Mortgage rates, any room for negotiation?

[raven]

Hi,

We're not too far off taking out a mortgage now (offer accepted on a property).

I'm just wondering, is it realistic to try negotiating on the rate at all? - eg. "any chance of a discount on the standard variable for the first 6 months".
We would have low loan to value and broadly speaking, would be low enough risk for the bank I'd say.
We'll probably go with AIB by default, as they seem to have the lowest rates at the moment, but I'm wondering is there room to get a slightly better deal than there advertised rates, - or is it just not done.
Would be interested to hear if anyone has any experiences with this...
Thanks.

 

[salvidor]

ABSOLUTELY! Although you might not get anywhere, but its always worth the try!

Organise a meeting with the bank manager and go and fight your case.

We got our rate down from ECB +0.75 to ECB +0.69 after about 2 hours of fighting - mind you this was in July 2008.

We'll probably go with AIB by default, as they seem to have the lowest rates at the moment,

If you can spare the time - call into EVERYONE - have all your paper work ready to show that you are in a strong position and try and squeeze blood from a stone.

At the end of the day - you cant lose anything from it and €1000s to gain... just think buying a car, or a washing machine...

Best of luck!