Saving/Applying for a mortgage 2015/16/17/18/19

GaGa21

Anyone here add on to their mortgage application for renovations? We need costings for our banks valuer but haven't consulted with builders yet. We know how much we want to borrow as in regards to our mortgage repayments but not what work is going to cost yet.
What if getting plans or a builder lined up delays the signing of contracts?

GaGa21

Anyone here add on to their mortgage application for renovations? We need costings for our banks valuer but haven't consulted with builders yet. We know how much we want to borrow as in regards to our mortgage repayments but not what work is going to cost yet.
What if getting plans or a builder lined up delays the signing of contracts?

TheShow

GaGa21 wrote: »

Anyone here add on to their mortgage application for renovations? We need costings for our banks valuer but haven't consulted with builders yet. We know how much we want to borrow as in regards to our mortgage repayments but not what work is going to cost yet.
What if getting plans or a builder lined up delays the signing of contracts?

If you don’t know how much the work is going to cost, then how do you know how much you need to borrow? What contingencies have you in place for cost over runs? What if the cost of the renovation is a lot more than what the bank will approve? How will you cover the shortfall? These are all the questions the bank will wonder about and why they will insist on costings/quotations to be provided.
It would be wreckless of you and the bank not to get the job properly costed and until you get it done it will delay your mortgage approval or drawdown depending on what stage you are at.

History Queen

GaGa21 wrote: »

Anyone here add on to their mortgage application for renovations? We need costings for our banks valuer but haven't consulted with builders yet. We know how much we want to borrow as in regards to our mortgage repayments but not what work is going to cost yet.
What if getting plans or a builder lined up delays the signing of contracts?

We looked for an extra €50,000 for renovations. Was granted once the valuer confirmed that the €50k was adding value to the house and thatbthe bank would likely recoup their money if we defaulted. Didn't take any extra time valuer just needed a copy of our builders quote to look at when he was out valuing the property for the bank anyway.

History Queen

GaGa21 wrote: »

Anyone here add on to their mortgage application for renovations? We need costings for our banks valuer but haven't consulted with builders yet. We know how much we want to borrow as in regards to our mortgage repayments but not what work is going to cost yet.
What if getting plans or a builder lined up delays the signing of contracts?

We looked for an extra €50,000 for renovations. Was granted once the valuer confirmed that the €50k was adding value to the house and thatbthe bank would likely recoup their money if we defaulted. Didn't take any extra time valuer just needed a copy of our builders quote to look at when he was out valuing the property for the bank anyway.

GaGa21

History Queen wrote:

We looked for an extra €50,000 for renovations. Didn't take any extra time valuer just needed a copy of our builders quote to look at when he was out valuing the property for the bank anyway.

The valuer has already been out and we don't have a builder on board yet. We're looking for about 40,000 so I think I just need to get the wheels in motion on costings. I just don't want to rush our design plans for the sake of the bank valuation if you know what I mean.

History Queen

GaGa21 wrote: »

The valuer has already been out and we don't have a builder on board yet. We're looking for about 40,000 so I think I just need to get the wheels in motion on costings. I just don't want to rush our design plans for the sake of the bank valuation if you know what I mean.

But you can change the design after? Bank didn't need to see plans and builder gave rough quote based on what we said we wanted. That quote was sufficient for bank and valuer

CIP4

I understand the basic of requirements for first time mortgage 10% deposit, 3.5 times rule and that you need at least 6 months savings higher than your mortgage repayments.

However what way does the bank stand on car finance let’s say for example you have a 10k car loan would you be better off having this cleared and paid off before the end of the term before you apply for a mortgage meaning you are debt free or stay repaying it monthly when applying leaving you with an extra 10k in savings ? Also could the bank look at it negatively that you paid of a loan early ?

awec

CIP4 wrote: »

I understand the basic of requirements for first time mortgage 10% deposit, 3.5 times rule and that you need at least 6 months savings higher than your mortgage repayments.

However what way does the bank stand on car finance let’s say for example you have a 10k car loan would you be better off having this cleared and paid off before the end of the term before you apply for a mortgage meaning you are debt free or stay repaying it monthly when applying leaving you with an extra 10k in savings ? Also could the bank look at it negatively that you paid of a loan early ?

No point paying it off before applying. You may as well apply first and see what they say. It's not an automatic rejection for having outstanding loans.

All depends on your income after mortgage + other monthly payments like loans are deducted and whether it meets the threshold banks want to see.

Tipsy McSwagger

CIP4 wrote: »

I understand the basic of requirements for first time mortgage 10% deposit, 3.5 times rule and that you need at least 6 months savings higher than your mortgage repayments.

However what way does the bank stand on car finance let’s say for example you have a 10k car loan would you be better off having this cleared and paid off before the end of the term before you apply for a mortgage meaning you are debt free or stay repaying it monthly when applying leaving you with an extra 10k in savings ? Also could the bank look at it negatively that you paid of a loan early ?

I applied right after getting a 5k car loan. It does make a small difference but my consistently good savings were the main factor in me being approved.

podgemonster

I had a car loan and I think the consistent payment of it on top of my savings worked well in my favour. An early mortgage advisor said if I was going for a 25 year mortgage then it might be better to pay it off fully before drawing down but I was going for a 32 year mortgage so she didn't see it as an issue.

ELM327

CIP4 wrote: »

I understand the basic of requirements for first time mortgage 10% deposit, 3.5 times rule and that you need at least 6 months savings higher than your mortgage repayments.

However what way does the bank stand on car finance let’s say for example you have a 10k car loan would you be better off having this cleared and paid off before the end of the term before you apply for a mortgage meaning you are debt free or stay repaying it monthly when applying leaving you with an extra 10k in savings ? Also could the bank look at it negatively that you paid of a loan early ?

I had a car loan and outstanding CC balance.
The two together were causing issues - but I still got approval and have bought in Q1 this year.


Important to note that the monthly loan repayment is deducted from the amount you can borrow. So to pass the stress tests you need 2050 per couple after committed outgoings. The committed outgoings include the loan monthly. So if you were eligible for a mortgage of 1000 p/m, you would only get one that was say €750 p/m with a 250 p/m loan outstanding.

wally79

We had small amount left on car loan. We were told it was no problem but that if we wanted to we should clear it from savings to make application more straightforward

podgemonster

Just wondering has anyone been in my current situation. We've gone sale agreed on a new build. Have mortgage approval a few months ago, just recently signed letter of offer and paid 10%. Mortgage is a 80% LTV and 2.7 times our combined salary.

The build is nowhere near complete probably a good 4-5 months away except one small factor....the missus is now pregnant. My concern is now that on drawdown somewhere along the lines it will occur during her maternity leave and the bank will seek new payslips and turn around and tell us to where to go. Does this happen?

Liam McPoyle

Currently we have our mortgage with PTSB on a tracker. We have gone through the application process and they are offering the keep the tracker +1% for the balance of the current mortgage and the balance of the new mortgage on the standard rates.

I'm just wondering, does anyone know if there are any of the banks that will accept a tracker from another institution or is it a case that we are stuck with PTSB if we want to retain the tracker?

We are going to speak to a broker about getting some other quotes anyway but I'm curious to know if this is a potential runner.

kippy

Business Cat wrote: »

Currently we have our mortgage with PTSB on a tracker. We have gone through the application process and they are offering the keep the tracker +1% for the balance of the current mortgage and the balance of the new mortgage on the standard rates.

I'm just wondering, does anyone know if there are any of the banks that will accept a tracker from another institution or is it a case that we are stuck with PTSB if we want to retain the tracker?

We are going to speak to a broker about getting some other quotes anyway but I'm curious to know if this is a potential runner.

I am pretty certain you are stuck with PTSB on that......

Liam McPoyle

kippy wrote: »

I am pretty certain you are stuck with PTSB on that......

Cheers. Kinda figured we would be. Will just have to get prices for the full amount with other providers, cant imagine they will be cheaper though as it will be around 40% of the mortgage on the tracker +1% rate.

xalot

Has anybody drawn down their mortgage with TSB recently? How long did it take and was it a cheque or bank transfer. It seems to be taking AGES (we're at 5 working days now)

levi

Anyone applied to Ulster Bank recently? They don’t seem that efficient in getting things done. We have approval in principle from AIB but UB is offering a better rate. They said it would take 1.5 weeks with the lenders... it’s 2 weeks now but we’re sale agreed so I’m keen to get things moving. It took them ages to get a complete application to the lenders - loads of back and forth. Should I expect more of this if we decide to draw down with them?

Michellenman

levi wrote: »

Anyone applied to Ulster Bank recently? They don’t seem that efficient in getting things done. We have approval in principle from AIB but UB is offering a better rate. They said it would take 1.5 weeks with the lenders... it’s 2 weeks now but we’re sale agreed so I’m keen to get things moving. It took them ages to get a complete application to the lenders - loads of back and forth. Should I expect more of this if we decide to draw down with them?

In short, yes.

This is my post from before we managed to close.

Michellenman wrote: »

Anyone else drawing with ulsterbank? We are having an absolutely nightmare. We had to officially reapply in 2018 to get an exemption and resubmitted all our paperwork on January 2nd, ulsterbank told us they would get loan offer out ASAP and we would be in a position to drawdown on January 11th which is what the vendors wanted and what we wanted too. It's taken until today (Feb 2nd) just to get the loan offer and will probably be another week before we can draw down. There's been goalposts moved multiple times, despite everything being sent in together in one envelope things have gotten 'lost' in the post, told us we didn't need to set up an UB current account and then changed their mind the day before we were supposed to drawdown. The current account team won't speak to the mortgage team or vice versa so it took more than a week to get a bic and Iban to give to the underwriter. Every time I call I get someone else who tells me X whereas the person before told me y. They kept telling us to expect loan offer on a Monday, then Wednesday, then following Monday and then eventually got it on Thursday only for it to be the wrong amount. The vendors are getting fed up with us, understandably, so the estate agent is constantly calling me for an update. Vendors solicitor is threatening to serve a 28day completion notice on us now which just adds more stress to an already unbelievably stressful time. Incredibly frustrating. We are so close but feel so far away.

Anyone who's with ulsterbank, do they do the actual drawdown part quickly now or are they just as slow?? Please tell me the next part is fast!

We went with them in the end and fixed for 4 years and no issues since then because we haven’t had to contact them. Im already dreading 3.5 years from now when I need to contact them about our rate again...

cruizer101

Oddly I found ulster the best to deal with, that said I did go directly to their mortgage centre in town instead of a standard branch.
For me both Aib and kbc took a long time and Boi (who I have heard others say were quite good) were that much of a disaster we didn't fully proceed with the application.
So it seems element of luck with them all

Monife

Has anyone on here applied for a self build mortgage recently? What was the process like? Any bank better on these mortgages than others?

Catmologen

levi wrote: »

Anyone applied to Ulster Bank recently? They don’t seem that efficient in getting things done. We have approval in principle from AIB but UB is offering a better rate. They said it would take 1.5 weeks with the lenders... it’s 2 weeks now but we’re sale agreed so I’m keen to get things moving. It took them ages to get a complete application to the lenders - loads of back and forth. Should I expect more of this if we decide to draw down with them?

It took us 3 weeks to get a loan offer with UB.

Tipsy McSwagger

Is it crazy to go with the Credit Union for a mortgage with their high interest rate?

ILikeBoats

Tipsy McSwagger wrote: »

Is it crazy to go with the Credit Union for a mortgage with their high interest rate?

Do they offer a mortgage? What's the rate?

Tipsy McSwagger

ILikeBoats wrote: »

Do they offer a mortgage? What's the rate?

4.9%

Mark1916

Hi all,
quick question, has anyone come across a request by a seller to sign an unconditional contract?
We're sale agreed and have an offer letter from the Bank but the sellers are also buying a property and have requested that the conditionality around the "loan approval" clause be removed.
Is this common? I would have thought not.

awec

Tipsy McSwagger wrote: »

4.9%

I am guessing this is aimed at people who have no hope of getting a mortgage through a bank?

bush

xalot wrote: »

Has anybody drawn down their mortgage with TSB recently? How long did it take and was it a cheque or bank transfer. It seems to be taking AGES (we're at 5 working days now)

Have they confirmed they are drawing down or are they still checking everything? I got it by bank transfer the next day after they told me they were ready to draw down.

xalot

bush wrote: »

Have they confirmed they are drawing down or are they still checking everything? I got it by bank transfer the next day after they told me they were ready to draw down.

Still checking documents, have been since the week before last.