Halifax Republic of Ireland Mortgages vs UK

djkaizen

Does this seem a little odd to you lot too? If its true I am very angry.

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Banks controlled by British taxpayers are offering mortgages to first-time buyers in the Irish Republic at half the rate that they are available for in the UK. Halifax, part of the Lloyds Banking Group, is charging 2.74 per cent for a two-year fixed-rate deal to first-time buyers in Dublin. A five-year fixed-rate deal would cost borrowers in its home town of Edinburgh 6.14 per cent.

pedro3gb

Not often do I put pen to paper so to speak but this really makes my blood boil. Who do they think they are, taking our money to bail them out and charging excessive rates and arrangement fees to first time buyers in Great Britain whilst those in another country get them for half.
I am at the stage when my mortgage is paid off but also at the stage where my daughter would like to buy her first house. This is proving impossible as the 5% deposit ones are hardly available and if they are the rate of interest and arrangement fee is totally unrealistic.
I sent a message to Halifax Ireland but they did not respond. Perhaps there is a Halifax employee reading this forum who maybe would like to comment.

luckyfool

eh?

You are comparing apples with oranges here. . . . and it's not even clear if the risk or loan to values are comparable.

2 year fixed rates and 5 year fixed rates are almost always charged at different rates. In the UK C&G charge 5.29% for a 5 yr fixed rate at 75%, but you can get a 2 year fixed rate at a much lower level. In the UK many lenders are charging over 7% for a 5 year fixed rate at 90%, but you can get a 2 year fixed rate for 3-3.5% with a 40% deposit.

Without a hell of alot more information its not even clear that this is news or that there are significant differences in pricing between the UK and Republic of Ireland with Halifax or anyone else.

the_root_of_all_evil

no this is a down right rip off. we bail out the halifax and it continues to charge an arm and a leg through its uk branches but favours the irish.

2.49 in ireland or 5.99 in the uk, its a joke and it not apples and oranges its the halifax. :mad:

see here: http://www.halifax.ie/index.jsp?p=100&n=102http://www.halifax.ie/index.jsp?p=100&n=102

and now see here: http://www.halifax.ie/index.jsp?p=102&n=644

can i move my mortgae to halifax ie?

my blood is boiling after what ive been through with the halifax!!!!!!!!!!!!!!!!!!

opinions4u

Before they sold off their Australian subsidiary, Bank West last year, their mortgage rates down under were significantly HIGHER. This is a case of various different pressures in the market place. Were they screwing Aussie customers, or were UK customers getting a subsidised deal?

Ireland is a completely different market place to the UK. As is Australia. It has a different currency !!!!!!.

The cost of raising funds for mortgage lending in Ireland is different to the UK.

It is very likely that the Halifax mortgage book has been built in a relatively cautious way in Ireland for the couple of years they have been there, and as such the cost of wholesale funds against that mortgage book will be cheaper than the UK.

It could be that Irish customers are considered more likely to maintain their payments than UK customers.

It could be an interpretation that the fall in the housing market in Ireland is nearer the bottom than it is in the UK.

It could be that they tighter underwriting criteria in Ireland compared to the UK, so won't accept the same level of risk.

It could also be that they need to reduce their amount of lending in the UK but the same doesn't apply in Ireland. They are a mature lender over here, they are a new lender over there without the baggage.

can i move my mortgae to halifax ie?

I'm sure they will give the idea every consideration if you moved to Ireland.

its a joke and it not apples and oranges its the halifax

TMB is a sub-prime lender in the UK. It operates in a different market to the mainstream Halifax brand. But hey, it's all HBOS, so Halifax customers should pay the same as TMB customers, surely?

For crying out loud, Ireland is a completely different country with a completely different set of market dynamics.

This is proving impossible as the 5% deposit ones are hardly available

It would appear Halifax UK and Halifax Ireland both require a 10% deposit for first time buyers.

Banks controlled by British taxpayers are offering mortgages to first-time buyers in the Irish Republic at half the rate that they are available for in the UK

LBG (which owns Halifax) is 57% owned by shareholders who aren't the British Government.

Who do they think they are, taking our money to bail them out and charging excessive rates and arrangement fees to first time buyers in Great Britain

Banks deservedly got criticised for lending too much too cheaply in the UK. Now you criticise them for pricing risk in through higher rates and fees. It's a very competitive market out there for those with a decent deposit and a clean credit history. If you don't like what's on offer, borrow the money somewhere else.

irishlinks

Looks like Halifax Ireland have bowed to pressure and increased rates in Ireland. Still not as high as the UK though .
See mortgages.blogs.ie