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

Heisenberg.

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Santy2015

Heisenberg. wrote: »

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Any particular reason why you're going with BOI? They've currently the worst rate
of all 7 lenders for variable mortgages.
[/quote]
Add your reply here.
No particular reason I just find them easier to deal with and the fixed rate is very similar to the majority of other banks. The advisor I was talking too did mention that the rate will probably go down soon and by the time we hopefully draw down a mortgage that'll be the case.

Jen44

Santy2015 wrote: »

So handing in mortgage application on Tuesday, I've seen that the BOI say they'll approve within 24 hours, has anybody any dealings lately with BOI when applying for a mortgage and the time for approval especially if a first time buyer

Took them over two weeks to get back to us. My husband is a BOI customer I am with AIB. They also approved us for much less then we had asked for. Needless to say we didnt go with them in the end. Have to say I found them dreadful to deal with im not sure if we got unlucky with the person we were dealing with but he was in a senior position. Hopefully you will have a bit more luck

Jen44

Actually it was over four weeks just looked back at my old posts! I went on to the ask BOI thread here to inquire what the delay was about at the time!

Santy2015

Jen44 wrote: »

Actually it was over four weeks just looked back at my old posts! I went on to the ask BOI thread here to inquire what the delay was about at the time!

Add your reply here.

Jesus, they took their time alright, now the advisor we're dealing with is a very nice man and has helped us, and hopefully tomorrow will go without a hitch. We are looking for a bit less then what we actually qualify for so that should help.

Jen44

great! The best of luck! Very exciting!

Santy2015

Jen44 wrote: »

great! The best of luck! Very exciting!

Add your reply here.

Thanks, I'll be sure to let ye know what happens

bleary

Santy2015 wrote: »

Add your reply here.
No particular reason I just find them easier to deal with and the fixed rate is very similar to the majority of other banks. The advisor I was talking too did mention that the rate will probably go down soon and by the time we hopefully draw down a mortgage that'll be the case.

As long as you are happy to pay thousands more over the lifetime of your mortgage, carry on with BOI.
The fixed rate is only for a period of time, usually most people take three years or less. Following that you will be put on their variable rate which is higher than most other banks on the market.
Also bank of Ireland are one of the banks refusing to match their variable rates of existing customers to new customers offers. This means they give good upfront offers and then hit you with higher charges over the lifetime to more than compensate themselves.

I would strongly advise that you go to a broker, you already have all of the documents, a no fee/fee broker will give you all of the options.

wenbo

bleary wrote: »

As long as you are happy to pay thousands more over the lifetime of your mortgage, carry on with BOI.
The fixed rate is only for a period of time, usually most people take three years or less. Following that you will be put on their variable rate which is higher than most other banks on the market.
Also bank of Ireland are one of the banks refusing to match their variable rates of existing customers to new customers offers. This means they give good upfront offers and then hit you with higher charges over the lifetime to more than compensate themselves.

I would strongly advise that you go to a broker, you already have all of the documents, a no fee/fee broker will give you all of the options.

I though you can always switch from variable rate to fix rate.

bleary

I didn't think it was a given that they have to let you swap to a fixed but most probably would as it has a number of advantages for the bank.
In general a fixed rate will be more expensive than a variable rate, you are also locked in as a customer on a fixed rate,
If you see a cheaper rate somewhere else you would have to pay to but your way out of the fixed contract.

There is a very good post on this here
http://www.askaboutmoney.com/threads/should-i-fix-my-rate-to-escape-the-very-high-variable-rates.194208/

Santy2015

Jaysus you'd put the frightners on anybody. I'm looking at BOI as they have helped me the most in terms of information and so on, I contacted a broker and to be honest he sounded like a p***k so yeah I'll deal with BOI. I can switch as well in years to come if it's not working out. We are both comfortable with our decision. That's the main thing and we haven't been forced into any contract or anything like that.

Heisenberg.

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mulbot

Heisenberg. wrote: »

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:eek::eek::mad:

Santy2015

How many banks will give money towards the furnishing of a builders finish house? I only had one say yes. That was BOI even the ebs told me no. Now the credit union is more expensive for the exact same loan.

athtrasna

OP I think you may be having an issue with whatever you're posting from. The phrase "add your reply here" is featuring in most of your posts in recent days.

Santy2015

It's the iPhone app, it isn't great and that always comes up and you don't know if your quoting them or not

Jen44

Heisenberg. wrote: »

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Their customer service is atrocious!

wyndham

Heisenberg. wrote: »

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Aren't they giving back a percentage of the mortgage in cash as a hook? 2% IIRC? Juicy piece of bait.

Santy2015

Just out and applied for the mortgage with BOI. He can't foresee any problems and I should hear back soon, which I think will be after Christmas to be honest. Only hitch which is small is that my OH is on a fixed contract that's renewable yearly, it's been like that since the place opened 6 years ago and it's basically the same staff that started are there now and herself is there 18 months now on her 2nd contract and got a pay rise with it.

mulbot

Can anyone tell me if you can find out from any of the banks what money they will give without having a house in mind? I hear that they need an actua address now when applying-I'm in the situation at the minute where I want to find out what I can get,then I can start looking based on that-Thanks

krazyklown

mulbot wrote: »

Can anyone tell me if you can find out from any of the banks what money they will give without having a house in mind? I hear that they need an actua address now when applying-I'm in the situation at the minute where I want to find out what I can get,then I can start looking based on that-Thanks

We were in the Ulster Bank last week for an initial assessment where we were looking to get an idea of what we could borrow. The person we were dealing was coming from the mindset of what value houses we were looking at buying, but changed tact when we explained that we wanted to know what we could borrow. We had used the online calculators that can give you a quick idea of the what your borrowing limits would be and they appear reasonably accurate.
http://www.ulsterbank.com/ni/personal/digital/mortgages/max-loan-calculator.ashx is the one we used.

Santy2015

I got very similar answers from all the calculators except for ptsb which was way way too much. Nearly 40k higher then the highest from the others and there wasn't much of a difference between those 10k between second highest and lowest

Santy2015

Question, I'd have a strong enough balance in my CA would the bank look differently if I was to make a couple of lump sum payments from my CA into my savings in the CU? Want to speed up the saving. Was told last week that we'd have no problem getting the mortgage we need just that we need the right savings 16/17k in our case. Have 12k now.

I don't think the bank would care if you moved your money over in a lump sum. You have already demonstrated your ability to save all you need now is enough funds regardless of how you get them.

You could say you are getting a gift of what ever is the difference between what you have and what the bank want you to have in the knowledge that by the time you come to actually buying etc you will have saved up the difference. A friend of mine did this in order to get approval before they had enough saving (they were never getting a gift) and between approval and buying a house they actually saved more than the proposed gift.

Santy2015

It wouldn't be a lot that I'd be putting in. We currently save 390 a week and we decided that soon enough we'd both put 300 each into our savings from our CAs to give it a boost. If we leave things as they are we'd have the the 16/17k by the end of March. It's the itch to buy that's getting to us. Some lovely houses in my area and worried they might be gone or they'd go up in price due to supply issues

Sleepy

After getting the long dreaded notice of lease termination last week (landlord passed away so it's an estate sale) I've been talking with parents and may be "gifted" a deposit so trying to get myself sorted for a mortgage application at the moment (I'm in the middle of salary negotiations for a promotion in work atm),

Does anyone know if the bank look at take-home pay in addition to just the Gross figures? My wife is a childminder so her income, while low, has almost no taxation burden.

Would maintenance payments for a child factor into the loan amount / affordability calculations too? Or would it just be considered gross income?

Black_Knight

Sleepy wrote: »

After getting the long dreaded notice of lease termination last week (landlord passed away so it's an estate sale) I've been talking with parents and may be "gifted" a deposit so trying to get myself sorted for a mortgage application at the moment (I'm in the middle of salary negotiations for a promotion in work atm),

Does anyone know if the bank look at take-home pay in addition to just the Gross figures? My wife is a childminder so her income, while low, has almost no taxation burden.

Would maintenance payments for a child factor into the loan amount / affordability calculations too? Or would it just be considered gross income?

A child would be a dependency anyways. My limited knowledge says that they'll initially base everything on your gross wage, though they'll need payslips etc so they can also factor in your take home pay in their risk assessment.

Gifts from parents are subject to tax. Up to €3k per year, per parent is tax exempt. Above this €3k per year I believe a gift is taxed at 33%. If its a sizable sum, you could put this against your tax free inheritance from a parent, in which case the tax free amount is €280k*. (ie. Your parents gift you 40k now, but when they die, only the first €240k you inherit off them will be tax free. Anything after that is taxable at 33%. something to consider if they have valuable property (*€280k limit may go up as well as down))

zl1whqvjs75cdy

Thought I'd stick my iron in the fire here. Renting away with a view to start saving in June. Going on a relatively pricey holiday in May, and after that it'll be all hands on deck for the saving. Looking at 1000 a month (depending on rent increases). I'm toying with the idea of moving back to my parents for 8 or 9 months with my partner. That'd allow us to save probably close to 2000 a month which would be fantastic. Lots of things to consider.

Santy2015

So I nearly have our deposit and stamp duty saved along with surveyor and valuation fees but the solicitor would be the next thing. We were told to save between 15/17k before we go back to the bank to ask for approval again. We'll have over 15k by the middle/end of February. My OH got a new salary cert as well with permanent on it, instead of fixed contract and also an increase in her gross pay for last year(her boss only put down the figure she had earned at that time of year) which is great news as it helps to hopefully increase our spending power. We're really saving hard now 450 a week at the moment. Would the bank only want to see a running balance in your CA or can I lodge more money from it to my savings? Also when we do go back to the bank in a few weeks, would it be okay to say that we're due a gift of let's say 2k to pay for the solicitor but in reality we'd be the ones saving the money in the mean time as there's no way that we'd have a house in the few weeks after approval?

leelee77

Santy2015 wrote: »

So I nearly have our deposit and stamp duty saved along with surveyor and valuation fees but the solicitor would be the next thing. We were told to save between 15/17k before we go back to the bank to ask for approval again. We'll have over 15k by the middle/end of February. My OH got a new salary cert as well with permanent on it, instead of fixed contract and also an increase in her gross pay for last year(her boss only put down the figure she had earned at that time of year) which is great news as it helps to hopefully increase our spending power. We're really saving hard now 450 a week at the moment. Would the bank only want to see a running balance in your CA or can I lodge more money from it to my savings? Also when we do go back to the bank in a few weeks, would it be okay to say that we're due a gift of let's say 2k to pay for the solicitor but in reality we'd be the ones saving the money in the mean time as there's no way that we'd have a house in the few weeks after approval?

We went for mortgage approval in November and didn't have the stamp duty etc saved for at that time. We just had the deposit. We got approval no problem.