Saving/Applying for a mortgage 2020-22 Edition

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!

CapriciousOne

https://www.boards.ie/discussion/comment/120575913#Comment_120575913

I were told about a week by my broker. Got AIP last week and application in for loan offer yesterday.

Sounds a bit on the optimistic side though.

Hippodrome Song Owl

For my loan offer last November, BOI requested just my most recent payslip (was 2 months since AIP issued) . But it took 4 weeks from the day I submitted that payslip to get the loan offer. And they forgot to send the loan offer pack in the post to my solicitor (I received digital copy), so that took another week to chase up.

Sarahsan

Oh wow 4 weeks is a long time!

A week would be nice, hope your broker is right! Fingers crossed.

Ikozma

Finally got AIP from bank of ireland today.we can now start looking for somewhere🙂

Cork2021

https://www.boards.ie/discussion/comment/120582415#Comment_120582415

From starting the application to gettting AIP with BOI, how long did it take?

Sarahsan

Ours was exactly 6 weeks with BOI to get AIP

Ikozma

https://www.boards.ie/discussion/comment/120582680#Comment_120582680

About 7 wks,the broker did say boi are very slow though and they weren't wrong,just by what I read here though they seem to do a thorough job with maybe less needed to do at drawdown stage

Cork2021

So EBS rang this morning asking about a payment break we took 4 years ago around the time of our sons birth. Just wanted to confirm our payments weren’t missed and so on. It’s on the credit report as a restructure but we increased the payment to offset the 3 months we took off.

now the mortgage advisor seemed very confident that our application is good to go and we’ll get approval, once this question has been answered.

you’d assume they no and that all should be okay??

stresses isn’t the word!

akelly02

https://www.boards.ie/discussion/comment/120586433#Comment_120586433

all that sounds perferct, i really wouldnt be worrying.

You seem to have dealt with the whole thing very well imo , with overpaying to catch up.

id imagine thats why its down as re-structure, i really wouldnt worry.

Cork2021

https://www.boards.ie/discussion/comment/120586554#Comment_120586554

Yeah that’s what I was thinking. The advisor saw no reason to say no. But the cynic in me just not convinced but that’s nerves on our part I think.

on the advisor side he wouldn’t say it’s ok the ball unless he was told by a colleague who surely went through it with him as well!

Zelaouz

Hi. Does anyone know about the contingency fund required for a self build mortgage (10%) which is additional to deposit required. Is this cash you need to have lying in your bank account, or included in the total amount of mortgage you are applying for. Feeling a bit deflated and naive as thought we were nearly at deposit stage until I was made aware of contingency fund. Really dunno how we did not come to the realisation before/be made aware. Thanks for any insight.

AH92

Buying a house and just at the pre contract enquiries stage now, How long did this take for others roughly? Getting proper excited now!

CapriciousOne

https://www.boards.ie/discussion/comment/120589608#Comment_120589608

Depends on what’s raised on your end/by your solicitor.

Have the contracts been issued? If there aren’t any queries you should be able to sign and exchange contracts quite quickly.

AH92

https://www.boards.ie/discussion/comment/120591733#Comment_120591733

Yea they were issued and just waiting to sign once he is happy with the enquiries.

akelly02

https://www.boards.ie/discussion/comment/120593128#Comment_120593128

mine was a week or so . Mainly due to my solicitor being sticky on a few things.

angbee

https://www.boards.ie/discussion/comment/120575887#Comment_120575887

Just to update in case anyone has same issue down the line, our loan offer was finally issued and signing contracts this week. There was even more to and fro as they would not accept a letter from anyone in the company that conducted our survey, it had to be the person who signed off the survey specifically (which was the surveying company's owner not the actual surveyor) which was a bit of a ballache!

angbee

Word of warning - my solicitor's emails were hacked during the pre-contract enquiry stage and the hacker came looking to scam some money out of us, we luckily were not drawn into transferring any money but the correspondence was very convincing and came from the solicitors legitimate email account, but replies were diverted to a very similar spelled email address. The initial attachment Eletter was written with exactly the same format, tone and style on the same letterhead as previous correspondence and nothing flagged it as untoward, they were a little sloppier in the second email I received as I had questions relating to certain clauses in our contract and the formatting was slightly wrong but could have easily been missed.

I would have checked the bank details before transferring any large sum of money anyway, but there were some red flags in one of the answers they gave to an enquiry I made before even considering paying the remainder of the deposit and the bank details were for a UK revolut account which also was a major red flag as it would be highly unusual for an Irish solicitor to move funds to a UK account for an Irish property sale. I called the solicitor to alert them and they are in the process of investigating it.

❗PLEASE, PLEASE, PLEASE CHECK BANK DETAILS WITH ESTATE AGENTS/SOLICITORS BY GETTING THE PHONE NUMBER YOURSELF (i.e don't take it for granted that an email is legitimate and contains legitimate phone details) AND CALLING TO CHECK THE DETAILS.❗

It is a stressful enough time buying a house and people are taking advantage of the enthusiasm to get it over the line.

donatmoto

When it comes to a self-build mortgage, the contingency fund is an additional 10% that you need on top of your deposit. Now, the cash for this fund typically needs to be sitting in your bank account separately. It's not usually included in the total mortgage amount you're applying for.

I get it, it can be a bit deflating and make you feel naive when you come across these surprises. But hey, don't beat yourself up over it. We're all learning as we go.

If you need more insights or advice on self-build mortgages, www.hertsmortgages.co.uk is a helpful resource to explore. They've got information that might shed some light on your situation.

herbalplants

https://www.boards.ie/discussion/comment/120630847#Comment_120630847

This almost deserves a post on its own.

It is shocking that this can happen.

I suppose the main point to take is for anyone is to do a call back before they make any transfer of cash.

angbee

https://www.boards.ie/discussion/comment/120632071#Comment_120632071

Absolutely - it's a common enough thing that I have seen this sort of thing happen at work too, sometime the businesses have been caught out.

A previous employer's emails were hacked and they used the CEO's email address to email the Accounts department to arrange a payment to a company they had used before but with different account details. There was a rule set up by the hackers to auto-delete the replies to the CEO's inbox and the hackers responded from the deleted emails to the Accounts Department to make it look legitimate without alerting the CEO that his emails were not secure. Payment was transferred to the hacker, not sure if they ever got it back, it was not an amount you'd want to have lost.

On another occasion, someone created an email address similar to an employees and contacted the HR department to change the payroll banks details, no check was done with the employee and for 3 months the salary was paid to the fake emailer's account details (obviously my colleague was getting paid too much - most of us would have noticed not having any wages after a day or two 😂)

There are many more local examples crop up in the media and social media. Cybersecurity is an area many Irish businesses need to look at improving both in infrastructure & training.

OpenUniversity do a free course on their open.edu website which is quite good if anyone does think they need to brush up or to learn more!

Cork2021

I’ve been dealing with a broker, BOI and EBS for our current mortgage approval, got mortgage approval with BOI, EBS seemed to be flying along until 2 queries on credit report that were straight forward answers and so on.

But each time we were put to the back of the queue!! So application in 3 weeks and pushed back twice! They should have a system that pushes them along faster once the queries were answered!

anyone have Thai issue? EBS is our preferred as they’ll give us a bit more clout. Also the broker asked for a marriage cert.. nobody else asked for that!

G_R

https://www.boards.ie/discussion/comment/120636197#Comment_120636197

You'll need a marriage cert when it comes to drawdown, just getting ahead of the curve.

turniphead

Does anyone know if it is it possible for me to get a mortgage on my own even though I'm married?

My situation is quite rare in that our family home is down the country but I work in Dublin. I'm often away from home with work for a number of consecutive days so I have been renting accommodation in Dublin for the last 3+ years. Unfortunately it's not a commutable distance from home to work. My landlord has informed me she is selling so I'm just wondering if it's possible for me to get a mortgage on my own?

I understand in terms of marriage everything is shared. My wife is fully supportive of the idea. We have no mortgage on our family home.

Thanks.

Citrus_8

https://www.boards.ie/discussion/comment/120636677#Comment_120636677

Of course you can. Not sure if that would be treated as a first time buy. Maybe go with a broker who could be helpful and guide you through.

DopeTech

No reason why you couldn’t.

billyduk

https://www.boards.ie/discussion/comment/120634454#Comment_120634454

There's not much you can do to prevent someone from spoofing an email address. I can send an email from your email address right now. Most companies would have DMARC policies in place to mitigate against this. It's just the primitive nature of email protocols. All businesses should train staff on phishing and conduct regular audits. Beyond that, there's nothing you can really do.

angbee

We are going to be living (mostly) in our current rental property for a least 5-6 weeks after getting keys at completion. Am I better off leaving the contractual electricity account running at rental until we fully move and just using existing supplier's non contractual rate in our new home?

Aside from some renovation work that might need some power tools and deep cleaning with hoover / carpet cleaner, etc there won't be a whole lot of electricity before we fully move in. I realise it will be at a higher rate than usual energy contracts. I am more worried that the overlapping accounts are going to be a bit of a headache.

Diarmuid

Any recommendations on a broker for an Avant Money mortgage? Got AIP + accepted on an offer so need to push through the mortgage now. I'm Dublin based but happy to do the application via email or phone . Recommendations via PM

akelly02

Broker says we are at final checks since friday morning, thought i would hear something by now!

getting a bit uneasy, we are hoping to get sorted at the end of the week!