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• 100% mortgage now withdrawn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.
  

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: €1059 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)

Article From Moving.ie
http://www.moving.ie/bank_of_scotland..asp

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