What criteria to use when choosing bank for mortgage

I have found a house that I want to buy and am hoping to start negotiations today.

I have applied to several banks for a mortgage and have got approval from one so far. I will be hoping to get the new house for about 375,000. I have savings for the deposit and the stamp duty and I have a mortgage free property that I will be selling.

I have been approved for 372,000 so far. I would like to sell my existing house in tandem and have decided against renting.

So initially I could be looking to borrow around 338,000 and will hopefully have about 200,000 from the new house to put against this when my existing house sells.

What do I need to look at when comparing banks, LTV rates, variable rates? Any advice appreciated.

hi astra girl . i hope the negotiations go well on the house .

1st ull be looking at a variable rate as you'll be hit with a big penalty on a fixed. see if the bank will offer a split rate . then you can have 200k on var and the remainder on fixed (if that is what you want )
2nd look at the ltv var rates. see if you can get them after you have paid the 200k . sometimes they will only be available to new mortgages not existing ones.
3rd depending on what rate you are getting on your mortgage it may be worth your while to look at investing your 200k instead of putting it off the mortgage . if you can afford to pay the monthly payments on the 338k for the next few yrs . if you can fix the rate on the mortgage and then either get a fixed rate on ur money that will give you more after tax . or put it into a good capital guaranteed investment

as far as comparing banks if you get mortgage approval from more then one - var rates can change in the future and there is no way to know that now . look at there fixed rates if that is the way ur looking to go .
only ptsb has decided to change there variable rate . there lending is mostly personal mortgages so nama will be no help for them .boi and aib have more government investment so i dont think the government will be supporting a rate increase .

hope this is of use to u and im not just ranting on

I don't think your strategy to buy and sell at the same time is a good idea. You should sell first as you have no idea if and for how much the house will sell for. You could be putting yourself under too much pressure.

The best bank is the one with the cheapest rates. Also any banks that have large mortgages that are not preforming well (that's most of them)are one of these days going to ramp up the variable rates. You have to decide what you are comfortable with. I would not recommend a mortgage of longer than 20 years and you are being very sensible in having a good LTV which should stand you in good stead when looking for a mortgage and also giving you freedom of movement should your bank raise interest rates.

Your figures are a bit confusing, also surprised you have been offered 372K on a 375K purchase price?

Thanks for the advice so far.
We were approved in principal for 372 but are hoping to buy the house for 375 so the bank will only lend 90% of the purchase price which is the 332.
Negotiations are slow. House owned by an investment group who apparently are in trouble so their bank are actively involved which is slowing things down.
We decided against selling our own first as we are looking for a specific house type in a very specific area and they are few and far between so we didn't want to sell and be renting as we were worried that we might buy in haste just to stop renting. It made sense to us anyway! We are now thinking of renting our own as we have been approached by a friend who is looking to rent and we could rent it out and have to house on the market at the same time. I can feel my stress levels rising already!