What is a mortgage broker? Why use a mortgage broker?

Today’s blog entry will be shorter than usual, because I have to leave soon to go to the annual MoneyMate awards for 2008, Irish Mortgage Brokers has been shortlisted for Mortgage Broker of the Year. The awards are kind of like the Oscars of the Irish finance world, it’s a time when all of the incredibly dull folks (like me) get to let our hair down and talk about things like APR and not have to be ashamed. Just kidding, it’s actually a savage craic shin-dig. We were shortlisted last year as well, and in fact I’m hoping that we can stop being the bridesmaid and become the bride this time around!

We have gotten a few queries lately from people asking about mortgage brokers and what we actually do, because I work in this industry for a living I was under the assumption (now proved to be false) that people knew what we do. I went out onto Lombard Street and asked a few folks, …

Read More

How to get cheap Mortgages

Getting a cheap mortgage is perhaps one of the main concerns people have, price seems to be the primary focus for the majority of clients in making a decision about which mortgage to go for. Mortgages do have certain things that can be included as ‘added extras’ but unlike cars or houses these add-on options are not always the thing that attract a person to a loan type, certainly in our experience it is price oriented considerations.

The things that might be possible to include as ‘extras’ would typically be things like being able to take a mortgage break, this is where you make no payment for (generally) up to three months. Off-setting savings against the mortgage is another one that is becoming more popular, this is where you can use any money on deposit as an ‘offset’ against the principle. In basic terms imagine the following: you have savings of three thousand and a mortgage of two hundred thousand, you pay the same monthly amount but the interest is calculated on one hundred and ninety-seven thousand (200k – 3k …

Read More