Saving/Applying for a mortgage 2020-22 Edition

Bluebird22

https://www.boards.ie/discussion/comment/120370851#Comment_120370851

No issue with you signing but the developer might not countersign until your solicitor can confirm you have a loan offer, so just something to keep in mind.

poker2k9

https://www.boards.ie/discussion/comment/120370851#Comment_120370851

Yeah that is correct in that solicitors will always prefer you have at least one loan offer on the table before signing. But you could insist if you want, which the clause will cover you for.

As a side, you could also try to work with your broker or PTSB direct to ask if they can issue the mortgage offer letter with probation as conditions to satisfy.

SF2013

Hi all, application has just gone from verifying documents that were uploaded to notification that they are now preparing the documentation for the underwriter with BOI. Does anyone know how long this will take and how long it will be with the underwriter for?

Thanks

jiminho

Hi all, bracing myself for some future questions but has anyone had issues from the banks when purchasing a fixer upper ie the bank not deeming it habitable? What’s considered habitable and is there anyway to prove otherwise?

aislingm999

Has anyone bought a new build and are or was waiting a long time for ESB to connect the power? House is done, and it's all were waiting on!

Padre_Pio

https://www.boards.ie/discussion/comment/120378192#Comment_120378192

Weathertight, kitchen, bathroom, running water and electricity are the criteria I believe.

The bank will require a valuation, and the valuer (a local estate agent) will certify whether the house is habitable.

They will also visually check for problems like rising damp, vermin, mould, anything that will cause the house to deteriorate and possibly be condemned.

akelly02

hi all .

Anyone know the current waiting period for Aip with PTSB at present?

poker2k9

https://www.boards.ie/discussion/comment/120378416#Comment_120378416

In my development, it took them a month to connect power to some houses that had been ready before mine, so power to my row was done same time as those. this was back in Dec/Jan

jiminho

https://www.boards.ie/discussion/comment/120378484#Comment_120378484

Cheers, appreciate the insight. The house has all of that but the kitchen in particular is a bit minging ie. old wallpaper falling off the walls, kitchen countertops are in poor condition, cabinets doors falling off their hinges, no appliances….basically I don’t think anyone would say the house is move in ready and I certainly wouldn’t bring my family to move in right off the bat. Does any of this matter though?

Padre_Pio

https://www.boards.ie/discussion/comment/120379053#Comment_120379053

So even if the place is habitable now, you're likely going to make it uninhabitable immediately while you're renovating.

I would say you'd need to get in contact with the EA and with your bank, maybe a standard mortgage isn't suitable here.

Afurosan

Took me ~20 days.

Madamhindsight

https://www.boards.ie/discussion/comment/120372962#Comment_120372962

How long did it take for you to go from verifying documents to preparing for under writer? It's all very slow 🐌

SF2013

..

SF2013

https://www.boards.ie/discussion/comment/120385793#Comment_120385793

Uploaded all documents on Weds 8th and was verifying up until late evening Thurs 16th so just over a week. Then with the bank holiday, mortgage advisor was only working on getting it all together to send to the underwriter and came back today requiring a few more pieces which I have now done and they said everything is in order just were waiting on my extra documents. Not sure how long now it will take with the underwriter. How long have you been waiting?

Cork2021

I don’t know is anyone in the same boat, but I’m extremely nervous about going for our second mortgage application. When we got our first mortgage I remember not stressing at all! Now I suppose in 7 years, kids have come along, there’s a couple of personal loans etc that’ll hinder the start of the process! My main worry is selling our house and not having the right AIP that we’ll need to buy a house that we want/need!!

boi89

https://www.boards.ie/discussion/comment/120369910#Comment_120369910

Hi, So our Solictior has come back to us saying she cant include the subject to mortgage approval clause as we don't officially have underwritten approval. It's still aip until May when my probation is up. Dealing directly with tsb and they won't budge on this but have said we won't have any issue getting the amount on the aip in May.

Surely the solicitor can put something in the contract that covers this? I have spoken to the estate agent and she said the developer's solicitor wouldn't have any issue with this. Does anyone have anything like this before?

Thanks

dubliner10

https://www.boards.ie/discussion/comment/120395834#Comment_120395834

Seems like you should change your solicitor if they can’t add the subject to loan clause even if the developer’s solicitor is willing to. Have they given any reason on why they can’t add that?

G_R

https://www.boards.ie/discussion/comment/120379053#Comment_120379053

You should get costings as to what it would take to get it to a habitable condition, and you give these to the bank (who will share them with the valuer).

The valuation will include a current value and a value on completion (based on the proposed works).

The bank will want to make sure you can cover the cost of the purchase plus the works (and they may be in a position to lend for the works, depending on their own policies and once it remains within the CBI rules). You will also need to show you have c.10% of the cost of works contingency for overruns, along with any professional fees.

Depending on the level of works required, it's likely that there will be a retention held back that will be released on receipt of a final Val confirming that the works have been completed satisfactorily and that the value now is broadly in line with the original value on completion figure from the first Val.

poker2k9

Finally drewdown with PTSB, glad that madness is now sorted. Onto waiting for keys now.

GL to everyone else!!

Mazzy Star

https://www.boards.ie/discussion/comment/120416992#Comment_120416992

Congratulations well deserved

Frankie19

https://www.boards.ie/discussion/comment/120378192#Comment_120378192

We were looking to purchase a house the bank deemed unhabitable. It needs a kitchen with all fixtures,at least one bath room fully finished, running water/electricity to be deemed habitable. We needed an exemption so the bank said no in the end. We needed a mortgage to purchase the unfinished house and we would have been using our own money to finish it off. It was frustrating as once finished the house would have been worth alot more than the mortgage . House was pretty much finished bar no fixtures and fittings throughout and some plumbing and wiring needed to be finished off.

Cork2021

Hi,

does anyone know if you get a no from the bank in terms of AIP can that go on your credit report?

G_R

https://www.boards.ie/discussion/comment/120417096#Comment_120417096

It will show that you applied for credit but not the result of that application.

It will show when you applied, what it was for (mortgage, credit card, personal loan etc.), the amount you applied for and where you applied (where you applied is annoymised if another lender is looking at the report, will display the name of the lender if you request a copy from the central bank).

If this application doesn't become an account (ie draw down) it will fall off after 6 months.

It also shows a footprint of access, but not what it was for. Will show lender#1 accessed on the 30/03/2023 but won't say why. The footptint is retained for 2 years.

Cork2021

https://www.boards.ie/discussion/comment/120418059#Comment_120418059

Perfect thanks. Thats okay. I’ve applied with my current bank BOI as a start to see where my wife and I are at, but have a feeling we’ll be be turned down because I had around €150 worth of bets over a course of a week in December!

akelly02

https://www.boards.ie/discussion/comment/120418543#Comment_120418543

if its a once off then i wouldnt worry about , unlikely to have an impact

AH92

Hi all,

We got underwritten aip from Haven and proceeding with the loan offer.

Is it safe to assume we get the same amount for the loan offer once our circumstances don't change.

Cork2021

https://www.boards.ie/discussion/comment/120418686#Comment_120418686

Thanks for that 👍

Bluefoam

https://www.boards.ie/discussion/comment/120418817#Comment_120418817

That is not guarunteed at the moment. I know someone who bid on houses based on AIP & the bank reduced the offer when things went to contracts...

mayo londoner

As a matter of interest, has anyone who recently applied for a mortgage been asked for 12months worth of bank statements rather than the usual 6months?

UpTheSlashers

Just been told by a broker that BOI only offer self-build mortgages where the cost is at least €1,900 per square meter - has anybody else ever come across this?