Help me decide on who to mortgage with- urgently!

L

laineyg

Guest
I am a first time buyer purchasing a home valued at 265,000. I have already paid the deposit and, in total, will to pay off 37,000 myself- leaving me with a mortgage of 228,000. I have managed to get mortgage approval with a number of banks and up until last week, thought i had made a final desicion...This week, I am back to square one again! (banks approving on principal including first active, ebs, bank of ireland, halifax)

I hope to sign in the next 2 weeks and need to confirm with my solicitor asap! he advised that i confirm who i mortgage with 3 wks before closing sale.

I am a 33 yr old woman probably taking out a mortgage over 35yrs. I am single and hope to rent out one room to help with morgage repayments.

thanks
 
My vote is not First Active. Haven't dealt with any of the others. I'm with NIB and find them good ( they have good internet access to accounts) and cheap (I was quoted 4.58% on a LTV of <60% of purchase price, which I know doesn't apply to you but you can use that to compare rates). I have no connection with NIB.

Where does the confusion come from? Not sure why you had decided and now are not sure - what's happened in the meantime?

Sprite
 
fixed rates went up. Originally I was going to go with EBS-rates increased. Then switched to Bank of Ireland- rates increased.

At the moment BOI are offering 2yr fixed 5.95%, 1 yr fixed 5.79% or ECB rate plus 1%

EBS are offering 1 yr fixed 5.72% or 2 yrs at 5.99%

At this point I think I am going to go with BOI, but I am unsure whether to go for their two yr fixed, or the ECB plus 1%...

Thx
 
What did First Active and Halifax offer you?
Also - I am pretty sure BOI are not offering a tracker of ECB plus 1% for your loan to value ratio .A are you sure that is what they are offering you? If it is correct - it's probably the best you'll get . Halifax are still offering ECB plus 1.1% with a 1 year discounted rate of ecb pus 0.55%. Did they offer you this?
 
THE BOI ECB & 1% is accurate- this was an offer given to me after fixed rates increased unexpectedly. although, when sent the paper work- this didnt seem to be specified anywhere- when I questioned this with bank- I was assured that they would put it in writing. Since then, I have dropped the amount I want to borrow and am waiting for new contract- I am hoping that things will be more clear then.

yes- halifax did offer me the rates Irishlinks mentioned- at that point I was only considering a fixed rate mortgage. Thx
 
laineyg said:
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At this point I think I am going to go with BOI, but I am unsure whether to go for their two yr fixed, or the ECB plus 1%...

Thx
Click to expand...

If you have decided who to go with why are you asking for help to decide ?
If you are sure you want to go for fixed rate - just go for the lowest one (First Active have 4.95 over 5 years - if that was offered to you why are you not considering that?).
If you want to go for a tracker - again go for the lowest rate on offer to you which looks like BOI Ecb plus 1% (but I will believe that when you have it in writing) failing that it's Halifax at Ecb plus 1.1 with a 1 year discount.
Don't hang around too long - those rates will probably be going up soon!
The choice between tracker or fixed is a gamble - but if you can get 4.95 over 5 yrs it is the lowest around.
 
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