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Saving/Applying for a mortgage 2020-22 Edition

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Comments

  • Registered Users Posts: 2,654 ✭✭✭ thunderdog


    Does anyone know the banks stance on Coinbase payments coming I n to my bank account (bitcoin etc)?

    I’ve heard they can be unfavourable.....

    They will definitely ask you what they are. I had something similar with a different exchange and I just showed the sum of transactions leaving that exchange account (matching what went into my bank account) and they were fine with it.

    (Boi application)


  • Registered Users Posts: 6,740 ✭✭✭ raze_them_all_


    Can I use a building site and savings in part of my application?? Ie 30k savings and a site worth 50k?


  • Banned (with Prison Access) Posts: 4,552 ✭✭✭ bigpink


    Does anyone know the banks stance on Coinbase payments coming I n to my bank account (bitcoin etc)?

    I’ve heard they can be unfavourable.....

    Is it income?


  • Registered Users Posts: 1,854 ✭✭✭ Atlas_IRL


    Exceptions are gone now due to covid. I had applied for one last year and was told it would be fine as long as i had 6 months savings without touching it. Done that went back just before people were told to work from home and he said i'd have a very good chance of the excception then got the letter of 3.5X.
    I enquired and they told me exceptions are done for the time being. Ask Paul guy was saying it on instagram as well.

    Cant afford anything on that so need to just wait till its lifted again :(


  • Registered Users Posts: 561 ✭✭✭ Pivot Eoin


    So I had a very interesting back and forth with EBS. So they are still currently doing exemptions. I showed them my April Payslip, which has the COVID-19 Subsidy included in it and they withdrew the option for me, even though my take home is the same and I had a letter from my employer stating my income would be as normal once the subsidy scheme expires.

    So if you haven't dropped in wage and aren't getting the Subsidy then they are still giving exemptions.

    Here's the email from EBS:

    jWhWivK.png


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  • Registered Users Posts: 25 TomTanks


    Pivot Eoin wrote: »
    So I had a very interesting back and forth with EBS. So they are still currently doing exemptions. I showed them my April Payslip, which has the COVID-19 Subsidy included in it and they withdrew the option for me, even though my take home is the same and I had a letter from my employer stating my income would be as normal once the subsidy scheme expires.

    So if you haven't dropped in wage and aren't getting the Subsidy then they are still giving exemptions.

    Are they still willing to give you a mortgage at x3.5 salary with the covid


  • Registered Users Posts: 561 ✭✭✭ Pivot Eoin


    TomTanks wrote: »
    Pivot Eoin wrote: »
    So I had a very interesting back and forth with EBS. So they are still currently doing exemptions. I showed them my April Payslip, which has the COVID-19 Subsidy included in it and they withdrew the option for me, even though my take home is the same and I had a letter from my employer stating my income would be as normal once the subsidy scheme expires.

    So if you haven't dropped in wage and aren't getting the Subsidy then they are still giving exemptions.

    Are they still willing to give you a mortgage at x3.5 salary with the covid

    No but KBC are. EBS want me to call them as soon as The Subsidy scheme ends.


  • Registered Users Posts: 467 ✭✭ Bargain_Hound


    Has anybody experienced a few days delay between drawdown and closing sale? Our solicitor drew down our funds yesterday but we can’t complete until Tuesday as she is waiting on a final document to close from the vendor solicitor?


  • Registered Users Posts: 2,784 ✭✭✭ chillywilly


    bigpink wrote: »
    Is it income?

    Yes


  • Registered Users Posts: 26,433 ✭✭✭✭ Creamy Goodness


    Yes

    Can be used to form your deposit but won’t be considered income for max loan amount as it wouldn’t be considered guaranteed income.


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  • Banned (with Prison Access) Posts: 179 ✭✭ Dylan94


    We are saving at the moment to buy sometime this year, we are looking at new builds or houses in great condition. However, I also just seen on the application form for BOI that asks about renovation costs.

    Would that mean that it might be possible to get a mortgage on a house that needs to be renovated and have the costs of the renovation in the mortgage? That would open up a lot more houses for us.


  • Registered Users Posts: 289 ✭✭ guyfawkes5


    Dylan94 wrote: »
    We are saving at the moment to buy sometime this year, we are looking at new builds or houses in great condition. However, I also just seen on the application form for BOI that asks about renovation costs.

    Would that mean that it might be possible to get a mortgage on a house that needs to be renovated and have the costs of the renovation in the mortgage? That would open up a lot more houses for us.
    I spoke to BoI briefly about this a few months ago but did not pursue it myself.

    They said it's possible, although the bank would proceed on the assumption that the funds you use to renovate would have an immediate return in the value of the finished house. This means that you could get straight up fixes and upgrades like wiring done, but not more decorative things like a new kitchen or painting. They'd also need a valuer to agree to your plan, someone certified to examine and verify each part of the work is done correctly, and for you to have up front cash to handle both potential overruns of budget and the fact that the bank will only release the money bit by bit on confirmation of each phase of the work.

    It's attractive to do as mortgages are obviously very low interest loans for big expenses like this, but it's also a lot to take on and a big risk, especially if you're a FTB and have no experience in construction.


  • Registered Users Posts: 975 ✭✭✭ bigslick


    Pivot Eoin wrote: »
    So I had a very interesting back and forth with EBS. So they are still currently doing exemptions. I showed them my April Payslip, which has the COVID-19 Subsidy included in it and they withdrew the option for me, even though my take home is the same and I had a letter from my employer stating my income would be as normal once the subsidy scheme expires.

    So if you haven't dropped in wage and aren't getting the Subsidy then they are still giving exemptions.

    Here's the email from EBS:

    jWhWivK.png

    Received same response to our application with EBS as my partner is on the subsidy scheme currently. I outlined that her company could provide a letter stating the timelines she will be on it, that her take home pay will not change and that after this period her income will remain as currently, but they werent having any of it. Said the underwriters considered individuals in receipt of wage subsidy similar to receiving social welfare. Not sure I follow that logic......but anyway. Was not due to purchase for another approx 6 months so can just reapply once all sorted.


  • Registered Users Posts: 318 ✭✭ fago


    Did folks with a recent approval from AIB get this in the post.

    You must imagine the projections inside AIB look pretty dire, for them to be trying to get ahead and warn customers who have already passed the more stringent criteria (no exceptions/exemptions etc).


  • Registered Users Posts: 1,041 ✭✭✭ Maz2016


    fago wrote: »
    Did folks with a recent approval from AIB get this in the post.

    You must imagine the projections inside AIB look pretty dire, for them to be trying to get ahead and warn customers who have already passed the more stringent criteria (no exceptions/exemptions etc).

    I really was hoping to buy my first home within the next few months. This is scary stuff. Looks like they really will be making it difficult and I suppose rightly so in a way but as a single first time buyer i think it’s tough


  • Registered Users Posts: 758 ✭✭✭ rsl1976


    Tilikum17 wrote: »
    Our mortgage runs out on the 20th. We can get a 1 month extension after that. It’s crazy they haven’t given people more time with pretty much everything on hold.


    Ours runs out at the end of May,(i had to pass probation) the sellers solicitor is taking forever to draw up the contracts and basically the bank have said if it's not completed we will need to apply again. Do you mind me asking which bank gave you an extension?


  • Registered Users Posts: 318 ✭✭ fago


    Maz2016 wrote: »
    I really was hoping to buy my first home within the next few months. This is scary stuff. Looks like they really will be making it difficult and I suppose rightly so in a way but as a single first time buyer i think it’s tough

    Assuming you're not looking for an exception, have a good savings history and aren't impacted by covid the process of getting approvals hasn't necessarily got any more difficult (it does take longer).

    I was posting just to reflect the fact that the banks, even when they think you are a safe bet, are recommending independent advice and a full view of the responsibilities that come with a mortgage commitment.


  • Registered Users Posts: 1,041 ✭✭✭ Maz2016


    fago wrote: »
    Assuming you're not looking for an exception, have a good savings history and aren't impacted by covid the process of getting approvals hasn't necessarily got any more difficult (it does take longer).

    I was posting just to reflect the fact that the banks, even when they think you are a safe bet, are recommending independent advice and a full view of the responsibilities that come with a mortgage commitment.
    Thanks, guess just feeling deflated by the whole thing. I do have a good savings history thankfully but I’ll be looking for about 3.8 times my salary.


  • Registered Users Posts: 318 ✭✭ fago


    Maz2016 wrote: »
    Thanks, guess just feeling deflated by the whole thing. I do have a good savings history thankfully but I’ll be looking for about 3.8 times my salary.

    Hopefully you won't need 3.8 times. Have you been over in the Property 2020 thread, there is a series of economists and statisticians projecting for 2020/2021.


  • Registered Users Posts: 1,041 ✭✭✭ Maz2016


    fago wrote: »
    Hopefully you won't need 3.8 times. Have you been over in the Property 2020 thread, there is a series of economists and statisticians projecting for 2020/2021.

    I dip in and out of it but there is so many posts I haven’t been following it much


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  • Registered Users Posts: 1,041 ✭✭✭ Maz2016


    fago wrote: »
    Hopefully you won't need 3.8 times. Have you been over in the Property 2020 thread, there is a series of economists and statisticians projecting for 2020/2021.

    I dip in and out of it but there is so many posts I haven’t been following it much


  • Registered Users Posts: 214 ✭✭ lir6777


    Maz2016 wrote: »
    I dip in and out of it but there is so many posts I haven’t been following it much

    Same boat Maz2016, unless prices drop a lot it's going to be very difficult to buy near any of the major cities on 3.5 times most salaries 😣


  • Registered Users Posts: 1,259 ✭✭✭ Tilikum17


    rsl1976 wrote: »
    Ours runs out at the end of May,(i had to pass probation) the sellers solicitor is taking forever to draw up the contracts and basically the bank have said if it's not completed we will need to apply again. Do you mind me asking which bank gave you an extension?

    AIB.

    Just a quick question for anyone really. Just out of a meeting in work where they’ve told us they are now going to start claiming for the covid wage subsidy even for people like me that are actually in work.

    Could that prevent the bank from giving us a mortgage?


  • Registered Users Posts: 561 ✭✭✭ Pivot Eoin


    Tilikum17 wrote: »
    AIB.

    Just a quick question for anyone really. Just out of a meeting in work where they’ve told us they are now going to start claiming for the covid wage subsidy even for people like me that are actually in work.

    Could that prevent the bank from giving us a mortgage?

    Yes it will unfortunately. Good thing is if you are only starting now, reality is by the time it comes to drawdown or even maybe offer stage for you, that scheme could be over.


  • Registered Users Posts: 1,259 ✭✭✭ Tilikum17


    Pivot Eoin wrote: »
    Yes it will unfortunately. Good thing is if you are only starting now, reality is by the time it comes to drawdown or even maybe offer stage for you, that scheme could be over.

    Drawn down is next week.


  • Registered Users Posts: 561 ✭✭✭ Pivot Eoin


    Tilikum17 wrote: »
    Drawn down is next week.

    You may be lucky then pal, and I hope so.

    If you get to drawdown over the next 10 days or so, then your most recent payslip will still be the April Payslip, which presumably has no COVID-19 Wage Subsidy on it. So in that scenario I reckon you'll be golden. My advice would be to do everything in your power to get this all sewn up in the next 2 weeks. Hassle the **** out of solicitors and any other 3rd parties.

    Hope it works out for you.


  • Registered Users Posts: 467 ✭✭ Bargain_Hound


    Pivot Eoin wrote: »
    You may be lucky then pal, and I hope so.

    If you get to drawdown over the next 10 days or so, then your most recent payslip will still be the April Payslip, which presumably has no COVID-19 Wage Subsidy on it. So in that scenario I reckon you'll be golden. My advice would be to do everything in your power to get this all sewn up in the next 2 weeks. Hassle the **** out of solicitors and any other 3rd parties.

    Hope it works out for you.

    That would be my advice also if you are still going ahead with your purchase.. We just got ours over the line this week and it was very stressful but so delighted now. We did everything we could to push the purchase through as quickly as possible as my partners employer was availing of the scheme.


  • Registered Users Posts: 3,004 ✭✭✭ Markitron


    Quick question for you guys, if you don't mind. I am at the start of the saving process, I have put 2 months of savings away and am about 7-10 months away from having a deposit. My problem is that I have an overdraft on my account, I could clear it if I didn't save for a month.

    My question is it worse to have this overdraft on my account or to have a gap in my savings record? The plan was to clear it as soon as I had the deposit, so it wouldn't be there when I actually go to apply for a mortgage.

    Any advice would be much appreciated!


  • Registered Users Posts: 1,259 ✭✭✭ Tilikum17


    Pivot Eoin wrote: »
    You may be lucky then pal, and I hope so.

    If you get to drawdown over the next 10 days or so, then your most recent payslip will still be the April Payslip, which presumably has no COVID-19 Wage Subsidy on it. So in that scenario I reckon you'll be golden. My advice would be to do everything in your power to get this all sewn up in the next 2 weeks. Hassle the **** out of solicitors and any other 3rd parties.

    Hope it works out for you.

    We have no choice but to. Our last day to drawn down is next Friday.

    My mate in the bank thinks it shouldn’t affect us at all?? I don’t understand.


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  • Closed Accounts Posts: 1,662 Duke of Url


    Markitron wrote: »
    Quick question for you guys, if you don't mind. I am at the start of the saving process, I have put 2 months of savings away and am about 7-10 months away from having a deposit. My problem is that I have an overdraft on my account, I could clear it if I didn't save for a month.

    My question is it worse to have this overdraft on my account or to have a gap in my savings record? The plan was to clear it as soon as I had the deposit, so it wouldn't be there when I actually go to apply for a mortgage.

    Any advice would be much appreciated!

    I think an overdraft is more of a risk then a gap in savings.

    I closed my overdraft on my main account. but I havent need it for years.


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