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Small mortgage - worth going to a broker?

  • 06-04-2011 10:58am
    #1
    Supercell
    Registered Users, Registered Users 2 Posts: 15,543 ✭✭✭✭


    We are looking for a small mortgage ~120K over 10 years (FTB with good deposit saved).
    Is it worth our while going to a broker or not?
    Are any of the commission based ones likely to handle such a small mortgage without charging us?

    Thanks :)
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Comments

  • #2
    Trampas
    Registered Users, Registered Users 2 Posts: 7,987 ✭✭✭Trampas


    broker shouldn't charge you as they get commission from the lender.

    By going through a broker says you filling out books for each lender


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    The issue is that a lot of brokers have been frozen out by the few lenders left in the market. Go to a broker by all means- but fully expect to have to do the rounds with the major lenders in conjunction with the broker.

    Keep in mind that even on low mortgages- rules have changed considerably-

    You're now looking at a max of 70% LTV on a house or 50% on an apartment. Max 4 times joint earnings. 4 years of accounts etc......

    Times have changed.......


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Ps- the other issue- brokers have traditionally charged the lenders 1 years fees upfront on any loans they broker. On a 25 year mortgage- this is minor- however on a 10 year mortgage- its fully 10% of any potential fees......


  • #5
    okedoke
    Registered Users, Registered Users 2 Posts: 925 ✭✭✭okedoke


    smccarrick wrote: »

    You're now looking at a max of 70% LTV on a house
    Times have changed.......

    I don't think that's the case from anecdotal (but credible) sources.


  • #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    okedoke wrote: »
    I don't think that's the case from anecdotal (but credible) sources.

    Depends on the source. I'd like to hear from people who have actually successfully drawn down a mortgage recently- I'm familiar with lots of people who have applied, but none who have followed through on a purchase and drawn down over the 70% mark.

    The other issue- is the bank's valuation of the property- does not necessarily bare any semblance to the price a purchaser is willing to pay for the property........


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  • #7
    tanyabond
    Registered Users, Registered Users 2 Posts: 154 ✭✭tanyabond


    smccarrick wrote: »
    The issue is that a lot of brokers have been frozen out by the few lenders left in the market. Go to a broker by all means- but fully expect to have to do the rounds with the major lenders in conjunction with the broker.

    Keep in mind that even on low mortgages- rules have changed considerably-

    You're now looking at a max of 70% LTV on a house or 50% on an apartment. Max 4 times joint earnings. 4 years of accounts etc......

    Times have changed.......

    Are you sure about 4 years? We are hoping to apply some time soon and we only have 3 years ready. When has it changed?


  • #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    tanyabond wrote: »
    Are you sure about 4 years? We are hoping to apply some time soon and we only have 3 years ready. When has it changed?

    It all depends on the individual lender. BOI or NIB are currently seeking 4 years accounts, or if a PAYE employee, P60s. Its entirely possible it could be different with other lenders.


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