BOI or Ulster Bank Mortgage

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ash26

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Hi All

Myself and my partner have both received full approval from both banks to purchase our first house, we got the news from BOI yesterday and UB today. When i was speaking to the mortgage adviser from BOI yesterday she gave me the valuers contact details and advised to ring and get him to value the house asap so that is what i did first thing this morning, he went out before 12. When my partner got the call from UB the mortgage adviser there gave the valuers name but said he would contact them that was all good until about an hour ago when the UB valuer rang the auctioneer and she told them their was already a valuer at the house this morning. Obviously we hadn't told either bank that we were applying with the other.

We want to wait till we see both letter of offers before we decide who to go with, but because we hadn't told the UB about BOI and vice a versa do you think there will be an issue?

Thanks.
 
If someone in UB or BOI had to buy something for several hundred thousand euros and they didn't get at least 3 quotes, they'd be in trouble.

Relax, it's grand you're shopping around like a responsible adult should.
 
ash26 said:
Hi All

Myself and my partner have both received full approval from both banks to purchase our first house, we got the news from BOI yesterday and UB today. When i was speaking to the mortgage adviser from BOI yesterday she gave me the valuers contact details and advised to ring and get him to value the house asap so that is what i did first thing this morning, he went out before 12. When my partner got the call from UB the mortgage adviser there gave the valuers name but said he would contact them that was all good until about an hour ago when the UB valuer rang the auctioneer and she told them their was already a valuer at the house this morning. Obviously we hadn't told either bank that we were applying with the other.

We want to wait till we see both letter of offers before we decide who to go with, but because we hadn't told the UB about BOI and vice a versa do you think there will be an issue?

Thanks.
Click to expand...

Hi Ash,

The only issues I can see with getting two Letters of Offer, is that the second lender may query why you are getting two as this may cost the bank resources to have the offer issued out. Also I would ensure that your solicitor is aware that two sets of Offers may be forth coming and just check to see if this adds any additional cost/fee onto your overall outlay that will become payable by you afterwards. E.g. if you solicitor needs to review two offers then that's twice the time spent, and he/she may charge more.

On deciding which bank to go ahead with, do not just look at the rate being offered now, but check to see if the bank has "existing business" mortgage rates, versus, "new business" mortgage rates. Its all well and good getting a low 1 or 2 year fixed rate, only to discover that the bank does not offer fixed rates to existing customers, or have a high follow on variable rate afterwards.

Once you have decided on the best lender for you, get an independent financial adviser to do a market review on your life cover options also, as the banks will only use their tied insurance company and this will not be showing you all market options. The bank will try their upmost for you to get the policy from them, but you can arrange this yourself independent from the lender.

Hope this helps.
 
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