No mortgage repayments for first few months?

R

River

Registered User
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Hi,

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.
 
Re: Mortgages - No repayments for 1st few months

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.
 
Re: Mortgages - No repayments for 1st few months

canman said:
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.
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thanks Canman.

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.
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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.
 
Re: Mortgages - No repayments for 1st few months

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....
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Re: Mortgages - No repayments for 1st few months

jhegarty said:
there are not flexible , otherwise they would be offering 102% mortgages....
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is the capital amount you pay back not still 100%?
 
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