joey said: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.
ClubMan 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?
joey said: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?)
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.
ClubMan said:Are you sure that those rates are correct? They don't tally with the rates in the best buys list.
Send him/her a copy of the best buys list and see what they say.joey 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.
I'm going to print them out and show them to them to get the true rate.ClubMan said:Send him/her a copy of the best buys list and see what they say.
ClubMan said: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?
joey said:She has told me the tracker rates with both AIB & IIB are currently 3.25. Is that right? (I'm borrowing 165,000.)
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:Not according to the best buys list! How come your broker quoted 3.30% earlier and is now quoting 3.25%?
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.
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