No, only got it a few months ago. The banks have flexibility on the 20% and can make exceptions, but only a certain amount each year. The fact itâs a new mortgage means you will also qualify for the cash back offers on the new loan amount.
That seems like an awful pile of bollox really tbh. Yes @mikehunt switching should remove the issue around the 20% but Iâm clearly out of touch Iâm surprised at the response treaty got.
Maybe if you were arguing that the additional work was going to add x amt of value to house for Y amt of additional loan then they could say yes we will only give you 80% of Y. But if as you say the increased loan with no added value from work would still leave you inside the 80% overall LTV seems odd they would be that strict
i suppose itâs hard to keep up to date when you have been out of work for so long.
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Our work is obviously adding value, so we had to get a valuer to say after the works were carried out the property would be worth x to statisfy the bank both mortgage amounts combined would then be under 85% LTV. The lady we dealt with was very good.
The HRI Scheme is also still going. You will see a lot of information online (even on revenue website) that it finished at the start of this year but it is still going.
Hard for any celtic tiger banker to believe there are any rules around lending Iâd imagine.
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Ooooooft
Oooooooft
FAO All Mortgage Experts, actual professionals or TFK anointedâŚ
Currently looking into First Time Mortgage. Up to now we were living in old family homestead on farm but with little or no options for extending weâre looking to either buy locally or maybe build on land we have in the family.
To cut to the chase, Iâve 2 questionsâŚ
Would it be wiser to go with Fixed Rate or Variable at the moment?
What institution would our experts consider to be the best value to go with currently?
We are AIB account holders so went there for initial appointment. We would be borrowing less than 80% of the Value and looking for 25 or 30 year mortgage
I sincerely Thank you financial whiz kids and other such life experts in advance
The banks are pushing everyone to fixed so they donât have to raise their variable which theyâve everyone locked in on. As a result fixed is the best by far. Itâs a year since I got my mortgage but KBC were cheapest without any gimmicks, BOI were next with a 2% cash back offer which came in very handy at the time and we went with them. AIB variable is the cheapest though
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Iâm not going to advise you on the mortgage bit but I will say if you have a shot at building then build. Particularly if you are not paying for the land. Just make sure itâs where and the type of house ypu want. I can nearly guarantee ypu as soon as ypu get the key, itâll be worth a minimum of a 100 more then you pay for it.
Yeah weâve met with AIB and she advised us to go variable. Itâs 3.3% rate for less than 80% ltv currently but with brexit etc Iâm not sure what way things would play out.
Iâll give BOI a shout i think. Sound.
Whatâs the max amount of years you can nail down fixed term before itâs open again? Itâs three years i think or can you go five? If itâs only 2% iâd go fixed term. You never know where it will be in 18 months. If it goes down to 1.5% say then câest la vie, itâs worth taking the punt. I remember my uncle telling me when he first got his mortgage in the 80s it was 17%. Now thatâs a sobering thought and youâd hate to go variable now for a smidgen less than fixed only for it to hit 4-5% in two years for example.
BOI are giving the cash incentive because their rates are shite. Steer clear. You can get up to 6 months moratorium on a mortgage anyway which is worth more than a few grand from BOI.
Bois variable are shite but if you fix for 3 years itâll be grand, by the time you come off the fixed their variable will be a lot more in line with the market if not you just fix again or move. Their CEO recently announced theyâd be sorting their variable as they were losing out
3% fixed rate for 3 years if you are borrowing between 61-80% of the value of the property,which we would be. 5 years is 3.2% Thatâs not to mention the 2% cashback.
Thats better than AIBâs variable rate which is 3.3% for less than 80% ltv.
What would you advise, KBC??
@Breaking_my_balls will be opening a Tusla account for the BOI advisor in the morning if he doesnât get his 1% rate.
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He owes me a favour actually! 
Should you not decide whether to build or buy before you get the mortgage approval? With the likes of direct labour you could save a good bit on a build if you werenât in a mad rush.
Weâd prefer to buy to be honest, the hassle in building that family members have experienced recently has turned both of us off tbh. But the option is there alright. Still some great bargains to be got around though if youâve the ear to the ground before Auctioneers etc are involved
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It will make a big difference who you go with as well. For buying itâs all much of a muchness but different banks will take very different approaches to self builds around certification and drawing down the funds. Some will insist you use all your own savings before you draw down any of the loan which is extremely impractical if you want to be tipping away buying furnishings etc during the build
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