BOI or Post Office?

bingobangobongo

Hi,

I've just got sale agreed on a house and need a mortgage, we own our current home outright.

The LTV will be 75% and we are based in NI.

Moneysupermarket suggests that the Post office is best:

1.98% then 4.49%

Bank of Ireland (which provides Post Office mortgages) is:
2.09% then 4.49%


I assume we should go with the Post Office then - is it best to apply online or should I go into a branch? Anything I should know about? Can you keep track of your payments online and overpay etc?

Should I be less focused on the initial rate, and look more at the end rate (surely it will change and I will remortgage?)

Thanks for any help or suggestions.

Barricade

My experience so far is that there is an exceptional delay in processing. Currently 10 working days behind.

Are there any fee differences between PO and BOI? Be sure to use an approved Solicitor by BOI, otherwise you may face double solicitor fees.

There is also a rolling thread about PO Mortgages and peoples experiences ongoing: https://forums.moneysavingexpert.com/discussion/5007756

bingobangobongo

Thanks for this - is there any issue with adding the arrangment fee to the mortgage?

I am currently sitting on 74.77% LTV and I wouldn't want it to push me over if you know what I mean

bingobangobongo

Can someone explain what this £330 solicitor fee is, surely my solicitor does everything???


Fees payable to Bank of Ireland UK Fee Amount

Arrangement fee. You have asked for this to be added to the loan on completion.
We charge this fee for providing the loan shown in Section 6. It is refundable if you pay the fee before completion and the mortgage does not complete. £995.00

A non-refundable valuation fee. This must be paid at application. Part of the fee is to cover our administration
costs. Please read our leaflet ‘Your Guide to Mortgage Charges’ for details.
£310.00

A lending fee. We charge this fee for making the loan under a new mortgage. The fee becomes due on completion but you can defer payment until the date on which the mortgage is fully repaid. We will assume
that you want to defer payment unless you tell us otherwise. We will not charge interest on the fee in the meantime. The fee is not refundable.£195.00


Other Fees Fee Amount
A non-refundable legal fee to the solicitor before the loan starts. The figure quoted here is an estimate and
only covers the legal work undertaken on our behalf – the total fee for conveyancing may be higher.
£330.00

Jimbo1976

Whatever your solicitor is quoting for the legal work will include this amount. The solicitor has to do some work on behalf of the lender so they put this figure on the fees page.

bingobangobongo

Thanks - it turns out that my solicitor is on their LMS list, so they are approved as such, so I don't think I have to pay that £330 to the post office/BOI.

I just got approved online (AIP) and have the option to progress to application.

Jimbo1976

You don't have to pay the £330 to the PO/BOI. This figure is built into whatever your solicitor is charging you. There is no additional fee.

Well done, good luck with your purchase

jorgelopez

I would recommend BOI because one of my former client's case, PO lasted for 2 weeks to arrive the documents.