HI
I am wondering if anybody out there can help me.
We are currently applying to move our tracker mortgage with UB. They are letting us move it to a ECB +2% (instead of current ECB+0.75%). That part is fine.
However, to borrow more money they wont allow us to access the LTV rates appropriate for our borrowings/purchase price (which would be circa <60%). I queried this with the mortgage 'specialist' but he said thats just the way it is. Now my concern is that having looked at the UB website (http://digital.ulsterbank.ie/personal/mortgages/home-mover-2.html) they say
Can I borrow more money for my new home?
Yes, subject to passing our credit and affordability checks.
Our fixed and variable rate options for the relevant loan to value (LTV) customers are available to you. Our Mortgage Specialists will be able to discuss these with you.
So my reading of this is that I should be offered the loan rate relevant to my LTV.
How would other people see it?
I'm a little wary of the bank as at our second meeting the loan adviser tried to tell us that borrowing at a 'reduced variable' rate of 3.5% (their standard rate less 0.80%) was a better deal for us in the long term...even though its costing more now in repayments than the tracker & additional mortgage.
I am wondering if anybody out there can help me.
We are currently applying to move our tracker mortgage with UB. They are letting us move it to a ECB +2% (instead of current ECB+0.75%). That part is fine.
However, to borrow more money they wont allow us to access the LTV rates appropriate for our borrowings/purchase price (which would be circa <60%). I queried this with the mortgage 'specialist' but he said thats just the way it is. Now my concern is that having looked at the UB website (http://digital.ulsterbank.ie/personal/mortgages/home-mover-2.html) they say
Can I borrow more money for my new home?
Yes, subject to passing our credit and affordability checks.
Our fixed and variable rate options for the relevant loan to value (LTV) customers are available to you. Our Mortgage Specialists will be able to discuss these with you.
So my reading of this is that I should be offered the loan rate relevant to my LTV.
How would other people see it?
I'm a little wary of the bank as at our second meeting the loan adviser tried to tell us that borrowing at a 'reduced variable' rate of 3.5% (their standard rate less 0.80%) was a better deal for us in the long term...even though its costing more now in repayments than the tracker & additional mortgage.