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(From Irish Independent)
Houses have never been dearer, but home loans and attendant costs likeconveyancing and commissions have never been cheaper. However, there are still pitfalls for the unwary, writes JIM AUGHNEY
THERE has been a sea-change in the way people borrow to purchase their own homes in this country. Traditionally a house-purchaser saved with a building societyfor some years, and then went in cap in hand looking for a loan from that institution.
The concept of shopping around was unheard of, and building societies could impose their own rules before applicants were granted a mortgage.
Moreover the house-purchaser paid the full whack of legal fees scale fees relating to thehouse purchase based on scale fees (typically GBP100 plus 1pc) unless he or she was a solicitor of knew one very well.
Nowadays, house purchasers save where they like, if at all, and there are a battery of agents out there called mortgage brokers who offer deals which incorporate reduced legalcosts into a cheap mortgage package.
Some, but not all, of these mortgage brokers offer good deals for the first-time buyer inparticular.