Online mortgage broker

We have been working for quite some time on creating an online mortgage process. The first time we did this was about 12 years ago but that was too far ahead of its time and the banks basically laughed at us. That has changed and now in 2019 we hope to make the proposition of an online mortgage process a reality, we’ll make it possible for people to do most of the process over their phone in an easy to use mobile environment. Stay tuned and we’ll let you know when this choice becomes available!

 

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Best mortgage rates available, December 2011

This is the usual update of rates available at the moment. As you’ll notice, AIB is the leader in almost every section. However, they are not necessarily lending to every client hoping to obtain finance with them – to know if they’ll be the lender of choice you need to construct the application in a manner that will ensure it shows the best aspects of the case to them.

There are lots of other lenders out there too (we deal with the pillar banks and many others as well), so looking at ‘best rate’ is perhaps different than ‘best attainable rate’.

Anyway, here is the list, if you ever want mortgage advice give us a call! 016790990

Best variable rate mortgage: AIB 3.24% (with one for 2.84% < 50% LTV)

Best 1yr fixed rate mortgage: AIB 4.15%

Best 2yr fixed rate mortgage: PTsb 3.1% < 50% LTV, otherwise AIB 4.65%

Best 3yr fixed rate mortgage: AIB 4.88%

Best 5yr fixed rate mortgage: PTsb 3.7% < 50% LTV, otherwise its AIB 5.35%

Best 10yr fixed rate mortgage: n/A 12/2011

Oh, one …

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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 = …

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Mortgage Arrears for the first half of 2010

We expected a 10% increase in mortgage arrears for the first half of this year, moving the total from 32,321 households to 35,531, however it increased 10.73% and the final figure was  36,438 [statistics for the last four quarters are below].

There is an ongoing inability for banks to deal effectively with people in arrears, both in terms of having the operational capacity or liquidity to offer debt relief in some form, and on the other side we have the Financial Regulator who is incrementally stripping away their power to enforce the mortgage via repossessions.

The arrears of the second half 2010 will go up again, there is no sign of either a slowing growth in arrears, or of a slow down in the rate of growth.

The only growth area in our economy at present seems to be in the deterioration of debt quality . . . but for the second half of the year it will not only be an ‘unemployment’ lead increase, rather it will be with the additional impact of lenders creating the problem via mortgage …

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Are 100% mortgages the problem? Is LTV a symptom or a cause?

An article in the Independent yesterday pointed toward 100% mortgages being a significant attributer to the bubble, I would wager it was a symptom rather than a cause, the IBA meanwhile has called for all mortgages to be made on a non-recourse basis.

The good thing is that people and organisations are trying to find a way to avoid a repeat of the property bubble, and they are not one off events as the UK can testify.  There are however, significant factors contributing to what happened.

1: lenders didn’t price risk, they didn’t even ‘price at all’: Banks have utterly failed to do the job they were designed to do, namely that of profitable intermediation, we had huge amounts of competition on lending, that drove down criteria requirements and also compressed margins, then along came trackers, these had low margin price promises – Bank of Scotland brought them into Ireland and have since left. I spoke with a Bank exec. yesterday and he …

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AIB closing to switchers: Why? And what does it mean?

AIB announced today that they will be closed to switcher mortgage business effective immediately. We spoke to Mary Wilson from RTE’s Drivetime on the topic and we stated similar views to what you will read here.

The options open to a bank with limited liquidity are essentially ‘who do we lend to’, in terms of expanding credit or extending credit to where it may have a meaningful economic impact. Sadly (because I have to be honest, as a broker this really sucks for us) that means cutting out certain parts of the market such as switchers.

The rationale is that switchers already have the money, they are merely shopping around for a better price, first time buyers on the other hand, haven’t even gotten the money to buy a home with yet and if you have to choose between the two I think it is fair to say that AIB made the right decision. Their commitment to the state during their recapitalisation was to first time buyers, not refinancing applicants or …

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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 …

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