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Q's for Mortgage Broker

  • 08-01-2007 5:06pm
    #1
    d-redser
    Registered Users, Registered Users 2 Posts: 529 ✭✭✭


    Hi,

    Hope you will be able to help me.

    Over the weekend the other half and I were discussing buying a house together for investment purposes only. He already has his own house and I live with him.


    Now being honest I have no clue whatsoever when it comes to property/mortgages/rates etc. I feel like Homer Simpson when people talk about property and mortgages, in LaLa land!!

    The other half just rang to say we have a mortgage broker calling over to us tonite to discuss if we can get a mortgage but I do not want to look like a total airhead and have no clue as to what he will be talking about.
    Is there anything I should know, and tips or any forewarnings???


Comments

  • #2
    Nody
    Moderators, Category Moderators, Arts Moderators, Business & Finance Moderators, Entertainment Moderators, Society & Culture Moderators Posts: 18,334 CMod ✭✭✭✭Nody


    The main things to look for are:
    1) Fees (setup / monthly)
    2) Cost of paying of the loan early
    3) What possabilities to tie your loan to a fixed rate, how quickly, at what cost, for how long
    4) How much to break above fixed rate loan to go to flexible rate again


  • #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Its his job to tell you what you dont know, so i wouldnt worry about it!. He will have a number of different banks he works with, and most likely he will reccomend one over the other because they will pay him varying commissions. Or he will try and get you the easiest and quickest one.

    You can get different interest rates depending on whether you want to sign into a fixed rate mortgage which means you pay X interest for X years or you can go with a variable rate which changes with the times, ie. if interest rates go up you pay more back every month.

    figure out what you can afford to pay back monthly, and adapt the mortgage to that ie. the more years the less you pay per month


  • #4
    d-redser
    Registered Users, Registered Users 2 Posts: 529 ✭✭✭d-redser


    Thanks for that.

    We met the broker and we will see if we get approval by the end of the week!


  • #5
    Chunkychops
    Closed Accounts Posts: 18 ✭Chunkychops


    Check out these guys, I found them very good www.a2zmortgages.ie


  • #6
    hmmm
    Registered Users, Registered Users 2 Posts: 11,205 ✭✭✭✭hmmm


    d-redser wrote:
    The other half just rang to say we have a mortgage broker calling over to us tonite to discuss if we can get a mortgage but I do not want to look like a total airhead and have no clue as to what he will be talking about.
    Is there anything I should know, and tips or any forewarnings???
    Ask him things like "so now that the property bubble has burst, what will you do for your next job?" and "is it true you only get 100 quid a week on the dole?". He'll appreciate that.


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  • #7
    Chunkychops
    Closed Accounts Posts: 18 ✭Chunkychops


    Thing is he probably has made a couple of million already. When's the last time you saw a poor broker? I certainly haven't. They are the guys that see these things coming before the rest of us. I guess he has sold off 10 investment properties before the slowdown and is laughing at the rest of us mere mortals.

    I reckon we are all fecked if the property thing slows too much. Taxes will go up to 60% like the old days and we will all be heading off on the boats and planes to greener isles. And all the polish and latvians will be beating us to get out first.


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