Mortgage with EBS

dutopia

Hi all. I'm applying for a mortgage soon and I'm considering either EBS or AIB. I have all my bank accounts with AIB and am just wondering if there are any advantages for one over the other? Their interest rates are the same as is the mortgage offer validity period (6 months). It's a toss up really, and I think EBS because they are connected to the agents for selling the property we're looking at.

Woshy

dutopia wrote: »

Hi all. I'm applying for a mortgage soon and I'm considering either EBS or AIB. I have all my bank accounts with AIB and am just wondering if there are any advantages for one over the other? Their interest rates are the same as is the mortgage offer validity period (6 months). It's a toss up really, and I think EBS because they are connected to the agents for selling the property we're looking at.

We applied for approval in principle with both AIB and EBS (as well as other banks). We went with EBS in the end. AIB were terrible to deal with.

We applied with both and the woman in AIB put us forward for x amount - their response was an outright no. If we wanted to apply for a lower amount we had to go through the whole process again from the beginning.

EBS said no to the amount we applied for but then just offered us a lower amount (which was the perfect amount for us anyway), without us needing to reapply.

AIB also kept coming back to us asking us for a small piece of information and then a few days later they asked us for something else, delaying their decision by quite a bit. EBS asked us for a little bit more information but they asked all at once and once we provided it the approval in principle was quick to come through.

So, I don't know about other differences or if there is any advantage of one over the other but in our experience the process was a lot smoother for us with EBS (and the other banks we applied to as well). I was very unimpressed with AIB through it all actually, compared to how we were dealt with by EBS and other banks - we did bank with them but after this I moved my accounts.

dutopia

Thanks for sharing your experiences, and I'm glad things worked out for you in the end.

I've been for a meeting with both AIB and EBS and I've found them both to be fine so far, but I'll go with EBS and see how things work out.

Woshy

Sure, apply to both and see what happens. Then once you have your approval in principle you can decide who you think would be best for you. You may have a different experience then we did with AIB.

It was very easy for us to draw down the mortgage with EBS but I never did that with AIB so I can't really compare on that front

Good luck

AfterHrsProp

Im not fully aware what EBS are like but having dealt with AIB myself I have found them to be quite competitive & competent in processing the application. Their interest rate was the most competitive I found around

EBS are making a big play for more of the market now opening at weekends & during the evening so I would assume they are quite competitive also but I would have little to no complaints concerning the way AIB processed the application.

Glenbhoy

AIB own EBS, I'm not sure how they co-operate, but chances are they have identical guidelines and policies in place for everything, i'd be surprised if they even have separate underwriting departments.

That said, it really comes down to the people you are dealing with and how efficient they are.

tenifan

AIB are offering a very good fixed rate at the moment. 3.8% for 3 years or 3.9% for 4 or 5 years.

OT, but.. Also be careful of buying house insurance or mortgage protection (life cover) through the bank.

You can usually find a cheaper product through an independent broker. Even if your bank says they'll give you a 20% discount off your first year's house insurance, chances are it will still work out more expensive than a comparable produce bought elsewhere.

Also, they might try to sell you too much life cover. All that's mandatory is decreasing term assurance which can cost as little as €20 a month for a couple, depending on your age and mortgage amount. I've dealt with people paying over €200 a month towards life assurance policies who could find better ways to spend that sort of money.

the groutch

tenifan wrote: »

AIB are offering a very good fixed rate at the moment. 3.8% for 3 years or 3.9% for 4 or 5 years.

With ECB rates at a historical low, and KBC entering the market to create greater competition, I can only see variable rates going one way.
Personally I think someone would be mad to go fixed for 4 or 5 years.

cindrella

Ebs had nothing but problems with aib when buying my house dealing with ebs was a breath of fresh air compared to aib

tenifan

the groutch wrote: »

Personally I think someone would be mad to go fixed for 4 or 5 years.

That's what people said in 2007-8, and despite the "historically low ECB rates" shortly afterwards PTSB hiked their variable rate to over 5% and their 5-year fixed to 10%.

3.9% in the current market is a low rate for 4-5 years fixed, and provides security in the short-medium term.

Even if you don't want to fix that long it would be foolish not to fix for 2 years to avail of introductory rates as most bank's variable rates are currently over 4%.

Eldarion

Less than 4% is a great rate of credit. I don't think anyone would be mad to fix at that rate.

deanlorine

Hi, we are a young couple,with mortgage approvals in principle from both EBS and BOI but don't know which is better..? Any advice?

tenifan

deanlorine wrote: »

Hi, we are a young couple,with mortgage approvals in principle from both EBS and BOI but don't know which is better..? Any advice?

BOI probably, as their interest rates are lower and they give an incentive (pay stamp duty up to 1% of mortgage).

I'd also wonder why you chose EBS and BOI.. did you try any of the others? AIB and KBC appear to be offering better deals.

I suggest you visit a mortgage broker.