Lender Profiles: Bank of Scotland Mortgages Ireland

Recent changes: Due to market conditions, Bank of Scotland withdrew their 100% mortgages for first time buyers & increased deposits required in April 2008.

Apply for approval with Bank of Scotland (& up to 9 other lenders)
or call 1890 44 66 44 to speak to a mortgage consultant
(lines are open 8am - 8pm Monday to Thursday, 9am - 5pm Fridays, 11am - 4pm Sundays)

Loan to Value:

• First Time Buyers - 90% mortgages
• First Time Buyers buying apartments - 80%
• Owner Occupiers - 90% mortgages
• Owner Occupiers buying apartments - 80%
• Refinancing - 90% mortgages
• Buy to Let / investment properties - 80% mortgages

100% Mortgages Contitions:

• 100% mortgage now withdrawn

Mortgage Term:

• First Time Buyers - 40 years maximum*
• Refinancing / Moving Home - 35 years maximum*
• Buy to Let - 20 years maximum
• Minimum age of 18 years
• Age on completion must be 65 years or less for PAYE employees and 70 years or less for self-employed persons
  

Flexible Mortgage Options:

• Interest Only mortgages:
  First Time Buyers: Up to 2 years
  Home Movers: Up to 6 months
  Refinancing: Up to 6 months
  Buy to Let: Full mortgage term
  
  
• Split Mortgages
  You can choose to fix part of your mortgage and to have the remainder on a tracker rate. The benefit of this is that you can have some of the security of a fixed rate, with some of the flexibility of a tracker rate (such as making Lump sum repayments)

Who will Bank of Scotland appeal to?

• Self Employed People:
  Bank of Scotland are a more flexible than most lenders when it comes to arranging mortgages for self employed people (particularly if you are borrowing less than 70% of the property price).
  
  
• People with lot of equity: 
  If you own your existing home for a number of years, and have built up significant equity, Bank of Scotland may be a good option.  If you are borrowing less than 60% of the property value, their tracker mortgage is very competitive.
  

Who will Bank of Scotland not appeal to?

• People in a hurry:
  The service at Bank of Scotland can be slow, so if you need your letter of offer or cheque issued quickly, you should consider another lender.
  
  
• Apartment Buyers with small deposits :
  They will offer a maximum of 80% mortgages to people buying apartments..
  

If you want to apply for a mortgage with Bank of Scotland Ireland, why should you apply through Mortgages Direct?

• Independent Mortgage Brokers
  Mortgages Direct are independent mortgage advisers , so they'll be able to review your details, and see if Bank of Scotland will offer the best package or if a more suitable one is available for you with another lender. 
  
  
• No Broker Fees
  Because Mortgages Direct get their fees paid by the mortgage lenders, they do not charge you a fee.
  
  
• Low Cost Legal Fees.  
  Refinancing: €1299 all in, flat fee or alternatively use your own solicitor
  Buying a home: €947 + vat + outlay or alternatively use your own solicitor
  
  
• Price Match Guarantee.
  Mortgages Direct guarantee to match the cheapest mortgage protection quote offered by 8 of the leading insurance companies in Ireland (including Irish Life, Friends First, Caledonian Life, Eagle Star, etc) - so you should save money on your mortgage protection insurance too.
  
  
• Well Trained Staff
  The mortgage consultants are very experienced, know what the lenders like and dislike, so they'll find the right lender, at the right price and take a lot of the hard work out of your hands.  
  
  Arranging a mortgage can be a full time job, but it doesn't need to be your job....

Apply for approval with Bank of Scotland (& up to 9 other lenders)
or call 1890 44 66 44 to speak to a mortgage consultant
(lines are open 8am - 8pm Monday to Thursday, 9am - 5pm Fridays, 11am - 4pm Sundays)



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