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Switching Mortgage

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  • 06-04-2009 9:54am
    #1
    yaynay
    Closed Accounts Posts: 182 ✭✭


    Hi All,

    Wonder if anyone can advise me. I am hoping to switch my mortgage and pay off a couple of debts, however I seem to be having a bit of trouble finding a bank tha will offer more than 80% LTV. I live in an apartment, which was an issue for Halifax.

    Can anyone offer advice on banks which are currently offering about 85-90% LTV?

    Cheers,


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    Bank of Ireland and AIB are both doing up to 92% finance according to their websites. Maybe check out the EBS too.


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    #3
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Toots85 wrote: »
    Bank of Ireland and AIB are both doing up to 92% finance according to their websites. Maybe check out the EBS too.

    It's not as simple as that Toots. I seen some correspondence from BOI Mortgages today which said you must have been with your current mortgage provider for 2 yrs before they would even consider a switch. As for the equity release piece (which is what you want to do effectively) I could see problems.


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    #4
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,919 Admin ✭✭✭✭✭Toots


    True, but at least they're doing 'up to' 92%, so it'd be worth a shot enquiring anyway. I know from personal experience, it can be difficult getting an equity release on a 1 bed apartment, which is what I have. :( Not sure what size your apartment is OP, so it might be different for you. At least give them a call, the mortgage advisors would probably have a good idea of what your options would be and if they'd be able to do anything for you.


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    #5
    Acer2009
    Closed Accounts Posts: 6 ✭Acer2009


    Your best bet is talking to a mortgage broker who will know what all the banks are willing to lend. Generally switcher products are only offered for an LTV up to 75/80% abd they will be more fraid of apartments as they feel they are going to reduce more in value than houses.

    92% LTV mortgages are generally restricted to first time buyers. This percentage will start coming down as well!


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