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06-11-2019, 13:19   #9301
Chesty08
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I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated
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07-11-2019, 07:59   #9302
GingerLily
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Originally Posted by Chesty08 View Post
I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated
Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!
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07-11-2019, 09:08   #9303
Chesty08
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Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!
This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective
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07-11-2019, 09:53   #9304
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This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective
Thats up to you- if it were me, I'd figure out what the max amount I'd be overpaying in the space of the fixed term and just assign that much to the variable amount.
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08-11-2019, 12:07   #9305
KingCong
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Originally Posted by Chesty08 View Post
I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated
Looks at Ulster Bank, some of the lowest fixed rates and you can overpay up to 10% of the total mortgage each year while fixed without penalty.
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08-11-2019, 23:04   #9306
Bargain_Hound
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Has anybody successfully drawn down a mortgage while on probation in a new job?
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08-11-2019, 23:11   #9307
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Has anybody successfully drawn down a mortgage while on probation in a new job?
As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.
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08-11-2019, 23:23   #9308
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As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.
Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?
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09-11-2019, 20:50   #9309
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Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?
From my experience they don't ask for any more documents, just a letter from your employer stating you're off probation.

I applied while on probation with a view to drawing down once through it, worked out fine. Our broker told us KBC were willing to waive the probation condition but I never saw that in writing and as things turned out we drew down afterwards anyway.
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09-11-2019, 21:50   #9310
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Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?
They will say they may require updated document on drawdown but don’t know anybody whose has been asked. Also if your mortgage bank is the same bank as your current account is with, they could easily check anyway so I would keep the finances the same. Maybe if your about a week away from loan offer expiring and requesting funds they will ask. They will do another credit check to ensure no additional loans or credit cards have been taken out.
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09-11-2019, 23:00   #9311
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Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?
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10-11-2019, 00:08   #9312
Empty_Space
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Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?
The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.
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10-11-2019, 09:40   #9313
Dylan94
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The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.
We aren't sure yet about the size, it'll depend on what variation they have when we are buying, I was going for a four bed, but I prefer the upstairs layout of the three bed. I suppose it will depend on what types they have when we are ready.

I'll check it out, but the motorway noise won't bother me. I previously lived 150 meters from a train track, and about 800m from the m50.
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11-11-2019, 19:05   #9314
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I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?
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11-11-2019, 19:28   #9315
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I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?
Anybody who gives you an actual answer to this is a spoofer.
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