Mortgage Advice – Variable mortgage AIB or BOI

M

mattyfitzy

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Mortgage Advise – Variable mortgage AIB or BOI

Hi All,
Just looking for people’s thoughts on the following – after 4 months of going around in circles with AIB & BOI on mortgage applications we now have approval from both of them within 2 days of each other!! I know that AIB’s rate is currently better than BOI’s but do people think that this is likely to remain the case? Anyone have any options on which bank to go with (long term) or should I just be choosing the one with the cheapest rate at the moment? Thanks
 
I'm sorry i don't have an answer for you but i do have a question...

I have just completed my AIB mortgage application with all the required docs etc .... how long was it before you got a reply ?
 
The process took a little over 4 months from first contact with the bank to approval. Given that I had all the paperwork etc that was requested by the bank submitted after about 3 weeks...they just kept coming back looking for more information and looking for additional copies of documentation! Every time they looked for more information usually meant about a 3 week delay....but I’m guessing each application is different! Best of luck with it!
 
I also have a question about AIB vs BOI.
We have been aproved for a mortgage with both lenders. We are not sure which bank to go with. I had heard that AIB were the best to go with because they had the lowest rates but now I hear people saying they are now a zombie bank and to stay away from them. Is AIB what they call a zombie bank? Does this mean that they are best avoided when looking for a mortgage?
 
Hmmm ... to be honest, I'm not sure how AIB being a zombie bank will affect you too much - they're almost too big to fail (the State would be called upon to help out (again)).

Re AIB and BOI, one gives the lower APR but in return seeks a lower LTV.
 
I was in a similar situation and decided to go with BOI for 2 reasons.

The first related to AIB. They offered us over 50% higher mortgage than BOI did. IMHO the amount was irresponsible to offer, and I felt if that reflected their business practice, they may be best avoided. I know they only offer 92% mortgages vs BOI 90% so I'd imagine they will always be a little higher.

The second reason was to do with BOI, they just seemed more on the ball business wise and after the recent banking crisis they have come through with their reputation somewhat intact.

I do not work in banking and have no friends or relatives that do so I could be way off with this. Perhaps BOI offer too little? Just my opinion anyways and we signed the paperwork with BOI last week.....
 
Aib are putting their variable rate up in september even though ecb have cut the rates
 
foxylady said:
Aib are putting their variable rate up in september even though ecb have cut the rates
Click to expand...

Even so, they are still the cheapest in the market.

People need to get over their obsession with the ECB rate cuts in relation to the SVRs. A variable is not a tracker. A variable is not a fixed rate. If you are uncomfortable with the idea of the rates being reviewed then you probably shouldn't sign up to the loan.
 
bugler said:
Even so, they are still the cheapest in the market.

People need to get over their obsession with the ECB rate cuts in relation to the SVRs. A variable is not a tracker. A variable is not a fixed rate. If you are uncomfortable with the idea of the rates being reviewed then you probably shouldn't sign up to the loan.
Click to expand...


I have my mortgage with them and am happy enough, was just informing the op as to this as they were having trouble deciding
 
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