First time mortgage

sullydublin

Hi All,

Looking for some advice regarding getting a mortgage. I was wondering am i better off going directly to my bank or a broker?

I have already been to my bank but haven't been able to get back in touch with the customer advisor that i was dealing with. Me & my partner are approved in principle for €192k
Which is great but we are only looking for a mortgage of between €80k-120k.

My dilemma is that we know of a house coming to the market in the next week or so & want to try get our hands on it. The location is great & near family friends etc.

Any words of advice would be great

Cheers & thanks for your time

chris85

sullydublin wrote: »

Hi All,

Looking for some advice regarding getting a mortgage. I was wondering am i better off going directly to my bank or a broker?

I have already been to my bank but haven't been able to get back in touch with the customer advisor that i was dealing with. Me & my partner are approved in principle for €192k
Which is great but we are only looking for a mortgage of between €80k-120k.

My dilemma is that we know of a house coming to the market in the next week or so & want to try get our hands on it. The location is great & near family friends etc.

Any words of advice would be great

Cheers & thanks for your time

You are approved in principle for €192k and only need €120k, then you are good to go. Surely someone else in the bank can give you info you need.

sullydublin

chris85 wrote: »

You are approved in principle for €192k and only need €120k, then you are good to go. Surely someone else in the bank can give you info you need.

Thats what i thought every time i call my branch they i get put through to the main switch board & no direct line to my branch. Pain hope your right

roro2

sullydublin wrote: »

Thats what i thought every time i call my branch they i get put through to the main switch board & no direct line to my branch. Pain hope your right

That's no reason to start the process again with a broker. Keep trying the bank, be persistent. Ask the switch to put you through to someone.

Trish56

Sullydublin,
If you have an Approval in Principle (AIP) you can now bid on properties. Be careful that the Approval in Principle do not go out of date - depends on the bank that issued it AIB is 6 months however Permanent TSB is only 2 months.

You have a better chance in getting your bid accepted if you have an AIP. Why cant you call into the branch that issued the AIP. Next stage would be once you agree a purchase price, pay a deposit, appoint a Solicitor and arrange a valuation with a valuer on the banks panel. Once the valuation is received the bank will issue a Loan Offer. You then need to meet with your Solicitor to sign contracts and Loan Offer acceptance.

Your deposit is refundable up to the time you sign the contract and your Solicitor will not allow you to sign a contract until you have a loan offer and can comply with all the conditions such as put mortgage protection in place and Home Insurance.
Hope the above helps and best of luck.
Trish56

Galwayguy35

sullydublin wrote: »

Thats what i thought every time i call my branch they i get put through to the main switch board & no direct line to my branch. Pain hope your right

Maybe call in to the bank in person and ask to meet with one of the mortgage advisors.

sullydublin

Update been in touch with the bank all systems are go just have to convince the seller now thanks for the advice.

How should I approach the seller as it isnt in the agents hands just yet

sullydublin

Just a quick update we have made it just in time for christmas thanks for the help