Saving/Applying for a mortgage 2020-22 Edition

Busi_Girl08

itsusuallyjazz wrote: »

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

Thanks We were on the WSS for a couple of months last summer so don't know if that will have to be declared? Wording wise I'm guessing they just want the employer to say that they are not currently on any supports, and have no plans to go on any in the future?

itsusuallyjazz

Busi_Girl08 wrote: »

Thanks We were on the WSS for a couple of months last summer so don't know if that will have to be declared? Wording wise I'm guessing they just want the employer to say that they are not currently on any supports, and have no plans to go on any in the future?

This is what mine said back in Nov

This is to confirm that *****'s employment has not been affected by COVID-19 and their income is not being supported by the Government COVID-19 subsidy scheme. A***** is still in Full time employment, and there has been no reduction or a need to stop salary as a result of COVID-19. ***** will continue to be paid salary and benefits as normal.
Should you require any further information, please do not hesitate to contact me.

cb123

pooch90 wrote: »

As do Finance Ireland.
I am a public sector worker and applied by myself as my husband is raising the kids. Both FI and PTSB looked very favourably on my application. Lady in PTSB was very confident about my application due to being PSW. I doubt it would have been the same if I was public sector with same salary. Especially with Covid and everything.
My application to FI was my name only. PTSB was a joint application.

Just got AIP from Finance Ireland today (single applicant) taking into account my pay scale (PSW). Process was quick, can't complain.

How did you get on with PTSB, did they take your payscale into account?

Danger781

Are banks being flexible at all regards to Covid PUP? Herself is a hairdresser so out of work at the moment but my salary will cover the cost of the mortgage repayments. I am not on any subsidies or PUP.

We had talked to a Broker and he told us no dice because of PUP. Would it be worthwhile talking to a bank directly?

ongarite

PUP is a no-go for mortgage approval, drawdown at the moment.
Even if you are on full pay but your employer is on EWSS you can be refused.

Danger781

ongarite wrote: »

PUP is a no-go for mortgage approval, drawdown at the moment.
Even if you are on full pay but your employer is on EWSS you can be refused.

That is so frustrating. Even if herself wasn't working at all I could cover the monthly repayments for the Mortgage we're looking for. We have more than enough saved to cover the deposit and then some. Yet we can't apply because she's on PUP unless I go apply on my own, in which case I would have no problem being approved.

None of this makes sense.

G_R

Danger781 wrote: »

That is so frustrating. Even if herself wasn't working at all I could cover the monthly repayments for the Mortgage we're looking for. We have more than enough saved to cover the deposit and then some. Yet we can't apply because she's on PUP unless I go apply on my own, in which case I would have no problem being approved.

None of this makes sense.

If you qualify on your own income alone, and can prove repayment ability on your own (ie, you're not reliant on the 350 a week to cover the proposed repayment), then you can still apply and just ask for your partner's income not to get taken into account and for her to be treated as a homemaker.

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.

Just got AIP yesterday from ICS!
So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

Plum Pud

LittleMissRed wrote: »

Just got AIP yesterday from ICS!
So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

Oh this is great news, congratulations
we applied on the 4th (or 5th) and they called to clarify something on the 7th but we've heard nothing since... Wonder should we call them today..

EO2019

LittleMissRed wrote: »

Just got AIP yesterday from ICS!
So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

That’s brilliant thanks for the update. Fingers crossed we get good news soon too!

Sweet.Science

Has anyone gone through ulster bank recently ?

If so what was your experience

Thanks

Corkgirl20

Does anybody know what criteria you must meet to be given 4.5 times your salary as opposed to 3.5 times.

Our approval in principle from AIB has given us 4.5 times our salary, now that we are going further with the mortgage it seems that some payments won’t be included as they are not guaranteed.

We are fearing now that for our final mortgage approval they may drop us down to the 3.5 times our salary which would mean we wouldn’t be able to get the house we are looking at.

Many thanks

ms vieria

Corkgirl20 wrote: »

Does anybody know what criteria you must meet to be given 4.5 times your salary as opposed to 3.5 times.

Our approval in principle from AIB has given us 4.5 times our salary, now that we are going further with the mortgage it seems that some payments won’t be included as they are not guaranteed.

We are fearing now that for our final mortgage approval they may drop us down to the 3.5 times our salary which would mean we wouldn’t be able to get the house we are looking at.

Many thanks

I posted this 2 weeks ago.

According to AIB last week their criteria for LTI are

net monthly income for a couple
-3650 living expenses
-250 per dependent
-outgoings (loan / childcare etc)

Balance left over = mortgage payment x maximum mortgage period is the amount you can borrow.

DubLad69

ms vieria wrote: »

I posted this 2 weeks ago.

According to AIB last week their criteria for LTI are

net monthly income for a couple
-3650 living expenses
-250 per dependent
-outgoings (loan / childcare etc)

Balance left over = mortgage payment x maximum mortgage period is the amount you can borrow.

It's not just the mortgage payment. Its the stress tested mortgage payment. So they will calculate it based on the variable rate plus I think 2%.

The rules for AIB will also change from next week I am told.

mtoutlemonde

DubLad69 wrote: »

It's not just the mortgage payment. Its the stress tested mortgage payment. So they will calculate it based on the variable rate plus I think 2%.

The rules for AIB will also change from next week I am told.

Do you know what the rules are/could be?

Corkgirl20

The mortgage in principle was a breeze to get but the mortgage seems to be a lot more in dept we are up in the air as to whether they will include variable income or not.

Has anyone had any success in variable income being included?

Dolbhad

Corkgirl20 wrote: »

The mortgage in principle was a breeze to get but the mortgage seems to be a lot more in dept we are up in the air as to whether they will include variable income or not.

Has anyone had any success in variable income being included?

It varies from bank to bank. We applied pre covid and post covid. I found banks were more flexible pre covid. We went with UB in the end as they were giving us 10k more as they still counted our bonuses whereas other banks wouldn’t post covid.

We were originally given 4.3 times our salary pre covid. This was paused with covid so reduced our mortgage by around 33k. We found the house of our dreams so borrowed the difference from family not to lose it as we couldn’t wait until
January to see how things were.

I do remember AIB being the toughest as they seem to change their Criteria regularly. We originally had a exemption with them but they changed their criteria just before covid and we weren’t eligible.

So basically if you can’t get what you need from AIB, try another bank.

Dolbhad

Sweet.Science wrote: »

Has anyone gone through ulster bank recently ?

If so what was your experience

Thanks

We drew down at start of December with UB. Found them very quick to deal with. A few small issues at the end waiting for documents to scan up but sounds like that with every bank. Cashback of €1500 was in our account by Xmas day.

DubLad69

mtoutlemonde wrote: »

Do you know what the rules are/could be?

I wouldn't expect their requirement to fall to any less than €3450

Corkgirl20

Dolbhad wrote: »

It varies from bank to bank. We applied pre covid and post covid. I found banks were more flexible pre covid. We went with UB in the end as they were giving us 10k more as they still counted our bonuses whereas other banks wouldn’t post covid.

We were originally given 4.3 times our salary pre covid. This was paused with covid so reduced our mortgage by around 33k. We found the house of our dreams so borrowed the difference from family not to lose it as we couldn’t wait until
January to see how things were.

I do remember AIB being the toughest as they seem to change their Criteria regularly. We originally had a exemption with them but they changed their criteria just before covid and we weren’t eligible.

So basically if you can’t get what you need from AIB, try another bank.

Thanks so much for this information!
Covid hasn’t affected our salaries thankfully.
I’m not sure what AIBs stance is on variable income is but there’s certainly a lot of questions around it. I think we should be ok unless they decide to bring us down from the 4.5 to 3.5.

I’m glad to hear you found the house of your dreams and it worked out for you.

Dolbhad

Corkgirl20 wrote: »

Thanks so much for this information!
Covid hasn’t affected our salaries thankfully.
I’m not sure what AIBs stance is on variable income is but there’s certainly a lot of questions around it. I think we should be ok unless they decide to bring us down from the 4.5 to 3.5.

I’m glad to hear you found the house of your dreams and it worked out for you.

Our AIB AIP was on the old criteria and they said they would have to honour it until it expired. If it expired, we would be reassessed on the new criteria and lose the exemption. Which is what happened. So hopefully they honour the AIP for you now as circumstances haven’t changed.

And hang in there. I know Cork is a tough market but it will be worth it!

Busi_Girl08

Sweet.Science wrote: »

Has anyone gone through ulster bank recently ?

If so what was your experience

Thanks

We have just sent through a bunch of info to a UB advisor who was recommended by a family member, for a 'manual assessment', hoping we're in a good position for a borrowing exception (have heard mixed responses from different lenders based on our income.). He said it will take about a week and a half and if all going well that will be effectively go towards becoming our AIP.

Bubbaclaus

Based on the lack of responsiveness from our mortgage contact in Ulster Bank, I wouldn't be surprised if the announcement of pulling out of Ireland was imminent.

Documents were sent in 17 November and still haven't got anything back.

Either that or we have got a dud salesman.

L1011

Bubbaclaus wrote: »

Based on the lack of responsiveness from our mortgage contact in Ulster Bank, I wouldn't be surprised if the announcement of pulling out of Ireland was imminent.

Documents were sent in 17 November and still haven't got anything back.

Either that or we have got a dud salesman.

I wouldn't make that assumption based on that

Have you been chasing that up? I would have started doing so on the 24th of November...

L1011

BOI mortgage has vanished off my 365 account, so it looks the cheque from my solicitor was received and processed promptly.

They paid a redemption amount that was at least two payments out of date if not three, now that I've looked at it, so there should be a decent refund from BOI.

Adt1989

We have been dealing with Ulster Bank since the end of October. Full application submitted 30th Oct to the portal. Heard back mid Nov requesting more payslips/ more info. All returned within 2 days. Asked for update 2nd Dec- no update. 17th Dec signed documents on the portal to progress application. Nothing then until 19th Jan where we were asked for more payslips and to answer questions by the underwriters. So they are extremely slow and reluctant to progress. My employer is receiving EWSS and now husband has been laid off temporarily. Mortgage advisor said back in Dec that the EWSS wouldn't prevent drawdown but I would imagine the PUP will.

valarmorghulis

hi , has anyone done any detailed calculations of hypothetically paying a mortgage off after 10 years not by overpayments but by externally built up savings and a breakage fee,from what i’ve seen you would be penalised 2500-5000 for potentially saving 60k in interest ,200k borrowed for 20 years,5 years you are just paying interest,i want to pay the banks as little as possible

Corkgirl20

I’m scared for the answer to this but I must ask...
Has anyone experiences with how banks view cryptocurrency such as Bitcoin?
Will it come against it ? Two transactions of buying Bitcoin in the last year.
Is it best to declare it ?

Antares35

Spoke to EBS yesterday who were so helpful and cut all the jargon and explained exactly what we will need. We aren't planning to max out our multiples but if we did, and applying a stress test at 6 percent, we'd need 2,300 repayability plus 2,300 living expenses (2,050 plus 250 for the baby). It was really nice to talk to someone who could just give clear, straight information

Antares35

Corkgirl20 wrote: »

I’m scared for the answer to this but I must ask...
Has anyone experiences with how banks view cryptocurrency such as Bitcoin?
Will it come against it ? Two transactions of buying Bitcoin in the last year.
Is it best to declare it ?

I asked the mortgage advisor this yesterday because I was worried too as OH had crypto. He said once it's done from disposable income after savings, rent, living etc. then it doesn't matter