Saving/Applying for a mortgage 2020-22 Edition

AH92

https://www.boards.ie/discussion/comment/120248371#Comment_120248371

Lovely thanks for the info!

tippingpoint

https://www.boards.ie/discussion/comment/120248175#Comment_120248175

Just wondering if everything appears as Approved for you on the portal? I'm still waiting on them to process the Deed of Assignment of Life Policy. Doubting that they will have everything sorted for us by the 21st 😑

beatricebutrus

Could anyone advise on what the earliest stage I can drawdown at? I'm with AIB, just received loan offer however the rates have just gone up. If I drawdown before March 3rd, it looks like I could stick with old rate. I went directly to bank, rather than a broker, so would have to start from scratch again. Or should I just accept it won't happen and line up another lender?

I closed three weeks ago and am still waiting on contracts, thought the seller was keen to move as fast as possible. If I was to get the contracts this week, and aside from anything untoward popping up in conveyance, would there be any chance I could drawdown within two weeks? Anyone have a magic ball?

Mazzy Star

I posted this a bit further up the thread.

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

My payroll did me a massive favor and gave me the pay slip yesterday the 14th Feb rather than waiting until the 24th Feb, delighted. I sent it off to TSB (via broker) and was shocked to hear back that it would still be two weeks, surprised as they had all the rest of my stuff with a few weeks.

My question is would it be a good idea if I notified AIB I had paid a booking deposit on a property and they could do all the rest of their processes apart from perhaps the valuation/deal with my solicitor ? This would hedge my bets just in case anything went wrong with TSB in the next two weeks/ and I could then pull the trigger with AIB?

I would still much rather go with TSB due to much better rates as outlined above. Its just so frustrating waiting for TSB I feel restless.

poker2k9

https://www.boards.ie/discussion/comment/120249687#Comment_120249687

Yes , you can apply to as many lenders as you want. I'm doing the same between PTSB and BOI. PTSB are favourable for me if they get back to me before BOI on a small update that reduces my monthly repayment. So it is waiting game on who i hear from first before next Friday as I have snagging then. My solicitor wants enough time (at least 3 weeks) before closing to send back all the docs and answer any unforseen questions from the banks.

Mazzy Star

https://www.boards.ie/discussion/comment/120250537#Comment_120250537

Thanks a mil. I rang AIB there and gave them all the details of the property they said they would start working on a letter of offer.

I didnt give them my solicitors details yet is the only thing. Do they involve the solicitor in the letter of offer stage? I don't want to incur extra legal charges or anything.

Padre_Pio

https://www.boards.ie/discussion/comment/120246913#Comment_120246913

If the documents are in and are correct then he should be fine.

poker2k9

https://www.boards.ie/discussion/comment/120252298#Comment_120252298

Yes, once the offer letter is ready, they need your solicitors details to post it to them.

Your solicitor should charge you for the full service of retaining them to buy a house and all aspects that come with it that is their responsibility. So it doesn't matter if you give them the details now or later. Either way, all paper work needs to be signed with your solicitor.

Mazzy Star

https://www.boards.ie/discussion/comment/120252651#Comment_120252651

That's great info cheers a million.

Cool I can let them do up that letter of offer and I should have my approval with my preferred lender TSB by that time. Then have AIB ready to roll as my fall backup just on the very small chance something goes tits up with TSB.

Hippodrome Song Owl

https://www.boards.ie/discussion/comment/120252495#Comment_120252495

I hope you're right! Nearing close of business for the weekend and the mortgage protection document submitted on Monday morning is apparently still not "marked off" by BOI. Another weekend of worry for him - last weekend it was worry over a delay in getting the mortgage protection document issued in time. It's a stressful enough process without this interest rate rise hanging over you.

I hope everyone here waiting on BOI drawdown is lucky and gets it before the 21st. Fingers crossed.

Padre_Pio

https://www.boards.ie/discussion/comment/120253664#Comment_120253664

I got my docs on the Thursday before Havens 0.5% increase on the Friday back in November, though I didn't draw down until the following Wednesday after the cut off, due to delays on their side (Haven are awful, avoid at all cost). I still locked in the rate though.

The broker told me of another case where the buyer sunmitted their final form on the Monday and was stuck on the higher rate. I'd be gutted. An extra 0.5% could be thousands extra over a 5 year fixed term.

Cina

Phew, got our funds issued on Friday at the current rate, after all that.

Can't recommend Mortgage Broker's enough, they were absolute stars from us especially with BOI being so awkward about everything. The fact that it's a free service is even better.

Mazzy Star

Am I right in saying that now that I am sale agreed on a property and I get the formal letter of offer from the bank, the rates on this offer are valid if I draw down within a specified period even if there is further rate increases?

This is it

https://www.boards.ie/discussion/comment/120260737#Comment_120260737

No, unfortunately not. Rates can still change.

poker2k9

https://www.boards.ie/discussion/comment/120260737#Comment_120260737

As previous poster mentioned, rates can still change.

That said, banks typically do give some sort of grace period (not always) to drawdown offer rate.

In my case, I got PTSB offer letter at 2.xx% back in October, and due to house delays (March 2023 ETA) , they gave a grace period till Feb 15 to still drawdown at 2.xx% when the initial increase in Nov hit. They still honoured this grace period when the Jan increase also hit. However due to slowness on developer side, I don't get to utilize the old rate because they won't keep rolling the grace period over if you already got it once.

That is to say, at this point my rate will be whatever the market rate is when I go drawdown in March even though I had my offer since October.

Hippodrome Song Owl

https://www.boards.ie/discussion/comment/120260737#Comment_120260737

They usually give a grace period to drawdown at your letter of offer rate if the rate rises shortly after. But they don't have to, and it may be quite short. BOI gave only 4 weeks grace on their most recent rise. That's an impossible timeline unless you're already near the end of the process.

My colleague signed contracts on day of the BOI rate rise - 24th Jan. Deadline for all documents to be submitted for processing to get drawdown at original offer rate was 14th Feb and drawdown by the 21st. He had everything submitted by 13th Feb but not all documents are processed so it doesn't look good for him drawing down by 21st now.

You're relying on everything going smoothly but also the bank working efficiently. Unfortunately BOI seem to be very slow. I experienced the same from them before Christmas - nearly lost the house as vendor was impatient and didn't believe BOI could be so slow to issue the letter of offer .

Dante

How long does it typically take to drawdown the mortgage after signing the contracts? I have a hard deadline of mid-April to drawdown in order to avoid getting hit with the latest interest rate increase. I'm hoping to sign the contracts next week.

This is it

https://www.boards.ie/discussion/comment/120262445#Comment_120262445

I'm signing tomorrow, solicitor is saying about 4-5 weeks from then we should close. From a few Google searches that seems to be the norm but every purchase is different, tenants or owners might slow it down if still in the property. Thankfully we're buying an empty property .

Dante

Thanks, hopefully I'll be alright so. The apartment is empty so that won't be an issue.

The biggest stumbling block so far has been the vendor's painfully slow solicitor.

Hippodrome Song Owl

My colleague who was in limbo since last Monday was delighted to hear this morning that BOI released the mortgage funds to solicitor on Friday evening. So in before the rate rise tomorrow which would have added an extra €100 a month. BOI are so slow and poor for updates. Good luck to anyone else here still waiting.

AH92

Is it straight forward enough to ask for a higher mortgage amount after getting Aip if you get a payrise a few months after receiving it?

Thanks!

dubliner10

https://www.boards.ie/discussion/comment/120267755#Comment_120267755

Amendments are easier. But heard BOI is taking 10 working days for any changes currently.

Umaro

https://www.boards.ie/discussion/comment/120267755#Comment_120267755

You'll need a new salary cert and a payslip, but yes this would be straightforward enough.

aislingm999

Anyone going with PTSB-Do you have to go with the mortgage protection and home insurance that PTSB offer or can you go elsewhere?

PTSB have sent me a link to a mortgage protection document to fill out (via Irish life) and have also given me a quote for home insurance

This is it

https://www.boards.ie/discussion/comment/120271129#Comment_120271129

I don't think so. I'm with PTSB via a broker, they had a decent price for mortgage protection so went with them/Irish Life, but will be taking house insurance elsewhere.

byrne249

https://www.boards.ie/discussion/comment/120267814#Comment_120267814

Just came on to this thread to see if anyone else had similar. Having had the offer letter they now want me to provide a letter from my company(tech) to say I wasn't in consideration for current round of layoffs. I don't think any of the layoffs in my particular company have any effect in Ireland at all. Regardless it doesn't affect me. Waiting over a week from underwriter for response to this two line letter.

poker2k9

https://www.boards.ie/discussion/comment/120275272#Comment_120275272

Just ask work for letter of employment which should suffice. It being recent should give the banks confidence you are currently not laid off.

byrne249

https://www.boards.ie/discussion/comment/120276147#Comment_120276147

Oh I sent the letter last Tuesday. It is that I have been waiting for over a week now for something so trivial is the point I was making.

spudrick

After a long and arduous struggle with BOI, mortgage was approved, contracts signed, all systems go for when the house is ready next month, only to hit another hurdle with mortgage protection insurance. Mortgage broker recommended Irish Life, went through the online questionnaire with them, my wife was approved but mine got flagged and is going to underwriters who will be in touch next week sometime.

Is this just a formality? I have had a couple of health issues which I put down, but there's nothing to suggest I'm going to drop dead any time soon.

There's been so many hurdles every step of the way that I'm extra worried when anything comes up.

Galaxy00

Well I'm late to the mortgage savings party but better late than never. In my 30s, single pringle, this is the year I've started saving, have 4k in savings at the moment, hoping to save 12k this year and continue building it up