Best rates out there at the moment for FTBs

Good point bob - ecb confirmed last week that there will only be one more increase this year.

IIB, PTSB, ULSTER BANK, FIRST ACTIVE< AIB FINANCE & LEASING, ICS, BANK OF SCOTLAND will all lend 95% at standard rates.
 
Stephenkelly said:
Good point bob - ecb confirmed last week that there will only be one more increase this year.
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'Confirmed'-I would have thought 'signalled' is a better word, and I would have thought that this only appiles of economic conditions develop as expected over the next few months.
 
Bob/Stephen, could you actually clarify this for me as I can't seem to get hold of my broker today!!. Do IIB do payment holidays for the first month or anything like that as I heard Perm TSB & other have facililties like that?. Just wondering...oh yes and repayment dates. Is that a month from closing or is there a designated payment date by IIB??.
 
Headachecity said:
We only went for 95% recently to have more cash available to buy things for the house and change one of the cars!
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Do you not think that's quite an expensive way to be changing the car and buying things for the house? If you didn't borrow as much, you could save up and buy things for the house and wait to change the car, or change the car with an ordinary loan.
 
Hubbies car had to go unfortunatly and we have to buy everything as it's a brand new house and we are FTB's so beds, floors, couches, kitchen appliances everything essential is required at the moment. We have saved up alot of money actually and taking out a car loan once the mortgage was drawndown would have been an extra €200/250 per month anyway so we would probably be paying out more if we did that!
 
I understand it's hard to do that alright but I meant that if you're funding the car out of the house, you'll be paying a lot more than €250 a month for it over 30 odd years of a mortgage. That's a LOT of interest.
 
Not that I'm avare of - But they will offer interest only for up to three years. Not sure when the first paymnt is but will check it out.
 
No the money for the car was not taken out of the house, we had €40k savings and with 95% we only needed €20k to sign contracts which enabled us to change the car. If we stuck with the 92% & needed €37k to sign well it suited us to do what we did!
 
I understood that - the point was that instead of putting money you had straight into the mortgage so you had to borrow less, you borrowed more and used the cash for the car. So it works out the same as if you used the mortgage to fund the car.

Anyway, you've clearly already done it so there isn't any point in advising you not to!
 
Hi headachecity, has you broker got back to you? and also have you phoned around for the best rates? reason asked is I am a FTB looking around for mortgage & house... a lot to do & so confusing....amybe you or some of the other thread readers may be able to help me.
 
Dovepetals..EBS & Ulster are willing to take us on but will get back to you with the rate we were given and on the plus side there is no special condition on us with either to go on a 3 year fixed rate. My advice to you would be get all your paperwork in order then apply for your mortgage before you start looking as you will know what you can bid on etc and when you get an offer accepted you know you're mortgage approved so a bit less stress for you!. And oh shop around!.
 
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