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First Time Buyer - Question on negotiating Interest rates

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  • 24-02-2017 6:44pm
    #1
    RaulDublin
    Registered Users Posts: 116 ✭✭


    I am a first time buyer and have very recently put forward a booking deposit for a house .I do have an pre approval from 2 banks and wanted to know how whats the best way to negotiate with banks .
    • Property - 450 K
    • Loan approved 440 K
    • Mortgage amount needed-350 K

    I'll be drawing much lower than the approved loan amount and hope to have a better interest rates in return for either of the banks concerned on the mortgage as I pay / can pay around 20 % of the total.
    I assume that there should be only one bank who contacts the EA office ?
    The house is quite old but dosent seem to need any repair and is newly refurbished .

    Many thanks , raulG
    Tagged:


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    #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,076 Mod ✭✭✭✭AlmightyCushion


    Some banks offer better interest rates for a lower LTV but that's about as good as you'll get. I can't see any bank negotiating a lower rate with you at all.


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    #3
    miezekatze
    Registered Users Posts: 1,341 ✭✭✭miezekatze


    I've never heard of any negotiations regarding interest rates. Some banks give you a better rate depending on your LTV, but you'll usually find those details on their website, I don't think there's any room for negotiation there.


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    #4
    sKeith
    Closed Accounts Posts: 13,404 ✭✭✭✭sKeith


    your LTV is now at 77%. I think the next reaccesment LTV for most banks is 50% LTV. Quite a bit to go until then.


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    #5
    mickmac76
    Registered Users Posts: 400 ✭✭mickmac76


    I agree with the other posters, the banks won't negotiate with you. Are you using a mortgage broker, they should be able to apply to several lenders and advise you on the best deal.


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