Internet is a model of mortgage discretion

Would-be first-time buyers yet to take the property plunge frequently possess only scant knowledge of the mortgage market. Laura Slattery reports.

If you fit into this category, you will be able to put your finger on the fact that some lenders will offer lower interest rates than others (a good thing) and some will give you more money than others (also good, as long as it doesn't kick-start a debt problem).

Get into the nitty-gritty of fixed and variable rates, low-start and interest-only options, tracker mortgages, overpayments, payment holidays, APRs and LTVs and the chances are the question "what's that?" will spring to mind.

As getting a mortgage is the single largest financial decision you will ever make, you agree that research is a good idea.

But you work full-time. Spending whole days waiting on hold is not an option. Even if you get through to a real live human being, you don't want to be talking through your intimate financial details within earshot of your boss.

A discreet browse online, however, is appealing, and where better to find the answer to your very basic questions than a place that popularised the concept of "FAQs"?

The websites of most banks and building societies will have pages devoted to their own range of mortgage products but, for independent information, go to a mortgage broker site.

For example, the Mortgage Information Centre at www.primafinance.ie details the types of mortgages and interest rates available, as well as explaining about life assurance, stamp duty and mortgage interest relief.

Like the Moneymate tables shown opposite, this site allows visitors to compare the rates offered by the main lenders, which might be helpful if you are shy about brandishing a broadsheet in front of your office desk.

The www.primafinance.ie site is one of a handful boasting mortgage calculators that allow people to get a rough estimate on how much they can afford to repay each month and how much lenders are prepared to give them without having to type in your name, address, marital status, contact numbers, account numbers and waiting days for an e-mail.

At www.simplymortgages.ie, the "How much can I borrow?" calculator requires your annual income before tax and net monthly income before it will come up with a guideline figure on how much you can borrow. For example, a single borrower who earns €30,000 a year and has a net monthly income of €2,200 with no bonuses can borrow up to €153,000, depending on the lender, according to Simply Mortgages.

Spill a few more of your personal details and browsers can use sites such as these or the sites of most lenders to apply for "approval in principle" on a loan.

This approval shows the highest amount the lender will advance, based on the information you have given and is conditional on you furnishing the lender with documents (payslips, bank statements and a P60) that prove you aren't exaggerating your earnings.

After this initial "approval in principle", you revert to the old-fashioned business of arranging meetings with mortgage brokers or lenders' sales staff face-to-face in order to sign rafts of paper.

Even the last step, handing over the borrowed money to the property vendor, is still usually done by a bank draft rather than electronic transfer.