As per the heading really. I'm trying to find out what (if any) the minimum amount each lender has for accepting mortgage applications. I've heard anecdotally that some of the banks won't review applications for less than €75,000 but I've never seen anything specifically published by them to this effect (nor would I expect to, I suppose). I note that the minimum amount you can put into the mortgage calculator on mortgages.ie is €75,000 so I'm wondering if there's something to this figure.
Do lenders have minimum loan values for mortgages?
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Every lender publishes a minimum value. Usually 40k to 50k
But, I wouldn't be surprised if at a practical level they use a higher value. The level of 75k is set in consumer credit directive, and that might be used to ensure mortgages don't fall within scope of that legislation.
I've never looked at it fully from that perspective.
But, I wouldn't be surprised if at a practical level they use a higher value. The level of 75k is set in consumer credit directive, and that might be used to ensure mortgages don't fall within scope of that legislation.
I've never looked at it fully from that perspective.
Brendan Burgess
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This has come up a few times in the "should I switch my mortgage?" questions.
For example, this person has €68k with 7 years left and would like to switch from Pepper to AIB.
Do the lenders publish minimum amounts and minimum terms?
Are there conditions for the €2,000 switcher from AIB?
For Avant it appears to be €100,000
For example, this person has €68k with 7 years left and would like to switch from Pepper to AIB.
Do the lenders publish minimum amounts and minimum terms?
Are there conditions for the €2,000 switcher from AIB?
For Avant it appears to be €100,000
DublinHead54
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Would a lender consider a lower value under the banner of an equity release / top-up mortgage?
@Brendan Burgess
following thread had example of a 66k switch to AIB
I believe PTSB have a minimum of 40k.
There is no minimum referenced on any docs I've seen for AIBs 2k cash for switchers.
following thread had example of a 66k switch to AIB
Should I switch or stay with Ulster?
Mortgage left 58000 at 2.3% with 17.6 years left. My fixed rate is up in September. Should I break now and lock in Ulster Bank rate of 2.2 before they leave or switch to Avant, AIB for 3-5 years?AIB switcher fee if 2000 looks tempting.
www.askaboutmoney.com
I believe PTSB have a minimum of 40k.
There is no minimum referenced on any docs I've seen for AIBs 2k cash for switchers.
That's right – even though Avant require a minimum balance of €100k, some brokers for Avant require a minimum balance of €200k.