chris120

Has anyone heard of, or dealt with, a company called Idea Mutuo? I need a mortgage and the agenzia immobiliare recommended these people.

37100

They're a finance co., aren't they? Wouldn't you be better of going directly to a bank?

chris120

Idea Mutuo seem pretty competitive, they act as agents and the mortgage is with a bank in the end, they charge a small amount.
The banks I have tried (3) seem to have higher rates and, if they have special offers and competitive rates take so long to process the application that you no longer qualify for the special rates.

Anyone have any experience about fixed rate versus variable with cap?

Isakat

I would suggest checking mutuionline for a quote. ING Direct seem to be the most competitive and you can deal with them by phone and email.
Have you checked Woolwich and Barclays' rates?
We have a variable rate as it is the most convenient at the moment, however we intend to fix it once interest rates start to climb.
Be careful of how much Idea Mutuo will charge you-usually it is a percentage of the amount requested and can be a few thousand euros.

Regards,
Isakat

chris120

I did look at mutuionline it gave ING and Intesa as the 2 best but ING dont do variable with cap and it looks like Intesa's rates are for publicity only as soon as i applied to them they said they probably couldn't complete the paperwork within the offer period. By the way does any one have any insight on variable versus fixed versus variable + cap etc

Isakat

I must admit I do not know how the cap works, is it some kind of an upper limit you pay should the interest rates go up?
At the moment the variable rate on mortgages is lower than the fixed one.
Why not visit a few banks and ask for mutuo interest rates?
I did and they all gave me different offers. In the end we got an even better offer with Banca di Roma/Unicredit and stayed with them. I believe that if we change with ING than we save even more with a variable rate.
Sorry can not help more.

37100

I'm a fixed rate person myself (and here duffer springs to mind), but hubby, who once did mortgages and still helps friends out, said he'd go for a variable without cap except if he could get a good offer because interest rates are very accessible at the moment. According to him, they cost a lot either as a separate policy, or incorporated in your mortgage and they are usually limited to 5yrs renewable for another 5yrs. Have you found a place yet because if the you have the fact that the bank couldn't complete in time is their problem and not yours. They can if they want to.