Saving/Applying for a mortgage 2020-22 Edition

Pete123456

Looptheloop30 wrote: »

The BOI or Ulster Bank mortgage saver money back on drawdown offers.... Are they the best out there?

I've a decent sized deposit saved but with little construction happening in the immediate future and no suitable houses up for sale in my desired area, I'm looking to see if I can maximize what I get back for my money.
I use the term best loosely as well as I haven't crunched the numbers yet but I assume they have higher rates that ultimately negate the benefit.

Haven (through a broker only) will give €5k cash back on mortgages over 300k at the moment. 5 year or 3 year fixed is 2.55% which is very good compared to others

Dolbhad

Looptheloop30 wrote: »

The BOI or Ulster Bank mortgage saver money back on drawdown offers.... Are they the best out there?

I've a decent sized deposit saved but with little construction happening in the immediate future and no suitable houses up for sale in my desired area, I'm looking to see if I can maximize what I get back for my money.
I use the term best loosely as well as I haven't crunched the numbers yet but I assume they have higher rates that ultimately negate the benefit.

We originally wanted to go within BOI over cashback. We didn’t set up the BOI saving account but if you know your going with BOI, I would set it up. Think you get about €1300 back after DIRT. We decided to go with Ulster Bank as their interest rate was lower and they were giving us about 10k more as they took bonuses more into account.

We did fix for 4 years at 2.65% on a second hand house. Our LTV was about 75% so we did have a big deposit as our 3.5 salary wasn’t a massive amount so it was live with family and save. We used to be eligible for exemption until COVID.

Just for others, we had applied to all the banks as we originally wanted an exemption. We were living with parents so no rent and had no loans. Never did a bank question our repayment capacity as long as we were able to show over 6 months we could save what we needed.

Plum Pud

Pete123456 wrote: »

Haven (through a broker only) will give €5k cash back on mortgages over 300k at the moment. 5 year or 3 year fixed is 2.55% which is very good compared to others

By any chance would you know, do you need to go back to a broker to remortgage with haven or can it be done directly with them? Have my mortgage with them but awaiting mortgage approval with other institutions, I just never thought to apply to haven because the broker we used 11 years ago is no more...

Pete123456

Plum Pud wrote: »

By any chance would you know, do you need to go back to a broker to remortgage with haven or can it be done directly with them? Have my mortgage with them but awaiting mortgage approval with other institutions, I just never thought to apply to haven because the broker we used 11 years ago is no more...

My guess is you would need to go back to a broker to remortgage with them, although you could try calling their call centre. I rang with a number of basic questions about cash back and overpayments and they wouldn’t answer with specifics, telling me it’s dependent on the broker. Sorry can’t be of more help!

TheMilkyPirate

Me and my partner had hoped to buy this year we have been saving 1600 a month for nearly two years now. She's a hairdresser so is obviously out of work and was also out a good bit last year. Hopefully she will be back at the start of March.

Just wondering if we have any hope at all now, what will they base what they can lend us on??

I've been in full time employment the entire time.

Dolbhad

TheMilkyPirate wrote: »

Me and my partner had hoped to buy this year we have been saving 1600 a month for nearly two years now. She's a hairdresser so is obviously out of work and was also out a good bit last year. Hopefully she will be back at the start of March.

Just wondering if we have any hope at all now, what will they base what they can lend us on??

I've been in full time employment the entire time.

Is she employed or self employed? As it may effect self employed more. Our situation was a little different as it was not the PUP. We were both on the subsidy payment after we got AIP. Once we showed one payslip both off the subsidy payment, we were able to drawn down on the loan offer.

TheMilkyPirate

Dolbhad wrote: »

Is she employed or self employed? As it may effect self employed more. Our situation was a little different as it was not the PUP. We were both on the subsidy payment after we got AIP. Once we showed one payslip both off the subsidy payment, we were able to drawn down on the loan offer.

She's employed. Yeah she was on PUP for a good portion of last year and obviously now this year as well. Just worried now we will be offered pittance

LittleMissRed

EO2019 wrote: »

Has anyone got AIP from ICS lately? How long was the wait?

My husband and I sent our application to them on 11th December and followed up Christmas week to see if they had received it. I got an acknowledgement then and was told they would be in touch with a decision in the new year. On 5th January we got a request to resubmit our ID as one of the photos wasn't clear enough, and my husband's passport wasn't signed. So 3 weeks today from that and we haven't heard yet.
Hopeful we'll hear soon, although there isn't much on the market in our price range/area so I guess there's no real hurry just yet. Would just like to know how much we can get

klose

TheMilkyPirate wrote: »

She's employed. Yeah she was on PUP for a good portion of last year and obviously now this year as well. Just worried now we will be offered pittance

I don't think they reduce your mortgage amount if on any PUP payments, I think they just freeze it completely (open to correction) I've seen posts here recently saying AIB take it case by case however if you're with them you might be in luck.

EO2019

LittleMissRed wrote: »

My husband and I sent our application to them on 11th December and followed up Christmas week to see if they had received it. I got an acknowledgement then and was told they would be in touch with a decision in the new year. On 5th January we got a request to resubmit our ID as one of the photos wasn't clear enough, and my husband's passport wasn't signed. So 3 weeks today from that and we haven't heard yet.
Hopeful we'll hear soon, although there isn't much on the market in our price range/area so I guess there's no real hurry just yet. Would just like to know how much we can get

Thanks we are the same, no much around either. I’d feel better knowing I had the approval in case anything pops up! I can see previously that waiting times were around 8 weeks so we could holding on another while yet.

DubLad69

I've applied to all of the banks (except ulster bank) over a week ago. Still haven't heard anything back, its stressing me out that its taking so long.

Makes it worse that I had a missed loan payment 2 years ago when I switched banks and forgot the change the direct debit. So I'm worried that I won't get an exception.

Has anyone heard back recently?

Markitron

DubLad69 wrote: »

Makes it worse that I had a missed loan payment 2 years ago when I switched banks and forgot the change the direct debit. So I'm worried that I won't get an exception.

If it is a simple mistake that you can explain, and prove that you didn't miss it because of financial reasons, then you should be fine. If it was going to affect you it would be before the stage where they would consider an exemption anyway. Either way I wouldn't worry too much about it.

Corkgirl20

We’ve had our mortgage in principle approved, once we’ve all the relevant documents and going to upload (site is down now) does anybody know how long it’ll take for the “clean” mortgage to be approved ? We’re with AIB. Thanks

Granadino

First post here. Saving at the moment. God knows when I'll be able to take the plunge and I saw that RTE article earlier on the avg earnings required for an apartment in Dublin. (Crazy IMO)
I had a look at the report but couldn't see it broken out by region? Are there any stats by county?
If I buy in Ireland, I have no intention of going near Dublin.

Interested Observer

Corkgirl20 wrote: »

We’ve had our mortgage in principle approved, once we’ve all the relevant documents and going to upload (site is down now) does anybody know how long it’ll take for the “clean” mortgage to be approved ? We’re with AIB. Thanks

You're probably talking in terms of weeks, and you can almost certainly expect a bit of back-and-forth about items on your statements, wondering what certain expenditure was, etc.

Corkgirl20

Interested Observer wrote: »

You're probably talking in terms of weeks, and you can almost certainly expect a bit of back-and-forth about items on your statements, wondering what certain expenditure was, etc.

Thank you, the houses in the estate were looking at won’t be release for 4 weeks so should be ok with approval in principle in the mean time.

redsteveireland

Hi all, I have a question about the reason behind declaring dependants on an application. Does anyone know is this for the purpose of calculating childcare costs only, or does a bank consider the possible costs of sending the children to college? I have heard this in passing but couldn't see any evidence of it.

Pete123456

redsteveireland wrote: »

Hi all, I have a question about the reason behind declaring dependants on an application. Does anyone know is this for the purpose of calculating childcare costs only, or does a bank consider the possible costs of sending the children to college? I have heard this in passing but couldn't see any evidence of it.

They will just remove a certain amount for each dependent from your affordability - I have seen this to be 250 a month but probably varies between banks. Basically because they know a child costs money. They don’t differentiate between college going age and young in terms of costs

redsteveireland

Pete123456 wrote: »

They will just remove a certain amount for each dependent from your affordability - I have seen this to be 250 a month but probably varies between banks. Basically because they know a child costs money. They don’t differentiate between college going age and young in terms of costs

Thanks, I wasn't aware of this as I had no kids 1st time around and was wondering why they were offering me so little.

Hi all. Has anyone recently drawn down with ICS? How long did it take for them to release the funds?

TIA!

LittleMissRed

EO2019 wrote: »

Thanks we are the same, no much around either. I’d feel better knowing I had the approval in case anything pops up! I can see previously that waiting times were around 8 weeks so we could holding on another while yet.

Well that's a good point too, it would be good to have in the event that something pops up. 8 weeks though? I'm not in a rush but janey mac, that's torture! I know a lot of the people involved would be working remotely, but that's still a long time. Here's hoping it won't be 8 weeks!

Stars03827

Hi all. What do you think of the new Shared Equity Scheme? I didn't think Id be able to buy something decent but with this it is now a possibility

Milena009

Stars03827 wrote: »

Hi all. What do you think of the new Shared Equity Scheme? I didn't think Id be able to buy something decent but with this it is now a possibility

I'm following the developments on this but I am not quite sure if they specified how to apply etc?
I am already HTB approved and in midst of mortgage process so it would be handy enough!
Of course i take correction that everything in Housing is delayed due to prolonged lockdown

Stars03827

Milena009 wrote: »

I'm following the developments on this but I am not quite sure if they specified how to apply etc?
I am already HTB approved and in midst of mortgage process so it would be handy enough!
Of course i take correction that everything in Housing is delayed due to prolonged lockdown

From my understanding it should be announced over the next month or so how to apply. It sounds like such a great idea. so fingers crossed it all works out

L1011

KBC decided they needed further confirmation my employer was off subsidy at 5pm the day before drawdown. I was actually able to get it to them by 7pm, but maybe check this with them a few days in advance if anyone else is in a similar situation

Due to the quirk of a missed month during changeover and how long it all took my new mortgage is the same as the old one, but I'll get about 2k excess plus the 3k cashback like some form of accidental equity release

And I don't think I'll bother changing again!

Ivefoundgod

Not sure if anyone knows or has experience of this situation. My wife and I had approval in principle in late 2019 but needed an extra month or so savings to cover solicitors fees. Just as we had that together in February 2020 we went back to bank and were in process of completing the application when the pandemic hit. My wife has been on the PUP more or less ever since barring the odd month or two during summer where she was back working at reduced capacity. She is self employed. We are now looking to re-apply when she comes off the PUP hopefully later this year. I've contacted the bank and they said she will need to prove her income capacity once back in work. She won't have accounts for 2021 so just wondering does anyone know what we need to do to show this? Apart from the obvious of statements but would she need something from her accountant or anything like that?

Antares35

Is there an ideal institution to save with or does it make little difference? OH and I will be saving 2500 per month, some of the savings accounts have a limit of 1000, so even if we open one each we'd exceed the limit. Trying to open one with BOI is a nightmare. They keep coming back saying certain documents are not valid (corners missing, too bright etc.) but each time they specify only one document, and the link they provide for submitting a new one prompts the entire application to start again.

I've an online saver attached to my current account - can OH just transfer his share to my account each month and I save for both of us in that?

redsteveireland

Antares35 wrote: »

Is there an ideal institution to save with or does it make little difference? OH and I will be saving 2500 per month, some of the savings accounts have a limit of 1000, so even if we open one each we'd exceed the limit. Trying to open one with BOI is a nightmare. They keep coming back saying certain documents are not valid (corners missing, too bright etc.) but each time they specify only one document, and the link they provide for submitting a new one prompts the entire application to start again.

I've an online saver attached to my current account - can OH just transfer his share to my account each month and I save for both of us in that?

I found that Bank of Ireland process annoying, ended up getting in contact with them on here and then they got in touch with me, same story though issues with document clarity etc. I think I'll save elsewhere.

Busi_Girl08

For those of you who were asked for a letter from your employer confirming they aren't and won't be in the future on the WSS or other supports, is that asked for at the AIP application stage? What kind of format is it in? - Company headed/stamped letter, or is it a form/template specific to the company like the salary certificate?

We haven't applied for ours and haven't decided on a lender/broker as yet but I'm wondering would it be worth asking my employer now for a letter to have it ready to go, or should I wait and see what I'm actually asked for?

Just thinking ahead to what I should have in place in advance.

itsusuallyjazz

Busi_Girl08 wrote: »

For those of you who were asked for a letter from your employer confirming they aren't and won't be in the future on the WSS or other supports, is that asked for at the AIP application stage? What kind of format is it in? - Company headed/stamped letter, or is it a form/template specific to the company like the salary certificate?

We haven't applied for ours and haven't decided on a lender/broker as yet but I'm wondering would it be worth asking my employer now for a letter to have it ready to go, or should I wait and see what I'm actually asked for?

Just thinking ahead to what I should have in place in advance.

My company have a generic one on our intranet now for us to request, I was asked when getting AIP and Loan offer and expect to be asked again when I draw down - my broker thinks it is hilarious them asking as the company I work for would absolutely not be claiming it