lledlledlled
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I suppose BOI might facilitate us then. However, we are almost Sale Agreed now on our own house and we're hoping to buy ASAP.I suppose that if they are selling their business, Bank of Ireland would probably discount any loans given outside the normal lending criteria.
I wonder would BoI facilitate you after the loan is sold?
Brendan
Sounds as if you have to not sell your house.we are almost Sale Agreed now on our own house
Sounds as if you have to not sell your house.
It would be too risky to do so if you are not approved to buy a new house.
If you sell your own house, you will have to clear your mortgage so you will have no choice but to pay the big fixed rate penalty.
Brendan
It's probably worth your while to give all the information in case someone has a better idea.
Sale agreed price
Balance on existing mortgage
Remaining term of fixed rate
Fixed rate
Break fee
Target price of new house
Deposit available
LTV required
Salary
LTI required.
If you sell your own home first, I presume you have to pay the break fee.
Then they refund it to you if you take out another mortgage .
But is there a time limit on it?
If you get it in writing from KBC, BoI would have to honour it. But you would need it clearly in writing.
Brendan
You are correct, we need to pay the break fee & then it's refunded when we take out a new mortgage with KBC. It isn't clear what happens if KBC have left the market between us selling & buying.
Another kicker i wasn't aware of is that upon drawdown of the new loan, the period of the 10yr fixed rate resets to Day 1 for the full loan.
I would say that it's pretty clear. KBC's obligations to you are carried over to the new owner.
While KBC might show you some flexibility e.g. if the offer is open for 6 months and it takes you 7 months, Bank of Ireland would be under no obligation to show that flexibility.
But make sure that you have it in writing from KBC.
Brendan
That does not sound right.
You have €277k with three years to go.
You want to borrow another €200k
Are you saying that you are required to take out a loan of €477k @2.99% for 10 years starting today?
I would imagine that you will have two loans
1) €277k with three years to go
2) €200k at today's rates.
Brendan
That does not sound right.
You have €277k with three years to go.
You want to borrow another €200k
Are you saying that you are required to take out a loan of €477k @2.99% for 10 years starting today?
I would imagine that you will have two loans
1) €277k with three years to go
2) €200k at today's rates.
Brendan
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