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Rejected by AIB for mortgage?!

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    #32
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    OP I would hold out a month or two and see what happens when Frank Mortgages launch. They are a new mortgage lender waiting on a CB licence. They say they will be the cheapest in the market. Even if you dont go with them, it will force other lenders to cut rates

    I dont know why AIB is stress testing mortgages at 6%. They obviously havent got the memo, that low interest rates are the new normal.


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    #33
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    newacc2015 wrote: »
    OP I would hold out a month or two and see what happens when Frank Mortgages launch. They are a new mortgage lender waiting on a CB licence. They say they will be the cheapest in the market. Even if you dont go with them, it will force other lenders to cut rates

    I dont know why AIB is stress testing mortgages at 6%. They obviously havent got the memo, that low interest rates are the new normal.

    UB (via RBS), AIB and BOI- all are considered 'stressed' by the ECB and have been instructed to build their capital reserves. 'Normal' can mean any of a large number of different things to different people. 6% is an extreme stress test- however, in an environment including Brexit- its prudent to stress test to higher levels.

    Low interest rates may be the norm- however, tougher stress testing of prospective borrowers- is also the new norm. Its something we're just going to have to live with.


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    #34
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    newacc2015 wrote: »
    OP I would hold out a month or two and see what happens when Frank Mortgages launch. They are a new mortgage lender waiting on a CB licence. They say they will be the cheapest in the market. Even if you dont go with them, it will force other lenders to cut rates

    I dont know why AIB is stress testing mortgages at 6%. They obviously havent got the memo, that low interest rates are the new normal.

    With regard to Frank, I'd be dubious until they're up and running. Their whole spiel even sounds like a scam: "our transformational and transparent funding model" sounds like something from an MLM or pyramid scheme.


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    #35
    Turkish1
    Registered Users Posts: 273 ✭✭Turkish1


    Michael D Not Higgins wrote: »
    With regard to Frank, I'd be dubious until they're up and running. Their whole spiel even sounds like a scam: "our transformational and transparent funding model" sounds like something from an MLM or pyramid scheme.

    Haven't they been waiting for a licence for a year or more at this stage? I wouldn't be surprised to see them never lend a penny.


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