Saving/Applying for a mortgage 2020-22 Edition

OEP

Has anyone any knowledge or experience on changing jobs before drawdown? I know you shouldn't, but do the banks check?

We have a loan offer, and it is subject to me providing another payslip before drawdown - which is fine. My wife, who is a teacher, could do with changing jobs before drawdown as we are moving to a different part of the country. Will the banks check this?

This is it

I'm the same, I need to provide a payslip. I wouldn't risk it to be honest but I'm not sure what the chances are that they'll check. Probably different factors like how long between offer and drawdown etc.

Naked Lepper

also wondering about mortgage drawdown and changing jobs

moving to a new job in july so my last payslip from employer will be june - if we dont drawdown before july then the payslip will have my next employers name on it...

Shinynails

Re changing jobs -

The banks will notice if you are with a new company and will ask for an updated salary cert.

If the job move makes sense e.g. promotion, location change and the terms are similar or better than previous job it should be fine.

PTSB will not allow drawdown if you are on probation. So that is something to consider.

Also if the job move indicates uncertainty in your field they may ask for evidence of job security…guarantee no redundancies etc.

We broached this with our broker in advance of accepting a new position and all was fine as it was a promotion in the same type of industry but my partner negotiated no probationary period with his new employer as that is the a strict condition PTSB has.

Could you ask your bank/broker the implications for you?

OEP

https://www.boards.ie/discussion/comment/120325504#Comment_120325504

Thanks.

I'm going to talk to the broker about it, they're just a bit useless. As a teacher, my wife changing jobs means she goes back onto a 12 month contract - so the bank won't accept this. They actually asked what was she going to do for work when we moved, and we just lied and said commute. We were hoping to drawdown by the end of this year's schoolyear so she could then get a new job during the summer but things have been delayed - it's a new build.

My salary is big enough that I could qualify for the loan amount on just that but with the interest rates so high, I doubt I will pass the stress test for repayments on my take home alone.

mayo londoner

Anyone any experience of being asked for more than 6 months worth of bank statements? Was made permanent in my new role after 9 months last week and hoping to apply for mortgage in the next few weeks.

Have a few gambling transactions from last June/July hence the question.

Shinynails

https://www.boards.ie/discussion/comment/120325591#Comment_120325591

I’ve done a bit of digging around public sector mortgages for myself as I will be offered a position in PS this year but I will have to accept the probationary period and it’s not teaching. But all going well we will drawdown before this happens. We are currently sale agreed.

There are some brokers that negotiate on behalf of teachers and public sector employees.

From mortgages123.ie website “In the case of probation periods, they will include existing public sector employees promoted or transferred on 12 months’ probation. Whereas new entrants will be determined on a case-by-case basis, depending on their employment history.”

Hopefully your broker will advocate for you as there is a demand for teachers.

OEP

https://www.boards.ie/discussion/comment/120325678#Comment_120325678

Thank you again. I'll definitely look into that. Her subjects are particularly in demand so she'll have no problem getting a job.

Shinynails

Best of luck, google “public sector mortgages” There are a few doing them.

Jasna1982

https://www.boards.ie/discussion/comment/120325154#Comment_120325154

This only applies if you have a mortgage saver account.

I had one with BOI. If you then drawdown your mortgage with them, you get a 2000 Euro bonus which is subjected to DIRT. It appears as a first time buyer you can claim that DIRT back, which is a couple of hundred Euro so significant enough.

poker2k9

PTSB increasing rates again by 0.75%

https://www.thejournal.ie/permant-tsb-is-increasing-its-new-fixed-mortgage-rates-by-0-75-6012927-Mar2023/

This is pure madness.

Does anyone know if one won't be affected if you already had a grace period of old rate that expired Feb?..I'm due to drawdown within next 2 to 3 weeks.

markodaly

https://www.boards.ie/discussion/comment/120326145#Comment_120326145

You have until the 2nd of June to draw down once you already have a letter of offer.

Mazzy Star

Regarding PTSB.

I have received my formal offer letter at the old rates. However I have not signed this in the presence of my solicitor which the broker states in the notification. I am due to meet the solicitor to sign the contracts on Monday 20th March.

As noted today PTSB said any customers who have received an offer letter that is based on the existing fixed rates it is currently offering will have until June 2nd to complete the drawdown at the old rates.

I will be okay for the old rates I am right in saying? 

poker2k9

https://www.boards.ie/discussion/comment/120326248#Comment_120326248

Yes from what I understood above, you should be fine to keep rates on your offer letter provided you drawdown by June.

As for me, I just confirmed with PTSB that I'll have until April, since I've had my offer since last year (before first set of increases)

Mazzy Star

Best of luck lad, this is nerve shredding stuff.

This is it

I think our loan offer was late January/early February. Hoping to be drawn down by end of March or early April so should be good if it goes according to plan. It'll put an extra €200p/m on repayments for us, nightmare.

Mick McCarthys Baby

Our current loan offer with PTSB is due to expire on the 21st March so we have just submitted the documents again to extend it . ( house completion in roughly 3 weeks ) Does anybody know if they will honour the rates we had or will it be as if we are starting again and have to pay the 4.5% ? waiting on our broker , just a bit anxious about it all . Thanks

poker2k9

https://www.boards.ie/discussion/comment/120326704#Comment_120326704

Yes, if you got your offer before/on Jan 13, it will be honoured at the current rates if you drawdown by April 14th.

If you got the offer after Jan 13th, you will have until 2nd June to drawdown at current rates.

theboringfox

Would double check that. PTSB said earlier of your offer expiring or those dates. Worth clarifying. Try and push to get it. That is a big increase and do everything you can to avoid it.

Dr.Tom

New to this thread......

In June 2022 (based on monthly repayment figures I told our broker was max we wanted to pay) we were able to get €30k more than what was offered to us yesterday. Second mortgage. Talk about coming back to earth with a bang.

Funny thing is in June our property was for sale and sale price was speculation for calculations for mortgage number 2. Now we have sale proceeds plus savings and figure offered now is less.

FledNanders

https://www.boards.ie/discussion/comment/120326704#Comment_120326704

How long do loan offers last do you know? I wasn't aware they expired (in normal circumstances), I thought that only applied to AIP.

Thanks

howiya

https://www.boards.ie/discussion/comment/120330205#Comment_120330205

Any i've seen last six months.

Looking at a BOI one here and it states under the heading deadlines "We are not obliged to lend you the loan (or any part of it) if you have not borrowed it within six months of this Offer Letter".

Mick McCarthys Baby

Unfortunately just confirmed we’ll be getting the newer rate of 4.05% . Sickening just missed out by couple of weeks but nothing we can do i suppose

Dr.Tom

After a lot of over and back with my broker today I was left to ponder the following......

"You can only draw down funds while on maternity leave if you are working in the public service sector".

I am aware of maternity leave being an issue but since when have public service sector employees had an exemption?

Anyone experience this before?

theboringfox

https://www.boards.ie/discussion/comment/120331630#Comment_120331630

Not correct. In our case we were told they simply needed letter from employer confirming date due to return from mat leave and that it was on same basis as pre mat leave i.e. full time in our case. Broker wrong there

Dr.Tom

https://www.boards.ie/discussion/comment/120331655#Comment_120331655

Thanks for the reply.

We have a letter stating exactly what you said from my wife's employer.

A follow up email from the broker stated (and I probably should have mentioned this earlier).....

"Please be advised none of our pool of lenders will proceed with funding until maternity leave is finished the only exception is public service employees"

I am currently gathering all our paperwork to go elsewhere.

EDIT: Who was your mortgage with? Was it Permanent TSB?

Mazzy Star

I am due to meet my solicitor to sign the contracts on Monday 20th March. Looking at the docs from the broker/TSB it says they need 3 weeks notice to closing which would take us up to 10th April, Easter Monday.

I would prefer not to drawdown/close/gets keys until around 27th April as its our busiest time of the year at work and I need to organize the logistics of my move. This would be just before the May Bank holiday weekend.

I mentioned this casually to my solicitor in an email exchange. And she said she didnt think the vendor would be too happy about that date but we would talk about it more at our meeting.

Considering we only went sale agreed on 13th February, it would surely be one of the quickest closings of all time even if it was end of April? the vendors have no real power to insist on my closing date if I push it out by two weeks from mid April until end of April, and what can they do threaten to pull out at that point which they will hardly do after all this hassle?

Bluebird22

What kind of closing timeline did you talk about when going sale agreed? The vendors could very well pull out, since you haven't exchanged contracts yet. I would in this situation if my buyer started changing things at the last minute that might affect my plans going forward. Regardless you'll need to agree a closing date in the contract that works for you both.

Mazzy Star

https://www.boards.ie/discussion/comment/120345493#Comment_120345493

Sale agreed 13th February.

We are signing the contracts Tuesday week.

No time line is agreed.

The house is vacant and not in a chain.

If we sign on 20th March the earliest we can close is 11th April due to the banks requirements. I merely wish to push this out by two weeks hardly a massive imposition to them.

I can close on 11th April just logistically getting the keys on this date is extremely extremely inconvenient for me.

Bluefoam

LoL, I'm intrigued by your priorities... If I was the seller, I'd be at least a bit pissed if someone was messing around like that. It starts raising questions like do they actually have access to the funds... The bank won't release funds until the 11th April? Have you met their criteria?