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Saving/Applying for a mortgage 2020-22 Edition

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Comments

  • Registered Users Posts: 57 ✭✭ AirAmp2019


    Worth a conversation with a broker or even directly with a bank to advise you on this one. I would likely say that yes it would affect you if your letter from employer specifically stated that you had a contract end date. It depends on what your letter from employer might say.

    Having said that the timelines for public sector can be painfully slow and you may have it across the line before a change.



  • Registered Users Posts: 1,560 ✭✭✭ TheGunns


    Is there any issue with paying off a car loan early when waiting to draw down mortgage? Won't be drawing down for a few months but thought I had read somewhere that early repayment of loan wasn't actually seen as I good thing but I can't find where I read that now! Just don't want there to be any issues when need final approvals etc to draw down



  • Registered Users Posts: 3,305 ✭✭✭ Padre_Pio


    I would wait until after the drawdown.

    You never know when they could ask for a recent bank statement, and having less of a balance in the account might raise some questions.



  • Registered Users Posts: 45 FA12345


    I have a couple of questions, we have a complicated situation and therefore only two providers will consider an application - PTSB & Finance Ireland. We're using a broker and he told us the AIP wait times for FI are very long, and anyway, the rates with PTSB are better.

    Q1: Does anyone know how long once the application goes into PTSB that we might expect a decision to take for AIP?

    Q2: Regarding AIP, what kind of thing could change the lenders minds on this? I'd hate to mess up an AIP by doing something silly and then be refused (especially given the lack of lenders we can apply to!)

    The complications of our situation include losing our home if we don't get approval within the next year, so we are anxious about the whole process!



  • Registered Users Posts: 2 nuala4


    I have never had a loan from a bank or credit union A family member loaned me 8000 to buy a car which I repaid within a year I have a direct debit to a savings account 400 per month I have been saving with it for 2 years I pay rent 450 per month Will no record of repaying a loan be an issue?



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  • Registered Users Posts: 2,891 ✭✭✭ optogirl


    It shouldn't - neither myself or husband had ever taken out a loan and we got approval



  • Registered Users Posts: 389 ✭✭ HerrKapitan


    20% deposits and 2.5 lending limits fast approaching. Great Reset is gathering pace, as there is no pushback.



  • Registered Users Posts: 5,153 ✭✭✭ jimbobaloobob


    What’s the great reset? What will happen



  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 34,641 Mod ✭✭✭✭ AlmightyCushion


    It is something that came about during the pandemic where the world would rebuild back in a more sustainable way. However, there is also a conspiracy theory around it that covid was created and planned so as to destroy the world economy and allow the elites to take control, enslave the rest of us and stop us owning property.



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  • Registered Users Posts: 1 sophieb21


    Hi there,

    has anyone recently been through the underwriting process with BOI. Our case application was just submitted today. BOI seem very thorough so feel they have a good solid case, how long should I expect the next steps to take?

    also going through EBS but they seem extremely slow



  • Registered Users Posts: 46 Thistley


    Our original lender is going extremely slow so also applied to BOI. Our broker submitted our BOI application last Friday. The Mortgage Guy on Instagram said BOI takes around 3- 4 weeks until AIP and the same for Loan Offer. If Sale Agreed, it can go straight to Loan Offer and takes around 3-4 weeks total.



  • Registered Users Posts: 61 ✭✭ ClaudeVercetti


    Our family GP retired and I amn't registered with one at the moment - would this be an impediment to getting mortgage protection?



  • Registered Users Posts: 631 ✭✭✭ houseyhouse


    I’ve never had to provide GP info for a mortgage. You may need one for the mortgage protection policy but that is some time away of you’re just startling the process.



  • Registered Users Posts: 45 FA12345


    Does anyone know how long is PTSB taking to give full credit approval once the application and all the paperwork has gone in? We submitted through a broker on Monday, and they came back on Wednesday looking for a couple of documents whihc I got to them on Thursday!

    Their website says 72 hours but the broker said not a chance, all the lenders on backed up with switch etc right now... Be good to have an idea of when though!



  • Registered Users Posts: 16 deedeedee24


    Did you hear anything yet? Waiting since Sept 26th. There seems to be huge delays... I'm thinking could be even another few weeks.



  • Registered Users Posts: 45 FA12345


    Not yet, our broker said 3-4 weeks to hear back - we also applied on the 26th September! Everybody is rushing to switch and fix with the interest rates and there is a huge backlog. Let us know when you hear back!



  • Registered Users Posts: 1,486 ✭✭✭ Dante




  • Registered Users Posts: 852 ✭✭✭ Plasandrunt


    Hi guys so I'd appreciate a little bit of advice on this.

    I'm currently sale agreed on my apartment, mortgage free, due to close in the next few weeks, everything still seems to be going ahead as planned despite recent developments. My plan was to sell up, live with my friend for a while. Do the whole 6 months savings thing (I'd have the deposit already from apartment sale) and clear up my bank account (Few betting transactions etc..) and then get a mortgage.

    However a place has come up that I've got word they'd accept a certain price. As it stands I've no savings but I am paying back a bank loan that I received a year ago and I topped up last month (so my bank has proved it will give me finance if needed already). If I was to pay off this loan in full using the proceeds from apartment sale I'd need a 30% mortgage and these mortgage repayments would be less per month than the current amount I'm paying off the personal loan.

    Do you reckon I should approach the bank now or wait until the sale goes through so I have the proceeds there and would you advise putting an offer in on the property or waiting until I get confirmation from the bank on acceptance of mortgage.



  • Registered Users Posts: 16 deedeedee24


    I would ring a broker for sure. They will know how you should approach this. Tell them exactly what you need to clean up on statements etc.



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  • Registered Users Posts: 16 deedeedee24


    For formal loan offer? Were you asked for extra documents etc. I have not even been asked for any further queries on what we submitted which we were told to expect.



  • Registered Users Posts: 45 FA12345


    My broker said 16 days or so days for them to come back and request further docs, and then 21 days or so for the formal credit approval... I'm adding a week onto both of those



  • Registered Users Posts: 1,486 ✭✭✭ Dante


    I was asked for a few additional documents during that time alright, but it was at least 2-3 weeks before I heard anything.



  • Registered Users Posts: 16 deedeedee24


    OK thanks. I just have to sit tight so. That's probably working days also.



  • Registered Users Posts: 43 Seaandwind




  • Registered Users Posts: 1,894 ✭✭✭ Cork2021


    id wonder will it have an effect on house prices? I suppose a young couple on €50k between them can afford a house worth €220,000 instead of €194,000….



  • Registered Users Posts: 26,433 ✭✭✭✭ Creamy Goodness


    The only thing that will decrease house prices are more supply or less demand. If lending rules are relaxed then house prices will go only one way.


    *disclaimer I'm in favour of relaxing the rules in certain cases.



  • Registered Users Posts: 16 deedeedee24


    We were sent reference number today so looks like they've just picked up file now. Broker reckons could be 7 to 10 days from this point.



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  • Registered Users Posts: 46 Thistley


    *Update

    We received our official Loan Offer Letter today and Loan Pack sent to the solicitor. He seems keen to get it moving along as does the vendor and their solicitor. We are so excited! Hope it isn't long until we can move in



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