Saving/Applying for a mortgage 2020-22 Edition

G_R · 16-04-2023 2:24am

https://www.boards.ie/discussion/comment/120482984#Comment_120482984

Which is exactly what I said. Fixed rates have been lower than variable with each lender, with the exception of AIB...

dubliner10 · 16-04-2023 12:36pm

https://www.boards.ie/discussion/comment/120483089#Comment_120483089

sorry my bad. But checking variable rates, it looks like variable rates for Avant, Haven and PTSB are lower than their fixed ones and also lower than AIB ones. When i was applying mortgage this year, AIB quite surprised me. Was a no go for me due to the worst rates. Not sure why they don’t have competitive rates in the market.

Mimojo · 19-04-2023 12:04pm

https://www.boards.ie/discussion/comment/120439947#Comment_120439947

Any joy on your draw down since? Ours was finally received to the bank on Friday last, and our drawdown was approved yesterday, so only 2 working days. They didnt ask for any other docs either, our account is with BoI so they can see our salaries going in. Hopefully ye make it in in time!

billyduk · 19-04-2023 1:12pm

https://www.boards.ie/discussion/comment/120494977#Comment_120494977

That's great news! Delighted for you!

We have everything almost in. We're waiting on the BER cert from the developer, but our point of contact for the site has gone AWOL. Not ideal as all docs need to be in by next week. Everything else has been accepted though which is good. If we miss the deadline because of the BER cert i'll be raging.

akelly02 · 19-04-2023 2:41pm

https://www.boards.ie/discussion/comment/120480944#Comment_120480944

i went 3 years .

Asked about 5 different people and all said the same thing. hard to predict but rates cant climb much higher before they hit peak.

Mimojo · 19-04-2023 3:41pm

https://www.boards.ie/discussion/comment/120495229#Comment_120495229

Aw hopefully now yer BER cert comes through, all you can do is keep chasing and asking for it. Great all the rest of your docs are in order. In fairness to BoI the were very swift once the fund request went in. And ye have a full week to go before the document deadline, really hope ye get sorted in that time.

Holland 204 · 19-04-2023 8:22pm

Hi there, not sure if this is the right thread but we are currently getting ready for a mortgage and the mortgage advisor asked did our work pay for health insurance.

What difference would this have on getting a mortgage, we only wondered about it after the meeting and didn’t get a chance to ask the advisor.

Thanks in advance

mini5476 · 19-04-2023 9:03pm

https://www.boards.ie/discussion/comment/120495229#Comment_120495229

Jesus this sounds very familiar, I got my valuation Monday and home insurance Tuesday and now it’s just waiting on the BER cert. Site contact not responding, There is no info out there on when you’d normally get the BER cert. Our mortgage offer is expiring next Thursday and I don’t want to have to extend or reapply.

billyduk · 19-04-2023 9:23pm

https://www.boards.ie/discussion/comment/120497063#Comment_120497063

Ya it's very frustrating. I would have thought its a straightforward process, especially in a development. It's the lack of response from the site that has us worried. They've not been great at responding throughout thr process though so it might be nothing.

Lyra Fangs · 20-04-2023 1:52pm

On average how long does it take after valuation for the full loan offer to come through? Do the banks request anything else after that point until drawdown?

Mimojo · 20-04-2023 2:40pm

https://www.boards.ie/discussion/comment/120325876#Comment_120325876

Hi there, just spotted your post on DIRT. Does this only apply to FTB who buy a new house or are building a house on the HTB scheeme, or does it apply to all FTB do you know, second hand houses included? We had a mortgage saver account. Thanks!

Jasna1982 · 20-04-2023 2:58pm

https://www.boards.ie/discussion/comment/120499587#Comment_120499587

I think it applies to all FTBs

Padre_Pio · 20-04-2023 3:01pm

https://www.boards.ie/discussion/comment/120495702#Comment_120495702

Hard to tell. They will definitely go up more and they might not fall quickly.

I chose a 5-year fixed. If there's a sign of a cheaper rate at any time then I'll do my sums on the break fee.

Mimojo · 20-04-2023 3:39pm

https://www.boards.ie/discussion/comment/120499697#Comment_120499697

Thank you! Hopefully now, going to apply anyway and see!

Jayno66 · 20-04-2023 4:47pm

Does anyone know if BOI offer any flexibility around accepting provisional BER certs and Homebond certs in lieu of the final certs for drawdown? Assuming they don't, but just curious if they have made exceptions for anyone before.

billyduk · 20-04-2023 5:45pm

https://www.boards.ie/discussion/comment/120497063#Comment_120497063

I hope you're not in the same development as we are.

We were getting no response from the site contact for a while and got through to the head office yesterday. They got back to us today. Everything has been pushed out until May 8 (we were told we'd have our BER cert this week). That means we're going to get stung with the new rate hikes from BOI. Absolutely gutted.

ingo1984 · 20-04-2023 8:17pm

https://www.boards.ie/discussion/comment/120499717#Comment_120499717

Philip lane yesterday stated that he doesn't forsee the return to low interest rates for some time to come. Few months ago he stated well be looking at an environment whereby interest rates will remain higher than inflation rate. J reckon that's what we'll see. Rates in the 3% plus territory. I certainly don't see them returning to the 0% free money frenzy that got is into this mess in the first place.

yayatobe · 20-04-2023 9:16pm

What's people's experiences about personal loans when applying for a mortgage. I have enough deposit saved up so I am planning on diverting my weekly savings amount to the pay off the loan. Will this look good or bad? I was recently refused a mortgage but told reapply in a few months, the adviser said it doesn't matter about the loans but I think I would like to clear them. Reason I was refused was let's say messy bank statements and took some money out of my savings for something unplanned. It wasn't a capacity to repay issue.... I can't help think that clearing the loan would be the best thing to do instead of continue saving... Any suggestions??

billyduk · 21-04-2023 9:44am

https://www.boards.ie/discussion/comment/120500082#Comment_120500082

I'd also like to know if anyone's experience here. Are provisional BER certs sufficient for BOI?

We were supposed to have our certs this week for a May 2 drawdown, but the site pushed out the testing for the full BER cert by 2 weeks. That could take us close to or over the rate hike deadline. The house is complete and we're just waiting on the BER Cert. We could probably get a provisional cert before this though.

mini5476 · 21-04-2023 10:45am

How do you go about getting a provisional cert? Does this still have to come from the developer?

mini5476 · 21-04-2023 2:36pm

The BER came through today, I finally got onto the builder and he had it, so I didn’t want to wait for it to go builder—solicitor—-solicitor ——-bank, so I asked him to email it directly to me and gave it to my solicitor who is submitting it to the bank today. Fingers crossed we can draw down by our Thursday deadline

Ikozma · 21-04-2023 10:42pm

Our mortgage advisor told us today that our application has been sent to credit and we should have a result in 7-10 days.

Is this the normal process?

Mazzy Star · 25-04-2023 4:22pm

My solicitor received my fund into their account yesterday the 24th, closing date is he 27th April.

I went through a broker so haven't had any direct dealing with PTSB yet.

Just checked my Open 24 there this minute and a separate mortgage account has just opened.

Will PTSB be in touch with me directly on managing the mortgage/giving me separate portal access or should I ring Open 24?

On this mortgage account hey have also scheduled my 1st repayment for 24th May. Going forward I would prefer it to be the 25th of the month as that's the day I get paid and it would be safer just in case anything happened. Will they let me change payment date to the 25th of the month?

Mazzy Star · 25-04-2023 5:25pm

I just rang them on Open 24 and went to their mortgage department. Could think I did too as doesn't sound like they would have contacted me.

They said I can change the payment date after the first monthly payment in May which is perfect and will make things much handier.

billyduk · 26-04-2023 2:31pm

https://www.boards.ie/discussion/comment/120503857#Comment_120503857

Did you manage to drawdown in time?

mini5476 · 28-04-2023 9:32pm

https://www.boards.ie/discussion/comment/120523321#Comment_120523321

Just about, funds came through at 4pm on the last day. The absolute stress!

Citrus_8 · 29-04-2023 11:03am

https://www.boards.ie/discussion/comment/120496902#Comment_120496902

Not sure about a health insurance, but pension means deductions from payslip which means that it reduces your income when calculating how much you can borrow.

JimmyCorkhill · 29-04-2023 5:21pm

Hi, got mortgage approval in the last week and hope to finalise purchase in the next month.

If we go to drawdown in the next 4-6 weeks, will we need to provide up to date bank statements despite only recently providing 6 months of bank statements for our mortgage application.

Thanks