ECB + .95% - can I get better?

B

BetsyClark

Registered User
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150
As the title suggests, I have a mortgage offer today of ECB + .95%, and I think this is the best I can get. Would love to hear if anyone else has seen or recieved a better rate offer.

LTV is 60%, 250,000 over 35years, salary multiple 5.25.

Many thanks, again

Betsy
 
AIB 10 year fixed - 5.52% - in uncertain times it looks good - one more ECB rise at the rate you quoted and you'd be near enough to this.
 
Thanks Dan - I want to avoid fixing for a long period as I intend to make overpayments soon, and lump-sum payments within 5 years, so the penalties for overpayment rule this option out.

betsy
 

Hi Betsy,
That is a very good ECB tracker rate. Banks have been withdrawing/ increasing tracker rates recently. My advise is if you want a tracker take that one and run like hell. Close it as quick as you can in case your lender DECIDES to increase it with little or no notice. People are tending to move towards fixed rates but for example First Actives 5 year fixed rate is 6.24%. (moved just the other day leaving a lot of people with future increased repayments higher than what they initially budgeted for)
Don't hang around with you decision. Get stuck in and take it.
Other banks will most likely move fixed rates up as the cost of money for them is increasing....
I hope this helps
 
I agree with the above poster, excellent margin in today's climate.
 
For an LTV of 60% the only lender that will beat that rate (as I mentioned in an earlier thread of yours) is NIB - but you don't want to go for a 30 year loan for some reason.
They would give youe ecb plus 0.6%.
If you are set on 35 years then ecb plus 0.95% is the best you will get - in fact it is better than the current tracker rates on offer from any lender. Is it guaranteed to be that rate when you draw down the mortgage?
 
Agree with irishlinks - you can get better rates for 30 year loan for that LTV. There are banks other than NIB who will better 0.95 for 30 year loan, though they dont advertise this - you'd have to specifically ask and haggle them down.
 
csirl said:
Agree with irishlinks - you can get better rates for 30 year loan for that LTV. There are banks other than NIB who will better 0.95 for 30 year loan, though they dont advertise this - you'd have to specifically ask and haggle them down.
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Have you done this recently - or know anyone that has? Which lender was it? I doubt if any lenders would be open to haggling in the current financial situation.
 
I did it myself about a year ago and found it wasnt too difficult to do - I know times have changed. But I know someone else who has done it in recent weeks. Depends on individual circumstances, but a general rule would be that quite often individual branches of whatever bank are afraid of losing safe long standing customers as they do not want to lose a relatively risk free income stream. Also, if the customer takes his/her mortgage elsewhere, all their other business could follow to the new bank (savings, credit cards, bank accounts, personal loans etc. ) thus losing even more risk free income for the branch. Banks are risk averse and even more so in the current climate. A guaranteed smaller profit (margin above ECB) is better than no profit from the banks perspective. There is a limit to this - they will not take a loss - but you can attempt to push them towards that limit. I've always found banks open to haggling for all products they offer & never paid the advertised rate.

I suppose there is a big difference between how a bank treats and existing customer with an established relationship and how they treat new business.

Which lender was it?
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Not any particular lender - mine is one of the major banks, the other person I know is with a well known building society.
 
I would think the days of haggling prices are over.
A friend of mine haggled a 4.65% rate in the past, but recently there is no where near that rate available, remember most recent mortgages are not one's that have low LTV's.

The cost of funds has risen so much that these margins no longer make sense for banks to offer. Hence the reason for PTSB to drop trackers altogether and UB and First Active have big margins now.
 
My offer is something similar from NIB and Halifax (ECB +0.73% LTV is 80%, 220,000 over 30years.)

Called NIB today and was told there's no deadline on this - but was advised not to hang about..

Got a similar rate from Halifax, and they sent me a letter yesterday outlining the deadlines for the offer.
 
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