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

tomister

wirelessdude01 wrote: »

How long before drawdown does mortgage protection have to be in place?

Shop around for quotes and look to have it ready to go a few weeks before drawdown. However if drawdown is delayed remember to push back the start date on the mortgage protection or else the mortgage protection might fall short of the mortgage term

Paul_Mc1988

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

I'd say your on the money there if hes organising it. We went direct with the bank as it was the cheapest and it kicks in on the day we draw down. Hopefully it comes before Christmas

whatever76

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

Hmm that I don't know - I went with the bank that I got mortgage with ( BOI) and was told it will only kick in after drawdown so maybe with bank they manage it for you as all in one place - if you go external you may need to define a target date - I paid my first payment about a week after drawdown earlier this month.

Orla h

Hi can anyone advise how long it took from submitting docs for drawdown to receiving money with EBS. We are self build. Waiting on first stage payment. Thanks 😊

Kevhog1988

Hi all,

When a first time buyer are banks usually favourable to a mortgage for a place which needs work?.

Jess2019

Hi all, my partner and I have been saving for 11 months now. And finally, have enough for a deposit, and are in the process of gathering the required documents to apply for a mortgage.
The only issue I can see is the past 2-3 months my partner had been unwell, and had missed a lot of work. He does not receive paid sick leave. So his payslips are inconsistent, and some are much lower than what he is usually paid. He is fine now, and there's a part of me that thinks maybe we should hold off before applying. So his payslips and wages have a chance to stabilise.
Has anyone been in a similar situation? I mean it could be fine but it's the only 'red flag' we have.

Canyon86

Hi

Have some questions that I hope people might help me with

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

At what stage would i have a solicitor ready? when I go bid accepted or later on?

scarepanda

Canyon86 wrote:

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Canyon86 wrote:

At what stage would i have a solicitor ready? when I go bid accepted or later on?

We went sale agreed on a Monday, the eng survey was done the following Monday and the valuer was out on the Tuesday.

We had solicitors ready to go as we had contacted/priced them previously. We contacted them to officially engage them the day we transferred the booking deposit.

Canyon86

scarepanda wrote: »

We went sale agreed on a Monday, the eng survey was done the following Monday and the valuer was out on the Tuesday.

We had solicitors ready to go as we had contacted/priced them previously. We contacted them to officially engage them the day we transferred the booking deposit.

thanks for your reply!

whatever76

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

- that sounds about right of not sooner. Once you have all your paper work in order that they need and accounts in order then should be only a few days with the underwriters - if any complications it may take longer with questions. I was with BOI and it took 3 days

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Shop around or go with a recommendation from friends and just give him/her a call and say you will be in touch once sale agreed so they know who you are. They may take a week or two to get to the house but once they are complete they should call you after with verbal and then do the report within a day or two - you'll have a good idea from engineer if you are going to go ahead after you chat to him/her regardless of report as you will be told straight out .. ( this how it worked out for me now !)

Once you are happy to proceed then arrange the Bank Eval which could take another few days to get scheduled in. the bank will have a list of Auctioneers in your area so just pick one from the list and call them up - they will have report done within the day of the valuation that you need to send to the bank

At what stage would i have a solicitor ready? when I go bid accepted or later on?

Again shop about and have solicitor ready and when you sale agreed give them a call say where you are with it and Engineer is on way to look - Solictor will need to have maps/plans from seller for the engineer who will need to review and sign these off as well if you are going ahead.

Best of luck !! Am just after purchasing - some process and you think you never will get there - take plenty of deep breaths and just push things along as best you can between all the stakeholders and take advice from Eng and Solictors they are on your side and well used to what goes on ... I was very green at the beginning !

Canyon86

whatever76 wrote: »

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

- that sounds about right of not sooner. Once you have all your paper work in order that they need and accounts in order then should be only a few days with the underwriters - if any complications it may take longer with questions. I was with BOI and it took 3 days

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Shop around or go with a recommendation from friends and just give him/her a call and say you will be in touch once sale agreed so they know who you are. They may take a week or two to get to the house but once they are complete they should call you after with verbal and then do the report within a day or two - you'll have a good idea from engineer if you are going to go ahead after you chat to him/her regardless of report as you will be told straight out .. ( this how it worked out for me now !)

Once you are happy to proceed then arrange the Bank Eval which could take another few days to get scheduled in. the bank will have a list of Auctioneers in your area so just pick one from the list and call them up - they will have report done within the day of the valuation that you need to send to the bank

At what stage would i have a solicitor ready? when I go bid accepted or later on?

Again shop about and have solicitor ready and when you sale agreed give them a call say where you are with it and Engineer is on way to look - Solictor will need to have maps/plans from seller for the engineer who will need to review and sign these off as well if you are going ahead.

Best of luck !! Am just after purchasing - some process and you think you never will get there - take plenty of deep breaths and just push things along as best you can between all the stakeholders and take advice from Eng and Solictors they are on your side and well used to what goes on ... I was very green at the beginning !

Thanks for your reply much appreciated

Best of luck with your new purchase

tomister

Jess2019 wrote: »

Hi all, my partner and I have been saving for 11 months now. And finally, have enough for a deposit, and are in the process of gathering the required documents to apply for a mortgage.
The only issue I can see is the past 2-3 months my partner had been unwell, and had missed a lot of work. He does not receive paid sick leave. So his payslips are inconsistent, and some are much lower than what he is usually paid. He is fine now, and there's a part of me that thinks maybe we should hold off before applying. So his payslips and wages have a chance to stabilise.
Has anyone been in a similar situation? I mean it could be fine but it's the only 'red flag' we have.

I would talk to the bank about it, particularly if you've found a house and would like to move forward on it. Life happens and people get ill. Its not a poor reflection on your ability to repay and your mortgage advisor will be able to assess if it will have an impact.
Ultimately if you can show you were saving/paying rent to the amount of the mortgage while your partner is sick then it won't have a negative impact.
Also it's worth noting that your mortgage advisor also sends through a more personal report with the paperwork to explain it and that does weigh in. I didn't have the required 6 months saving history nor did I have the deposit + the fees etc but the mortgage advisor explained it and I got approval in 3 days.

Hope your partner is on the mend!

Jess2019

Thanks for your help! Appreciate it.

pmfcnl

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Paul_Mc1988

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Two months post drawdown

VonLuck

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Paul_Mc1988

VonLuck wrote: »

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Rewarding the people staying more within their means, I can agree with that. Also people who get exemptions are typically higher earners and need it less, IMO.

peteb2

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

about a month. I think it depends on how quick your broker applies.

Prospector1989

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Think ours was about 2 weeks but as you can see from other posts, that can vary.

VonLuck

Paul_Mc1988 wrote: »

Rewarding the people staying more within their means, I can agree with that. Also people who get exemptions are typically higher earners and need it less, IMO.

Not in my case. I've been searching for a place for the last 4 years and could only afford to buy now, despite having saved really well since I started my working life.

I'm more annoyed that I was told I was entitled to cashback and then it being taken away from me. Wouldn't have bothered me otherwise.

NearlyForty

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Fia11

NearlyForty wrote: »

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Some banks do a quick same day AIP which might help you get a holding deposit down on a property, however our broker said they 'aren't worth the paper they're written on' but it might do for now. For a full underwritten AIP they will require all of the info - salary certs being the most important documentation I would say, as they won't be able to determined how much you're approved to borrow without the verified salary figure.

You can submit what you have though, and send the rest in after. Get the ball rolling for sure.

Stark

Yeah for my AIP they required everything. On the plus side, they said actual approval should be just a formality once I have a place picked out.

XsApollo

VonLuck wrote: »

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Anybody know does that apply to PTSB also?
I don’t see anything mentioned anywhere on their site about that.

whatever76

NearlyForty wrote: »

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Submit everything they ask for and get in the system for the udnerwriters to review and come back with any questions etc - it avoids any surprises down the line so advise get this sorted as early as possible … you will need to go through it anyway so earlier this starts the better - I had to submit forms and salary cert at least 3 times as my 6 month period kept expiring as I hadn't found a place but its worth it as when you go sale agreed and proceeding with the sale then its one less thing to worry about and banks didn't need to come back asking me for more stuff as I was ready to go !

Atomic Pineapple

Has anyone recently applied for a mortgage to build their own house? If so, were you able to use the land you were building on (the site) as part or all of your deposit? We had visited a bank a couple of years ago who said the site was considered as part of a mortgage application. However, now that we have a site, the same bank (albeit a couple of years later) is saying that site/land cannot be considered of any value to the deposit when applying for a loan. Has some regulatory change occurred preventing it, or is it a banks decision? Should we try other banks? Wondering if someone within the last year or so has in fact used their site as part of a deposit?

NearlyForty

Great, thanks for that guys!

SteelyDanJalapeno

XsApollo wrote: »

Anybody know does that apply to PTSB also?
I don’t see anything mentioned anywhere on their site about that.

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

Padre_Pio

SteelyDanJalapeno wrote: »

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

I didn't need a P60 for mine.

Salary cert and details of bonusses ,savings, shares etc.

XsApollo

SteelyDanJalapeno wrote: »

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

I was wondering if the cash back offer doesn’t apply to mortgages with exemptions?
As with KBC.
I have drawn down a mortgage but that was the first time I heard of no cash back on mortgages with exemptions.
Different bank I know but wondering does it apply to PTSB also as I was not told that and was implied I would get cash back.