Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Switching Mortgage

  • 06-04-2009 8:54am
    #1
    yaynay
    Closed Accounts Posts: 182 ✭✭


    Hi All,

    Wonder if anyone can advise me. I am hoping to switch my mortgage and pay off a couple of debts, however I seem to be having a bit of trouble finding a bank tha will offer more than 80% LTV. I live in an apartment, which was an issue for Halifax.

    Can anyone offer advice on banks which are currently offering about 85-90% LTV?

    Cheers,


Comments

  • #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    Bank of Ireland and AIB are both doing up to 92% finance according to their websites. Maybe check out the EBS too.


  • #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    Bank of Ireland and AIB are both doing up to 92% finance according to their websites. Maybe check out the EBS too.

    It's not as simple as that Toots. I seen some correspondence from BOI Mortgages today which said you must have been with your current mortgage provider for 2 yrs before they would even consider a switch. As for the equity release piece (which is what you want to do effectively) I could see problems.


  • #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    True, but at least they're doing 'up to' 92%, so it'd be worth a shot enquiring anyway. I know from personal experience, it can be difficult getting an equity release on a 1 bed apartment, which is what I have. :( Not sure what size your apartment is OP, so it might be different for you. At least give them a call, the mortgage advisors would probably have a good idea of what your options would be and if they'd be able to do anything for you.


  • #5
    Acer2009
    Closed Accounts Posts: 6 ✭Acer2009


    Your best bet is talking to a mortgage broker who will know what all the banks are willing to lend. Generally switcher products are only offered for an LTV up to 75/80% abd they will be more fraid of apartments as they feel they are going to reduce more in value than houses.

    92% LTV mortgages are generally restricted to first time buyers. This percentage will start coming down as well!


Advertisement