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AIB wont Fix Mortgage until Self Build is Finished

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  • 06-11-2010 5:30pm
    #1
    BMD
    Registered Users Posts: 146 ✭✭


    Hi,

    I've just been approved for a mortgage with AIB and BOI. I want to fix for three years but AIB have said that I can't fix until the house is finished (July 2011) and that I will have to go on a variable rate before then.

    Is this the norm or are they pulling a fast one? I would prefer to fix as I think interest rates could rocket over the next 6 months when the IMF take over from Fianna Fail.

    Also, is there much point in applying to other instituitions for a mortgage or should I just go with AIB or BOI?


Comments

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    #2
    uberwolf
    Registered Users Posts: 7,580 ✭✭✭uberwolf


    the rate can only be fixed when you draw down the money.


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    #3
    ball ox
    Registered Users Posts: 699 ✭✭✭ball ox


    This is standard practice unfortunately.


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    #4
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    BMD wrote: »

    Also, is there much point in applying to other instituitions for a mortgage or should I just go with AIB or BOI?

    :rolleyes:

    I sincerely hope you have shopped around more and have not only applied to AIB and BoI.

    If not, absolutely, do it.


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    #5
    tinad
    Registered Users Posts: 25 ✭tinad


    Hi i have obtained full planning permission from the council only a few weeks ago:D. I have been gifted the site from my parents and am in the process of getting it signed into my name. Next step is mortgage hunting. Can anyone shed some light on lenders at the moment. I spent alot of money in the planning process and my savings are not up to much. Any one know who's offering the best deals at the moment??


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