Affordable Housing: Best Mortgage Quote?

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DOS19

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The four Affordable Homes mortgage providers have quoted me the following rates in respect of a loan of €260,000 – 100% of the market value. I understand that monthly repayments should not stretch past 35% of one’s net take-home pay. Accordingly, I am limited to €1,300 per month. I was only given nominal rates, so using the information on this website, I have worked out the APR and Cost Per Thousand (CPT), although having worked these figures out, I do not find them particularly illuminating!

I would be very grateful for any views on the most attractive quote, or even if anyone has any advice as to which Lender is the best to deal with over the long-term considering that I will not (under Affordable Housing) rules be able to change provider:

IIB – 100% finance of €260,000 – Term 35 years

Nominal Rate---------------APR----- Monthly Payment----CPT

3 year Fixed @ 4.99%----5.11%---- €1,310.53------------€5.04
5 year Fixed @ 4.99%----5.11% ----€1,310.53------------€5.04
Tracker ECB + 1.25%----5.38%----- €1,353.93-----------€5.20

EBS – 100% finance of €260,000 – Term 35 years

Nominal Rate----------------APR-------Monthly Payment------CPT
Variable Rate - 5.25%------5.38%----€1,353.93--------------€5.20
1 year Fixed @ 4.74% -----4.84%----€1,269.39--------------€4.88
3 year Fixed @ 4.98% -----5.09%----€1,308.87--------------€5.03
5 year Fixed @ 5.11%------5.23%----€1,330.48--------------€5.12
10 year Fixed @ 5.29%---- 5.42%----€1,360.66--------------€5.23

First Active – 100% finance of €260,000 – Term 40 years

Nominal Rate--------------APR-------Monthly Payment-----CPT
Tracker ECB + 1.15%--- 5.28%----€1,279.65--------------€4.92
3 year Fixed @ 5.25%----5.38%----€1,297.06--------------€4.99
5 year Fixed @ 5.40%----5.54%----€1,323.36--------------€5.09

BOI – 97% finance of €260,000 i.e. €252,000 – Term 35 years

Nominal Rate--------------APR--------- Monthly Payment-----CPT
2 year Fixed @ 4.89%----5%----------€1,254.19-------------€4.98
Variable - €5.25%--------5.38%-------€1,312.27-------------€5.20

Many thanks.


 
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Re: Best Quote?

hi thanks for posting that information. i'm at a similiar stage as you trying to get the best mortgage rate for my affordable home. some u left out is that Boi are offering a one-yr tracker of 4.75% and EBS are offering a tracker (ECB+1.1%) of 5.1%.
 
Re: Best Quote?

Thanks for mentioning those other rates.

I'm torn now between putting in myself the required 8k (monies which I have but would prefer to keep) in order to get the 5 year IIB fixed rate of 4.99% or take the 100% ebs finance for 3 year fixed rate of 4.98% and hope for the best thereafter.

Any views?
 
Re: Best Quote?

The choice might turn out to be what options would be available to you when the fixed rate terms are up.
From what you have outlined above, IIB has a tracker, and the EBS does not - and if rates drop, then a tracker is where you are likely to want to be.

To be honest, the First Active tracker looks like the best value - the other 2 year fixed rates that the others offer look good in the short term, but after that period you might be paying over the odds, and considering that you cannot change provider (as you mentioned) it is the one that offers the best long-term rates that you should be looking at.
Getting a good 3 year deal, and a bad 32 year rate or 38 year rate is not what you want.

Not that I am in any way qualified to give advice, you understand !
 
Re: Best Quote?

Thanks. Is it the case however that once a fixed-rate period that you've signed up for with a Lender comes to an end , you then have a choice between that Lender's variable, tracker or another fixed rate (leaving aside the issue of switching Lender)
 
Re: Best Quote?

no i don't think so from what i understand u will then be placed on the std variable rate. i am thinking of going with the tracker. first active are meant to be changing their rates for those on affordable housing fom monday so going to see what happens with them.
 
There is the issue also of the affordable scheme not allowing you to switch lender. There's a thread on this site which I can't find at moment explaining more - so choose carefully.
 
Thats probably because of your income i.e. your income wasnt sufficient to give you the full 97%, so you would need to save the balance (5%).
 
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have you tried going to a broker?

they often can get you a better deal - i think this is because they get a group rate - my broker is looking at this for me now - might be worth a try
 
jenben1982 said:
Thats probably because of your income i.e. your income wasnt sufficient to give you the full 97%, so you would need to save the balance (5%).
Click to expand...

I don’t think so, As soon as I mentioned the word "Docklands" he put me on hold and then came back on saying the most they would give was 95% for AH in the docklands, This was even before I gave him my salary details. It was a bit weird to be honest. EBS have already offered me 97% or 100% anyway and the rates are identical to IIB's 95% quote, so I don’t really know what’s going on. I could potentially get the 5%, but it would clear out most of my savings. I don’t really see the point in killing my self to pay the 5% when the rate I am getting is no better. IIB are suppose to call me back soon so I will ask them what the story is.
 
Thats strange there is obviously an issue with Docklands properties and the values etc?

Go with EBS so if they are offering the 100% and keep the rest of your savings for furniture!
 
jenben1982 said:
DOS19, Who gave you the quote for 100% with IIB?

The max they are offering is 97%!
Click to expand...

Sorry, IIB indeed only offer 97% finance. I was given a quote on the basis of 260k, which would have been 100% finance but there was some misunderstanding when i received this quote and i now know the most they'll offer is 252,200. Apologies for any confusion.

On a related note, If anyone has had any concrete rate offers or a contact/broker who you know that can beat any of these rates that i've quoted above, I'd be very grateful if you could pm, e-mail me (or if you prefer post a reply here) with their contact details/rates.

It's coming to decision time for me and i'd obviously hate to find out after the fact that a certain broker or a certain branch of one of these Lenders was able to offer better rates than the ones i've quoted above.

Many thanks
 
jenben1982 said:
Thats strange there is obviously an issue with Docklands properties and the values etc?

Go with EBS so if they are offering the 100% and keep the rest of your savings for furniture!
Click to expand...

Big time, normally I would avoid a mortgage of 100% but as I am getting am AH discount even with 100% loan I will still have a low ltv,so I reckon I am better off taking the full mortgage and using the cash I have for floors and so on.
 
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