Is this a good mortgage offer?

M

monkeyboy

Registered User
Messages
668
XXX on behalf of our Co have arranged a special offer for with ABS building society. The offer is a tracker rate ECB + .74 for 2 years followed by ECB + 1.25% thereafter (at which point a review of the mortgage should take place). This offer is not available in the general market and is an excellent rate.

Any one care to comment on how good a deal is this if at all?
Any relevant, grilling questions to give the sales people when they come in and present to us to try and sell us a load of mortagages?

cheers
MB
 
Re: Is this a good Mortagage offer?

Have you compared this rate to those listed in the forum?

Update: actually I'm not sure if the rates listed there are up to date since the ECB rate is listed as 3% and it is actually 3.5% now. There are other sites listing rates on offer though - e.g. PrimaFinance perhaps? Or one of the newspapers' lists of current rates.

Who are you dealing with? Is it an independent broker or some sort of tied agent? Make sure to decline any hard sell for mortgage protection life assurance from the lender and shop around for it yourself or through a good independent broker to get the best deal. Decline offers for mortgage repayment protection insurance unless you really think that you need it, the terms & conditions are not too restrictive and the charges not too high.
 
Re: Is this a good Mortagage offer?

Depending on the loan to value, the rate is very good for the first 2 years.

Remortgage after that
 
Re: Is this a good Mortagage offer?

I'm guessing this is a corporate deal from ICS? The rate is excellent for the first two years but awful after that so why not suggest they come up with a better deal that will retain the business once the loss-leader period is over?

Sarah

www.rea.ie
 
Sarah knows her numbers!!

So if I ensure that there are no dodgy (excessive) costs/penalties associated with changing the lender after the 2nd year its a good deal.
 
Indeed. As they state "1.25% thereafter (at which point a review of the mortgage should take place)."

Try and find out about the review procedure. Though I suspect you'll be fobbed off with some vague answer.
 
You must log in or register to reply here.
Back
Top