by banks or building societies.