Hello,
My wife and I are first time buyers and would like some advice. We are looking for a mortgage of €320, 000 and are trying to decide between EBS (3 %) or Ulster Bank (2.3 %) for a 2 Year Fixed. We have been accepted by EBS and are about to apply to Ulster Bank - we have also put down a 10 % deposit on a new build (ready in December)
When I compare the monthly repayments of the two lenders over the two years, we still stand to gain €2165.92 if we go with EBS. This is on account of their 2 % cashback offer and also takes into consideration the €1500 that Ulster Bank offer towards legal fees.
Monthly repayments for Ulster Bank are €1403.56 and for EBS are €1517.48. This would mean more money at the end of the month with Ulster bank, but more cash in hand from EBS - could be put back into mortgage at a later date.
Would it be foolish to go with EBS? By the way, we met them yesterday and asked them could they compete with Ulster Bank's 2.3 % - it was a flat "no"!
One other idea I had was to go with get a one year fixed with EBS and then switch to Ulster Bank next year for two years (assuming the same rate is still on offer).
Thanks.
My wife and I are first time buyers and would like some advice. We are looking for a mortgage of €320, 000 and are trying to decide between EBS (3 %) or Ulster Bank (2.3 %) for a 2 Year Fixed. We have been accepted by EBS and are about to apply to Ulster Bank - we have also put down a 10 % deposit on a new build (ready in December)
When I compare the monthly repayments of the two lenders over the two years, we still stand to gain €2165.92 if we go with EBS. This is on account of their 2 % cashback offer and also takes into consideration the €1500 that Ulster Bank offer towards legal fees.
Monthly repayments for Ulster Bank are €1403.56 and for EBS are €1517.48. This would mean more money at the end of the month with Ulster bank, but more cash in hand from EBS - could be put back into mortgage at a later date.
Would it be foolish to go with EBS? By the way, we met them yesterday and asked them could they compete with Ulster Bank's 2.3 % - it was a flat "no"!
One other idea I had was to go with get a one year fixed with EBS and then switch to Ulster Bank next year for two years (assuming the same rate is still on offer).
Thanks.