post office mortgages

ollski

I have been looking around and ended up getting an agreement in principle with the post office for a 90% on 230k at 5.19 fixed for 2 years. The deal seems kind of ok when compared to competition but I am slightly concerned with the fact that the mortgage seems to be offered via the post office by the bank of Ireland. I read today that Irish banks are going through a touch of difficulty....should I worry or try to find a (hopefully) more solid provider?

Senior_Paper_Monitor

A regularly asked question about Bank(s) of Ireland, Northern Rock and any small lender who the borrower hasn't heard of !

Why worry - you will have their money, not the other way around ?

I would be more worried that the lending pot runs dry before you get an application in !

sophievenusdoom

ollski wrote: »

I have been looking around and ended up getting an agreement in principle with the post office for a 90% on 230k at 5.19 fixed for 2 years. The deal seems kind of ok when compared to competition but I am slightly concerned with the fact that the mortgage seems to be offered via the post office by the bank of Ireland. I read today that Irish banks are going through a touch of difficulty....should I worry or try to find a (hopefully) more solid provider?

Look at the English banks when they went bust - people with mortgages weren't affected in any major way particularly. Plus, I think the headlines tonight were aimed more so at how much in debt Ireland is because they have already bailed their banks out, so I think that ship has sailed!

paperalice

Hi Ollski

Did you end up going for a Post Office mortgage in the end? I'm a FTB and I've just had an offer accepted. I'm looking around for mortgage as my circumstances have changed since I got my AIP and I'm seriously considering the Post Office. I'd be interested to know your experience with them.

Thanks.

F_T_Buyer

The post office are ok, a bit slow, but ok. Secondly you need to use a solicitor from their panel. Oh, and they are harsh on their valuations (which can be a good and bad thing).

ollski

To be honest I got the agreement in principle but the market here is absolutely dead so I'm not sure I will ever use it.

suljka

F_T_Buyer wrote: »

The post office are ok, a bit slow, but ok. Secondly you need to use a solicitor from their panel. Oh, and they are harsh on their valuations (which can be a good and bad thing).

I'm FTB as well and had AIP but from different lender (one that does soft scoring so no mark left on credit report), however I am looking for a good deal and Post office seems to be tops. Can you please elaborate on "a bit slow" part - how slow are we talking? And are solicitors from their panel overpriced or ok?
Do you know if Post Office mortgages are only available by going directly or did you use mortgage adviser?
Fail Post office , any other recommendations?

Many thanks in advance