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AIB Won't Fix Mortgage until Self Build is Finished

  • 06-11-2010 4:27pm
    #1
    BMD
    Registered Users, Registered Users 2 Posts: 146 ✭✭


    Hi,

    I've just been approved for a mortgage with AIB and BOI. I want to fix for three years but AIB have said that I can't fix until the house is finished (July 2011) and that I will have to go on a variable rate before then.

    I am going with a fixed price contract with a set finish date

    Is this the norm or are they pulling a fast one? I would prefer to fix as I think interest rates could rocket over the next 6 months when the IMF take over from Fianna Fail.

    Also, is there much point in applying to other instituitions for a mortgage or should I just go with AIB or BOI?


Comments

  • #2
    Poor Uncle Tom
    Registered Users, Registered Users 2 Posts: 14,547 ✭✭✭✭Poor Uncle Tom


    Thread moved from Construction & Planning forum.

    I think this is a more appropriate place for this.


  • #3
    Dr. Dodger
    Registered Users, Registered Users 2 Posts: 381 ✭✭Dr. Dodger


    Could be wrong but I think this is common practice. The house is unfinished so you don't have the final cost of the build. They're probably coming from a point of view of what if he needs to borrow more to finish the build. As it stands, they have no idea of the total cost of this house.

    There is some calculating to be done in working out whether a fixed rate can be applied. LTV etc..


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