I have been approved by AIB and IIB for a mortgage and I'm unsure which one to choose. Most people are advising me to stick with AIB but IIB are offering a slightly better rate and seem to be more flexible. Has any found any problems in dealing with IIB? Any views would be welcome-thanks.
AIB or IIB for mortgage?
- Thread starter joey
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z107
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IF IIB are offering a better rate, definately go with them. I'm with IIB and have no problems.
I can't understand people who have accounts with AIB. They are absolutely dire. I closed my accounts with AIB a long time ago.
Latest thing thing crowd are doing is to close the quicklodge at 3:00pm. I ask why and they replied it was because too many people were using it between 3-4pm. How about that for a customer centric approach!
I can't understand people who have accounts with AIB. They are absolutely dire. I closed my accounts with AIB a long time ago.
Latest thing thing crowd are doing is to close the quicklodge at 3:00pm. I ask why and they replied it was because too many people were using it between 3-4pm. How about that for a customer centric approach!
munsterman25
Registered User
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I agree u mop. AIB are a bunch of unprpfessional wan***s. Can't stand them. Having said that I may need to get my mortgage off them. It will be the death of me though
ObiwanKenobi
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Provided the better rate is not just a discounted variable to get you in the door.....
I
Ikeanoamback
Guest
IIB have a discounted variable rate for the first year for first time buyers at 2.69%, which reverts to the standard variable rate at the end of year 1, I think their standard variable rate is 3.4% at the moment,
I dealth with them about a year ago and found them a bit sloppy when it came to drawdown time, the loan approval was swift enough, but when we were closing they sought a lot of possibly unneccessary, and highly detailed info, which would have been ok if they had sought it all at the same time, but it seemed that everytime we provided one piece of information they sought something else, v annoying and stressfull when you want your cheque,
Beware the first year discount rate, why not shop around further, and their standard variable rate is certainly not the best available.
regards,
Ikeano
I dealth with them about a year ago and found them a bit sloppy when it came to drawdown time, the loan approval was swift enough, but when we were closing they sought a lot of possibly unneccessary, and highly detailed info, which would have been ok if they had sought it all at the same time, but it seemed that everytime we provided one piece of information they sought something else, v annoying and stressfull when you want your cheque,
Beware the first year discount rate, why not shop around further, and their standard variable rate is certainly not the best available.
regards,
Ikeano
joey said:
What rate are they both offering? According the the best buys list AIB rate better than IIB on trackers at least. As others have said beware of one year discounted rates that mask higher standard rates from any lender. Did you shop around with lenders other than these?
ClubMan said:
AIB are offering me 2.75 fixed for first year and IIB are offering 2.69 fixed.
After that I want to switch to a tracker mortgage and both are currently 3.30 at the moment and as the tracker is linked to the ECB them rates will have to stay the same with each. (my understanding means that if one increases cos ECB has increased then the other will also have to?) IBB are the more flexible with offering the interest only for 3 years over the term of the loan.
But regarding the earlier post saying they found IIB sloppy I had heard they can be difficult to deal with on the phone. AIB have already sent the loan offer and were a week ahead of IIB. ( I applied to both on the same day).
Even before IIB issue the loan offer they want further paperwork.
Also time isn't really on my side as I have a deposit put on a place and am signing the contracts Monday.
I found IIB to be a lot less sloppy than AIB - ended up getting the mortgage with IIB.
When I called AIB they said they'd get someone to call me back. A while later someone called to ask if I was happy with the service etc and I said that I was waiting to talk to someone about a mortgage so they said they'd get another person to call me. Couldn't be bothered waiting around so went with IIB and got a call from AIB about 3 months later asking if I was happy with the service and was there anything they could do.
Am now thinking about moving my currant account to ptsb after paying yet another quaterly fee of over €20 to AIB today.
When I called AIB they said they'd get someone to call me back. A while later someone called to ask if I was happy with the service etc and I said that I was waiting to talk to someone about a mortgage so they said they'd get another person to call me. Couldn't be bothered waiting around so went with IIB and got a call from AIB about 3 months later asking if I was happy with the service and was there anything they could do.
Am now thinking about moving my currant account to ptsb after paying yet another quaterly fee of over €20 to AIB today.
Thanks Clubman for that best buys list. Its very interesting.
By looking at that I was told IIB and AIB's tracker was the same but AIB's applies to new business (3.10) while IIB's applies only to mortgages over 250k.
My mortgage is less than 200 so that's mean IIbs tracker is 3.17 as opposed to AIB's 3.10.
So for the first year if I go with IIB I get a saving on interest rate of 0.06 and then would end up paying 0.07 more for the remaining 34 years. That makes AIB seem like the better option to me.
By looking at that I was told IIB and AIB's tracker was the same but AIB's applies to new business (3.10) while IIB's applies only to mortgages over 250k.
My mortgage is less than 200 so that's mean IIbs tracker is 3.17 as opposed to AIB's 3.10.
So for the first year if I go with IIB I get a saving on interest rate of 0.06 and then would end up paying 0.07 more for the remaining 34 years. That makes AIB seem like the better option to me.
I
Ikeanoamback
Guest
I think the service with AIB probably varies greatly from branch to branch, but an additional benefit from dealing with them is the fact that they have branchs in almost every town in Ireland adding an approachability that IIB lack.
Regards,
Ikeano
Regards,
Ikeano
joey said:
Are you sure that those rates are correct? They don't tally with the rates in the best buys list.
Correct.
That sounds correct. Try crunching the numbers with Karl Jeacle's mortgage calculator to see how the two compare in the long run.
Don't be afraid to haggle and ask them to discount their normal tracker rate. The worst that can happen is that they say no. Also shop around for the best deals on mortgage protection life assurance and house insurance as these often cost more from the lender.
ClubMan said:
I'm not sure if they are but they are the rates my broker quoted me.
I saw that they differed from your rates, are your rates todays rates?
What I do like about AIB is that they have branches and the staff in the branch I deal mostly with are very helpful.
Send him/her a copy of the best buys list and see what they say.joey said:
Yes - they are the current rates as at the date quoted at the top of the list and there have been no changes since as far as I know.
Fair enough. However you may not need a branch network that much over the term of your loan since you will generally make repayments by direct debit and may not need to speak to people that much or at all. On the other hand many people like the idea of being able to meet somebody face to face.
You should be OK - a borrower is free to arrange mortgage protection life assurance with any provider that they want and are not tied to the lender for this.
What was the outcome of your deliberations with your broker? Did you show them the best buys list? What did they say? What rate are you being offered and/or taking?
What was the outcome of your deliberations with your broker? Did you show them the best buys list? What did they say? What rate are you being offered and/or taking?
ClubMan said:
Thanks Clubman.
I didn't meet the broker since or get to show them the best buys list. I had decided that I was going to go with the AIB but then at the last minute I got turned down to go interest only for the first year (The manager had said it wouldn't be a problem). I wanted to go interest only for the first year to make things easier in the beginning and to allow for expense of moving in. Then the broker rang me yesterday and I have been approved to go interest only with IIB so after thinking about it I decided the better and more flexible option was with IIB. I am now trying to organise the loan with IIB as of today. I have signed the contracts and my solicitor has got them back with hopes to close the deal in 10 days so pressure is on now. The snagging is to be completed within a week. With the builders holidays looming in July I'm hoping to have the deal closed by then. fingers crossed.
I'm going with IIb's 2.69 fixed interest only for the first year and then hope to go with a tracker mortgage after that. She has told me the tracker rates with both AIB & IIB are currently 3.25. Is that right? (I'm borrowing 165,000.)
joey said:
Not according to the best buys list! A tracker rate of 3.25% does not seem that competitive at all (ECB + 1.25%!) so if this is what you will be switched to in year two then you should really consider if this is the best value on offer. How come your broker quoted 3.30% earlier and is now quoting 3.25%? It is very important to choose the best value mortgage available up front since the additional costs of a less competitive one will add up very quickly and inertia will most likely set in making it unlikely that you will switch later even if you could save significantly by doing so. From what you've posted so far I am wondering what your broker is doing for you but maybe I don't have the full story.
I've printed out that list and am meeting her later and will show it to her. She told me 3.25 after I questioned her on it. As I'm going fixed for the first year I don't have to decide my option for year two til the end of year one or at least this is what I have been told? The reason I was opting for the tracker mortgage is because I was told it is the cheapest? What would your recommendation (re mortgage type) be?ClubMan said: