BOI or AIB

I got a low six-figure business loan sorted out for a friend about six months ago - 2 weeks start to finish. Now, I had an extremely comprehensive business plan and all supporting documentation in order prior to the application, but all in all, I was pretty impressed with AIB.

Don’t have experience from the retail side but I understood from a contact doing high level project/arrears work with KBC that their mortgage book is genuinely considered “open”. I.e. not cosmetic but probably very picky

Thanks Slasher. They have approved us as of the end of last week, but for less than we expected. We would have been hoping to use them to fund an approximately 50% mortgage but the amount they have thus far agreed to advance would more likely amount to roughly 40% of the amount we are willing to pay for a property.
Given the comments here re: how picky they are, I am surprised that the independent broker we went with suggested them as our best bet, and did not put an application in for us with any other lender. We are now considering doing that ourselves. I would have thought it made sense to cast your net as wide as possible, given that the documentation required to be put together for an application is more or less the same for all the institutions? Anyone any views on that?

Because AIB only lend to age 65 depending on your age, that may have made the repayments ‘dearer’ so affecting affordability. Also, if you have kids AIB subtract 250 euros per month for each child from your net income before deciding affordability. So you might get more from BOI but their interest rates are higher.

By all means if you have the time and energy apply directly to each institution. I hate using brokers as I like to get on the phone and find out where stuff is at myself anyway.

Indeed that tax would now be a refund after the 1% rise this year

You’re assuming the fixed rate was 1% lower last year…

BOI (whom i’ve been with for 10 years) refused me for a small loan (drawing mainly to have a credit rating in the future)

AIB (whom i’ve been with for a whopping 3 months) approved it within a week

I’ve since removed all my savings etc. from BOI and moved them to AIB. I found the staff in AIB to be much more attentive and interested in me as a customer. The ‘lady’ in BOI was a scoury cow (to put it mildly!!)

BOI refused me a mortgage without a parental guarantee (professional, amount sub 200k, multiple at the time of less than 3x).

I walked but later bought shares on the basis that their credit control must have been legendary…OUCH.

You could have fixed at <4%

Variable rates will not be lower than 4% over the coming years as the banks try and stiff everyone a second and third time.

There was no way AIB and others could hold rates below 4% when the rest of europe had higher rates

Those on trackers must be laughing at the moment