ICS launch a 100% mortgage

sounds good!! especially the bridging facility
has there been any news on permanent tsb launching 100% mortgages yet?
 
Liam,have you seen any increase in the amounts people are borrowing or prices going up to reflect the extra demand that may be generated by people being able to buy now rather than wait until next years SSIA windfalls.
Also have you seen an increase in custom/inquiries as a result.....Thanks
 
LDFerguson said:
Nothing further from Permanent TSB since their initial announcement last week.
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TSB are taking applications , just not 100% offical at the moment (same terms as first active but have a 35 year term)..


BOI just launch their one with a briding loan for the deposit...

any news on aib ?
 
Liam,have you seen any increase in the amounts people are borrowing or prices going up to reflect the extra demand that may be generated by people being able to buy now rather than wait until next years SSIA windfalls.
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For the past few years, a majority of FTBs seek the maximum mortgage they can get. The new 100% packages actually offer lower multiples of salary than you could get on 92% so I'd say no - people are not actually borrowing more because they can get 100%.

Haven't noticed an increase in property prices as a result, but I'm not really directly in the property business. I see addresses and prices on mortgage applications but wouldn't always be party to the bidding process that has gone on to get there, or aware of what price the house was two months ago. In any event I would have thought that it's a little bit early to gauge increases in property prices that can be attributed to 100% mortgages being available?

Also have you seen an increase in custom/inquiries as a result.
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Frankly - yes. The number of enquiries has been huge. However I'm long enough around to know that some of these enquiries may be "tyre-kickers" who are just making enquiries for interest's sake, and some may be other brokers / banks etc. It usually happens. It remains to be seen how many of the enquiries actually convert into mortgages, but even if only half do, I'll be happy.
 
Got the details on the ICS offering...

  • Maximum €550,000
  • Maximum 35 years
  • Repayment mortgage only
  • Borrower must meet the repayment capacity in their own right
  • Only properties with at least two bedrooms
  • Minimum valuation is €300,000 Dublin and County and €150,000 elsewhere
The contract deposit can be made available as a personal loan in advance of drawdown of the mortgage. No interest payments are required until drawdown of the mortgage occurs. The personal loan will then be redeemed when the mortgage cheque issues and the customer pays the interest. Tax relief may be available on the personal loan contract deposit (they're awaiting confirmation from The Revenue Commissioners).

Liam D Ferguson
www.yourfirstcastle.com
 
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