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

frank15

The_Conductor wrote: »

Honestly- they don't look at that sort of things- I could realm off a list of people who live in Cork and Limerick and commute to Dublin on the morning train every morning- even in a relatively small location- you might be surprised at how many people do it. I don't think they'd blink at the location of the property- its all to do with LTVs and your repayment capacity- not the actual location of the property. If you're happy with the commute- who are they, or I, to say its not feasible.

Actually this is now a blocker. Bank (AIB) says that the property isn't in commutable distance so it's not a goer. Does anyone know if there are specific lenders where this isn't an issue? Or perhaps I should talk to a good broker who would know the situation for all institutions?

leburg

frank15 wrote: »

Actually this is now a blocker. Bank (AIB) says that the property isn't in commutable distance so it's not a goer. Does anyone know if there are specific lenders where this isn't an issue? Or perhaps I should talk to a good broker who would know the situation for all institutions?

I had same issue with AIB house was within what I was approved for they said not in commutable distance. Ended up going with BOI and they had no problem approving same house.

awec

seamus wrote: »

The underwritten offer is useful on three counts;

1. It means you've provided all your documentation and there's no scramble then to get it all together when you go sale agreed. You convert an underwritten offer into a formal offer with less fuss.
2. It puts you in a stronger bidding position - it's as good as a loan offer, so the estate agent knows you have the funding. Approval in Principle isn't worth the paper it's written on, from the vendor's point of view.
3. It gives you more surity. AIP gives you a ballpark figure of what you can borrow, but the final amount may be €10k short. Which means you have to drop out and start again. The underwritten offer lets you know exactly what you can borrow, giving you more confidence in placing bids.

This post isn't really accurate. AIP is an underwritten offer.

This is all being muddied by banks offering this super-quick "AIP" without going to the underwriters. This is not really AIP, this is totally worthless.

Getting AIP involves handing over all your documentation and going through the underwriters. It gives you an exact maximum figure that you can borrow. It is given to you on official documentation.

R11

We're sale agreed about 6 weeks now. Broker rang my wife earlier to say that Zurich won't give her mortgage protection for 3 years. She had a full medical, has asthma & some bronchial problems but nothing life threatening. Even our broker reckoned we'd just have to pay a slightly higher premium..... She's devastated now. What happens now? Does the sale collapse? Broker said Zurich won't tell him or us why they made the decision but they'll write to her GP explaining the decision. Can we appeal? Will bank accept just me on the mortgage protection?

TheShow

R11 wrote: »

We're sale agreed about 6 weeks now. Broker rang my wife earlier to say that Zurich won't give her mortgage protection for 3 years. She had a full medical, has asthma & some bronchial problems but nothing life threatening. Even our broker reckoned we'd just have to pay a slightly higher premium..... She's devastated now. What happens now? Does the sale collapse? Broker said Zurich won't tell him or us why they made the decision but they'll write to her GP explaining the decision. Can we appeal? Will bank accept just me on the mortgage protection?

Mortgage protection is required by law under CCA, however if you're over 50 yr, the policy is heavily loaded as to make it unaffordable or you have been declined, then the bank may proceed without, but the choice is theirs.

Does your wife work? i.e. is the mortgage approval dependent on income that your wife generates?

Have you tried a different insurance provider? try a broker company who will check all the insurance companies.

R11

TheShow wrote: »

Does your wife work? i.e. is the mortgage approval dependent on income that your wife generates?
.

Yeh, she works, she's 39 so hardly a high risk. Going into our broker now to get more forms to fill out. It's a right pain in the ass.

cruizer101

The bank may accept just having you on life insurance. When you say broker do you mean mortgage broker or just life insurance broker. Either way you need to communicate with bank (directly or through them) and see if they will allow, I know they do in some cases.

R11

cruizer101 wrote: »

The bank may accept just having you on life insurance. When you say broker do you mean mortgage broker or just life insurance broker. Either way you need to communicate with bank (directly or through them) and see if they will allow, I know they do in some cases.

He's a mortgage and life protection /insurance etc broker. He was waiting on a call back from PTSB..... But guess what? They never rang

TheShow

R11 wrote: »

He's a mortgage and life protection /insurance etc broker. He was waiting on a call back from PTSB..... But guess what? They never rang

can he not get quotes from other insurance companies or is he tied to Zurich?

See what the bank say first, they might accept with just one policy. If not then you'll need to shop around a bit more.

R11

TheShow wrote: »

can he not get quotes from other insurance companies or is he tied to Zurich?

See what the bank say first, they might accept with just one policy. If not then you'll need to shop around a bit more.

I think he only applied to Zurich (obviously best commission). Now we're applying to Irish Life & an English company called Pulse. My fear now is our sellers will get impatient & pull out, they're already putting pressure on us to sign contracts. But I'm not signing until we get mortgage protection..... If we get mortgage protection.

TheShow

R11 wrote: »

I think he only applied to Zurich (obviously best commission). Now we're applying to Irish Life & an English company called Pulse. My fear now is our sellers will get impatient & pull out, they're already putting pressure on us to sign contracts. But I'm not signing until we get mortgage protection..... If we get mortgage protection.

Check if the bank will accept the Zurich policy first, you never know.

sightband

R11 wrote: »

We're sale agreed about 6 weeks now. Broker rang my wife earlier to say that Zurich won't give her mortgage protection for 3 years. She had a full medical, has asthma & some bronchial problems but nothing life threatening. Even our broker reckoned we'd just have to pay a slightly higher premium..... She's devastated now. What happens now? Does the sale collapse? Broker said Zurich won't tell him or us why they made the decision but they'll write to her GP explaining the decision. Can we appeal? Will bank accept just me on the mortgage protection?

Go to an insurance broker, go to multiple providers. Be more discrete with issues, yes, yes folks....bring on the barrage of boardsie “but, but, that’s not honest and is fraudulent” muck you read on this week in week out no matter what the thread.

Truth is, even if your wife croaked due a bronchial issue next month they wouldn’t pay out so look after yourselves. It’s all additional red tape bollocks.

Do whateved it takes to get you over the line, and buy a house where you don’t have to pay triple the rent versus mortgage. switch policy after. Ooooooooh, I’m bad. “But, but, you lied, your policy will be invalidated”...here’s a preemptive stfu for those responders

R11

TheShow wrote: »

Check if the bank will accept the Zurich policy first, you never know.

Yeh, he was waiting on a call from PTSB rep today, no sign. Hopefully 2moro.

chrismon

leburg wrote: »

I had same issue with AIB house was within what I was approved for they said not in commutable distance. Ended up going with BOI and they had no problem approving same house.

Commutable from work or from the closest town?
What's the distance?
I commute 100 miles round-trip to work.

frank15

leburg wrote: »

I had same issue with AIB house was within what I was approved for they said not in commutable distance. Ended up going with BOI and they had no problem approving same house.

Thanks, that's good to know. Do you know if they had a different distance criteria or none whatsoever?

leburg

chrismon wrote: »

Commutable from work or from the closest town?
What's the distance?
I commute 100 miles round-trip to work.

From work AIB said it wasn’t commutable it’s 75km. BOI never mentioned it as an issue it’s in a town a few km from M1 and takes about 1hr door to door to get to work.

JDD

Right everyone, we're in the final leg of our mortgage process.

We've bought a new build house, which should be ready to snag in three weeks. I've gotten a quote from my mortgage broker for mortgage protection insurance, amounting to €45 a month whereas BOI have quoted us €71 a month. It seems like a no brainer to go for the €45 but my solicitor says it might be best to go with BOI for the first year and then shop around for a cheaper price as mortgage protection is always the thing that seems to hold up drawdown, but if we get it direct with the bank that's issuing the mortgage it shouldn't hold anything up. That's a big deal for us, as our daughter will start in the local school on 30 August and there is only so long we can trek over to our new suburb to pick her up from school. Any thoughts?

Other things on my list are:
- set up joint account in new bank
- get bank to issue new loan offer letter (with longer fixed rate period)
- sort out house insurance
- sign all the mortgage docs with our solicitor

What else am I missing? We got a valuation of the house done in May, but it wasn't finished at that stage. Do we need to engage the valuer again? Will BOI require us to submit our payslips and bank statements again before drawdown (we last submitted them in April)? If anyone has had BOI as their bank, how long does it take to get the 2% cashback? Do you get it on the day so that you can pay stamp duty, or does it take a couple of weeks?

I know we need to get the snag done, and then our builder has to sign something to say the house is complete, but I'm just trying to get everything I can think of ready and submitted before the snag starts so that we're not holding anything up!

TheShow

Plenty of time to get the cheaper policy in place, (only takes a few days) particularly if you have to get a new offer letter out anyway (which will slow things down).
House insurance will need to be in place with the banks interest noted before you drawdown the mortgage.

Cashback will happen after you draw the mortgage, normally within 2 months of drawdown.

You need to check the conditions that are on your offer letter and thats essentially what you need to do. the offer letter will confirm whether or not you need a second valuation. I doubt you will as the property will be valued at the sale price given its a new build.

GingerLily

TheShow wrote: »

Plenty of time to get the cheaper policy in place, (only takes a few days) particularly if you have to get a new offer letter out anyway (which will slow things down).
House insurance will need to be in place with the banks interest noted before you drawdown the mortgage.

Cashback will happen after you draw the mortgage, normally within 2 months of drawdown.

You need to check the conditions that are on your offer letter and thats essentially what you need to do. the offer letter will confirm whether or not you need a second valuation. I doubt you will as the property will be valued at the sale price given its a new build.

We needed a second valuation - they literally just drove up and checked the new build was completed - I would be surprised if they didn't do a second valuation.

z0oT

I found out today that we now have AIP from BOI now. Just a single day after our application was submitted to the Underwriters - much quicker than I thought.


I'd like to thank those who gave me advice in this thread. Now, the hard part begins.

TheShow

z0oT wrote: »

I found out today that we now have AIP from BOI now. Just a single day after our application was submitted to the Underwriters - much quicker than I thought.


I'd like to thank those who gave me advice in this thread. Now, the hard part begins.

Great stuff. good luck with the hunt/negotiations....

bored_newbie

We have gone sale agreed on a house, and have approval in principle from AIB.
I'm regretting not getting the same from BOI, as I would like to fix the mortgage and the cashback offer would make it worthwhile. I've compared all the rates(a bit late, you might say) and the BOI one would be the best for us.
I called into BOI and they say if I give them the required forms and statements, it will take less than two weeks to get their offer.

What are people's opinions on this - would going down the BOI route just delay things or do I have lots of time to get the mortgage side sorted? I presume it's hard to say, because we don't know how long it will take the owners to get the deeds etc in place. Obviously it would be quicker to just go with AIB but as its my first time involved in a house sale, I'm not sure when exactly you need the mortgage side sorted.

badbeatcentral

Sorry if this isn't the right thread, but does anyone have experience in claiming the DIRT refund for first time buyers? I had submitted a refund request on ROS but was bounced back and I'm having trouble getting a proper response from revenue as to why. I bought my property before the 31 December 2017 deadline so expected no issues. Has anyone else encountered trouble getting this refund?

allym

bored_newbie wrote: »

We have gone sale agreed on a house, and have approval in principle from AIB.
I'm regretting not getting the same from BOI, as I would like to fix the mortgage and the cashback offer would make it worthwhile. I've compared all the rates(a bit late, you might say) and the BOI one would be the best for us.
I called into BOI and they say if I give them the required forms and statements, it will take less than two weeks to get their offer.

What are people's opinions on this - would going down the BOI route just delay things or do I have lots of time to get the mortgage side sorted? I presume it's hard to say, because we don't know how long it will take the owners to get the deeds etc in place. Obviously it would be quicker to just go with AIB but as its my first time involved in a house sale, I'm not sure when exactly you need the mortgage side sorted.

I would say you’re safe enough if it does take 2 weeks for them to get back to you. Whether they will or not is another story but there’s no harm in applying to them too. You’ve nothing to lose. Except I would consider how much the cash back means as their rate isn’t particularly good

cruizer101

I went sale agreed at the beginning of May on a second hand property not in a chain so should have been relatively simple and quick, still not in. So I'd say you have enough time, no harm in trying. You could potentially get the cash back and change in 6 months to another bank for better rate.

Glen_Quagmire

Is it better to get a mortgage off your own bank or a different bank or does it make any difference?

Colleague told me today its always better to get it off a bank you don't bank with.

Is there any difference?

chrismon

Hey all.
Iv a question about stress testing.
On EBS website they say the following for a single person.

Single applicants need to have €1,400 left in their bank account after all other expenses and future mortgage repayments have been subtracted.

If you were on €2400 a month, saving €500 towards a mortgage, does that mean you have to live on €500 month to have €1400 left in the account?
Can't imagine living on €125 a week before bills, I spent half that getting to work every week.

Sarn

Glen_Quagmire wrote: »

Is it better to get a mortgage off your own bank or a different bank or does it make any difference?

Colleague told me today its always better to get it off a bank you don't bank with.

Is there any difference?

Makes no difference. Go with the one that treats their customers well and offers the best overall rate.

Creamy Goodness

chrismon wrote: »

Hey all.
Iv a question about stress testing.
On EBS website they say the following for a single person.

If you were on €2400 a month, saving €500 towards a mortgage, does that mean you have to live on €500 month to have €1400 left in the account?
Can't imagine living on €125 a week before bills, I spent half that getting to work every week.

no it means you after all your bills and mortgage amount (the stress tested amount) is paid, you need 1400 or more to live off. you don't have to keep your account over 1400 at all times.

chrismon

Creamy Goodness wrote: »

no it means you after all your bills and mortgage amount (the stress tested amount) is paid, you need 1400 or more to live off. you don't have to keep your account over 1400 at all times.

That's for that.
Makes sense.