Saving/Applying for a mortgage 2020-22 Edition

CalisGirl

I was a bit too eager in getting my life assurance sorted. So I'll need drawdown approx 3 months after the life assurance started, which means the life assurance will end approx 3 months before mortgage fully paid off. Will the bank have a problem with this? I've about another month before requiring drawdown.

PropBuyer101

https://www.boards.ie/discussion/comment/117825216#Comment_117825216

can you speak to your life assurance provider and ask them to add in an extra 3 months? i would think bank would want to see a policy for the duration of the mortgage.

johnnykilo

I found a website a few months ago that had a list of all the Mortgage Brokers in Ireland, and who they were approved to lend with. I'm 95% sure I saw it on here but I can't find anything on this site anymore since the update! I think it might have been a page on Bonkers.ie or Switcher.ie but I've spent a couple of hours the other day trying to find it on those sites and through Google and can't find it either.

If anyone knows what I'm on about would you mind posting the link here please!

DopeTech

https://www.boards.ie/discussion/comment/117828053#Comment_117828053

Mortgages.ie?

johnnykilo

https://www.boards.ie/discussion/comment/117830006#Comment_117830006

No I don't think that's it unfortunately. This was a third party site so something like Bonkers.ie, not a specific business advertising mortgages like mortgages.ie

It basically had loads of rows and listed the names, addresses, phone numbers of each mortgage broker and said who they lent with so, for example:

John Murphy, Dublin, 01 1234567 - EBS | First Ireland | AIB

Sean Murphy, Waterford, 051 123456 BOI | Ulster Bank | KBC

etc......

johnnykilo

I don't think this was the exact site I was looking for, because this doesn't have the lenders listed, but it's similar enough to what I was talking about.

https://brokersireland.ie/broker/?product=Mortgages&categories=All+Counties

G_R

https://www.boards.ie/discussion/comment/117825216#Comment_117825216

Usually up to 3 months of a shortfall is ok. Other than that you will need to get it extended.

Tar.Aldarion

Looking at brokers for avant at the moment and see this in the fees in one, am under the impression that most just get paid commission by the bank and would not want fees? Is this the case or what would the percentage be that are like that?

"MORTGAGES

COMMISSION

We currently receive commission from lenders up to a rate of 1% of the value of the amount borrowed (subject to certain ceilings). The actual amount of commission will be disclosed within our statement of suitability and will be included in the ESIS (European Standardised Information Sheet) which will be forwarded to you by your lender.

Commission is paid to us upfront one month after drawdown. In the event that you redeem your mortgage during the first 3 years, the lender will clawback commission paid to us on a reducing scale over the same period. In these circumstances and at our discretion we will in turn seek a refund of that amount directly from you.

FEES

We charge a fee of €250 for advice, preparation and submission of your mortgage application and a further fee of €250 upon receipt of approval. This is a total once off fee of €500 (not per lender) and this fee is non-refundable. This is not in any way an indication of mortgage/loan approval. Our fee will be notified to the lender who will include this fee into the calculation of the APRC (Annual Percentage Rate Charge).

If we provide mortgage advice and obtain a loan offer on your behalf and you subsequently do not proceed with your mortgage application through our firm, we will charge an arrangement fee of €500 for our services.

Please also note that some lenders may charge arrangement fees in certain circumstances. If this applies to you these fees will be specified in your Loan Offer. You have the right to pay this fee separately or to include this in your loan amount. Typically, this situation arises in relation to specialist lending.

If we provide mortgage advice and obtain a Loan Offer for you and you subsequently do not proceed with your mortgage application through our firm, we will charge you an arrangement fee of €500 for our services. In addition to this, we may in certain circumstances charge a fee for arranging a mortgage on your behalf. This fee may range up to 1% of the loan amount depending on the type of mortgage and time spent and will be advised to you upfront and in writing if this applies."

Emma2019

All brokers get paid a commission. Some charge an additional fee.

I would go for recommended brokers that dont charge a fee but a good broker can make a world of difference so I wouldnt be discouraged by a 250 fee if you've gotten a glowing recommendation.

Tar.Aldarion

Thanks, for me I am just using a broker as it is necessary for Avant, I don't think I'll have any problems.

If anybody has any recommendations for an Avant broker that doesn't charge a fee around Dublin, send me a PM thanks!

board I se

Waiting for loan offer from permanent tsb for the last 17 days... they say its in the queue to issued but I'm still waiting and the seller is starting to get nervous and so am I! anyone in the same boat?

crashbang1

https://www.boards.ie/discussion/comment/117859166#Comment_117859166

They're a nightmare, took me over a month of constant pressure to get the loan offer issued. Now trying to get drawdown to happen and documents that they have keep suddenly being required again.

Red Silurian

Have loan offer, waiting for contracts to come in, vendors are taking an age and a half! Car is dying and needs to be upgraded, I can't afford a car and a mortgage deposit so thinking about a credit union loan...

Will the bank be looking for us to keep away from loans until our mortgage has been drawn down or can they refuse drawdown at this stage?

Emma2019

Generally the advice is always to stay away from loans until drawdown is complete. Any credit you take out can affect the amount a bank is willing to lend and they check again before drawdown.

If the car is totally clapped out I'd say just get a rental provided it doesn't totally wipe out your savings pattern. That said, I don't think the pattern matters as much at drawdown anyway. I was just asked for my salary account bank statements rather than savings accounts. Plus lots of people have big outgoings for floors and appliances in new builds.

G_R

https://www.boards.ie/discussion/comment/117860764#Comment_117860764

Don't take out new lending. A credit check is now always run at drawdown, but if it is (usually the underwriter originally assessing the case will say if they want it re done on drawdown or not) it will trigger a whole reassessment. The banks internal cals take short term debt into account, and they will also have queries on your affordability.

Let's say the mortgage is 1800, and you have shown 2000. You take out a loan with repayments of 300pm, they will take that into account and the amount your are showing affordability for is only 1700.

I really wouldn't draw any further finance until you have the keys in your hand tbh.

Red Silurian

Thanks guys, had a feeling, banks and their ridiculous rules again haha!

jc11

Would it be inappropriate/forbidden for a bank worker to receive a gift after mortgage drawdown? Would like to get the person handling my mortgage a card with voucher for coffee as they were so lovely to deal with. Just not sure if it'd be allowed on their side!

Blaa.boy

Just wondering does anyone have any experience on being approved but by time of drawdown my partner will be on maternity. Statoury maternity pay and will be returning the work after 6 months.

Not much difference in her wage to maternity pay as I am main earner.

I see they ask for updated payslips and don't want to run into trouble.

Any help would be greatly appreciated.

Paul_Mc1988

https://www.boards.ie/discussion/comment/117867033#Comment_117867033

Know a couple who were building a house in blessington last year. The morgage gets released in three payments. She went on maternity after the second. Bank found out and wouldn't release the third payment. The house had to be put on hold for 9 moths

It's not just the fact that she was on maternity it's the fact they now had a kid which changes their monthly outgoings and the bank need to reassess

Green Mile

I'm waiting on the Loan Offer from Avant now. I should have it next week.

To move to Drawdown stage, I just need to set up the mortgage protection assurance and the building insurance.

A silly question probably, I'm just finalising the sale of my old house too which has mortgage protection assurance. Can I just keep this going or will this cease with the sale of my old home and I then need to obtain a new mortgage protection policy?

gillka92

Does anyone know how long probate is taking roughly at the moment? I see on the oireachtas website it is saying average 6 weeks for Galway does this sound right?

Pistachios & cream

Hoping to close early next week. I have to say BOI have been very straight forward to deal with. My OH was on probation when we first applied, they issued approval in principle once he submitted a "letter of comfort" from his manager basically saying his probation was just a formality as he had previously worked on that team. They were very quick getting our letter of offer out once we found a house and re-checked our payslips and bank accounts then. Our solicitor requested the funds at the end of last week and they had made an error in not attaching our life insurance and we queried this on Monday and they rectified this very quickly and i was notified that they had deposited the funds yesterday.

I had setup the mortgage saver account with them and got the bonus in my account today

Emma2019

https://www.boards.ie/discussion/comment/117871654#Comment_117871654

Each application takes about 8-12 weeks. If there is anything wrong with the application (typos etc.) then you have to reapply and go to the end of the queue again and it's another 8-12 weeks.

Probate was lodged for a friend of mine in mid Jan this year. It finally cleared at the end of August.

arleitiss

-snip-

Spooch

Just received our loan offer today. We put in our application 3 and a half weeks ago. Received AIP 1 week after that. Received loan offer today. All in all took ~26 days from application to loan offer. This was with PTSB

jill_valentine

Has anyone any experience using a credit union loan for home buying rather than a mortgage?

Pete123456

https://www.boards.ie/discussion/comment/117892831#Comment_117892831

Fair play… I’m still waiting on an offer letter from Haven almost 6 weeks after the application going in for the second time after the first one expired… I have to say it bothers me having to go through a broker, don’t think I would use one again only for the €5k cashback

LeeroyJ.

Hi Everyone, Im new to buying my first home, so I dont have a ton of knowledge.

My Wife and I got mortgage approval and the bank is ready to give us the money when we find a home.

We've found 2 properties we like and have bid on one of them and have been the highest bidder (well above asking price) for a number of weeks now.

Does anybody have any tips what to do now? Is the seller just sitting waiting for a higher bid/bidding race to happen, and should we pull out and bid on the other property we like? It's a little frustrating.

Iris11111

https://www.boards.ie/discussion/comment/117899644#Comment_117899644

Ask the EA for update and put a final timeline for answer. Like our offer is valid till ...We had similar and spoke with the EA then it was him and vendors chasing us whether we are still in the game or not.

CalisGirl

How long are aib valuations taking from booking the valuation to receiving the report? They told me 7-10 working days but I'm a bit skeptical.