Are brokers charging now?

acb

We've been in Oz for last couple of years and have returned as husband has secured a permanent job with a county council. He is 11 months into a 1 yr probation period.

We've an apartment which we currently rent out at 1,100 pm
Its in negative equity by about 20k we think. Similar apartments are going for circa 170-180k EUR. Mortgage owning (tracker) is about 200K mark, repayments are currently 925EUR pm

We have a current deposit saved of 30 k

Anyway as we are home with 2 small children , we have outgrown the apartment and don't particularly want to move back to the apartment. Like most people we wish to eventually buy a house.

In light of husbands probation period- are we better off now going to a broker to find out whats needed to put ourselves in the best position to secure a mortgage or just wait a while?
We have approached a broker who says they re charging 250EUR upfront and an additional 250EUR when they make the mortgage application as banks are charging now and they(the banks) are commanding an application fee.
We had been speaking to him about keeping the apt as its paying itself but as he said the bank might not see it that way so now we're thinking get rid of it and buy ourselves a home.

I guess whats making me think go to the broker now rather than wait...is issues surrounding our apartment, the negative equity, new CB deposit requirements and keeping our tracker.
I read on this site that we may need to move back into the apartment if we wished to eventually sell it and bring the tracker with us to a new house purchase.
Do others know if this is the case?
Our mortgage is currently with AIB and we are fully tax compliant and cancelled our TRS etc.

A years probation too also seems a very long time..will we be able to get a new mortgage or transfer the existing one prior to filling the full probation period?

Is there any questions we should be asking a broker now?

Thanks in advance for all comments or tips.
A.

davo10

The reply to the thread title is: yes, if they are independent brokers. This means they are not paid by a lending institution and therefore give impartial advice as they have nothing to gain from advising you to use a particular mortgage provider.

If the broker was not independent, not paid by you, and is paid a facilitation fee by the lender, obviously they would have more to gain by directing you to the lender who pays them most so the advice may not be impartial.

The other questions in your thread should be put to the broker and a year probation though a little on the long side, is not unheard of. Until your hubby has worked a full year, the employer could dismiss him relatively easily any way as long as it was not due to one of the nine grounds for discrimination.