Saving/Applying for a mortgage 2020-22 Edition

L1011

Avant to offer 1500 for legals to switchers from KBC and Ulster.

Took a look and my balance is too low to even get an offer from them, so I won't be taking that; but you should be able to get the legals for under 1k and if you get the 1.95% rate its a saving from either banks lowest rates too so definitely worth looking at.

1500 would probably be their entire profit margin over the life of the loan if they lent me what I need to switch! Ditto the 3k I got from KBC for switching to them in the first place.

Ciara26

https://www.boards.ie/discussion/comment/118446028#Comment_118446028

Thanks, well seeing as I didn’t know what it meant, I can safely no. I didn’t get that mortgage 😅thanks for letting me know what it stands for

road_high

https://www.boards.ie/discussion/comment/118446273#Comment_118446273

Its who I’m getting mine with- never heard of them either tbh but for the broker I’m going through

poker2k9

Question for the masses. I found a house I'm interested in with the estimated completion date being no earlier than December 2022. I've put down booking deposit to secure it.

At the same time, over Christmas some recruiters (2) reached out to me to join their respective companies , so I am currently in interviewing stages and I know getting either jobs will increase my current salary by a minium of €10k.

The current dilema I have is I am only in my current job for 6 months (previous one before was 2.5 years).

So I'm curious to know will this look bad to the lender if I was to change jobs around March/April before applying for a mortgage? I know they will want me to complete probation before offer can be made which I'm cool with given the estimated completion date of the house but are there any other negatives I should be worried about here.

If anyone else has been through a similar situation please share your experience.

Emma2019

Should be fine provided

A) You'll be permanent staff

B) They definitely only have a 6 month probation. Some businesses have longer.

If you're worried talk to a broker (get one that's free), or ask the mortgage advisers in your branch.

RINO87

https://www.boards.ie/discussion/comment/118445977#Comment_118445977

Jesus, what a bitter post!!

bleaks

https://www.boards.ie/discussion/comment/118456067#Comment_118456067

Lol 😀 I take it you're a homeowner too?! I don't think a lot of people realise how lucky they are to own homes, never mind complaining about how difficult it is to buy a second property during a housing crisis.

RINO87

https://www.boards.ie/discussion/comment/118458690#Comment_118458690

Nope, not a homeowner, in fact my partner, child and I have had to relocate back to the badlands in the hope of finding somewhere affordable. In doing so we had to kick the can down the road another six months as my partner needed to change jobs, luckily I can work from anywhere.

I just think it's bitter "having no sympathy" for someone when you, I, and them are just victims of circumstance.

bleaks

https://www.boards.ie/discussion/comment/118458977#Comment_118458977

Yes, we're all victims of circumstance and it might have been slightly insensitive to say that, but I'm of the opinion that we need to move away from monopoly culture and one home - especially in a time like this - should be enough for someone. The opposite is just causing more and more poverty and inequality in our country.

o1s1n

https://www.boards.ie/discussion/comment/118458690#Comment_118458690

There's no 'luck' about it for your average person, that's a very simplistic way of looking at it. It's a lot of hard graft to get two people on decent paying jobs, years of saving like a madman, having squeaky clean bank accounts for a 6 month period pre application and then hoping that a bank will look kindly on your situation when you apply and will grant you a mortgage. (and for an amount you'll need)

Oh and guess what, that's really just the start. You're then playing property Snakes and Ladders.

An inordinate amount of time viewing properties and being outbid, only to have to start again. Finally you might go sale agreed and woopsy, the sale fell through, down that snake and back to the start. This process can go on for months and months. Oh didn't get it sorted within 6 months? Your mortgage approval has run out. Time to go back to the bank and submit loads of documents again.

You might think that once you go sale agreed that's you close to the end. Think again! Mountains of chasing solicitors, chasing vendors, chasing EAs to get the deal done. All the while freaked out that it could fall apart at any moment and you'd be thrown back to square one, again.

Most people who have bought a house have gone through the above gauntlet in one form of another. Again, there's no luck involved, it's hard graft. Nobody walks into an EA in Ireland and just gets a set of keys handed to them because they have luck on their side.

Cork2021

Hi, been a long time since I’ve been on this thread. Back in 2015 when it started my now wife and I had began saving heavily for our first home, we got the keys to our end of terrace 3 bed new build in the summer of 2016! Got married since in 2018 and now have 2 rascals traipsing around the place. Ever since our little lady was born last March, any day I’m at home with them I notice how confined we are in terms of space.

so over the last week I got my figures in terms of how much we pay monthly on our personal loans, childcare, car loans. Got it together with our combined salaries of €85000, I did a calculator online, it give us the full amount we could possibly borrow of €297500, I was very sceptical of this so got bank of Ireland to ring me today after I filled out the form online!

she basically said the same figure but our savings would want to be the same or a bit more then our monthly mortgage payment for 6 months plus!

this has me excited and scared shitless at the same time. I don’t want to carry too much debt into what would be a higher monthly payment as we would look to be buying a house if available for around the 250-300k marks.

has anyone here recently done something similar to what we might do in the next year?

Paul_Mc1988

https://www.boards.ie/discussion/comment/118463981#Comment_118463981

Quite surprised at that myself considering you have personal loans and car loans. You night find the underwriters won't be happy with them and may want them cleared.

Cork2021

https://www.boards.ie/discussion/comment/118464643#Comment_118464643

Said it to her, she said our salaries combined plus the loans is still under the threshold 1/3 of net income.. all loans, childcare and the max mortgage come out at Just under €2600 a month, net salary per month is €5569. Now saying that all going well we’d have at least 2 loans gone! Their only small, but needed at the time due to major issues with our heating ! But they can be cleared quickly enough along with saving the €500 a month, I suppose also you’ve the €280 a month in child benefit but that isn’t counted… also my bonus isn’t brought into as I haven’t got it 3 years in a row.. just looked at it again! She’s presuming a smaller mortgage then the max. Heads wrecked from it. I’m going to get January out of the way and set a plan to get it rolling correctly from there on.

kneejerk

Probably a stupid question here. I'm on a path to save 60k deposit. A hard path to be honest. But will reach it in the next 2 yrs.

I'm very concerned about leaving my money in a bank account with house prices and inflation rising.

If I invested it instead how would that go down with the banks for mortgage approval?

Creamy Goodness

Nope they want to see consistent savings for at least 6 months preferably to the amount of the mortgage amount + 2% to prove you’ll be able to pay if interest rates go up.

banks looks at investing as gambling with your money. It’s only two years you have to suck it up if you want a house unfortunately.

sportsfan90

https://www.boards.ie/discussion/comment/118478298#Comment_118478298

There's no way I'd be investing my house deposit that I'll be using in the next 2 years

spalpeen

I have sent my documents through to a broker and am waiting on a few things to happen.

In the meantime I checked my prospects with an online mortgage calculator and saw the best rate I can get is with avant at 1.95%. However, I know for a fact that my broker doesn't deal with avant. Should this prompt me to seek a new broker? Or should I just proceed and possibly switch mortgages after? But I'm also aware that avant only deal through brokers so would it even be possible to switch to them after?

The Phantom Jipper

https://www.boards.ie/discussion/comment/118485379#Comment_118485379

Definitely seek out a broker who deals with Avant if you think you can get their 1.95% rate. Getting your hands on that rate could save you hundreds a year depending on your loan amount, and also spare you the 1k+ to switch to them at a later point. ICS also tend to have similar rates to Avant so it's worth getting the broker to arrange an application to them aswell.

You don't owe the broker anything, no point going with whatever they recommend and costing yourself thousands out of sheer politeness.

jopper

Can a bank discriminate on grounds of maternity leave? (Having been previously mortgage approved).

My wife and I (first time buyers) were very fortunate to be offered mortgage approval in November. Our first born child was born in October and now she is out in maternity leave.

Our scenario has changed and we have been basically been priced out of the current market (I’m a teacher, she works in accounts) and an opportunity has arisen for us to upgrade and ‘self build’ a derelict farmhouse that’s in her fathers name.

We contacted the bank to check if our mortgage will still apply and we were given a big fat no (kind of expected) however along with having to re-apply for a new mortgage we will not qualify for it until my wife returns to work from maternity leave and provides at least 2 payslips.

We find this such a kick in the side as our savings will only carry us so far and by the time my wife returns to work will put a significant delay on starting or making progress with this self build.

Anyone else have a similar experience?

We have been dealing with the bank directly (BOI)

Creamy Goodness

So two things there, has your ability to repay the mortgage changed as a result of your wife going on maternity leave, and this old farmhouse is it too far away from your places of work? The banks take these into account when determine if and how much to offer. Also having a 3rd party (the father in law) complicates things in the eyes of the bank, all can be sorted but as it stands currently it’s not an attractive proposition for them.

Your application has gone from a straight forward one to a more complex one in the space of a few months. Best bet is to get a good broker. With a broker you submit one set of documents etc. and they shop in all the banks for you.

Tar.Aldarion

How long did your broker take to get through your documents? I applied to them early December, uploaded all documents within a couple days and the system said it would be take care of. Come January still no news, so I message them and they said that the system did not inform them all my documents were uploaded, so they would get them reviewed ASAP. It's two weeks later and nothing, even after messaging for an update. Should I change broker or are they all this slow?

akelly02

Hi All

Do any banks accept long term social welfare ie disability or carers , when calculating gross income?

Dodge

https://www.boards.ie/discussion/comment/118540429#Comment_118540429

Yes, I’d change broker. Ours was checked within a day. Further docs requested. Again checked within a day

Cork2021

Anyone had experience with low quotes.ie?

coffeelover

Hi,

Just trying to figure out the self build mortgages. Is there a timeframe for each of the stages or can you build the house up over a couple of years? Also, after drawdown when does the bank look for statements again?

Ciara26

https://www.boards.ie/discussion/comment/118540429#Comment_118540429

My broker sorted me out within 2 days and kept in touch with me throughout. Still dealing with them and they are great.. Check out your broker reviews? Thats what I did

Paul_Mc1988

https://www.boards.ie/discussion/comment/118542628#Comment_118542628

The bank will look for statements at each of the three build stages. A couple I know never told the bank about a pregnancy and when they looked for statements before the third stage they found out she was on maternity. Build was put on hold for 6 months until she went back to work... wanted to take a year out but that plan went to ****.

Never lie to the bank it's just not worth it and if it gets legal the courts will go against you for lying

houseyhouse

https://www.boards.ie/discussion/comment/118507173#Comment_118507173

This is the case with many banks, unfortunately. I would suggest you ring around to them all and see what their policies on that are. Otherwise you could ask a broker.

Kcaj90

Hi all,

Has anyone been successful in obtaining a LTI exemption from a lender recently or are they hard to come by?

Also, any mortgage broker recommendations in Dublin area??

Cheers

Ciara26

https://www.boards.ie/discussion/comment/118544387#Comment_118544387

I got one there before Christmas. I just said it straight off to the broker, that’s what I wanted. He went off to different banks and came back.