Saving/Applying for a mortgage 2020-22 Edition

TrooBoards

Hi everyone,

Just wondering what the wait times are like with BOI at the moment as we've been getting the runaround.

Got AIP in January, booking deposit on new build in February. Contacted BOI with necessary details... 5 times... finally got a response in May basically saying they didn't see them.

Have now been "under review" nearly a month with lots of resubmitted documents. For example, we were asked for payslips last week... and again asked for payslips this week. Keep getting told its approved and will be issued any day.

Under fierce pressure from the builders to sign contracts and the stress is insane.

Pussyhands

As a single person I've given up for the past 18 months. Got mortgage approval and didn't view one place because prices are outrageous. I would need a deposit of at least 60k to get something tiny and then fees on top. I have the cash but I'm not putting life savings for a property.

WhiteWalls

https://www.boards.ie/discussion/comment/119422963#Comment_119422963

Annoy them enough to act. Look to speak with management. Complain to their ombudsman if necessary

WhiteWalls

https://www.boards.ie/discussion/comment/119423193#Comment_119423193

I don't think anyone wants to but i justjust dont see tge value in holding on either

Creamy Goodness

Yup with inflation at the rate it is now holding on to it - especially in a savings account - is probably the worst thing you can do. But if you’re seriously looking to buy in 2-3 years you have to put up with inflation eating into your deposit.

TrooBoards

I'm definitely doing that today. They sent a message saying the documents were incomplete/out of date and listed the information missing... all of which was present.

It's beyond a joke at this point.

Naked Lepper

https://www.boards.ie/discussion/comment/119427041#Comment_119427041

hope you can get this sorted soon. i used a mortgage broker for BOI application and they managed all this kind of stuff which was a life saver considering the amount of paperwork and queries. it took two months from AIP to Loan Offer and this was through a broker who expedited everything for us (family friend)

theboringfox

Found BoI very good so far and went direct to them. Very helpful and the site works well for uploading docs.

TrooBoards

Hopefully you'll still have a good experience once you've found your house and are looking for the Letter of Offer. Best of luck with it all 🙂

Icantthinkof1

Go into your local branch and request an appointment with their mortgage adviser

ddarcy

Has anyone with haven got an extension? I was supposed to have my house last month but the builder/ developer decided to release everything in November now. So it looks like I have an option of 28 days or 6 months. Just trying to see if anyone has done either and what’s involved. I’m still trying to get dates…

markodaly

Two quick questions:

1) In regards to LTI exemptions up to 4.5, what banks are the best to get this over the line? I've heard Avant are the most difficult and ICS/Finance Ireland more flexible

2) If you find a house that needs work done to it, can you get a mortgage out for the house + the cost of work?

AH92

Hey guys, For saving under a joint mortgage application if the ideal amount for example under stressed conditions is 1200 is it important for both of us to save a minimum of 600 each or is there leeway if I'm able to save more since I'm on a higher pay scale compared to herself? (I save 800 and she puts in 400)

SmokyMo

https://www.boards.ie/discussion/comment/119449427#Comment_119449427

From my experience exception are more dependent on your situation as oppose to lender.

second point is possible but soo difficult to organize and execute in the current market. With house market + labor issues. There are a lot of things you would need to take into account, never ending ball ache.

I doubt you would be able to do both of them.

TrooBoards

As long as the stress amount is covered it doesn't really matter. You may want/need to do a tenancy in common for the first few years depending on the savings situation and personal situation.

Anjunadeep

Hi Folks,

looking for recommendations for an efficient solicitor based in Dublin City/North City to handle a mortgage switch

Please Pm, thanks

WhiteWalls

Would ye recommend a broker, they're looking for 300 euro?

mhtc

Banks typically pay brokers 1% these days so shouldn't have to pay anything extra yourself. Avant have a list of who they deal with...(can obviously use these for any bank) https://www.avantmoney.ie/mortgages/brokers

WhiteWalls

https://www.boards.ie/discussion/comment/119475096#Comment_119475096

Nothing to say these are free though?

Tar.Aldarion

Lots of them are not free, you have to ask them. Mine was free, there are loads of free and loads of paid ones.

Galwayhurl

https://www.boards.ie/discussion/comment/119477318#Comment_119477318

Are you happy with your broker Tar? If so could you PM their details?

Thanks a million.

Tar.Aldarion

https://www.boards.ie/discussion/comment/119477548#Comment_119477548

I would say they are fine, in that they are very responsive and do a grand job, but I'd not say recommend per se. I had to convince them of things like I could get an exception and tell them what was the best for me sometimes - "actually my LTV is this so these are the best rates for me" or correcting them on how much I could borrow but still it's a simple enough job and really they are just going to handle contacting the banks for you, I think the particular broker I got was just quite young. Can pass them on if you still want me to.

Galwayhurl

https://www.boards.ie/discussion/comment/119477627#Comment_119477627

Jaysus. Doesn't sound very competent. Ltv and relative interest is basic stuff.

I'll go with the broker I have in mind I think. Even though they charge 500 euro. Supposedly excellent so fingers crossed.

Thanks anyway Tar.

OrhanBolano

Is it an issue if only one partner is saving regularly? Earns much more than me and we agreed that I would save up a contribution, which I've done, but wouldn't worry about keeping monthly savings up once I hit that amount, whereas they save a big chunk (just under a grand every month). Live together and split a big enough rent evenly (never missed a payment), which makes finances tight for me.

Anjunadeep

https://www.boards.ie/discussion/comment/119427701#Comment_119427701

Same as.

Currently applying for a switcher. Got AIP 2 weeks ago and a phone call in the past hour to say the underwriter has given the ok to go to loan offer and to send on my solicitors details. I haven't yet decided if I'm going to go with BOI yet. I have applications in with a couple of other banks as well and waiting to hear back from them.

How long is the loan offer generally for? Do I understand correctly that there is no need for me to give my solicitors details to BOI unless I eventually decide to go with them? And that BOI will send me a copy of the loan offer directly?

thanks

newmember2

I have an application in with Finance Ireland over two months at this stage, with still no AIP or decision either way. Has anyone else experience of these extremely long mortgage application turnaround times?

Viva La Gloria

As far as I know the loan offer is valid for 6 months, that's what I was told by AIB. Not sure if BOI would be different

Viva La Gloria

Is there an online portal or customer care number you can phone to check on progress? Seems ridiculous to have to wait that long, especially without even AIP.

Viva La Gloria

In the process of buying a new build apartment for my Son and I. Wondering should I have gone to a broker, went straight to AIB as I'm a customer and didn't really think it through. I think doing it on my own is just making me more anxious about everything. I have AIP and almost done getting the documents submitted. There was an issue with the salary cert because my company doesn't have a stamp at the minute so they did up a letter explaining that. Then the bank came back and said that they needed more information on the letter. Just a lot of back and forth.

Also applied for the First Home scheme and Help To Buy, so throwing all that into the mix is just adding to my stress I think. Anyone else here apply for the FH scheme? It's so new, hardly anyone knows much about it.

Ikozma

I only want a 15 Yr mortgage,obviously I'll be paying more pm for that privilege but the banks are OK with that right,they don't turn their noses up and only want the 30/35 Yr terms