Which mortgage

U

Unregistered

Guest
As a FTB taking 90% mortgage on a 275K second hand property, I have approval in principle from PermTSB (3.1%, 30 years, tracker) and FirstActive (3.3%, 30 years, tracker @ 3.5% (???)).

Any suggestions or comments on which bank I should go with. Both are trackers, but at different rates. PermTSB is cheapest of the two, and offers free banking, where as FirstActive’s current account mortgage looks very good (savings offsetting the interest and it really makes a good dent on the total term, I am hoping to save between 200 to 500 euros a month).

According to the 'best buys', PermTSB is third or fourth in the list, and FirstActive is third or fourth in the '3 years Fixed' list. I really can't make up my mind at this stage, and I am supposed to be signing this contract next week!

Thanks a million for your time and thoughts!
 
Hi,
PermTSB offer isnt bad - but you can do a little better, depending on your loan to value. Possible alternatives are Ulster Bank (2.95) AIB (can also get 2.95%) maybe NIB (assuming you might have a few extra bob to fire into the deal.
There are another couple of options available, depending on your circumstances, savings, outgoings, etc
 
Thanks Munsterdude, NIB's absolute max was about 10K less than what I needed. I hear many people moving out of Ulster (banking charges etc, and also the UFirst account to get that low rate), and same with AIB, I was told.

Also, I take it that you don't think FirstActive current account is a good idea? I must be missing something, any comments?
 
the Ulster bank Ufirst tracker has the draw back of the Ufirst account costing you €9 per month which actually makes it more expensive, so be carefull.
you should be able to get a discount in your first year as low as 2.69% reverting to a 3.1% tracker, from PTSB, they don't officially offer it but their business retention unit will give it to you if you in any way threaten to leave in your second year.
 
Regarding getting the reduced variable from PTSB for the first year and reverting to the tracker at 3.1% from then on, I was told by the manger I saw last week that this wasnt an option, he said no way basically. I havent pushed him on it yet. I suspect If I do he will give it? what ye reckon?

I also in tend to borrow 275K which will be an ltv of greater than 60%. PTSb at 3.10% tacker is the cheapest lender about I found. AIB are 3.14% and alot tighter with their money and have bank charges. The ulster bank U first tracker rate is 3.05% I think but with the bank charges for the u first account.

NIB offset is 3.09% but havent checked it out yey.

I intend to go with PTSB if they agree to give me 90% of the site cost and the reduced first year
 
Have you considered the FirstActive current account, musterman? Is it any good?
 
Yes I too am wondering about the First Active current account Mortgage.Is there a catch somewhere?Basically if I have a mortgage of 200K and savings of 100K I only pay interest on the other 100K.So it's better than paying the 100K savings off the mortgage at the start because I still have access to the money...again there has to be a catch...
 
In case it hasn't been mentioned the best buys list in the area might be worth checking.
 
Munsterdude said:
They wont give you 90% of site cost - max on sites is 70%!
Click to expand...


Munsterdude. Have been at two different PTSB branchs. First guy I met ( am manager) was useless and seem to have some sort of an obsession with trying to get me to take a fixed rate mortgages, think he was a bit of a bluffer. The second guy was much better again a manager and he told me he is confident although not certain that he will get me the 90% for the site. Havent heard back from him yet.
If he doiesnt it will probably be AIb as they have the next cheapest tracker. I was at ulster bank too and the most they would give was 80% of site and they wouldnt budge.

Anyone have experience of being refused the introductory variable rate by PSTB if taking the tracker mortgage
 
Interesting to see that AAM is now allowing direct advertising.......

Sarah W.
 
Thanks for all the comments so far, and I now understand there is no straight forward answer for my question. After a lot of googling, checking older posts and reading linked articles, I get the feeling that FirstActive current account mortgage is definitely not as good as it appears, but it still can be good if I am lazy or not interested in moving the funds around and shop around for the right mortgage (which I am). And this added flexibility comes at a cost (0.4%) than PermTSB, and banking charges (compared to free banking with PermTSB).

May be I should just go and churn some numbers and figure out which suits me better, given my situation.
 
First active is at 3.5% is it? NIB's offset mortgage is 3.09% I think. I assume these dont have the the security of a tracker ie the ECB + whatever it is> NIB or firsta ctive coudl put these up at theri leisure im assuming
 
NIB is 3.09% variable offset, and FirstActive 3.3% current account tracker (however, tracker is at ECB + 1.5%). NIB is tight with their money, wouldn't give me as much as I am looking for.
 
by the way unregistered have u found and online calculators that allow you to calculate the repayments for the current account mortgages
 
I used this one: http://www.jeacle.ie/mortgage/eu/

With this calculator, showing a 'prepayment' of 250 euros (thats what I am hoping to save) per month, brings down the term by 8 yrs and 3 mnths, and savings of 33000 euros on interest.

However, I am don't think thats corrent way of looking at it, is it? Because the leaving 250 euros in a current account to offset the mortgage amout is not the same as paying off the mortgage (prepayment), is it?

thanks!
 
You must log in or register to reply here.
Back
Top