LTV Tracker on affordable house

S

Southfacing

Registered User
Messages
15
Hey there,

I was wondering has anybody received a reduced rate tracker due to the value of what you are paying in your mortgage in comparision to what the value of the house is worth overall including the clawback.

eg.

Affordable mortgage = €200,000.
Council Clawback = €100,000.
Market value of house = €300,000.

Resulting in Tracker mortgage with a LTV of less than 70%.
 
Southfacing said:
Hey there,

I was wondering has anybody received a reduced rate tracker due to the value of what you are paying in your mortgage in comparision to what the value of the house is worth overall including the clawback.

eg.

Affordable mortgage = €200,000.
Council Clawback = €100,000.
Market value of house = €300,000.

Resulting in Tracker mortgage with a LTV of less than 70%.
Click to expand...

Hi SF,

I thought I was getting an LTV tracker based on the Market Value of the house, but when they finalised the rate, it was based on my cost price rather than the market value.

That seems totally unfair, but they will not back down on it. :mad:
 
Best bet is to play the three approved banks of each other.

EBS know that they are the only bank offering 100% of purchase price. They seem to be engaged in profiteering. A fixed rate of 5.18% in the sort of rate you would expect from someone like SMART Mortgages and not from a so called reputable lender.

I wanted to borrow 100% as I am aware that you cannot remortgage. Ultimately I decided to borrow 97% so that I could try and get the best rate from each bank and break away from EBS.

I'm sure the banks have better tracker rates however the following rates are available at a push for 97%

EBS ecb +.99
IIB ecb + .95
BOI ecb + .75 year 1 increasing to .95 year 2.

I hope the above is some help. The 5 year fixed rate seems like a great option from the banks perspective particualarly as all indications are that interest rates are on the way down.
 
i asked BOI and they said no that it is based on what u are are paying not the value of the appartment. prob unlikely but will try with the other banks too.
 
You must log in or register to reply here.
Back
Top