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

alwald

Dupont wrote: »

Hi myself and my partner recently applied for a mortage with ulster bank. We were getting 194000. House was costing 220000. They refused us as my partner defaulted on a loan for 600 5 years ago. This was paid in full in the end. On both our icb ratings show nothing but other loans we had/ have that our being paid/paid off. Has anybody any recommendations on what other banks to try. Any advice is greatly appreciated. Thanks

Banks are very careful about everything these days, its OTT IMO so your best option is to go through a broker.

Dupont

Brian201888 wrote: »

Did he default with Ulster Bank?

Sorry yes it was with Ulster bank. I’m led to believe that other banks won’t have this on record ?

el Fenomeno

Dupont wrote: »

Sorry yes it was with Ulster bank. I’m led to believe that other banks won’t have this on record ?

Unless he applied for a loan with any other bank since he defaulted while it was on his ICB record - they would then have it on their own records that they already rejected him in the past due to his credit history.

Dupont

el Fenomeno wrote: »

Unless he applied for a loan with any other bank since he defaulted while it was on his ICB record - they would then have it on their own records that they already rejected him in the past due to his credit history.

No (her) icb record is all good. It’s over 5 years ago. I think the icb shows 5 years history

myshirt

Dupont wrote: »

No (her) icb record is all good. It’s over 5 years ago. I think the icb shows 5 years history

Correct, it does. But say the bank ran the report 6 months ago, literally a month before it was due to come off the ICB report. Then that bank will have that on their own internal records for 7 more years. The lesson is that if you stung a bank, don't ever apply for credit with that bank again, and don't apply for credit with any other bank for at least 5 years, especially a mortgage.

Blanco100

Dupont wrote: »

Hi myself and my partner recently applied for a mortage with ulster bank. We were getting 194000. House was costing 220000. They refused us as my partner defaulted on a loan for 600 5 years ago. This was paid in full in the end. On both our icb ratings show nothing but other loans we had/ have that our being paid/paid off. Has anybody any recommendations on what other banks to try. Any advice is greatly appreciated. Thanks

At what stage did they refuse you? was it after you submitted your documentation after approval in principle?

We've sent all ours away, we were told to get back to them once we have property in mind. they need no more docs we have been told. We are now sale agreed, can we presume bank has done all these checks ?

Paul_Mc1988

Blanco100 wrote:

We've sent all ours away, we were told to get back to them once we have property in mind. they need no more docs we have been told. We are now sale agreed, can we presume bank has done all these checks ?

Depends on the bank. BOI gave me approval in principal there and then when I went in for the first time with all documentation in hand. Went to Ulster bank then also as its nice to have options and it took a week to approval in principle due to the credit check. Anyway you shouldn't have any issues if your credit is clean and your spending is not out of control.

TheShow

Dupont wrote: »

Hi myself and my partner recently applied for a mortage with ulster bank. We were getting 194000. House was costing 220000. They refused us as my partner defaulted on a loan for 600 5 years ago. This was paid in full in the end. On both our icb ratings show nothing but other loans we had/ have that our being paid/paid off. Has anybody any recommendations on what other banks to try. Any advice is greatly appreciated. Thanks

Go to any of the other banks directly, or else use a broker.
ICB records wont show the loan as its most likely off the ICB now.

Vicxas

So, after many months and a few hiccups we got our keys last night.

Here's to my lifetime in debt!

elizunia87

Vicxas wrote: »

So, after many months and a few hiccups we got our keys last night.

Here's to my lifetime in debt!

Congratulations! :pac:

Old Perry

Quick question. I have some Bitcoin in a coinbase acc that I bought a few years ago and have been waiting for price to rise so I can sell out. It has risen now to the point where i won't make a loss, is it safe to transfer this back to my bank acc or would it raise eyebrows?
It's looking like I will be re applying for AIP again as the six months are nearly up.

pnecilcaser

Vicxas wrote: »

So, after many months and a few hiccups we got our keys last night.

Here's to my lifetime in debt!

Lol mortgage does literally translate as "DEATH GRIP" - did you get a variable? or fixed rate?

Do you know that even if you have a fixed rate many banks still alow you to payoff 10% of principal per annum without a penalty if you would consider overpaying your mortgage.

WAL1992

Hi All

Just at the start of the process where I've cleaned up the bank accounts and I am now clearing the short term debt (credit cards), should be finished this step in the next few weeks.


Can anybody recommend any tips on the savings process? If there was any recommendations on a good savings account or little tips on how to motivated for what will be a long process would be appreciated.

Was hoping to buy next year but the removal of the HTB scheme might push this back.

Thanks!

pnecilcaser

WAL1992 wrote: »

Hi All

Just at the start of the process where I've cleaned up the bank accounts and I am now clearing the short term debt (credit cards), should be finished this step in the next few weeks.


Can anybody recommend any tips on the savings process? If there was any recommendations on a good savings account or little tips on how to motivated for what will be a long process would be appreciated.

Was hoping to buy next year but the removal of the HTB scheme might push this back.

Thanks!

Track your spending, all of it, everything you spend. Just set up a google sheet on your phone and record everything you spend money on. Then you can review it and identify where you can make savings.

Bring a lunch to work
buy a coffee thermas
cycle instead of driving etc.


do the maths of everything to get a clear date in the future when you will achieve the target.

elizunia87

WAL1992 wrote: »

Hi All

Just at the start of the process where I've cleaned up the bank accounts and I am now clearing the short term debt (credit cards), should be finished this step in the next few weeks.


Can anybody recommend any tips on the savings process? If there was any recommendations on a good savings account or little tips on how to motivated for what will be a long process would be appreciated.

Was hoping to buy next year but the removal of the HTB scheme might push this back.

Thanks!

We started around 1 year and maybe 6/7 months ago. Saved 40k so far. We are not on high salaries so we need more than just 10% deposit.
We set up the saving account on Aib with no possibility of transferring unless we go psychically to the Bank ( we have to go together ). This really helped us, as once the money are transferred they are gone- we live with what we have left. According to the rule: pay yourself first.
We do not like pubs much so no drinks, rarely once a month, no restaurants, no holidays , just short trips, cooking at home.
We do not have car, no driving, cycling instead of buses.
Saving saving, saving.
It is a difficult road but very rewarding.

Essien

Tips for saving, or at least stuff I've done...

1. Put savings first. The first chunk of money that comes out of my wage every month is my savings. I make the rest work.

2. Give yourself a weekly allowance and stick to it. You'll be surprised how far you'll stretch it if you're clever. And if you keep running out of money early it's easy to see where you're overspending on a daily basis.

3. Put your savings in an account that doesn't give immediate access. For example, I keep mine in an AIB 7 day deposit account. Because of the inconvenience if the 7 day wait, I never dip into it.

4. Make your own lunches. Cook a batch for a few days on Saturday or Sunday.

elizunia87 wrote: »

We started around 1 year and maybe 6/7 months ago. Saved 40k so far.

That's some going, fair play.

niamhzie

Doing the final inspection tomorrow, so providing that everything identified has been resolved, how soon are we to getting keys? Our solicitor and mortgage advisor aren't the most proactive, so I'm going to try chase to close by the end of the week, is that realistic? I'm getting disheartened at how slowly things have been moving since we signed contracts

voluntary

niamhzie wrote: »

Doing the final inspection tomorrow, so providing that everything identified has been resolved, how soon are we to getting keys? Our solicitor and mortgage advisor aren't the most proactive, so I'm going to try chase to close by the end of the week, is that realistic? I'm getting disheartened at how slowly things have been moving since we signed contracts

You signed the contracts and now doing the inspection? Is it not too late for that?

niamhzie

voluntary wrote: »

You signed the contracts and now doing the inspection? Is it not too late for that?

Inspection after snag list, sorry! It's a new build

Corruptedmorals

Sale agreed Friday evening and dying to know what sort of closing timeline we will be given.

Blanco100

Corruptedmorals wrote: »

Sale agreed Friday evening and dying to know what sort of closing timeline we will be given.

who usually gives you this timeline can I ask? we are sale agreed 2 weeks and getting our letter of offer today from bank

drunkmonkey

It's all finger in the air stuff you don't know what delays will crop up. Not to be stressing yourself allow 3mts to get the keys could be a lot quicker or longer depending on what happens with the survey and your solicitor.

Looly8726

Blanco100 wrote: »

who usually gives you this timeline can I ask? we are sale agreed 2 weeks and getting our letter of offer today from bank

Sale agreed on a second hand property 18th April, loan offer received 23rd May, contracts received 3rd June, hope to get keys this Friday 28th June.
It depends on the speed of the vendors solicitor in getting the contracts together and of course the speed of the bank in approving the mortgage.
We were selling at the same time and our solicitor had contracts done for our buyer within 2 weeks.

awec

niamhzie wrote: »

Inspection after snag list, sorry! It's a new build

If everything is ok and you have your valuation done, your mortgage protection sorted and home insurance ready to go then you could have keys by the end of the week if you pushed your solicitor and bank, but next week probably more realistic.

If you still have to sort the mentioned things out then probably a bit longer.

Corruptedmorals

Corruptedmorals wrote: »

Sale agreed Friday evening and dying to know what sort of closing timeline we will be given.

You'll have to be patient. It could be any amount of time. And even if your solicitor or whoever gives your a timeline now it's a total guess.

niamhzie

awec wrote: »

If everything is ok and you have your valuation done, your mortgage protection sorted and home insurance ready to go then you could have keys by the end of the week if you pushed your solicitor and bank, but next week probably more realistic.

If you still have to sort the mentioned things out then probably a bit longer.

Thanks we do have all these things sorted, I'll try push for Friday, if not this day week. Of the builder/solicitor/mortgage provider, if feel like there's always one dragging their heels

MacDanger

We're looking at a house (~ 300k) but it'll probably need 150-200k to do it up - what's the story with getting a mortgage for this? Will we only be able to get the mortgage for the 300k?

wally79

MacDanger wrote: »

We're looking at a house (~ 300k) but it'll probably need 150-200k to do it up - what's the story with getting a mortgage for this? Will we only be able to get the mortgage for the 300k?

AFAIK you’d need to submit plans for whatever you need to change and the bank need to agree that they are feasible for proposed budget and would increase value of house by at least that amount

MacDanger

wally79 wrote: »

AFAIK you’d need to submit plans for whatever you need to change and the bank need to agree that they are feasible for proposed budget and would increase value of house by at least that amount

Sound, thanks.

Any idea if this is something we'd need to do when applying for the initial mortgage (obviously that would be difficult since we wouldn't own the house)? Or can we do it as an add-on to the mortgage once we own it? I presume the latter......

Corruptedmorals

Yeah it's really the rough estimate I'm curious about, I expect it will be 2ish months anyway.