Hi,
First post here and quite a head-scratcher for me.
We are sale agreed on a terraced house in South Dublin for around 580k€. C rated.
Solicitors & Surveyors are doing their things for now, seems all grand so far.
We are Mortgage approved with 2 banks:
- Avant Money (applied directly) - 32 years on 3.45% fixed rate (5y) indicated, but with a 70-80% LTV that we don't think would be safe to go for.
- BoI through a broker - 33 years and the AIP has a 3.4% fixed rate (4y) indicated.
We will need to borrow about 520k (90% LTV) through one of the two banks but how do you do to choose one over the other, and a rate/product over another?
In theory BoI charges a lower interest rate, and if we get the house to a B rating, even lower, but early repayment options are more limited....
Avant has a 10% early repayment allowance and also offers a 2% Cashback on drawdown for some mortgages, and they don't care about the BER rating...
And if my understanding is correct, all the numbers on the AIP will change as soon as we bring the "house" in front of the banks, they will then refine their offers and we will have a better way to choose?
And once the fixed term is up, we have the option to renegotiate a fixed term, or to switch banks (which comes with other fees)...
I had a look at the Mortgage Rates tables and it helped me understand how things work a bit better, but this is obviously a bit confusing.
Let me know if you have any questions and thanks for your help!
Edit: and hopefully this is the right location for my thread.
First post here and quite a head-scratcher for me.
We are sale agreed on a terraced house in South Dublin for around 580k€. C rated.
Solicitors & Surveyors are doing their things for now, seems all grand so far.
We are Mortgage approved with 2 banks:
- Avant Money (applied directly) - 32 years on 3.45% fixed rate (5y) indicated, but with a 70-80% LTV that we don't think would be safe to go for.
- BoI through a broker - 33 years and the AIP has a 3.4% fixed rate (4y) indicated.
We will need to borrow about 520k (90% LTV) through one of the two banks but how do you do to choose one over the other, and a rate/product over another?
In theory BoI charges a lower interest rate, and if we get the house to a B rating, even lower, but early repayment options are more limited....
Avant has a 10% early repayment allowance and also offers a 2% Cashback on drawdown for some mortgages, and they don't care about the BER rating...
And if my understanding is correct, all the numbers on the AIP will change as soon as we bring the "house" in front of the banks, they will then refine their offers and we will have a better way to choose?
And once the fixed term is up, we have the option to renegotiate a fixed term, or to switch banks (which comes with other fees)...
I had a look at the Mortgage Rates tables and it helped me understand how things work a bit better, but this is obviously a bit confusing.
Let me know if you have any questions and thanks for your help!
Edit: and hopefully this is the right location for my thread.