943 wrote: » This is probably a stupid question But I have applied online for approval in principal with AIB. It is unofficial I assume as I now have to send in documents to support the figures etc which is grand.
Rattlehead_ie wrote: » I found this process with AIB confusing as normally an AIP comes after the documents have all been verified. I'm worried as with all these things they significantly mark me down after documents are recieved. How close are AIBs AIP in comparison to others?? However to answer your question...the 10% is based on the value of the house you are looking at and must NOT be taken from mortgage funds...this 10% must be savings,gift,HTB etc
943 wrote: » Yeah it seems to be just a fancier version of the calculator tbh... No I know, when I say max aip I mean the max mortgage they offer with our 10% deposit aswell (of which we have 7%, we need another bit to get the full 10%). But for example with a 90% mortgage (max they will offer) and 10% deposit a house could be 200k and a 20k deposit + fees. Whereas we have seen some properties for about 150k which meaks 15k deposit + fees. In the latter we have 10% whereas for the max mortgage offered we don't just yet but will soon. So how can they ask for proof of 10% when we don't know the purchase price Sorry if that doesn't make sense haha So I should just keep going with sending the docs in at the moment and treat it like a formal application?
Rattlehead_ie wrote: » Aha I get you now. I think,plus I'm open to correction, its proof of savings rather than proff of the numeric 10%. Its not so much related to the house as I havent even found one I wanted to bid/purchase. So say in your example you're near the 10% of the 200k (20k) say 18.5k.....just upload proof of that 18.5k. At the end of the day with AIB once you're approved you still have 12months to keep saving more of the deposit. Again open to correction.
Bananaleaf wrote: » Apologies if this is the wrong place to seek advice.... Bought a home 3years ago. Interest rate on the mortgage was fixed 3% for 3years. It is up in Jan and we have been offered the following: Fixed 3yrs @3% Fixed 5yrs @3% Fixed 10yrs @3.5% We were given variable rates, but not interested in those. I think I remember someone on here once saying that if you get offered a 5yr fixed term to snap it up, so that's what I was thinking but would love any suggestions/advice from those more in the know if ye have any Thanks so much in advance
awec wrote: » You can get far better rates if you shop around. Those rates are high.
Browney7 wrote: » These rates look expensive enough to me and I assume you're with Bank of ireland. I'd be switching elsewhere for a lower rate or a cashback deal.
Bananaleaf wrote: » Thank you I am with BOI. Thanks, will have to look around in that case. I don't know if interest rates are influenced by how many years you are choosing to pay back over, if that makes a difference with what they offer? (as in, we didn't stretch it out over 30years)
Bananaleaf wrote: » I am with BOI. Thanks, will have to look around in that case.
awec wrote: » The years don't really matter, it's your loan-to-value ratio that'll influence what rates you get. For example with AIB you'd likely be looking at a rate of 2.45% if you fixed for 5, assuming you're in the 50-80% LTV bracket. I think you could do even better than this, but I haven't compared the banks recently.
Leozord wrote: » They will give 2% cashback right after the drawdown and 1% I guess 5 years later? Plus, if you have a mortgage saver account, they will give you another 2K euros (if you use that money to pay the deposit)
Bananaleaf wrote: » I just looked at the letter and it says the rates are for LTV greater tha 80% Yep, that's the one. We got the 2% and would be due the 1% in another 2years time. We didn't have the mortgage saver account and I think the snag with that was that you had to be using it for a couple of months before drawing down and we weren't able/willing to wait the 6 or 12 months or whatever it was
three putt wrote: » It's possible to do multiple switches all at once, and take advantage of the cashback offers with multiple banks. Full information here:https://www.askaboutmoney.com/threads/how-to-get-cash-back-4-times-in-6-months.214963/
Bananaleaf wrote: » Is this legal? It seems too good to be legal
three putt wrote: » Yes fully legal. Read the related threads on askaboutmoney - plenty of case studies there. Also links to solicitors with experience of doing it. I'm amazed more people haven't done this. Some of the cashback offers are expiring in Dec 2020 (I think BOI), so would be tight on time if starting the process now. But still banks there with the offer.
Meandyou999 wrote: » Looking at a 4 bed semi D in Munster, second hand new build home 4 years old. Price is 329k. Take home pay after tax is 3,200k per month. Have been mortage approved (joint application) have 50k deposit saved and few grand for solicitors fees outside of the deposit. My questions are: 1. Is the house worth it? Same house sold for 269k 4years ago when it was built. 2. Would i be able to afford to pay the mortgage back over 25 years on my pay. 3. Am i making a big mistake are house prices going to crash?. I have a refundable deposit paid. Thanks.
Bananaleaf wrote: » I did read the askaboutmoney link, that's why I was asking. It just seems crazy! Someone even saying to the bank that they were doing it! :eek: I don't even know what the process involves when switching a mortgage - is it like reapplying all over again? It'll be the week after next before I get near a bank, so should I be off getting payslips, salary certs, pounds of our flesh (:pac:) etc in the meantime
bdmc5 wrote: » We did just that this summer. Moved from BOi after our fixed term to TSB to avail of another 2% cashback. In addition to a lower rate and 2% back on every monthly payment. Shop around 100 percent
Meandyou999 wrote: » Do you have to get the house revalued when switching. What happens if the revalue is lower to the initial valuation. Thanks.
