Saving/Applying for a mortgage 2020-22 Edition

apkmbarry

https://www.boards.ie/discussion/comment/120541442#Comment_120541442

IIf it's something you have access to, it may help them in their decision.

crinkley

I was asked to provide my own, that was for the UK, so I assume it will be the same for Canada

Ikozma

We are waiting a full month now for AIP from boi,it's absolutely insane,you should have aip in 24hrs??

What in gods name are they doing at all,no wonder nothing gets done in this country its an absolute joke tbh

RINO87

https://www.boards.ie/discussion/comment/120535049#Comment_120535049

When we were looking, BOI added the amount that the company paid out for health insurance to my total salary. So say for example my health insurance was paid for by the company at €200 a month, then my gross salary for calculating how much we could borrow increased by €2400. As far as I recall BOI were the only ones that did this....and this was 2020.

Citrus_8

https://www.boards.ie/discussion/comment/120549753#Comment_120549753

It's a very fair approach. We can cancel health insurance (would increase income), but if we don't and have related expenses, we're covered (prevents from expense increase).

https://www.boards.ie/discussion/comment/120548900#Comment_120548900

BOI were absolutely ridiculous when I applied to them. Asking absolute nonsensical questions and making basic clerical/admin errors and not responding very quickly.

I gave them the two fingers and said I would proceed with a different lender.  

Citrus_8

https://www.boards.ie/discussion/comment/120548900#Comment_120548900

They probably don't want to provide one for some reasons. Presumably, bank doesn't want to give too detailed info to the client about the decision. But the message is basically that they don't want to have business with the person in question.

Whodanoob

Apologies if this isn't completely relevant but I didn't think it warranted it's own thread. Can anyone tell me how much I can expect to pay for a surveyor to carry out a pre house purchase survey? It's a three bed? I have gotten 2 quotes but they seem high compared to what friends paid. Thanks

Cork2021

https://www.boards.ie/discussion/comment/120550706#Comment_120550706

Usually around the €500 mark

This is it

https://www.boards.ie/discussion/comment/120550706#Comment_120550706

I got a few quotes and all were around €500-600. Make sure to check google reviews and sample surveys.

Whodanoob

Cheers that's what I thought. Got a quote of 500 so I'm not getting ripped off at least

Ikozma

https://www.boards.ie/discussion/comment/120549910#Comment_120549910

Well in fairness our broker told us they were painfully slow and said could be 5 or 6 weeks,my main gripe is why in gods name does it take so long

They actually came back with a slightly lower sum then the max we were looking for which is fine but they wanted to know about a couple of payments on a bank statement now so they'll probably chew on that for another few weeks

Citrus_8

https://www.boards.ie/discussion/comment/120551909#Comment_120551909

It does sound unimaginable alright.

holliehobbie

https://www.boards.ie/discussion/comment/120519805#Comment_120519805

You’d be better changing the date to the 26th of the month!

This is it

Our broker told us to pay the first month as it's set with PTSB but that if we wanted to change it to go to a branch after that first payment and there shouldn't be an issue

Definitely change to a few days after you get paid, you don't want to get caught out over a weekend, BH, etc and have a missed payment.

lb1992

Has anyone had an issue with getting mortgage protection? I have an underlying health condition and have been refused. We have our loan offer with PTSB and I'm worried they won't let us drawdown with just mortgage protection on my partner.

akelly02

https://www.boards.ie/discussion/comment/120558910#Comment_120558910

irish life approved my partner almost straight away with health issues. applied a loading of 20 odd quid a month. give them a go .

lb1992

Thanks I'll give them a go 🤞

Sarahsan

Hello!

I've been reading through this thread and am a bit confused, wondering if someone might be able to help clarify how these things go.

We have just gone sale agreed and already done the survey and valuation. We have underwritten AIP from BOI and out broker has now requested the loan offer (looking for less than AIP). I understand this could take 2-3 weeks, but what happens next? Is it straight into drawdown and how long does this take? Is it at this stage we provide proof of mortgage protection and house insurance (and is there anything else we need)?

Sellers are ready to go, so hoping to get everything through as quickly as possible.

Ay insight is greatly appreciated, we are hoping to close early-mid June but no idea how realistic this might be?

Thanks all!

billyduk

https://www.boards.ie/discussion/comment/120569639#Comment_120569639

Once you receive your Offer Letter, you move to pre-completion stage. In this stage you'll be asked to provide the signed letter of offer, the valuation report and any other outstanding credit docs (e.g. Gift forms).

You then move to the legal stage where you'll be asked to provide your house insurance schedule and your mortgage protection schedule. Your solicitor will also be asked to provide various legal and certification documents. Once all of these are accepted, your solicitor can request funds for drawdown.

cartwheeling

Hey,

So I am in the process of saving for a mortgage. i have saved 30% as the deposit but unfortunately i am now currently unemployed/between contracts - my question is - in an ideal world id like to take my time and find a job i want (permanent etc ) but am i better off just getting the first half decent job that comes my way and apply as soon as I can. Im guessing any bank will only look at my accounts from 6 months after I start a new job anyway right ? am i correct in saying that it wont matter whether i am unemployed for 2 weeks or 2 months as they wont consider me until i have a glowing 6 months new track record?

applying in my own - disaster!

herbalplants

https://www.boards.ie/discussion/comment/120572118#Comment_120572118

Hi Rachel,

Yes best to get into a permanent role as soon as possible. Also be mindful that bank will ask questions beyond the 6 months too... Like you started this role 6 months ago, and what role did you held previously to this job, what title, for how many years. Their questions go beyond the 6 months. But be in a permanent role is your first step.

keil1234

Almost at drawdown stage .. fingers crossed anyway. Wondering what this actually entails when you hear people say final checks.. does the file go back to the underwriter again for another review of everything or does this just mean the bank is reviewing the mortgage protection/home insurance and anything else set out in the loan offer ?

billyduk

https://www.boards.ie/discussion/comment/120572764#Comment_120572764

They'll check all submissions related to the conditions set out in your loan offer (insurance etc.) and submissions from your solicitor (house related documents/certs, letters of undertaking etc). Once all of these have been accepted, your solicitor can request funds.

snowgal

https://www.boards.ie/discussion/comment/120572360#Comment_120572360

sorry completely off topic, but how do you know her name?!

herbalplants

https://www.boards.ie/discussion/comment/120575117#Comment_120575117

Sorry it sounds exactly like one of my own friends, same data but I don't think it is. My bad.

Cork2021

Our documents were sent to the underwriter at BOI today. Anyone have an idea how long they take?

you’d assume everything is in order if your mortgage specialist has sent it forward….

angbee

https://www.boards.ie/discussion/comment/120548900#Comment_120548900

A colleague of mine had to wait nearly 8 weeks for AIP with BOI, that's because they do full check at AIP unlike AIB who just basically do an affordability check and then you have to do all the paperwork at a later stage. On the plus side, it means when you come to arranging your loan offer after Sale Agreed it should be much smoother sailing. I got instant AIP with AIB and also then went with PTSB through a broker as AIB's rates were the worst at the time. PTSB was about 3 weeks for the AIP but we just went to viewings based on the approval from AIB whilst we were waiting for PTSB.

angbee

Has anyone else bought a house over 100 years old with PTSB mortgage? 😫

I've had a lot of pedantic to-ing and fro-ing over getting a letter from our surveyor that explicitly states the house is structurally sound and that there are no essential repairs. First the survey report was updated, then the first letter sent stated the house was in good structural order and that repairs could be carried out at any time but for longevity should be planned within the next few years, they wouldn't accept this and we had to amend wording, then as the survey report had been signed by the Managing Partner of the company and not the surveyor who carried out the report, they wouldn't accept the letter from the surveyor even though they work at the same company.

Now sending documentation for a third time with the Managing Partner's signature - hoping it's now the end of it and we will finally get our offer pack soon, as I know the sellers will be getting frustrated and our solicitor has advised all is ready to go for exchange as of today. Our broker has advised this shouldn't adversely delay the offer letter too much, we are coming up to the end of 7-10 days since all the other documentation was submitted tomorrow and that is the current turnaround time. Just wondering if anyone else had this carry on with older houses and once letters were submitted how long after was the offer pack sent out.

I don't know why if they need something so explicitly literal they can't put a form together for older homes that the surveyor either signs off or lists which repairs are essential so the buyer can get the necessary quotes?!

Sarahsan

Does anyone know how long BOI are currently taking to issue loan offers?

We got our AIP about 5 weeks ago, and submitted all the docs to request loan offer yesterday.

Thank you!