Trading Up - Mortgage Lenders

I am in a super lucky postion where I am in a position to look to trade up from a property I bought back in 2008. (Debt free, [edit: other than my mortgage] <80 LTV, meet the Central Bank rules, will cover easily the existing mortgage by selling my PPR etc)

Based off the stickys here, I applied to AIB directly via their online portal and got instant AIP and am now working through their requirements.

As Avant is broker only I applied to one of their approved brokers. After my discussion with the Broker the response was BOI and Avant would be the best options.

Obviously my preference is Avant, but as a former KBC mortgage customer who has had their mortgage transferred to BOI (and been informed of the CCR issue) I thought that might help with a BOI application. i.e. a KBC customer with good record.

What I received was:

"the fact that your current mortgage is now with BoI might prevent us from reapplying to them, but both PTSB & Avant are still good options"

As I had applied directly to AIB, evidently Haven wasn't an avenue for the broker. I thought maybe being a new BOI mortgage holder might have helped my application.

Maybe this is a bit of a rant, but are brokers being squeezed due to the lack of mortgage lenders in the Irish market?

Wandering_Dazed said:

"the fact that your current mortgage is now with BoI might prevent us from reapplying to them, but both PTSB & Avant are still good options"

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BoI will let you keep your current fixed rate if you have one and you only borrow at the higher rate on the excess. Therefore a broker not incentivised to deal with BoI for you. There's another thread on this if you look.

Disclaimer: maybe there is some exception for former KBC mortgage-holders.

Wandering_Dazed said:

Maybe this is a bit of a rant, but are brokers being squeezed due to the lack of mortgage lenders in the Irish market?

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I was talking to a broker yesterday and he said the only lenders that don't deal with them are EBS and for AIB they have to deal with Haven.

NoRegretsCoyote said:

I was talking to a broker yesterday and he said the only lenders that don't deal with them are EBS and for AIB they have to deal with Haven.

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I hate the way brokers twist this.
Haven is the broker wing of EBS. Both are part of the AIB group, but the terms & conditions (and rates!) of a Haven mortgage are very different to an AIB mortgage.

Wandering_Dazed said:

What I received was:

"the fact that your current mortgage is now with BoI might prevent us from reapplying to them

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As NoRegrets said, there's limited incentive for the broker, so you should apply directly. There's nothing to stop the broker applying, but its possible that not all your options such as keeping your fixed rate etc will be explored.

Wandering_Dazed said:

Debt free

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NoRegretsCoyote said:

BoI will let you keep your current fixed rate if you have one and you only borrow at the higher rate on the excess.

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Is the OP not debt-free. Why are people talking about fixed rates?

Wandering_Dazed said:

as a former KBC mortgage customer who has had their mortgage transferred to BOI

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Hi WD

Could you clarify please. Do you or do you not have a mortgage?

I presume your mortgage was transferred to BoI and you subsequently cleared it.

If you have a mortgage, you are not "debt-free".

Brendan

Brendan Burgess said:

Is the OP not debt-free. Why are people talking about fixed rates?

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He also mentions an "existing mortgage". I think OP means no debt other than mortgage.

RedOnion said:

Haven is the broker wing of EBS. Both are part of the AIB group, but the terms & conditions (and rates!) of a Haven mortgage are very different to an AIB mortgage.

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Yeah I'm more informed than the man on the street and even still I find it difficult.

So as an existing BoI customer my best approach should be:

1. Approach BoI as an existing customer
2. Got to AIB directly
3. Use a broker for all other lenders

Wandering_Dazed said:

"the fact that your current mortgage is now with BoI

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OK, so he does have a mortgage.

I have edited his post to clarify.

Brendan

Brendan Burgess said:

OK, so he does have a mortgage.

I have edited his post to clarify.

Brendan

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Thanks Brendan, apologies for not being clearer.

NoRegretsCoyote said:

He also mentions an "existing mortgage". I think OP means no debt other than mortgage.


Yeah I'm more informed than the man on the street and even still I find it difficult.

So as an existing BoI customer my best approach should be:

1. Approach BoI as an existing customer
2. Got to AIB directly
3. Use a broker for all other lenders

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Indeed I intend to approach BOI as an existing albeit newly acquired customer.

I suppose all I was trying to express is that Broker options are more limited in current market conditions unless you are a FTB or have certain requirements such as BTL or Self Employed.

RedOnion said:

I hate the way brokers twist this.
Haven is the broker wing of EBS. Both are part of the AIB group, but the terms & conditions (and rates!) of a Haven mortgage are very different to an AIB mortgage.

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Out of interest do you have any details around the T+C differences between Haven and AIB?