What problems with 100% mortgage's?

bishop brennan

What stumbling block's have people found when application is being processed?I for one has found that AIB are a shower of C**nt's.
Be with AIB my arse they are the ones holding it up and i bank with them.
Not for much longer:mad:

robo

As far as I know, AIB don't do 100% mortgages.

bishop brennan

Anone with AIB in same situation?And yes your right robo.THEY DONT:rolleyes:

Andrew Duffy

I'm currently in the process of getting one. The main problems are that the banks offer you much, much less at 100% than at 92%, that the interest rates are higher and that you need a very strong employment history. You will also have to arrange finance for your 10% deposit, either with the lender if they have such a product, or with someone else. Ensure the deposit loan can be paid off without penalties at any time, and ideally make it interest-only.

So far my experience has not been good. As a result of the delays, problems, silly requests and suggestions and general bull****tery from both banks and the broker, I am beginning to suspect that the products do not actually exist and were announced as a means of getting people to contact the banks in order to sell them traditional mortgages.
For example, my partner was asked for a letter from her employer stating that she has done nothing to jeapordise her job after the probationary period which ends in January. Her employer is the Central Bank - has anyone ever heard of a public servant who got fired? One lender suggested we withdraw 10K from an SSIA, at a 23% penalty, to lodge with them (not to use as equity, mind - although since 10K would increase the monthly payment by just €40 it's not going to make any real difference). Transfering an SSIA was not entertained as an idea - I suspect the bank officials don't actually understand what a deposit SSIA is.

Finally, AIB may offer 100% mortgages to certain qualified professionals (lawyers, doctors, accountants, engineers - basically, industries being investigated by the competition authority) like Ulster Bank did a few years ago, or to high-earning existing customers.

joejoem

bishop brennan wrote:

What stumbling block's have people found when application is being processed?I for one has found that AIB are a shower of C**nt's.
Be with AIB my arse they are the ones holding it up and i bank with them.
Not for much longer:mad:

Honestly go with a broker, they will save you thousands (depending on the broker!) but a broker works off commision from the bank, no charge to you. They will often pay for you legal fee's and other costs, and they are going to the bank as trained professionals on your behalf. They know where they stand and how to bargain for you. See the thread above marked resources and pick a couple of brokers, its not entirely fair to them but see who gets you the best deal!

threebeards

Andrew Duffy wrote:

For example, my partner was asked for a letter from her employer stating that she has done nothing to jeapordise her job after the probationary period which ends in January.

What? That's bulls**t. Either they'll accept her under a probationary period or not. What are they gonna say? "Dear Sir, our employee may or may not be retained in January because her desk isn't very tidy!!" I can't understand how she's bein asked for such a letter.

Andrew Duffy wrote:

One lender suggested we withdraw 10K from an SSIA, at a 23% penalty, to lodge with them (not to use as equity, mind - although since 10K would increase the monthly payment by just €40 it's not going to make any real difference). Transfering an SSIA was not entertained as an idea - I suspect the bank officials don't actually understand what a deposit SSIA is.

That's pure and simple bad advice. People would complain to the Financial Regulator for less and probably with justification.