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Best Rate for 100% Mortgage

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  • 22-04-2006 11:51pm
    #1
    PRman
    Registered Users Posts: 269 ✭✭


    Hi, Just wondering if anyone can tell me the best tracker rate they've come across for a 100& Mortgage. First Active have offered me 3.65% (That's 1.15% above the ECB rate) I know the rate depends on your L2V ratio and all that but they're telling me that's competitive for a 100%. Anyone know anyone giving a better rate??? Any feedback appreciated!!!


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    #2
    utopian
    Closed Accounts Posts: 139 ✭✭utopian


    PRman wrote:
    Hi, Just wondering if anyone can tell me the best tracker rate they've come across for a 100& Mortgage. First Active have offered me 3.65% (That's 1.15% above the ECB rate) I know the rate depends on your L2V ratio and all that but they're telling me that's competitive for a 100%. Anyone know anyone giving a better rate??? Any feedback appreciated!!!

    Prima Finance have all the rates.


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    PRman wrote:
    Hi, Just wondering if anyone can tell me the best tracker rate they've come across for a 100& Mortgage. First Active have offered me 3.65% (That's 1.15% above the ECB rate) I know the rate depends on your L2V ratio and all that but they're telling me that's competitive for a 100%. Anyone know anyone giving a better rate??? Any feedback appreciated!!!

    The Central bank recently changed the equity that lenders must back loans with, with the emphasis on higher equity percentages for higher L2V mortgages. This has made it a lot more costly for mortgage providors to offer 100% mortgages (and its thought a lot of the providors currently offering them may cease that segment of the market).

    The tracker component you have been offered does seem reasonable enough- what you should try to do is tie yourself into a low rate (perhaps 3.75-4%) for an initial 2 (or longer if possible) year period. The initial rate you are charged may be an area that you have space to play with (the mortgage providors tend to be very competitive on this).


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    #4
    PRman
    Registered Users Posts: 269 ✭✭PRman


    Thanks for the replies - Banks make enough money and I've been told it pays to shop around for mortgages!!


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