Best Buy Home Loans / Mortgages

GeneralZod · 18 Jan 2009

Last updated: 17 April 2009

The ECB rate is currently 1.25%
Check links to each provider to verify information.

Standard Variable Rates
Lender, APR, Max term, LTV

[broken link removed] 2.68% <40 years <50%
[broken link removed] 2.5% 35 years < 50% New customers only
[broken link removed] 2.94% 35 years < 80%
[broken link removed] 2.78% <40 years 50% - 75%
[broken link removed] 3.46% tbd < 60%
[broken link removed] 2.99% <40 years 75% - 90%
[broken link removed] 3.13% 35 years tbd
[broken link removed] 3.71% tbd >60%
[broken link removed] 3.0% 35 years all existing customers
[broken link removed] 3.24% 85% (80% on apartments)
[broken link removed] 4.2% tbd <80%

Best 1 Year Fixed Rate

AIB 2.57% APR (existing customers)

Best 3 Year Fixed Rate

AIB 2.71% APR (existing customers)
Halifax 2.91% APR
EBS 3.4% APR

Best 5 Year Fixed Rate

AIB 3.10% APR
Halifax 3.24% APR
EBS 3.70% APR

100% Mortgages

AIB still have a [broken link removed] offer subject to qualification

[broken link removed]

Best Offset Mortgage

National Irish Bank 3.97% APR
First Active don't appear to offer new business offset mortgages anymore

Because of the higher rates, they are only suitable if you have a lot of cash in your current account from time to time.

Who will lend you the biggest multiple of earnings/Are the Banks open for business?

If you are trying to borrow the most, a mortgage broker is worth going to.

Discussion Further Discussion

Banks offering new business tracker mortgages

No bank still offers new business tracker mortgages

Distinction between Gross and APR rates
Taken verbatim from AIB website

In respect of Fixed rates , APRs may be higher or lower than the nominal rate, as they are calculated on the basis that the loan reverts to the standard variable rate (which may be higher or lower than the fixed rate) following the fixed rate term.

For Variable rates the APR is calculated on the basis that the current variable rate will remain unchanged for the full term of the loan.

(Typical APR calculations for all rates are based on the cost per month of a mortgage of EUR 100,000 over 20 years).

Lender web sites
[broken link removed]
[broken link removed]
[broken link removed]
[broken link removed]
[broken link removed]
ICS Mortgages (the mortgage store)
[broken link removed]
KBC Homeloans (was IIB Bank)
[broken link removed]
[broken link removed]

Independent.ie article on inducements being offered to FTBs

Notes
NIB don’t deal with mortgage brokers, so you have to go directly
You have to open an NIB current account, but you can open a free account

GeneralZod · 18 Jan 2009

Re: Home Loans

1. This is an attempt to bring the old Home Loans Best Buy post up to date.

2. Like the old one it doesn't seek to mention every product on the market just the best ones.

3. There's material in here about 100% mortgages & tracker mortgages. What more relevant current topics are there to highlight?

4. If you have suggestions, comments, corrections or updates then please post them here.

GeneralZod · 19 Jan 2009

Re: Home Loans

Brendan said:
1) Are some banks not lending at all at the moment? I would guess that you will not get a mortgage from Irish Nationwide for example. This is discussed in this thread

2) Which banks are open to transfers?

Brendan, thanks that's a good suggestion. I'll open up a section on those.

Brendan said:
The old chestnut of APR for fixed rates loans arises again.

I would quote the actual rate for Fixed Rate loans and the APR for variable rate loans - the exact opposite to your approach.

I don't understand you here. The rates are quoted in so many ways APR looks like the only normalised one. They don't always quote the rate along with the APR and without knowing when they apply the interest it's impossible to derive the rate from the APR. I agree more clarity is needed and I think it would be good to quote both rate and APR where possible. Tools like KJ's mortgage calculator take the rate value for more accurate results.

Brendan said:
How about Bank of Scotland? Are they the same price as Halifax?

Bank of Scotland also offer home mortgages on their website. I didn't include them in the list at this stage because it wasn't as good a rate as the Halifax rate. I'll put in a link to their web site.

MugsGame · 21 Jan 2009

Halifax 3.71% <40 years 90% (80% on apartments)

What's your source for this? [broken link removed] suggests this is only available for LTV <= 50%.

BOI also offer a good rate for LTV <= 50%.
[broken link removed]

APR looks like the only normalised one.

I seem to remember it's worse in that the true APR can change if you change the term, even if the bank's underlying rate has not.

Who will lend you the biggest multiple of earnings

Probably First Active, if they are still lending.

I was recently approved for circa 4.8 times earnings with AIB, but I think you would need to be an existing customer with a good track record to get that.

GeneralZod · 21 Jan 2009

MugsGame, Thanks for all those comments. I'll compile them up with others into the main post. Do you have any more info on the APR issue.

The link I found didn't make the Halifax LTV clear. Updated.

GenZod

irishlinks · 1 Mar 2009

The figures in this thread are for new applicants only. The rates for all existing mortgage holders on trackers etc are not shown here (it would be impossible)
If you are on 3.99% I assume it's a tracker - you are better off to stay where you are.

samanthajane · 1 Mar 2009

Ah right ok then that makes a bit more sense, so i take it for new customes IIB either arn't excepting people or their rates are so high no one bothered to add them. I'm on a standard variable i think thats just a different name for a tracker? Thats what they said i was on when i rang them. I was thinking of changing to a fixed rate from them for 1 or 2 years but their fixed rate is the same so i didn't see much point in changing since rates keep dropping at the moment. Thanks for your info.

MugsGame · 1 Mar 2009

MugsGame said:
the true APR can change if you change the term, even if the bank's underlying rate has not.

I think it's to do with mandatory fees or expenses that may or may not be required as part of the product, e.g. arrangement fees (uncommon), indemnity bond (uncommon but possibly returning for high LTV), terminal redemption fees, etc.

If some of these are required (perhaps hidden in the small print) than they are counted as part of the total interest cost for APR purposes, which is calculated working back from the total interest paid over the term.

If you reduce the term any fixed fees are spread out over a shorter period, so the effective APR may increase. Of course this also means that the APR depends on the principal borrowed!

Really this is nit-picking; if the fees are small relative to the mortgage than it doesn't really matter.

A related but perhaps more important matter is the interest rate to quote for fixed rate products. The fixed rates are limited to a number of years, but the APR is calculated over the total term, at the provider's variable rate. So the fixed rate APR depends on the fixed interest rate and the current applicable variable rate.

TheJackal · 17 Apr 2009

Can the rates above be updated please?

The last update, March 2nd, is over a month old now & ECB rate has since fallen to 1.25%

Thanks

Brendan Burgess · 17 Apr 2009

Fire ahead and provide the information and we will update it.

this site is run by volunteers

GeneralZod · 17 Apr 2009

OP updated. NIB seem to be the only ones that haven't cut their rates since the last update.

Soarer · 19 Apr 2009

Is there a reason why KCB's current rate isn't listed with the other rates?

TheJackal · 29 Jun 2009

Is this the current most up to date thread for Mortgages best buys?

Edit: I see it is.... would you like me to provide updated rates?

Ms_Frugal · 29 Jun 2009

Yes please!!

TheJackal said:
Edit: I see it is.... would you like me to provide updated rates?

TheJackal · 29 Jun 2009

GeneralZod said:
Standard Variable Rates
Lender, APR, Max term, LTV

[broken link removed] 2.68% <40 years <50% [Now 4.23% for New customers; 2.43% existing customers]
[broken link removed] 2.5% 35 years < 50% New customers only [Now 2.3%]
[broken link removed] 2.94% 35 years < 80% [Now 2.48%]
[broken link removed] 2.78% <40 years 50% - 75% [Now 4.39%]
[broken link removed] 3.46% tbd < 60% [Now 3.2%]
[broken link removed] 2.99% <40 years 75% - 90% [Now 4.54%]
[broken link removed] 3.13% 35 years tbd [rate depends on borrowed amount. >350K, 35 yrs, <50% is Now 3.5%]
[broken link removed] 3.71% tbd >60% [Now 3.46%]
[broken link removed] 3.0% 35 years all existing customers [couldn't find it!]
[broken link removed] 3.24% 85% (80% on apartments) [Now 2.77%]
[broken link removed] 4.2% tbd <80% [Now 3.7%]

fitzney · 1 Jul 2009

Hi.
I've been mouching around for information re mortgage lenders and came upon this thread. My wife and I currently have a low mortgage with only eight years left to run. However, we have two sons who (hopefully) are going to college this Sept. and want to provide educational funding for them. We have been making enquiries of many institutions with a view to taking out a new mortgage.
The following information is good as of this afternoon (July 1st). It is based on 1. LTV of less than 50%. 2. Ten year loan term. 3. With the exception of ICS (where our current mortgage is) our application/figures given to us is based on @New Business'.

Name

New Bus.

Product

Rate

APR

K/10 yrs

I.C.S.

yes

Variable

2.35%

2.40%

€ 9.36

1 yr

2 yr

3.09%

2.80%

€ 9.70

3 yr

3.49%

3.00%

€ 9.88

4 yr

5 yr

4.09%

3.40%

€ 10.17

B. of Irel.

Variable

2.25%

2.30%

€ 9.31

1 yr

2 yr

2.99%

2.70%

€ 9.65

3 yr

3.39%

2.90%

€ 9.83

4 yr

5 yr

3.99%

3.30%

€ 10.11

A.I.B.

yes

Variable

2.25%

2.28%

€ 9.31

1 yr

2.40%

€ 9.38

2 yr

2.80%

€ 9.56

3 yr

3.19%

€ 9.74

4 yr

5 yr

3.86%

€ 10.05

E.B.S.

yes

Variable

2.80%

4.90%

€ 9.56

1 yr

2.49%

4.70%

€ 9.42

3 yr

3.75%

5.40%

€ 10.01

5 yr

4.35%

6.20%

€ 10.29

Permanent

yes

Variable

3.00%

TSB

1 yr

2 yr

3.60%

3.30%

€ 9.94

3 yr

4 yr

5 yr

4.20%

3.70%

€ 10.22

7 yr

4.50%

4.10%

€ 10.36

10 yr

4.50%

4.30%

€ 10.36

Irish

Variable

2.74%

2.77%

€ 9.64

Nationwide

1 yr

2 yr

4.10%

3.06%

€ 10.33

3 yr

4.75%

3.40%

€ 10.66

4 yr

5 yr

4.95%

3.86%

€ 10.77

Ulster

Didn’t come back to us

Bank

Bank of

Variable
5.90%
6.06%
€ 11.05

Scot/Irel.

1 yr
6.35%
6.21%
€ 11.21

is

2 yr
6.80%
6.36%
€ 11.28

Halifax

3 yr
7.15%
6.57%
€ 11.39

4 yr

5 yr
7.75%
7.12%
€ 11.67

National Irish

Variable

Only lending to existing customers

Hope this may be of some help to people. Also, if anyone has any advice re switching mortgages, we would be happy to get it.
Thanks
fitzney

fitzney · 1 Jul 2009

Woops!
Sorry. Info was copied from exel to word doc and the pasted. Formatting went haywire. Can redo if anyone wants it.
Fitzney

Soarer · 27 Aug 2009

Anymore recent info?

irishlinks · 27 Aug 2009

Soarer said:
Anymore recent info?

Take a look here for the lowest mortgage rates

Soarer · 27 Aug 2009

Thank you kindly good sir/madam.

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