The best first time buyer deal is with PTSB for anything over âŹ200,000 with the 2% lump sum and 2% monthly cash back. You can then switch at the end of the three year fixed period to KBC or Ulster Bank who have the lowest rates. If you have a BTL you should try switch to ICS or Finance Ireland if you are paying anything over 4% for the property.
It is likely to turn into a legal nightmare when dealing with the bank when purchasing a property. Never easy to deal with them but these turn into elongated processes with money getting swallowed up regularly. If you want some advice DM me on it.
One other thing. Get a good solicitor. Receiver sales are extra tricky and will cost you a bit more in legal fees. A lot of solr wouldnât want to deal with them
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I just said it there, a complete and utter disaster, I had a couple of those in Kerry this year and I let them go. The couple came back to me thanking me for the advice, they are not worth going after for me anyway.
Are you a solicitor?
Mine told me that there is some rule that if you havenât your undertaking satisfied within 12 months of sale closing there is a premium load on your insuranceâŚfor receiver sales the premium load is x 5
This place was put on the market at the start of November but they only held viewings early Feb due to some issue around keys. So far we are the only ones to make any kind of an offer. Seemingly the reason it took so long for them to get back to us was a change in whatever person is looking after the sale. Weâre going to hold off for a few weeks and see what way the wind is blowing then. Cheers for the advice lads. Oh and @gilgamboa I have a brother whoâs a solicitor so Iâm hoping he wonât fleece us!
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Every crisis is an opportunity. Ring them, tell them youâll close this week, but you want X amount of money off what you offered.
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In my spare time!! News to me what you have stated there though. I notice in rural areas there seems to be huge folio issues on receiver properties.
Theyâre like ordinary folk who let out a room in their gaff
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Ye if a bank has a property they cant finalise the title on they will just throw the loans into a portfolio and sell job lot. All ends up with receivers who might never sell it
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What rates are they offering and is there a LTV %?
3.75% for ICS less than 60% and 3.95% less than 70%.
It is 3.75% with Finance Ireland also, I can confirm the ltvâs tomorrow for you.
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Cheers YMA
Lads if you had approx 300,000 cash to put down on a place how would it work if you wanted to borrow another 100000 to buy a place? Would it be a mortgage youâd look for or a regular loan and would this type of loan be feasable in the current climate?
You would still take a mortgage I assume. Youâd be paying 3% or whatever on that.
Youâd be paying double that in interest on a regular loan and Iâd be amazed if you could get an unsecured loan for that amount. You can get a shorter term mortgage, if itâs the length of time you are afraid of.
Correct, unsecured loans are 7-9%
Did you put in an offer on that place after?
Had an offer in for 30,000 below asking but withdrew it when all this covid mania kicked off. I asked the agent a while back to try guage what the receivers bottom line would be but the cunt went MIA the last few weeks. Finally got him today and he told me the receiver pulled the property and is going to put it up for auction.
Iâm sure your Mrs is disappointed but youâll have loads of nice places to choose from. You dodged a bullet.
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You put in an offer for 10% below the asking price but pulled it because you reckoned it would go for lower?