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Best Mortgage to Take Out

  • 18-05-2012 9:23pm
    #1
    19driver83
    Registered Users, Registered Users 2 Posts: 164 ✭✭


    Wondering what is the best mortgage option at present for a first time buyer.

    Which bank
    Which product (Variable, fixed)

    Can a first time buyer go straight for a variable mortgage or do they have to fix at the beginning?


Comments

  • #2
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    If looking for your first mortgage, you need to establish which lenders will give you the mortgage you need. For example, AIB will offer 92% loans meaning that you need to have an 8% deposit plus legal fees, Stamp Duty and other costs. ICS will do 90%, KBC 80% etc.

    Each lender also has its own lending criteria - all lenders might not approve you for the loan you want.

    But assuming that you can choose from any lender you like, I think interest rate is one of the most important deciding factors. At the moment, AIB have the lowest variable rates.

    Fixed rates are generally more expensive than variable rates. I only recommend them to people who are happy to pay a bit extra for the peace of mind of knowing what your repayments will be for a set period.

    You don't have to fix at the start of a mortgage - you can go variable if you want.


  • #3
    19driver83
    Registered Users, Registered Users 2 Posts: 164 ✭✭19driver83


    Liam D Ferguson wrote: »
    If looking for your first mortgage, you need to establish which lenders will give you the mortgage you need. For example, AIB will offer 92% loans meaning that you need to have an 8% deposit plus legal fees, Stamp Duty and other costs. ICS will do 90%, KBC 80% etc.

    Each lender also has its own lending criteria - all lenders might not approve you for the loan you want.

    But assuming that you can choose from any lender you like, I think interest rate is one of the most important deciding factors. At the moment, AIB have the lowest variable rates.

    Fixed rates are generally more expensive than variable rates. I only recommend them to people who are happy to pay a bit extra for the peace of mind of knowing what your repayments will be for a set period.

    You don't have to fix at the start of a mortgage - you can go variable if you want.

    Id prefer to go with AIB and my choice would be to go variable. But Im sure I read on AIB.ie that I cannot go variable straight away as a first time buyer...is this correct or is this just an AIB stipulation?


  • #4
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    19driver83 wrote: »
    Id prefer to go with AIB and my choice would be to go variable. But Im sure I read on AIB.ie that I cannot go variable straight away as a first time buyer...is this correct or is this just an AIB stipulation?

    That's not correct. You can choose a variable rate as a first-time buyer with AIB.


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