Bad news. Homeowners may start paying broker fee

May be or may be not? New homeowners may face broker fee.
Today RTE news published news that we might expect to pay fee to the broker.

"People hoping to take out mortgages will now face another charge if buying through a broker.
The Professional Insurance Brokers Association has announced that it is strongly considering introducing the burden on prospective new homeowners.
The announcement follows the decision by several banks and other lenders to cut back the commission they pay to brokers. Last year brokers were involved in 50% of mortgages taken out in Ireland.

PIBA Chairman Jack Fitzpatrick says that his 900 members are suffering the knock-on effects of volatility in the global markets affecting banks.
That volatility will have repercussions for customers using brokers to get mortgages.
In the last two weeks, seven banks have retuned their mortgage offering by putting rates up, putting loan to value up, saying they are pulling out of the broker channel, or cutting broker commission.

Yesterday AIB and EBS were the latest to make moves.
AIB said it is cutting the commission it pays to brokers to 0.5% of the mortgage amount drawn, down from 1%. It blames the continuing high cost of funds in the financial markets and the effect it is having on margins in its mortgage business".

So you might put some extra contingency for the mortgage fees. Be on safer side!

Courtesy of RTE news.

Which documents do I need when applying for mortgage?

This is a list of documents you might need. Check this list and see if you have it.

1. Proof of identity (Passport ,driver’s license)
2. Utility bills with your name (ESB, phone bills and etc)
3. Recent P60 – very important document indeed.
4. Bank account statements (current account, saving account (with some savings is a big) plus credit cards bill or loan (please make it empty – get rid of debt)
5. Payslips (minimum 3). Some people tend to throw them - don’t.
6. If you are your own boss, have accountant’s certificate about your income for the last 3 years)
7. Salary certificate

From the personal experience, buy good size folder and keep everything in it. You don’t want to run around the house trying to find papers. Be organised. Make copies of everything.

Welcome to online Irish home buyers guide

Welcome to my Irish home buyers guide.

Not so long ago me and my other part decided that it's time to climb on Irish property ladder.
So from where do we start? My best help was Irish Financial Regulator website. Remember this ad?


Please note that I don't try to promote companies I mention on my blog. I just try to make it easy buying property!

I don't know what a tracker mortgage is? Is the best bit... but so true because so many people don't know the answer to this question!

So my best advise is to download and print out MORTGAGES MADE EASY PDF presented by Financial regulator. That was my best advisers at the start ...everything explained in simple language no jargon. Have a look! It's worth your time!