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First time buyers-Mortgage advice

  • 31-08-2017 9:25pm
    #1
    SarahPL
    Registered Users, Registered Users 2 Posts: 29 ✭


    Hi,

    Myself and my boyfriend are hoping to apply for a mortgage in the coming weeks.

    Would anyone have advice as to whether or not it is okay to apply to multiple banks at the same time? I have heard differing opinions on this, some say it doesn't matter at all while other says it's better to apply to only one bank as if a bank sees that a bureau check has been done previously, they might think that the client has been turned down by another bank.

    My boyfriend and I have both been made permanent recently. We have been working in our respective jobs for over a year each but because we have only been made permanent in the last few months we have to do a 6 month probation period. Do you think banks would be reluctant to lend to us when we are both on probation? Even though this is just a formality for both of us.

    We are both in secure, well paid jobs, have shown consistent savings over the past year and have also been consistent in paying our small car loans. I did have two overlimit fees on my credit card over the past 6 month. My credit card limit is small at €600 and I only went over my a few euro each time and paid it off straight away when I realised it went over. My card is now clear and has been for the past two months. How seriously do banks take this when your credit rating is good otherwise?

    Lastly, can anyone let me know where I could get the current mortgage rates for the different banks? I can't seem to find up to date ones.

    Apologies for the long post but any info on any of the above points would be very much appreciated!

    Thanks!


Comments

  • #2
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Hi SarahPL,
    You wont get a mortgage until such time as both of you are finished probation. Going over your credit card limit should not be an issue however you can apply for credit reports on www.icb.ie.

    Keep up the regular savings and apply when your probation is complete. In order to save time you should find a broker who do not charge fees to process your mortgage he/she should be able to find you the best rates and mortgage to suit your needs.

    You need to google all the lenders to get their variable/fixed mortgage rates and really you should go with the lender who offers the most attractive standard variable rate rather than the ones that offer gimmicky cash back but charge over 1% higher standard variable rates.

    Trish


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