Saving/Applying for a mortgage 2020-22 Edition

guyfawkes5

soc wrote: »

Yes we're finding the same. Seen a few houses that we'd be interested to view but nothing back from real estate agents. Doesn't seem like they're interested...

I've run into this before and to be honest usually the cause, especially if the house has been up a while, is that they have a few bidders or are nearly at sale agreed already and aren't bothered to include new interested parties.

lcarrol3

Hi all - I'm sure a lot of people are in the same boat so said I'd reach out here. We were approved for 335k with our approval up in May, and were hoping to put down a deposit on a new build that's going to launch in 2/3 weeks. We had the full exemption of 4.5x.

When we went for reapproval in May our exemption was pulled and our approval reduced to about 265k which completely wipes out our ability to buy in the areas we're looking at (or rather, were looking at!). We have over 40k savings and been saving for over three years and I'm starting to lose hair and sleep!

Has anyone had any luck securing an exemption from any of the banks? PTSB and KBC have both said no, and apparently we don't earn enough to get one from AIB. I'm very very stressed and time is audibly ticking!

TheSheriff

lcarrol3 wrote: »

Hi all - I'm sure a lot of people are in the same boat so said I'd reach out here. We were approved for 335k with our approval up in May, and were hoping to put down a deposit on a new build that's going to launch in 2/3 weeks. We had the full exemption of 4.5x.

When we went for reapproval in May our exemption was pulled and our approval reduced to about 265k which completely wipes out our ability to buy in the areas we're looking at (or rather, were looking at!). We have over 40k savings and been saving for over three years and I'm starting to lose hair and sleep!

Has anyone had any luck securing an exemption from any of the banks? PTSB and KBC have both said no, and apparently we don't earn enough to get one from AIB. I'm very very stressed and time is audibly ticking!

Have KBC and PTSB provided a reason for not granting the exemption ? I.e. is it Covid payment related which will hopefully be gone in the short term ?

Deposit on the new build should be fully refundable so I wouldn't worry just yet. If not launching for three weeks time is on your side to approach and talk to all banks.

lcarrol3

TheSheriff wrote: »

Have KBC and PTSB provided a reason for not granting the exemption ? I.e. is it Covid payment related which will hopefully be gone in the short term ?

Deposit on the new build should be fully refundable so I wouldn't worry just yet. If not launching for three weeks time is on your side to approach and talk to all banks.

Apologies - we had approval with both KBC and PTSB and they've just told us that they're not giving out exemptions regardless due to COVID. I'm a HSE employee and my partner works in medical devices making respirators so you'd think they'd like us at the moment!

My biggest issue is most of the developers won't even consider taking a deposit until they see you can draw down the mortgage.

Thanks so much for your reply though, it is reassuring!

guyfawkes5

lcarrol3 wrote: »

Hi all - I'm sure a lot of people are in the same boat so said I'd reach out here. We were approved for 335k with our approval up in May, and were hoping to put down a deposit on a new build that's going to launch in 2/3 weeks. We had the full exemption of 4.5x.

When we went for reapproval in May our exemption was pulled and our approval reduced to about 265k which completely wipes out our ability to buy in the areas we're looking at (or rather, were looking at!). We have over 40k savings and been saving for over three years and I'm starting to lose hair and sleep!

Has anyone had any luck securing an exemption from any of the banks? PTSB and KBC have both said no, and apparently we don't earn enough to get one from AIB. I'm very very stressed and time is audibly ticking!

I had a LTI exemption approved by EBS in late March, so it might be worth trying with them.

random_banter

lcarrol3 wrote: »

Hi all - I'm sure a lot of people are in the same boat so said I'd reach out here. We were approved for 335k with our approval up in May, and were hoping to put down a deposit on a new build that's going to launch in 2/3 weeks. We had the full exemption of 4.5x.

When we went for reapproval in May our exemption was pulled and our approval reduced to about 265k which completely wipes out our ability to buy in the areas we're looking at (or rather, were looking at!). We have over 40k savings and been saving for over three years and I'm starting to lose hair and sleep!

Has anyone had any luck securing an exemption from any of the banks? PTSB and KBC have both said no, and apparently we don't earn enough to get one from AIB. I'm very very stressed and time is audibly ticking!

Sorry to hear about your situation, that sounds very stressful and disappointing for you both. We were relying on getting an exemption too (in our case for the LTV) and last week our advisor in BOI told us they’re off the cards for now but we could remain hopeful that they may come back later in the year. In the mean time we’re just trying to build up more deposit.

Duke of Url

Duke of Url wrote: »

So far with joint application as ftb

Got mortgage adviser....check

Applied for help to buy via revenue....check

Opened mortgage saver account....check

Saved deposit.....check

Applied for mortgage via application for 90% Mortgage.....check

Submitted required documents....check

Got mortgage approval in principle.....check

Found BER - A3 new build house........check

Got a solicitor.......check

Put booking deposit on house......check

Bank letter of offer.......waiting

Bank letter of Offer........ Check

trinib

lcarrol3 wrote: »

Hi all - I'm sure a lot of people are in the same boat so said I'd reach out here. We were approved for 335k with our approval up in May, and were hoping to put down a deposit on a new build that's going to launch in 2/3 weeks. We had the full exemption of 4.5x.

When we went for reapproval in May our exemption was pulled and our approval reduced to about 265k which completely wipes out our ability to buy in the areas we're looking at (or rather, were looking at!). We have over 40k savings and been saving for over three years and I'm starting to lose hair and sleep!

Has anyone had any luck securing an exemption from any of the banks? PTSB and KBC have both said no, and apparently we don't earn enough to get one from AIB. I'm very very stressed and time is audibly ticking!

I mentioned here a few weeks ago we had a Ltv exemption from AIB, rang yesterday to double check as we were about to go Sale Agreed, was assured yesterday we had got it in the nick of time and there was no problem.
Got a phone call then this morn from the same staff member to say as of 5pm yesterday all Aib exemptions are off the table.
Frustrating to say the least....

Bluefoam

trinib wrote: »

I mentioned here a few weeks ago we had a Ltv exemption from AIB, rang yesterday to double check as we were about to go Sale Agreed, was assured yesterday we had got it in the nick of time and there was no problem.
Got a phone call then this morn from the same staff member to say as of 5pm yesterday all Aib exemptions are off the table.
Frustrating to say the least....

Sorry to hear that. Frustrating is not even close...

Is that specifically for new applications or for this waiting to draw down?

Techn0

Duke of Url wrote: »

Bank letter of Offer........ Check

Congrats! Waiting on the same also, best of luck!

trinib

Bluefoam wrote: »

Sorry to hear that. Frustrating is not even close...

Is that specifically for new applications or for this waiting to draw down?

From what I gathered the only ones they are sticking by is if you have a letter of offer.

lcarrol3

guyfawkes5 wrote: »

I had a LTI exemption approved by EBS in late March, so it might be worth trying with them.

Thank you so much - I'll get onto them in the morning!

lcarrol3

trinib wrote: »

I mentioned here a few weeks ago we had a Ltv exemption from AIB, rang yesterday to double check as we were about to go Sale Agreed, was assured yesterday we had got it in the nick of time and there was no problem.
Got a phone call then this morn from the same staff member to say as of 5pm yesterday all Aib exemptions are off the table.
Frustrating to say the least....

Oh god, that sounds more than frustrating. So sorry to hear and ill keep fingers and toes crossed for you!

Prezatch

trinib wrote: »

From what I gathered the only ones they are sticking by is if you have a letter of offer.

Sorry to hear this. Am I right in saying you had approval in principle initially? In a similar boat to you our AIP expired in May. I feel like sales of a lot of houses will stall now if exemptions are getting pulled from people who had approval in principle.

trinib

Prezatch wrote: »

Sorry to hear this. Am I right in saying you had approval in principle initially? In a similar boat to you our AIP expired in May. I feel like sales of a lot of houses will stall now if exemptions are getting pulled from people who had approval in principle.

Yes had AIP. Borrowing 2 x combined annual salary but needed the deposit exemption as both second time buyers.

Duke of Url

Duke of Url wrote: »

So far with joint application as ftb

Got mortgage adviser....check

Applied for help to buy via revenue....check

Opened mortgage saver account....check

Saved deposit.....check

Applied for mortgage via application for 90% Mortgage.....check

Submitted required documents....check

Got mortgage approval in principle.....check

Found BER - A3 new build house........check

Got a solicitor.......check

Put booking deposit on house......check

Bank letter of offer.......check

Property Valuation.......check

Just highlighting the above sequence of events about the process we are going through incase it helps others,

bulmersgal

Duke of Url wrote: »

Property Valuation.......check

Just highlighting the above sequence of events about the process we are going through incase it helps others,

You move fast. I've seen 3 places I like, entered into bidding war. Other party won but haven't paid deposit yet. Doubting they even real at this stage.

Two weeks into this property searching game and nothing new is coming to the market in my area for my price

lisabiscuit

Duke of Url wrote: »

So far with joint application as ftb

Got mortgage adviser....check

Applied for help to buy via revenue....check

Opened mortgage saver account....check

Saved deposit.....check



Applied for mortgage via application for 90% Mortgage.....check

Submitted required documents....check

Got mortgage approval in principle.....check

Found BER - A3 new build house........check

Got a solicitor.......check

Put booking deposit on house......check

Bank letter of offer.......waiting

We are in the same boat. We had to resubmit payslips and salary cert last week due to Covid. Our broker said we'd hear back 'early next week' but haven't heard anything yet. How long are you now waiting? I'm getting very anxious about it tbh!

Duke of Url

bulmersgal wrote: »

You move fast. I've seen 3 places I like, entered into bidding war. Other party won but haven't paid deposit yet. Doubting they even real at this stage.

Two weeks into this property searching game and nothing new is coming to the market in my area for my price

Yep. We had been looking at Estates and show house viewings since January.

We had already decided on the houses that we liked.

Lucky for us the house we plan to buy is 13k cheaper then what the bank said we could get as a mortgage.

So no exemptions and we are dealing directly with the bank where all our saving and current accounts are anyway.

Duke of Url

lisabiscuit wrote: »

We are in the same boat. We had to resubmit payslips and salary cert last week due to Covid. Our broker said we'd hear back 'early next week' but haven't heard anything yet. How long are you now waiting? I'm getting very anxious about it tbh!

We havent waited.

We did exactly what our BOI Adviser said.

We applied for a mortgage 4 weeks ago.

Got AIP 2 weeks ago

Put a booking deposit down 2 weeks ago

Got Letter of Offer yesterday

Called Valuer today

Next steps to get Mortgage protection and Life Insurance

lisabiscuit

Duke of Url wrote: »

Bank letter of Offer........ Check

Oh you got it! Great stuff. Sorry, just catching up! Lol. Were you long waiting in the end? We have valuation and engineer report completed. Just awaiting that letter!

bulmersgal

Duke of Url wrote: »

Yep. We had been looking at Estates and show house viewings since January.

We had already decided on the houses that we liked.

Lucky for us the house we plan to buy is 13k cheaper then what the bank said we could get as a mortgage.

So no exemptions and we are dealing directly with the bank where all our saving and current accounts are anyway.

That's great, i'm being picky with areas but as a single parent I don't want to move too far away from family and friends. I'm able to afford an apartment or small house which is all I want. Just need more to come online.

Won't be long till you're moving in somewhere. It's exciting times

Duke of Url

bulmersgal wrote: »

That's great, i'm being picky with areas but as a single parent I don't want to move too far away from family and friends. I'm able to afford an apartment or small house which is all I want. Just need more to come online.

Won't be long till you're moving in somewhere. It's exciting times

True. Im not counting my chickens yet until I have the keys to the house

We are first time buyers and using the help to buy scheme also.

It just so happens that the house we are buying is a new build A3 rated 5 min walk from where im currently renting.

Everything is falling into place but as ive seen this this thread, anything can happen at any time for it to fall apart.

lisabiscuit

We got our letter of Offer this afternoon!! Delighted. ðŸ˜

Duke of Url

lisabiscuit wrote: »

We got our letter of Offer this afternoon!! Delighted. ðŸ˜

Great News

Renjit

Duke of Url wrote: »

True. Im not counting my chickens yet until I have the keys to the house

We are first time buyers and using the help to buy scheme also.

It just so happens that the house we are buying is a new build A3 rated 5 min walk from where im currently renting.

Everything is falling into place but as ive seen this this thread, anything can happen at any time for it to fall apart.

Which area did you find the house?

LoonyLovegood

All of my documents are in with the bank now, so now it's a waiting game. Jumped the gun slightly and organised a viewing for tomorrow, but it's more so I can get the first one and my nerves out of the way.

Duke of Url

Renjit wrote: »

Which area did you find the house?

Kildare where I live.

Duke of Url

LoonyLovegood wrote: »

All of my documents are in with the bank now, so now it's a waiting game. Jumped the gun slightly and organised a viewing for tomorrow, but it's more so I can get the first one and my nerves out of the way.

We were viewing months before we submitted our application.

As we were looking for new builds we visited new developments every weekend to get a feel of the new houses and Layouts and so we could focus on which estate where we would like to buy.

dodo87

Hi all, I wonder can anyone help with my dilemma. Myself and my partner are hoping to buy a house that we are viewing Friday. My partner has a rocky credit history from a loan that was taken out in 2008, he lost his job and missed some payments on his loan. We have been talking to a mortgage advisor who thinks she can make a case for him. However last Wednesday a house came up on the market that we love it is for €179,500 and I just applied with BOI on my own as we are really interested in this. Both our savings are in a savings account in my name. We have about 35k saved but the bank is asking me to clarify the source of the money. Do I be honest with them or should I just get my partner to complete a gift letter for me - I have saved about 24 of this myself which can be seen coming from current account. I would hate to think this would go against me if they thought it was a joint application under a single applicant.
Hope someone can help.
Thanks in advance