PTSB or IIB Mortgages

Hi folks,

You are all a mind of information so you might be able to advise me on what mortgage is best. Husband and I have a mortgage of 120k, we are looking to sell in the next 3 months so we are filling out mortgage forms at present. We would be looking to get approximately 220k loan for our new house. Our current mortgage is with IIB Homeloans and we have been happy enough with them. However we also have a mortgage application forms for PTSB (We had a mortgage with them 5 years ago but switched for better rates at the time, always paid on time etc, so good record). Our fixed rate with IIB is up since last month so because we are hoping to get a new mortgage we are on a variable rate this month and will continue until we decide what to do. PTSB are offering a new business rate to us and also we have the opportunity to avail of their Take 4 mortgage which would let us skip the first 4 mortgage payments when we move, thats handy for a few quid. Its added on of course but it would give us breathing space for a while. My question is should we stick with IIB (any experiences/nightmares would be helpful) or should we fill in forms for both and see what happens? What happens with all the documentation for the application, eg payslips, P60s? Surely they want originals and not copies? Apologies for all the questions but thanks in advance for any replies!

Probably best to apply with as many banks as possible. I'd even apply to other banks, too. There's a lot of competition out there and most of them offer deferred payment. Or you could always go to a broker. People on this forum seem to be quite fond of primafinance, so I can't speak of personal experience there.
And if you go directly to the banks, just send them copies and the one that's getting the deal will get the originals then.

If you're loan is less than 75% of the new house value Bank of Scotland are offering a tracker rate of ECB + 1% with a 12 month discount of 0.55% taking you down to 2.7%. As long as you have a good credit history you should be asking the lenders why YOU should consider THEM - not the other way round!

Sarah

ETA - most lenders will be happy with photocopies rather than originals.

www.rea.ie

Thanks a lot. SHould I let each mortage lender know I am applying to another? See if IIB can do anything for me????!!!!!! Ie the 4 months off to start with?