Mortgage for Investment Property

[Red Square]

Hi all
This is my first post. I am currently bidding on a property I am intersted in and its looking like I will get it. I have been shopping around and the best rate I can get is ECB + 0.9%. The LTV on the property will be 60% as I have some money to put towards it. I saw recently that National Irish bank had a product out which gave lower rate for low LTV mortgages - between ECB +.5 - .8 depending on the LTV I think. Is this for principal residence mortgages only or would it apply to an investment property?

Also, if it is primary residence only, could I tell them that it was my primary residence even though it is an investment property or is this illegal and risky?

Finally is there any products like the NIB one for low LTV mortgage investment properties?

All advice appreciated.

Thanks

 

[Dreamerb]

(1) NIB product is for PPR only.

(2) It's both illegal and risky - and what's more, it'll cause you problems with Revenue (if you try claiming TRS - and the mortgage provider will wonder what you're up to if you're not claiming TRS, not to mention rental issues), plus there'll be conditions on term life assurance, etc. Don't do it.

(3) Depending on the amount in question, you may be able to negotiate a better introductory rate, though the best I've managed is a two year discount tracker of ECB + 0.85% from BoI - but that's rolling to ECB + 1.25%, which isn't great. If you can get ECB + 0.9% for the full term, that sounds pretty good to me.