Comments

  1. Joe

    Of course you – and other brokers – don’t deal with NIB – therefore ruling out the lowest rate mortgages for all borrowers with less than 80% LTV.

  2. Hi Joe, actually Halifax have a rate of 4.4% for 12 months which then goes to 4.6%. The very best NIB Rate is only 4.6% and to avail of it you have to have a loan of less than 55% to avail of it, so while your point about brokers not dealing with NIB is true the rest of it is wrong. Brokers can still place business with huge savings. And NIB will not do you any special deals on house insurance or mortgage protection either, something which a broker can do, you have to look at the total cost of a loan to get a truly accurate picture of expense although rate is indeed the biggest deciding factor.

  3. james ,london

    just talk show me the rates, the fees if any,which bank offers what, for how long , what deposit is now needed, where is the best deal, where to find it. you have given good advise,generaly , what is the nib. you at least need to put in the full name once as people abroad may need to read ur artical.

  4. The NIB is National Irish Bank. Regarding rates etc. if you want to research rates there are plenty of sites just do a google on ‘irish mortgage rates’, if you want to get into finding the best deal for your LTV etc. then I would suggest you find a broker whom you are comfortable dealing with and liase with them, hopefully thats us, but if not there are plenty of quality brokerages in the city.

  5. irishpancake

    Hey Karl

    Your reply to Joe is inaccurate and misleading in relation to the NIB LTV product.

    The Halifax rate you quote (disc 4.4% going to 4.6%) is only available to those on LTV of 50%. The APR quoted for this rate is actually 4.67% APR. on the Halifax web-site.

    http://www.halifax.ie/index.jsp?1nID=94&2nID=104&3nID=109&pID=104&nID=278#tab1

    Also, you quoted the APR Rate (4.6% APR) for the NIB LTV product.

    This is based on a 50% LTV at a nominal 4.5% (ECB +0.5%).

    Also, for mortgages above 50%, the rate is tiered, so that the portion under 50% attracts the ECB +0.5%.

    So, to summerise, the NIB rate for a 50% LTV Mortgage is 4.6% APR, whereas the Halifax rate would be 4.67% APR.

    You should compare like with like, and not mislead the readers.

  6. Irishpancake: NIB changed their rates as of the 14th of April, the ones you are quoting didn’t exist on the day you wrote that post, the margins have since risen significantly on NIB loans and everybody elses, I suppose that when the world changes it changes quickly!

    Because of teh LTV tiering it looks like (assuming that bit to be correct) I was wrong in the calculations.

    Even a know it all like me doesn’t know everything!

  7. irishpancake

    Karl

    I was referring at all times to NIB’s LTV Mortgage product.

    AFAIK, this has not changed (yet)!!

    The point I was making was that you were comparing one bank’s(NIB) APR rates with the nominal rates quoted by another Bank (Halifax).

    This will obviously have the effect of making the NIB rates look higher than those for Halifax. This I still believe is misleading to make an unfair point, i.e. “there are rates out there which are cheaper than NIB’s LTV rates”

    This is now and was then untrue.

    I don’t claim to know everything my self, but I do know that NIB LTV Mortgage rates are still the same.

    For LTV’s of =<50% it is ECB +0.5%
    LTV’s 50%-60% is ECB +0.6% on that portion
    LTV’s 60%-80% is ECB +0.8% on that portion

    So, for a mortgage on a 50% LTV property the rate is 4.5% (4.60% APR) and on an 80% LTV it will be 4.59% (4.69% APR)

    see here http://www.nationalirishbank.ie/Link/PersonalMortgagecalculate

  8. NIB changed their rates in the meantime, so, like I said, I was wrong at the time of print.

    Interesting point would be: how many people are on the NIB variable? Because it’s one of the worst in the market, if over 70% of mortgages are on variables then they are using one part of their client bank (clearly the less financially savvy ones) to suppliment the ones tracker portion?

    And NIB won’t let you consolidate any debts, and their underwriting criteria was prohibitive compared to other banks, so I suppose that if you fit every box going you’ll do well with them. For the 95% (that is if NIB even have 5% of the market) of the population who don’t deal with them then it may be a good time to look their way?

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