Saving/Applying for a mortgage 2020-22 Edition

Padre_Pio

https://www.boards.ie/discussion/comment/120212066#Comment_120212066

Is the 4 year a lower rate? I would fix for as long as possible personally.

Padre_Pio

https://www.boards.ie/discussion/comment/120215735#Comment_120215735

Calculate what the break fee would be.

If the ECB raises rates again then it'll likely be zero.

Murty90

https://www.boards.ie/discussion/comment/120215826#Comment_120215826

Yes, 4 year fixed is €70 cheaper for me a month. Saving between €3k to €3.5k over the 4 years compared to going for the higher 5 year rate.

poker2k9

Anyone with BOI recently this year go from AIP to offer letter? How long did it take you.

Also anyone have experience with changing rates (upwards) after AIP is issued? Will it cause additional delays to getting offer letter?

ucsie

https://www.boards.ie/discussion/comment/120213515#Comment_120213515

Laya. All done online, answered all the questions and got it approved straight away.

Padre_Pio

https://www.boards.ie/discussion/comment/120216055#Comment_120216055

Hard to know. Probably go for the 4 year personally. Hopefully interest rates will be manageable then and your variable won't wipe out the savings within a year.

billyduk

https://www.boards.ie/discussion/comment/120216939#Comment_120216939

Getting it through the underwriter queue is currently taking 10-12 days. It was 10 for us. Could come back sooner if its straightforward. If there are no conditions, they should issue a loan offer right after (typically next day) and the letter of offer will be sent out to your solicitor.

Rate hikes shouldn't cause any significant delay. The underwriter will be evaluating you on the higher rate though. If a rate goes up after your loan offer, then you have a deadline to draw down or the new rate applies. For example, those on previous BOI rates have until February 21 to draw down which was approx 4 weeks from the hike.

poker2k9

https://www.boards.ie/discussion/comment/120218290#Comment_120218290

Great thanks!

Yah wasn't worried about the rate hikes but more so applied for 3 year fixed, got AIP for that. But now want to increase to 5 years fixed, so hoping it doesn't send me to the end of the queue again (took 4 weeks to get the AIP) and they could just review it in a shorter period before issuing the offer letter

smokingman

Anyone know if its possible to extend a mortgage offer expiry date by a day or two?

Some incompetance on the side of a previous bank discharging me from a previous mortgage has delayed my draw down and it could be up to 2 days after the expiry date of the new offer.

If that's not possible, has anyone experience of what happens after a mortgage offer expires? Do you have to do the whole application process again with the 6 months statements etc?

psych77

In this situation at the moment. Got approval Tuesday morning. They think I’ll have offer letter by tomorrow or Monday once they are satisfied with our answers to queries. They don’t imagine I’ll get things done in time tho to get lower rates. It’s sooo annoying. The other side haven’t sent contracts even yet and it’s 2 weeks next Monday. 😣

psych77

Thanks. I actually tried royal London and had all in place in 24 hours!

aislingm999

How long are PTSB taking to give loan offer once they receive the valuation?

Also, I went sale agreed just over 4 weeks ago and still haven't received contracts yet. Is this normal? I'm buying a new build.

Mazzy Star

I have just had a bid accepted on a house today.

I have a conundrum however.

I have approval with AIB. I had also applied to TSB. There is a hold up with TSB however as they are waiting for a February pay slip to see evidence of guaranteed bonus of 10% of my salary which they are prepared to lend to me on.

TSB's rates are still more favorable so I would rather go with them.

I am not due to receive the pay slip until 24th of February. I asked payroll could be provide it a bit earlier and they said they would see what they can do.

Once submitted it then has to go through TSB's processes.

Would it be an undue risk waiting potentially two weeks for TSB or should I just proceed with AIB early next week?

First time buyer so all advice greatly appreciated.

This is it

https://www.boards.ie/discussion/comment/120223513#Comment_120223513

We had underwritten approval in principle from PTSB. Went sale agreed and had the valuation done 7 working days later with loan offer less than a week after that.

We've everything in place now but seems to be a bit of back and forth between solicitors so I've no idea how long that side is going to take.

This is it

https://www.boards.ie/discussion/comment/120225078#Comment_120225078

Two weeks is nothing in the grand scheme of things, if you prefer PTSB then I wouldn't see an issue with waiting, once you've a booking deposit down there shouldn't be an issue with waiting.

Ikozma

We are due to meet with a mortgage broker this week,my question is during this meeting will we have a good idea of whether we will be able to get the mortgage we are after or not?

If we are told we are good candidates and the mortgage broker starts their work with the banks how long does it take them to give loan approval, its just there is a house we have our eyes on and I'm just waiting for it to be snapped up now

Q&A

https://www.boards.ie/discussion/comment/120236993#Comment_120236993

You could have a pretty good idea of your chances now.

Are you in permanent jobs for more than 6 months? Are they tech jobs?

The property you're interested in would you need a mortgage of more than 3.5-4x income?

Have you 10% of the asking price saved?

How much would the monthly mortgage repayments be and how do they compare to what you're paying in rent and or saving now?

Any skeletons in your financial closest? Any unpaid loans from yesteryear that will trip you up? Will your last 6 months bank statement support all of the above answers.

For initial approval it can take a couple of weeks once you have all the paperwork in order. Don't underestimate how long it can take to get all your bank statements, credit card bills and payslips in order. Also with interest rates rising and banks leaving expect slow responses from lenders.

Ikozma

Both full time employment,and have 1/4 of the house value saved over last 5 or 6 years,plus another 1/4 will be raised from selling current property so we'll only be looking for half of the house price

psych77

Quick question guys. How much are people paying for a BER cert? We need another one as sale closing tomorrow and our existing one expired a few weeks ago. Getting random quotes 230 300? Wanted it cheap as possible as I’m so over this sale now!! It’s a 3 bed in Oranmore!

aislingm999

Anyone know what insurances/covers are necessary to have before drawdown. Eg.home insurance/mortgage protection/life assurance etc.

Does it differ from bank to bank ?

pc7

Just wondering is anyone here trying to draw down BOI before rate rise and how you are getting on? My purchaser is trying to do this, but seems be getting told another day or 2, every day! I'd say BOI trying to delay it so they don't get it down before rate rise.

poker2k9

https://www.boards.ie/discussion/comment/120244321#Comment_120244321

Won't be surprised. BOI are really dragging their feet right now. That said, my friend with BOI who had closing date last Monday got update from BOI yesterday saying predicted drawdown date will be today, and their solicitor did indeed get the funds today.

__________________________

Side post: Has anyone got offer letters from BOI this week and what the timeline was? Sent them docs from AIP (developer details) on the 8th and still waiting.

pc7

Thanks for reply poker, seems really sharp practice, hopefully they get sorted, good news for you pal.

1percent

We are at the under writing stage with BOI, day 15 (working days) and have now been told an IT error has cause delays. We should have had LOI last week according to their metrics. We are livid! contracts have been issued, engineer is lined up and we are still sitting in purgatory waiting on them to take the finger out.

dubliner10

Also at the underwriting stage with BOI, they told my mortgage advisor that we should expect to hear in another 2 days. Its been 2 weeks already

Hippodrome Song Owl

https://www.boards.ie/discussion/comment/120244321#Comment_120244321

A colleague of mine is in a similar situation with BOI. He was told that if everything was submitted to them by 14th then it will be processed on time. The final document was submitted to them on morning of the 13th (mortgage protection), but they haven't yet processed it. So it still appeared as outstanding when solicitor enquired today and now BOI is implying it will take days. He's doubting he will get drawdown before 21st now. It's hard not suspect BOI may delay things to their benefit.

pc7

Yeah you'd wonder if it would be worthwhile people following up with the Ombudsman if the rate isn't honoured.

Cina

We got all our documents in on the 14th which was the deadline, but still no update from BOI for the solicitor.

Hopefully we get it by the 21st, just have to hope that if the problem is on their side they'll extend it though if they haven't given us funds by them.

AH92

Does anyone know is it ok to get statements for 6 months savings from last September until now if we have 6 months finished since yesterday or is it better to let the month finish?

Also if we get a pay rise in 2 months time can we ask for a higher mortgage before drawdown? Thanks guys.

poker2k9

https://www.boards.ie/discussion/comment/120248324#Comment_120248324

Up to you on the savings statement piece, but it has to be from August afaik. I know with AIB I can request one that shows the savings up till today. The bank will work it out themselves to know what is coming this month if you save a regular amount even if the month hasn't ended.

On asking for higher mortgage; you can, but you will need an amendment form submitted if they already gave you a mortgage offer based on your prior salary. So, factor in addional time delays after you send amendment request if going that route.