Just found out that apartment im going to buy this week will be ready 3 months sooner than expected.
im going for a 100% mortgage so am using the time before they are ready to save for furniture. obviously the fact that they are ready sooner is going to hamper this.
i have not finalised who i wil be taking mortgage out with so wanted to enquire with people if there are any lenders they have experience of that would offer this service to a customer looking for 100% mortgage.
Also how flexible would banks be in relation to asking for this.
I know a friend of mine got the first three months off with Permanent TSB. But I think most of the institutions offer it now. You will need to ask them though because I didn't get it because I forgot to ask and as we were going through a broker, I think they get paid commission the sooner the first payment goes in.
Also, someone may correct me if I am wrong, but because you do not pay any payments on your mortgage for a few months, this does not mean that your mortgage has not started and that interest has not started to accumulate on your borrowed amount.
I know a friend of mine got the first three months off with Permanent TSB. But I think most of the institutions offer it now. You will need to ask them though because I didn't get it because I forgot to ask and as we were going through a broker, I think they get paid commission the sooner the first payment goes in.
i know from PTSB website that they offer up to 4 months but only if you borrowing up to 98%. i wonder how flexible they are on this. i suppose il just call them.
canman said:
Also, someone may correct me if I am wrong, but because you do not pay any payments on your mortgage for a few months, this does not mean that your mortgage has not started and that interest has not started to accumulate on your borrowed amount.
interest accumulates once you drawdown. Interest is rolled up into the total amount due so it will increase all subsequent payments. i think its usually about €25 extra per month. its not great value but this isnt why im doin it either.
River
i know from PTSB website that they offer up to 4 months but only if you borrowing up to 98%. i wonder how flexible they are on this. i suppose il just call them.
[/quote said:
there are not flexible , otherwise they would be offering 102% mortgages....