FTB - changing lender before closing: implications

Having a bit of a panic here...

With rumours of TRS being abolished in June we want to close in May at the latest. Deposit on the house has been paid, valuation and survey done, mortgage protection on its way. We have a loan offer from AIB on the table and one from ICS on its way, all through a broker. I just became aware of the difference between BOI (going direct) and ICS (through broker) and and idea of the money we could save in the 3 years fixed we intend to go for (more than €4000 initially).

I heard/read more rumours that BOI are to increase their rates soon.

So, would it be worth us trying to get a loan offer from BOI in terms of timing? Any chance we could get a mortgage with BOI in a matter of weeks?

We would be saving quite a bit of money in interest but what if we don't make it before TRS is abolished? TRS (with all the uncertainty surrounding it re decrease in relief, etc.) could compensate at least some of that money... Ufff, big (gambling) decision time!! Anyone care to share their ideas please?

I don't know for sure but I would imagine 8 weeks is loads of time. Open to correction on that. They may require their own valuation though.

Thanks, sunny.

If TRS was left as it is at least for the remainder of 2011 it looks like we'd get a relief of between €2500-3000, but then again who the hell knows??

No harm in trying for a new loan offer, there is enough time.

There could be two separate rate increases from BOI by the time you close though. I would imagine one quite soon and one if the ECB raises rates.

I predict you will be taking the AIB offer in the end. They usually end up being a little cheaper than BOI.

www.moneybackmortgages.ie

Thanks, norfbank. That's what I suspect too.

I have just spoken to our solicitor. He has told me that he has heard from industry sources that the abolishing of the TRS may be postponed until September (?). We will try and get an offer from BOI and see what happens and when.

Today's media is saying it is postponed till next year i.e. (Doubt it will ever happen)

Sunny, where did you see/hear that, please?

Thanks. I hope it is at least postponed. Panic over.... or is it?

Personally, I don't think it will ever happen. It was a typical opposition policy in that it wasn't properly thought out. Will wait and see I suppose.

it was in the last budget that it would end in dec 2011 - ie you can start claiming before then and still claim for the full 7 years. i'd imagine it will stay just like that.

will definitely take the sting out of any interest rate hikes before we close.