PTSB mortgage4

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Is the mortgage4 a good idea from permanent tsb. This is where you dont start paying your mortgage until 4 months after you get your loan.

Has anyone done this before
we just bought a place and taught maybe this would be good so we could get it furnished sooner than expected

we are approved through a broker would we still be able to do mortgage4 or will we have to got to PTSB direct
 
Re: PERMANENT TSB mortgage4 OPTION

Anyone Any Taughts On Yhis
 
Yeh just had a quick look at a brochure on this. I'm not sure if interest starts accumulating straight away or only when the first payment kicks in.

E.g. if you get the mortgage in January but don't make your first payment until May will the interest start accumulating in January or May?

I'd guess it would have to be January….I’ve just looked at their site ( ) and basically on a 300k mortgage at 3.1% over 35 years the 4 month break will cost you an extra 3 grand.

That said, in reality most FTBs do struggle for the first few months and so this product is ideal – just be aware that this flexibility comes at a price.
 
Yes it is ideal we hadnt planned to buy this year but it just happend so quick and taugh this product would be good to give us a chance getting furniture and things that need to be done to the house

The interest is high have to have a think bout this
 
The interest will start immediately, no doubt on that. The simple advnatage is that if you need funds for clear purposes not just spending it, then in effect you have this at mortgage rates. Downside is that you have moved 4 payments out the curve. If you have immediate expenses with the transaction and would otherwise have to borrow at a higher rate than mortgage then it makes sense. You can always pay a lump sum if and whne liquidity position improves.
 
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