Best Bank to go to for a mortgage

M

mrscat

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Which bank at the moment is best to go to, I know that AIB and ulster bank rates are high.

What is best to do with a new mortgage go variable or fix ?
 
I thought AIB were among the lowest?
I would recommend AIB. Have got mortgage approval there recently and know that they are approving mortgages.

I personally would go variable, because I think at this stage the Bank's would be caught for undercharging again. Fixed rates will be based on the side of caution from the bank's point of view. I think variable is the way to go
 
The fixed rates changed in AIB last week as did Ulster bank rates...they have gotton expensive.
 
EBS were the only people that would talk to me last year, but I couldn't tell you if they're still lending today.
 
If you need more than 80% LTV - then BOI are probably the lowest variable rate at the moment.


List of the Lowest Variable rate Mortgages here
 
There are many other factors to consider than just rate.
BOI for example have higher rates for existing customers then new ones - great to begin with, not so great when you want to fix as an existing customer.

If you just decide according to rate, you could soon find yourself rueing that decision. The lender with the cheapest variable rate today might raise it the day after you take out the mortgage.

Rates are important but don't be blinded by them.

www.moneybackmortgages.ie
 
It would depend on the individual circumstances of the client leon - horses for courses.
 
You can only go what is the the lowest rate available now . You can't try and guess what any one lender will do in the future. The lowest rate would be the main deciding factor for me.
You might get a mortgage broker saying different - but they may have other reasons for steering you towards a specific lender.
 
Ok then, advise on our sitation. FTB couple. One earner, c. 35k. Other is on Social Welfare. Loan amount 170,000. Repayments will be significently lower than what we currently pay on rent. We're good with money and don't spend frivolously. Aim is to pay as little total interest as possible, but don't want to get caught out if interest rates go sky high, so my thinking was to take a 30 year term with BOI and either go for standard variable (3.1% rising to 3.35% after a year) and over-pay by 200ish a month (obviously less if interest rates go up), or go five-year fixed (4.64%) and put 100-150 a month into a savings account for five years, and when we get back on variable, dump it all in to the mortgage.
 
leonmahon said:
Ok then, advise on our sitation. FTB couple. One earner, c. 35k. Other is on Social Welfare. Loan amount 170,000. Repayments will be significently lower than what we currently pay on rent. We're good with money and don't spend frivolously. Aim is to pay as little total interest as possible, but don't want to get caught out if interest rates go sky high, so my thinking was to take a 30 year term with BOI and either go for standard variable (3.1% rising to 3.35% after a year) and over-pay by 200ish a month (obviously less if interest rates go up), or go five-year fixed (4.64%) and put 100-150 a month into a savings account for five years, and when we get back on variable, dump it all in to the mortgage.
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Have you applied to any banks yet? You might not get mortgage offers. Once you have offers - then you need to choose the best rate etc.
Apply to several lenders not just the one.
Ask them about fixing half and doing half on variable - best of both worlds ?
The longer you wait - the nore chance of those fixed rates rising again.
 
Approved with BOI. Not sure if we'll bother applying to anywhere else now because there doesn't seem to be anyone else who compares rate-wise. We were going to go with AIB until the rate hike last week. Hope to have sale agreed today (fingers crossed!).
 
leonmahon said:
because there doesn't seem to be anyone else who compares rate-wise
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Say you overpay, would you like to be able to withdraw any overpayments you make for a rainy day?
KBC are the only lender to allow this as far as I am aware.

Their rate would not beat BOI's though if rate is all important. Then again BOI are due to increase their rates soon.

Don't forget, the fixed rate that you pay will be the one that is available the day you cash your mortgage cheque.
 
NorfBank,

What other than rates should be considered when looking for a mortage? We're hoping to trade up this summer and seek a smaller mortage on the new house than we currently have (from 190K over 20 yrs to circa 120K). What else should/can we consider other than rate? How to compare other factors?



NorfBank said:
There are many other factors to consider than just rate.
BOI for example have higher rates for existing customers then new ones - great to begin with, not so great when you want to fix as an existing customer.

If you just decide according to rate, you could soon find yourself rueing that decision. The lender with the cheapest variable rate today might raise it the day after you take out the mortgage.

Rates are important but don't be blinded by them.

www.moneybackmortgages.ie
Click to expand...
 
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