Best mortgage rate

[xoxoxo]

Hi
Looking to apply for a new mortgage of 150,000 - less than 50% of the house price over 10-15 years. No debts etc and perfect credit rating. Well paid, secure job.

Of the institutions that are lending at the moment who have the best rates? How long does the whole process take provided I have all the forms and supporting documents available. Many thanks

 

[LDFerguson]

Is the house for your own occupation?

 

[xoxoxo]

Yes. Will be an owner occupier - the family home. thanks

 

[LDFerguson]

Assuming you qualify, best Standard Variable rate for an owner-occupier mortgage is AIB 2.84% (APR 2.88%) for <=50%. I presume this is for a purchase mortgage as AIB don't do switches from other banks.

Applications are currently taking about 10 working days to approve assuming there's no queries or additional information requested.

Regards,

Liam D. Ferguson

 

[xoxoxo]

Thanks Liam - yes, it is for a purchase mortgage - to redeem current mortgage (joint mortgage - tracker) and take out a new mortgage in my owne name.

 

[LDFerguson]

I presume you know you'll be losing your tracker? I'm guessing that there are circumstances that are forcing this upon you.

Would it not be possible to negotiate with your existing lender to get the second person taken off the existing mortgage without losing the tracker? The answer would probably be NO and you may have already tried that, but if not, it's worth a shot. No harm in asking...

 

[xoxoxo]

Yes - answer seems to be no for retaining tracker - haven't got final response from them yet but I would expect they will put me on variable. Going to appeal to Ombusman - have nothing to loose i guess!
Rang AIB and won't accept my application as they see it as a switch of lenders! Expect other lenders are operating the same.

 

[LDFerguson]

Of the lenders we work with, ICS, PTSB and KBC should take on a "switcher", assuming you qualify. I'd be very reluctant to recommend PTSB based on their treatment of existing customers.

 

[44brendan]

Are KBC active in the market again? The word on the street was that they were declining a lot of reasonable propositions!

 

[LDFerguson]

Lending but veeeeeeeery cautious.

 

[LDFerguson]

They have a limited supply of funds to lend and they choose to lend only to people who are actually using the funds to buy property. In the old days, banks were dying to lend more and more. Nowadays, they're quite happy not to lend, or to allocate their limited supply of funds sparingly.