Hi
Current mortgage with EBS & were just out of 5 year fixed rate.
We are moving home & Approached banks for approval just after new guidelines came in
We have loan approval with EBS. LTV 72%
AIB would not give loan required as we did not have sufficient in account after mortgage repayment allowing for their criteria for 2 adults with kids
BOI would give 20k less then we needed
KBC would not consider us as we had no record of savings for 6 months prior to when we were applying but we have one now
Ulster Bank would give loan over a longer term but this was restricted due to compulsory retirement age
(I assume EBS gave us loan required as we have record with of full payments for last 5 years)
We re hoping to go variable & switch & maybe fix at a later date when we have reduced LTV to 60%
2 questions
If we go variable with no change to circumstances & we reduce LTV to 60% over 18 months would we be more likely to get switcher approval later on?
Are there any banks that allow additional monthly repayments when fixed ( I know you can do partial fixed & partial variable rates)
The reason I am asking is BOI told us we could pay up to €400 extra per month on a fixed rate
Thanks
Current mortgage with EBS & were just out of 5 year fixed rate.
We are moving home & Approached banks for approval just after new guidelines came in
We have loan approval with EBS. LTV 72%
AIB would not give loan required as we did not have sufficient in account after mortgage repayment allowing for their criteria for 2 adults with kids
BOI would give 20k less then we needed
KBC would not consider us as we had no record of savings for 6 months prior to when we were applying but we have one now
Ulster Bank would give loan over a longer term but this was restricted due to compulsory retirement age
(I assume EBS gave us loan required as we have record with of full payments for last 5 years)
We re hoping to go variable & switch & maybe fix at a later date when we have reduced LTV to 60%
2 questions
If we go variable with no change to circumstances & we reduce LTV to 60% over 18 months would we be more likely to get switcher approval later on?
Are there any banks that allow additional monthly repayments when fixed ( I know you can do partial fixed & partial variable rates)
The reason I am asking is BOI told us we could pay up to €400 extra per month on a fixed rate
Thanks