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

Utah

When presenting bank account statements and payslips to the bank, do they need to be originals? Or would print outs suffice?

Bradz213

We used e-statements and print outs of payslips

Sleepy

Utah wrote: »

When presenting bank account statements and payslips to the bank, do they need to be originals? Or would print outs suffice?

e-statement print outs are fine but they have to include your name / address and the Bank's heading, exports of transaction listings don't contain these. Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

Utah

Sleepy wrote: »

e-statement print outs are fine but they have to include your name / address and the Bank's heading, exports of transaction listings don't contain these. Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

Yeah was thinking the same.
PTSB allow you to print a transaction list between two dates, but when ordering a statement it only allows you to have have one from the date of the last statement. Hopefully that will be 6 months!

Sleepy

Sleepy wrote: »

Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

This is something that's quite annoying. I was recently getting a credit card from another bank and the statements I gave weren't up to date enough but I couldn't actually get another one until the next official BOI statement issue date. Luckily this meant waiting a week but they only come every 3 months so if it was only half way through the period you could have a wait.

That said I was told that a print off of your transactions along with your most recent statement may also be accepted though I didn't have to try this at the time. It may happen now though if I try a mortgage application in the next few weeks as I can't get another BOI statement until the end of May. There really should be a statement available to print each month same as a credit card.

PhoenixParker

Azalea Screeching Padding wrote: »

That said I was told that a print off of your transactions along with your most recent statement may also be accepted though I didn't have to try this at the time. It may happen now though if I try a mortgage application in the next few weeks as I can't get another BOI statement until the end of May. There really should be a statement available to print each month same as a credit card.

This is what I did and it was fine. A print out of the transactions + a screenshot of the online account showing same.

Sleepy

You can phone Banking 365 to order an up-to-date statement and one will be available in your e-Statements in a day or two.

The problem I have is that I want a statement from Date A to Date B in order to furnish a mortgage lender with 3 months worth of statements without including details from before that date (a missed DD I wanted to hide).

Bradz213

You can put in start and end dates on Bank365 and get statements for those dates.

Also with AIB you can print recent transactions in branch that will have the correct headers. Assume its the same for all banks

Sleepy

You can get transaction listings, not statements.

Oddly, date-from and date-to statements could be done in branch in the late 90's but that's not available now either....

Bradz213

Transactions were accepted for me to fill in the gaps left out by the statements

REFLINE1

Sleepy wrote: »

You can phone Banking 365 to order an up-to-date statement and one will be available in your e-Statements in a day or two.

The problem I have is that I want a statement from Date A to Date B in order to furnish a mortgage lender with 3 months worth of statements without including details from before that date (a missed DD I wanted to hide).

Don't all lenders require 6 months statements?

REFLINE1

mirrorwall14 wrote: »

Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?

http://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954

A decent read on the topic of exemptions to the lending rules.

Flatzie_poo

REFLINE1 wrote: »

Don't all lenders require 6 months statements?

Nope - some allow 3 months statements, although generally it's when the applicant banks with them.

James Forde

How strict are lenders on this rule?

Current gross salary is e35k - which by the calculations I've done online would allow me to borrow e122k.

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

No loans, credit cards.

Meeting with Ulster Bank on Friday - don't want to get my hopes up!

BailMeOut

there is a lot more to it than that. They will also want to make sure you can afford the repayments with some level of stress testing applied, that your income is secure, you are saving regularly and you have good clean credit.

Villa05

James Forde wrote:

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

With that deposit you could be in the 15% for whom the rules could be tweaked

James Forde

Villa05 wrote: »

With that deposit you could be in the 15% for whom the rules could be tweaked

Interesting, I haven't heard about this.
Any more detail?

James Forde

BailMeOut wrote: »

there is a lot more to it than that. They will also want to make sure you can afford the repayments with some level of stress testing applied, that your income is secure, you are saving regularly and you have good clean credit.

Yup credit history is excellent.
I've been putting away 900 quid into credit union for the past 6 months too.

uberwolf

Go talk to the bank, you'll get a straighter answer quick enough!

Article today in the Irish Times which talks about it better than I can.
http://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954

athtrasna

Threads merged to avoid duplication of posts

Mod

James Forde

athtrasna wrote: »

Threads merged to avoid duplication of posts

Mod

I'm not saving for a mortgage?

My post will now get lost in a mega thread, can you unmerge please.

SB_Part2

My valuation report has come back saying that the house needs to be rewired/re-plastered/new flooring. We were aware of this and were planning on doing a quick fix of the house (my dad is a builder) and doing it up properly in a few years time after we've saved some more money.

The bank are looking for funds to ensure that what's outlined in the valuation report is fixed. They aren't being very clear with this. It definitely needs to be re-wired but the rest is fine. I could tip away at it. They haven't outlined how much funds they want to see and they said it's irrelevant that my dad is a builder (Which is the complete opposite of what they said initially).

Anyone any experience of this?

Villa05

James Forde wrote:

Interesting, I haven't heard about this. Any more detail?

A quick Google
It's at banks discretion
"Yes, the banks have been given some leeway. They can exceed loan-to-income rules in 20% of cases, exceed home loan-to-value rules in 15% of cases, and exceed investment property loan-to-value rules in 10% of cases. How this will work in practice is anybody’s guess as the banks will have discretion. Let’s just hope that this ‘authorised rule-breaking’ is applied fairly across the board."

James Forde

Villa05 wrote: »

A quick Google
It's at banks discretion
"Yes, the banks have been given some leeway. They can exceed loan-to-income rules in 20% of cases, exceed home loan-to-value rules in 15% of cases, and exceed investment property loan-to-value rules in 10% of cases. How this will work in practice is anybody’s guess as the banks will have discretion. Let’s just hope that this ‘authorised rule-breaking’ is applied fairly across the board."

Thanks for that I'll see how Friday goes.

athtrasna

James Forde wrote: »

I'm not saving for a mortgage?

My post will now get lost in a mega thread, can you unmerge please.

The issue of mortgages, exemptions to deposits and salary rules are all discussed on this thread, a search could have answered your query.

hawkeye_bmr

Viewed a house yesterday evening, we both got a really good feeling, so we have made an offer.

Sleepy

Our survey is happening right now. On absolute tenter-hooks as we've not found anything that compares to the property we're sale-agreed on. Not expecting any major issues but dreading getting a report telling us the roof is about to cave in or similar!

angeldelight

Sleepy wrote: »

Our survey is happening right now. On absolute tenter-hooks as we've not found anything that compares to the property we're sale-agreed on. Not expecting any major issues but dreading getting a report telling us the roof is about to cave in or similar!

All good?

Black_Knight

James Forde wrote: »

How strict are lenders on this rule?

Current gross salary is e35k - which by the calculations I've done online would allow me to borrow e122k.

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

No loans, credit cards.

Meeting with Ulster Bank on Friday - don't want to get my hopes up!

I remember reading in some paper (independant maybe) that you may be able to get a exception for one of the clauses, but not both (3.5x salary, or the 10+20% rule). So you're ok in that aspect.

I actually took a picture of the article, you can read it for yourself.

James Forde

^ That's great - thanks I really appreciate the picture!
Even if I get knocked back by Ulster Bank - I'll try alternatives.