One of the benefits of dealing with a broker like Simpler is that we deal with a large number of first-time buyers. Some people are prepared, some people are not prepared but almost everyone is worried.
The current Central bank rules state that you can’t borrow more than 3.5 times your income.
Moving out of a small Dublin apartment to a spacious house outside of the city is a situation we see often.
There are two ways to get a mortgage in Ireland you can go direct to a bank or you can go to a mortgage broker. As a mortgage broker we are obviously biased but we think using a broker is a real no brainer when it comes to taking out a mortgage and here’s why.
We are mortgage specialists; we advise on mortgage every day and we keep up to date with all lenders policies and rates. As a result we are qualified to give you impartial advice to help you get the mortgage amount needed to purchase your home.
Your bank won’t give you impartial advice on the market. For example, KBC probably won’t tell you to go to Ulster Bank to get a better rate and vice versa. A broker takes into account the entire market when giving advice. We also have access to other lenders that deal with borrowers exclusively through brokers like Haven, ICS and Finance Ireland.
Scheduling a meeting
If you go to your bank, you are going to need to schedule a meeting with a mortgage advisor and call into a branch. If you want to get a full view of the market you would need to schedule meetings with every lender in the market and that is going to take a lot of time. A broker can schedule one meeting and give you advice on all of the available lenders.
Brokers also tend to be more flexible with their time than banks and are willing to adapt their schedule to suit you.
More personal service
Brokers are usually quite easy to get in touch with. Once you have submitted an application, we will put you in touch with your personal loan advisor and they will be your single point of contact throughout the mortgage process. You won’t be switching between contacts and your loan advisor will be held accountable for your application, if you have a problem it’s their job to fix it.
Brokers are motivated
Most mortgage brokers earn money through commission so if you don’t get your mortgage, we don’t get paid, so we are highly motivated to help you secure your mortgage as we don’t get paid otherwise. We respond to emails at night and at weekends, most of our customers work 9 to 5 and they only get a chance to look at their mortgage applications after work. We do our best to respond outside of work hours and at weekends, it’s just part of the job.
The mortgage process is quite complicated we will deal with the banks on your behalf and we will also help gather documentation for your solicitor, estate agents and insurance providers. The mortgage process is always stressful but we are here to help, even if we can’t do anything, we can give you guidance and tell you what you need to do next whatever that may be. A mortgage is complicated for a first time buyer but we do this everyday, if you have a problem just ask!