Permanent TSB launches 100% mortgage

L

LDFerguson

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It didn't take long for Permanent TSB to follow First Active's lead - they're launching their 100% mortgage for First Time Buyers next week. Haven't seen any technical details on the product yet, other than the fact that they seem to maintaining their existing affordability calculation.

Happy days for FTBs.

Liam D Ferguson
www.yourfirstcastle.com
 
Thats great news. We have our loan offer for 92% with PTSB. Do you think they would change it to the 100% or even a bit more than the 92%?

Pink
 
Pink, from what we have been told, you can change your existing loan offer to either the full 100% or an amount under this amt. You need to sign an amendment request form with them first, before they will check to see if you qualify for this loan amount.
 
LDFerguson said:
It didn't take long for Permanent TSB to follow First Active's lead - they're launching their 100% mortgage for First Time Buyers next week. Haven't seen any technical details on the product yet, other than the fact that they seem to maintaining their existing affordability calculation.

Happy days for FTBs.

Liam D Ferguson
[broken link removed]
Click to expand...

anyone seen the "fine print" ?
 
Fine Print won't be out until next week, and there will be no changes to the rates offered by PTSB, however you will be prevented from taking the 1 year fixed (I think!!)

Deirdre Leonard
[email protected]
 
Here we go...
  • For joint applicants at least one of the applicants must be a first time buyer.
  • Normal PTSB interest rates apply except the 1 year fixed and discounted variable.
  • Normal PTSB lending criteria apply.
  • Site purchase, direct labour, 1 bed apartments and studio apartments are excluded.
It is PTSB's intention to lend the deposit amount, when required, subject to applicable criteria. This facility is currently being developed.

Liam D Ferguson
[broken link removed]
 
Hi Liam

according to the PTSB website applicants have to be First Time Buyers, can you confirm that at least one applicant only has to be a First Time Buyer?

thanks
Deirdre L
[email protected]
 
DeirdreL said:
Hi Liam

according to the PTSB website applicants have to be First Time Buyers, can you confirm that at least one applicant only has to be a First Time Buyer?

thanks
Deirdre L
[email protected]
Click to expand...
Yes - got the circular e-mail from PTSB yesterday - confirms that only one needs to be a FTB (bit funny that.......?)
 
If a FTB buys a property with a second person who is only on the mortgage to help get the required amount, Revenue will treat the buyer as an FTB as long as certain conditions are met. See [broken link removed]

I'd guess that this is who Permanent TSB are targeting, as none of the other 100% lenders will accept such arrangements.

Liam D Ferguson
www.yourfirstcastle.com
 
Hi Munsterdude

we haven't received anything yet from PTSB, can you email me what you got? if you don't mind

thanks
Deirdre L
[email protected]
 
Permanent TSB have today released details of their "deposit loan" product for those who are getting a 100% mortgage but need to borrow the deposit first to sign contracts.

Summary details are: -

  • Automatic qualification for deposit loan once you are approved for the 100% mortgage. (Deposit loans over €50,000 have to be individually assessed.)
  • Maximum deposit loan 10% of purchase price.
  • The personal loan will be offered at a rate of 8.6% (8.9% APR) over a term of 10 years with standard scheduled repayments.
  • The personal loan cheque will beissued to the borrowers' solicitor when Permanent TSB has received the borrowers acceptance of the mortgage loan offer.
  • It will be a condition of the mortgage approval that the personal loan is cleared from the proceeds of the Permanent TSB mortgage.
Liam D Ferguson
www.yourfirstcastle.com
 
I was just wondering if they included the personal loan repayment for the 10% deposit in the monthly mortgage repayments ? Also if you are getting a quote for a 100% mortgage is this included ? Also what happens with the booking deposit is this refunded or is the difference subtracted from the 10% to be repaid ?
thanks !
 
A loan for the deposit is a separate loan and not part of the mortgage. When the mortgage cheque for 100% is drawn, your solicitor will repay the 10% deposit loan, pay the vendor whatever they're due and refund you the difference, which would presumably include any booking deposit you have paid.

Liam D Ferguson
www.yourfirstcastle.com
 
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