Posted on May 9th, 2016 by Michael Curtin
There are currently over 200 mortgage products on the market, securing the right one can be daunting particularly for first time buyers, it is very important to take the time and get the right advice to make sure you get it right otherwise it could end up costing you hundreds of euros per month which will add up over the years.
Decide which type of Mortgage best suits you:
Do you want a fixed or variable rate mortgage? A fixed rate mortgage means your repayments will be the same each month for the duration of the fixed term. This is great for peace of mind as your repayments will not go up. Alternatively Variable rates can go up or down which means your payments can go up and down.
Pay as Much towards you deposit as possible:
While this may be easier said than done it pays in the long run to put as much down as possible as a deposit. A larger deposit means less risk for the lender which usually means lower monthly repayments.
You need to be realistic about what you can afford to pay back. This will depend largely on the price of the property and size of your deposit. However all lenders are different so what you will be offered from lender to lender will vary. As part of our initial consultation we will be able to advise you what each lender will offer you.
Main fees are: Stamp Duty, Solicitor’s Fees, Property Valuation & Survey.
If you only go direct to one lender you will seriously limit the amount of mortgage available to you and we recommend using a mortgage broker that will research ALL lenders such as ourselves. We have an in depth knowledge of the market and have excellent relationships with the lenders, so you can trust us to advise you on the most suitable lender and product for you. If you wish to get in touch give us a call on 01-8228022/0879321882 or firstname.lastname@example.org
Get your application organised:
You should treat your mortgage application like a job application and take and take lots of time and care over it. One of the items on our mortgage application checklist is a credit check to be done upfront.
Secure Mortgage Approval before looking for a Property:
It is critical to establish what you can afford and how much you will be approved for you go house hunting. Knowing what your maximum mortgage approval is will stop you from wasting time looking at properties which you cannot afford.
If you are dealing directly with a lender there are a couple of products that they will try to sell you directly like buildings, contents and life insurance and while these are important and necessary to have please be aware you do not have to get these products as part of a mortgage bundle and in most cases a broker can get these products cheaper by shopping around.