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Mortgage help!

  • 11-01-2010 9:26pm
    #1
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭


    Myself and my partner are hoping to buy a house this year. She already owns her own house with no mortgage and I live with an elderly parent with the house in both our names - no mortgage (no siblings). No loans outstanding for either of us. There is a chance that the house next door to my mother may come up for sale soon. We would have to take out a mortgage until my partners house is sold (which could take some time in this current climate). Who is the best provider to go with? Bearing in mind that the mortgage would be paid off hopefully within a year or two on sale of her house. We both bank with BOI whose rates are supposed to be good. Should we go to a broker though? Any help gratefully received!


Comments

  • #2
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    talk to a broker - and they check loads of different banks and people. It will give you a good feel for whats out there.


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    lilybarlean wrote: »
    Myself and my partner are hoping to buy a house this year. She already owns her own house with no mortgage and I live with an elderly parent with the house in both our names - no mortgage (no siblings). No loans outstanding for either of us. There is a chance that the house next door to my mother may come up for sale soon. We would have to take out a mortgage until my partners house is sold (which could take some time in this current climate). Who is the best provider to go with? Bearing in mind that the mortgage would be paid off hopefully within a year or two on sale of her house. We both bank with BOI whose rates are supposed to be good. Should we go to a broker though? Any help gratefully received!

    Talk to a broker about possibly getting a bridging loan over a year period. They arent usually over this long of a period so they may not do this.

    They may give it if you get your solicitor dealing with sale of other property to provide a undertaking to clear the loan on the sale of the other property. This will guarantee the bank its money when the sale goes through.


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    chris85 wrote: »
    Talk to a broker about possibly getting a bridging loan over a year period. They arent usually over this long of a period so they may not do this.

    They may give it if you get your solicitor dealing with sale of other property to provide a undertaking to clear the loan on the sale of the other property. This will guarantee the bank its money when the sale goes through.

    I would highly recommend NOT getting a bridging loan. I've seen too many cases where the house did not sell and the bridge had to be turned into a mortgage.

    The chances of a bank offering bridging finance in this environment is slim to none. In fairness you should borrow on your own financial circumstances. Rent the other house out for what you can. At least it will cover part of the new mortgage.


  • #5
    CuppaCocoa
    Closed Accounts Posts: 1,858 ✭✭✭CuppaCocoa


    Thanks for the replies. I was hoping that if we did get a mortgage and my partners house sold within the year we could pay it off in full. Is there a heavy penalty for early payment?


  • #6
    Saruman
    Registered Users, Registered Users 2 Posts: 11,389 ✭✭✭✭Saruman


    On a fixed mortgage there is but I am not so sure about a variable.


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  • #7
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    Saruman wrote: »
    On a fixed mortgage there is but I am not so sure about a variable.

    There is no penalty on a variable mortgage, but do check the arrangement regarding a broker as there have been other references to the lender clawing back fees from brokers if the borrower ends the mortgage very early, and the broker could come after you...


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