AIB has increased the deposit for NE mortgages and tracker movers from 8% to 20%

E

EmDilemma

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Copied from a separate thread.

AIB's mortgage advisor also tells us that the Central Bank deposit rules DO apply to us and we would require a 20% deposit on the new home. We met the loan-to-income requirements.
 
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Update 30th June 2016 - it's back down to 10%


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From AIB Site:

Trade Up
  • Involves moving to a property of greater value than the value of the existing property
  • Up to 80% Loan to Value (LTV) finance is available to you towards the purchase price of your new property with a Max LTV 75% for one-bedroom apartments
  • The combined balance of the residual debt and the new mortgage must be of a lower LTV than the LTV of the existing property

  • The maximum Loan to Value of the new property including the residual debt cannot be more than 175% subject to a maximum loan balance of €700,000.
 
44brendan said:
Up to 80% Loan to Value (LTV) finance is available to you towards the purchase price of your new property with a Max LTV 75% for one-bedroom apartments
Click to expand...

OK, so AIB is insisting on a 20% deposit. It's not the Central Bank's rules.

As far as I can recall, it used to be 10%.

Brendan
 
I have just read the NE AIB brochure just now. Has it changed recently. Loan top up is new mortgage -at new rates including ne. Does that mean the tracker is lost? I thought you get the balance of your neg equity property transferred!
Plus 20% deposit.
 
From:
http://www.askaboutmoney.com/thread...tive-equity-and-tracker-mover-product.187831/

"AIB's normal lending criteria will apply

Maximum LTV: 92%, but reduced in the following cases

  • Max LTV for loans over €400,000: 85%
  • Max LTV for one-bed apartments: 75%"

But now, it's
http://personal.aib.ie/our-products/mortgages/tracker-interest-rate-mortgage

"Up to 80% LTV finance is available to you towards the purchase price of your new property with a max LTV 75% for one-bedroom apartments."


This would knock out a lot of people trying to move their trackers.

It would also knock out even more people on non-trackers, as they would find it very difficult to raise the 20%.

Brendan
 
Can we confirm a major change with AIB?
What about tracker transfer? Is that a different product
Negative equity mortgage/
Tracker transfer/
Negative equity tracker transfer
 
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