time to plan
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Bank of Ireland don't offer the best mortgage rates. Between this and their reliance on a cashback offer, they don't tend to be recommended on these boards.
But this thread https://www.askaboutmoney.com/threads/from-bankruptcy-to-a-mortgage-with-bank-of-ireland.225035/ and my own experience got me thinking about non-standard mortgage case. 2 examples:
1. Getting a mortgage post-bankruptcy - see thread above
2. Proprietary director / self employed without two years of accounts - I had been contracting on a daily rate as a proprietary director for just a few months, and made a 'special case' argument with a letter from my client that I was working on a long-term project and got a mortgage offer for 2.5 x annualised daily rate. The key to this was the BoI 'Mobile Mortgage Manager', who in our case was a semi-retired guy with a lifetime experience of banking, who presumably was on commission. He made the case for us. I had previously been to a broker who said no bank would touch us before I had 2 years of accounts.
These are only two anecdotes, but I wonder if anyone else has similar experience and whether it makes a case for choosing BoI in similar circumstances (or at least it's worth a go?)
In terms of the mortgage rates, if you plan properly, they are not that bad. Get a 2 year fixed rate @2.9% and get your 2% cashback. Then move to someone like Avant when you are a standard case. If you are in the bankruptcy category, maybe you'd want to fix for longer?
But this thread https://www.askaboutmoney.com/threads/from-bankruptcy-to-a-mortgage-with-bank-of-ireland.225035/ and my own experience got me thinking about non-standard mortgage case. 2 examples:
1. Getting a mortgage post-bankruptcy - see thread above
2. Proprietary director / self employed without two years of accounts - I had been contracting on a daily rate as a proprietary director for just a few months, and made a 'special case' argument with a letter from my client that I was working on a long-term project and got a mortgage offer for 2.5 x annualised daily rate. The key to this was the BoI 'Mobile Mortgage Manager', who in our case was a semi-retired guy with a lifetime experience of banking, who presumably was on commission. He made the case for us. I had previously been to a broker who said no bank would touch us before I had 2 years of accounts.
These are only two anecdotes, but I wonder if anyone else has similar experience and whether it makes a case for choosing BoI in similar circumstances (or at least it's worth a go?)
In terms of the mortgage rates, if you plan properly, they are not that bad. Get a 2 year fixed rate @2.9% and get your 2% cashback. Then move to someone like Avant when you are a standard case. If you are in the bankruptcy category, maybe you'd want to fix for longer?
