Online Mortgage, Dublin Ireland

We are fans of technology and that is why way back in 2007 we went for a fully transparent business model which would allow our clients to track their mortgage on our system which uses the same level of security as online banking.

The current method of an online [glossary id=’6898′ slug=’mortgage’ /] application has not developed in Ireland to the extent that it could have, in part due to a collapse of lending.

We envisage that in time it will all be done online and electronically which will be good for everybody, brokers in particular as currently we end up using vast amounts of paper to replication applications to different lenders. The indexing of documents so that they can be sent securely online from one database to another is the next step.

In terms of when that will happen? Probably not for a few years yet, the systems don’t exist in banks to accept documents like this yet, a [glossary id=’6802′ slug=’broker’ /] could change easily because they have smaller less mission critical systems to work with. By that …

Read More →

Every little helps (except when it means mortgages)

Tesco won’t be offering mortgages in Ireland despite rolling out a full host of financial services, this is also a departure from the UK proposition in which they are included, something we covered nearly four years ago.

Bothered? Maybe not, but you should be because any market with a functional duopoly is unhealthy, we saw for instance how AIB increased their rates and for 2 or 3 hours their prices were the same as BOI, but then BOI co-incidentally increased their rates by 25 basis points on the same day so the pricing difference occurred once again.

Why would Tesco decide not to enter the Irish market? They claim it’s regulation, one doesn’t need a Professional Diploma in Compliance to realise that much of our regulation is identical to the UK and in foundation is primarily based upon it, …

Read More →

Broker tools: Cost per thousand 000′ sheet

One of the things that we constantly fall back on in mortgage brokering is the cost per thousand (usually written as ‘cpt’ or ‘cost per 000’) sheet. It gives you the actual cost of borrowing €1,000 at a certain interest rate over a certain period.

Banks tend to send out rate sheets which are particular to their specific products, but we also have our own cheat-sheets which cover most of the prices you’ll find (or at least ball park enough to make the difference meaningless).

If you click on the image to the left you’ll get a pdf of our Cost Per 000′ sheet. The way you figure out how much a mortgage might cost you is as follows:

Divide the mortgage amount by 1,000 (to get 1/1000th) and then multiply by the cost you find from going across the rate column and down the term column.

For instance: you want to see how much it will cost per month to borrow €317,000 over 30yrs at 4.25% then its 317×4.92 = …

Read More →

Apply for a mortgage online.

Mortgages in Ireland have yet to establish a truly ‘online’ presence, so if you got here by searching for an ‘online mortgage’ or something along those lines then I’ll break the bad news first, it ain’t gonna happen. What you can do is make an initial mortgage application online via this site, and one of the representatives from Irish Mortgage Brokers will call/email you back.

The actual process generally tends to be that you will speak to a qualified consultant (our team have qualifications varying from ACCA <accountant>, QFA <qualified financial adviser> to LIAM(dip) <mortgage diploma> along with various university certificates, diplomas and degrees in many topics), your consultant will help determine what you can or cannot obtain in the lending market for a property purchase and from that point it will be up to you to decide if you’d like to proceed.

After that you will (usually) meet with us and we’ll gather the various documents the bank need to underwrite the mortgage and …

Read More →

Apply for a mortgage online

There has been so much progress in the mortgage market, and nowadays so many companies have your information on file that many people reckon you can easily apply for a mortgage online, surely it wouldn’t be that big a deal right? In many cases you should also be able to get your conveyancing done in a similar manner with minimal upset, but in every respect there is almost no progress in terms of online trading for mortgages.

There are several software solutions that send information to a lender but none of them offer an actual ‘suite’ solution, by that we mean sending information, property auto-tagged pdf scans of documents, and the ability to synchronise updates so that a person can effectively deal with a lender over the web.

Every site you go to that says ‘apply online‘ is really saying ‘fill in our form and we’ll call you’ because there isn’t a way to fully apply for a mortgage online at present, and the job of …

Read More →

How much of a deposit do I need?

When making a mortgage application this is a question that many first time buyers want to know, how much money do I must I have for a deposit? Well, that kind of depends on which bank provides the mortgage finance!

Lending criteria is different for every bank/building society/lender, this goes for rates, the general underwriting criteria as well as the ‘loan to value‘, the deposit you need is 100% minus the Maximum LTV and that will give you the deposit amount you require. For instance, ICS have a maximum LTV of 92% so the deposit you need – if you are obtaining finance through them – is 100% – 92% = 8%.

What is interesting in that example is that when you go ‘sale agreed’ on a property the estate agent will ask for a security deposit and the balance of 10% at the signing of contracts, this is an example …

Read More →

‘Are we there yet?’…. when will the bottom of the housing market be reached?

The most popular question I am asked as of late is whether or not we are at the bottom of the housing market, and the answer is ‘no…. but perhaps closer than we think’. Today we will consider a few of the things we will need to see in order for ‘recovery’ to occur.

First of all we need to see a reduction in the massive overhang of housing stock, even if the number reduces, they all need to be sold and a degree of scarcity will need to develop in order to make prices go up again, currently supply is swamping demand and that dynamic will leave uncertainty in its wake.

However (and here is part of the ‘perhaps closer’ bit), NAMA will likely take a lot of housing off the market, in particular it will take it off the market and drip feed it back in, if this happens then it will avoid devastating fire sales, it might also lead to stagnation …

Read More →

Understanding why mortgage rates MUST rise.

We have been saying for some time that interest rates on mortgages must rise, you can look at supply and demand, or you can look at the types of products that have ceased to exist such as tracker mortgages (removing fixed margin loan products) and then there is the proliferation of variable LTV products which set the stage for the ability to manipulate margin on more loans. The question is ‘what all of this means’, and the purpose of this post is to explain how deposits, business lending and mortgages are all interconnected parts of the banking system and how margins are set based upon them.

Last week PTsb finally came out and said that they were considering an …

Read More →

Apply for a mortgage, one buyers story

Today’s post is brought to you buy Keith Sheeran, it is a clients story on the mortgage process, sometimes in industry we spend so much time on one side of the table that we forget what it is like to be on the other, this post is a good reminder (for brokers) of what it is like for our clients when they deal with us…. I was a little dubious about applying for a mortgage, but my father has just retired and he said that he would give me some money as a deposit to help buy a house.

When I heard this I must admit that I was delighted. I was half tempted to go to the nearest VW garage and buy that convertible I have always wanted. However, sense prevailed, and I was quickly reminded by my Dad that the money was for a deposit only. Whilst everyone is giving out about the property market, I understand there is really good value out there and I would be getting …

Read More →

The bailout has arrived, Irish banks in line for Government funds.

The banking bailout has come along, as many of us always thought it would, in the form of a (potential) €10 billion Euro package. An announcement was made yesterday and shares in financial institutions surged on the back of the news. The actual details of the deal are scant at present.

The Minister of Finance remarked on RTE radio that the main thing he hoped to see as a result of this was for lending to return to the market, we can only assume this refers to enterprise lending and not to mortgages as the mortgage market has not frozen to the same degree the business loan/credit area has.

The National Pension Fund Reserve is the area the funds will come from, an obvious issue here is that the fund made losses of c. 33% in the last year and cashing out now will mean those losses are crystallised without hope of return should the markets come back any time soon. …

Read More →
  1. Pages:
  2. 1
  3. 2
← Older Entries