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

drunkmonkey

Frozen Veg wrote: »

Which bank would people generally consider best value at the moment when cash back etc. are all factored in.

Will be applying for circa €150k mortgage.

EBS with the cash back offer on that amount. Don't apply to AIB if you're thinking of going with EBS as they won't quote you.

DelBoy Trotter

drunkmonkey wrote: »

EBS with the cash back offer on that amount. Don't apply to AIB if you're thinking of going with EBS as they won't quote you.

You can't say that for definite. As pointed out by Creamy Goodness, there are too many variables. We don't even know if Frozen Veg a fixed or variable mortgage, or how long it is over, or if they are a first time buyer, etc.

drunkmonkey

DelBoy Trotter wrote: »

You can't say that for definite. As pointed out by Creamy Goodness, there are too many variables. We don't even know if Frozen Veg a fixed or variable mortgage, or how long it is over, or if they are a first time buyer, etc.

Irrelevant at that amount they'd need an interest rate way lower than the others are offering due to the cash back from EBS. BOI might be there or there abouts as well. KBC looks cheaper but once you factor in the cash back there about 2k more expensive than EBS if you fix or go variable for 5yrs.
Let's see what they come up with that beats it.

DelBoy Trotter

drunkmonkey wrote: »

Don't apply to AIB if you're thinking of going with EBS as they won't quote you.

How true is this?

Are there any clawbacks on the EBS cashback offer?

Mitch Connor

drunkmonkey wrote: »

EBS with the cash back offer on that amount. Don't apply to AIB if you're thinking of going with EBS as they won't quote you.

We had an underwritten quote from AIB (way under what we needed) and we got a slightly better quote from EBS.

(EDIT: And EBS knew we had an AIB quote, and the value of the quote, as we told them).

skippy123!

Mitch Connor wrote: »

I found AIB the worst of the banks to deal with.

Offered us far less than any of the others (KBC, PTSB, BoI). The others took into account the wife's contracted overtime, AIB lied and said they did to, then admitted they didn't, refused to discuss it and then never returned calls to the underwriter. They also claimed we didn't need them to give us further cash because we had (just) enough saved to cover the shortfall between their offer and our needed amount - the assumption being you don't need to pay solicitors, stamp duty or have money to put a single thing in the house.

Bank of Ireland couldn't have been nicer or quicker with their offer. Gladly went with them, and the wife will be moving her account from AIB to BoI shortly, doesn't want to deal with AIB ever again.

I can confirm this... Same thing happened to us. They offered us 30 000 less mortgage then BOI and as a condition they placed to pay off current PCP on a car. BOI never asked that and said we can keep it until the end of the contract if we want. As well - very hard to get official response from underwriters while bank staff were very responsive in AIB i have to say... I guess it just depends who you get but fact is that AIB gives less money.

ChewBerecca

skippy123! wrote: »

. I guess it just depends who you get but fact is that AIB gives less money.

Not fact.

AIB gave us 70k more than BOI.

skippy123!

ChewBerecca wrote: »

Not fact.

AIB gave us 70k more than BOI.

I meant in our case... If you don't mind me asking - when did you apply for the mortgage? Maybe situation was different depends on time of year that you applied or the year itself?

ChewBerecca

skippy123! wrote: »

I meant in our case... If you don't mind me asking - when did you apply for the mortgage? Maybe situation was different depends on time of year that you applied or the year itself?

February, so either we qualified for an exemption or they took consistent overtime into account.

The poor mortgage advisor in BOI had to shake our hands and wish us luck on our journey with AIB because he couldn't budge from the 3.5 limit.

Gazzumped in March, offer submitted on another house May, sale agreed June, signed Monday and now back to dealing with the mortgage advisor to assign policies. The first meeting feels like aons ago at this stage.

skippy123!

ChewBerecca wrote: »

February, so either we qualified for an exemption or they took consistent overtime into account.

The poor mortgage advisor in BOI had to shake our hands and wish us luck on our journey with AIB because he couldn't budge from the 3.5 limit.

Gazzumped in March, offer submitted on another house May, sale agreed June, signed Monday and now back to dealing with the mortgage advisor to assign policies. The first meeting feels like aons ago at this stage.

Sounds like a nightmare... We are not in a situation where we have just more then a week to expiration of 21 day to sign a contract but still waiting for underwriting. How long did your underwriting take? What can we expect?

ChewBerecca

skippy123! wrote: »

Sounds like a nightmare... We are not in a situation where we have just more then a week to expiration of 21 day to sign a contract but still waiting for underwriting. How long did your underwriting take? What can we expect?

Everything was fairly quick, whenever something was submitted we got a letter or call within a week. 5-7 business days is what we've experienced so far for all stages.

Only delay was when our advisor was on holidays during the current house, took two weeks to get the offer pack as the application fell into a black hole on their portal after going sale agreed, but both sets of solicitors were on holidays as well at the time so didnt hold anything up.

Rew

DelBoy Trotter wrote: »

How true is this?

Are there any clawbacks on the EBS cashback offer?

no clawbacks but the banks have varying polices on switchers, some want to see 6 months of mortgage payments some want 12 so it may take so long to jump banks you lose the cashback in higher interest rate payments.

Rew

drunkmonkey wrote: »

EBS with the cash back offer on that amount. Don't apply to AIB if you're thinking of going with EBS as they won't quote you.

I had AIP from AIB, EBS and PTSB at the same time.

VonLuck

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

Prospector1989

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

In our case the 1st payment was automatically set to be one month after drawdown. We were told you can change the dates if you want. (Ulster Bank).

derekbro

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

For us with KBC got keys a few days before the end of July, first payment was 1st September. Payment was higher the first month to allow for the extra days.

Prospector1989

derekbro wrote: »

For us with KBC got keys a few days before the end of July, first payment was 1st September. Payment was higher the first month to allow for the extra days.

I probably should have said in my post actually, we were already in the house prior to buying it so we were happy to leave at the default. From what I've heard, there's plenty of flexibility out there anyway.

averagejoe123

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

With BOI you don't pay for at least 30 days after drawdown. If you choose to pay on the 1st and drawdown your mortgage on the 5th of January the 1st payment wont be until 1st of March

drunkmonkey

Rew wrote: »

I had AIP from AIB, EBS and PTSB at the same time.

Fair enough it's just EBS told me they couldn't quote if I was approved by AIB. Maybe it's because I'm an AIB customer, I'm not sure it's just what I was told before applying.

TheShow

drunkmonkey wrote: »

Fair enough it's just EBS told me they couldn't quote if I was approved by AIB. Maybe it's because I'm an AIB customer, I'm not sure it's just what I was told before applying.

AIB own EBS so they are not going to compete for the same business.

tomister

One thing to note especially if you’re looking at an A rated properties is that some banks offer a lower interest rate. Not heavily publicised but BOI offer 0.2 reduction on the interest rate. Usually BOI are higher but have the cash back offer and with this is makes them more competitive

thelastpogue

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

I'm with Haven and drew down on the 28th of May a few years back and they took first payment the 14th of the June for a full amount of the mortgage. Whatever interest I accrued from 28th to 30th May was just added on to my mortgage total.

Also very annoyingly Haven don't let you change dates of payment. The first payment is the 14th and then every month after that it is the 7th. I would much rather it come out on payday, rather than having the mortgage in an account for 2 weeks thinking I have more money than I do

duffman13

thelastpogue wrote: »

I'm with Haven and drew down on the 28th of May a few years back and they took first payment the 14th of the June for a full amount of the mortgage. Whatever interest I accrued from 28th to 30th May was just added on to my mortgage total.

Also very annoyingly Haven don't let you change dates of payment. The first payment is the 14th and then every month after that it is the 7th. I would much rather it come out on payday, rather than having the mortgage in an account for 2 weeks thinking I have more money than I do

****, that's a pain, I'm going with Haven and have all my DDs set up for the 1st of the month so that'll be annoying

skippy123!

Yeah we are not in the situation where we have 0.2% off because we are getting a new build. As well if you get an BOI current account you get 3% cash back (2 within 45 days and 1% of mortgage amount after 5 years).

Interested Observer

skippy123! wrote: »

Yeah we are not in the situation where we have 0.2% off because we are getting a new build. As well if you get an BOI current account you get 3% cash back (2 within 45 days and 1% of mortgage amount after 5 years).

This is what I did, the extra money moving in was a massive help, our rate is 3.2% though which is quite high these days. So the cashback was like a low cost loan up-front to help us move in.

Dupont

What are people putting in for there value of contents for the home insurance. Also what type of life assurance. Is it worthwhile getting a health insurance life insurance and mortgage protection policy all in one

bush

When switching mortgages do you have to show regular savings like when you applied for the original mortgage?

ChewBerecca

Dupont wrote: »

What are people putting in for there value of contents for the home insurance. Also what type of life assurance. Is it worthwhile getting a health insurance life insurance and mortgage protection policy all in one

Our bank said 25k was standard for their home insurance for first time buyers (no high value goods yet so will revise when renewing next year when we actually have loads of furniture).

We went with specified illness cover but it hiked the premium up by 50 euro. Insurance company will cover 50% of of mortgage if either of us are diagnosed with a listed illness. For 25/month each we figured it was nice to have the safety net but we will hopefully never need it.

The bank just need mortgage protection insurance which could cost a little as a few pints. You can choose to add on differing levels of cover, like our provider allowed us to choose the % of cover with specified illness, other providers allow you to choose a lump sum. Obviously the bigger the payout, the bigger the premium so it's a personal choice. Medical history plays into the cost as well, if you have any underlying conditions your premium may have additional loading due to risk.

We have health insurance through work, so did not need this as a separate policy.

awec

bush wrote: »

When switching mortgages do you have to show regular savings like when you applied for the original mortgage?

I would assume instead of regularly showing large savings you have to show that you always paid your mortgage.

TheShow

bush wrote: »

When switching mortgages do you have to show regular savings like when you applied for the original mortgage?

Clean account profile and no missed payments on mortgage or any other credit facilities.

Switchers are treated slightly differently.