Saving/Applying for a mortgage 2020-22 Edition

DopeTech

DopeTech wrote: »

Do the banks have a way of checking what other bank accounts you have? i.e if you sign up for a swirl or paysafe card and top it up with cash at a payzone agent would they have any way of knowing you have that card. Obviously if you were withdrawing large amounts of cash they would ask where it was going but I'm talking maybe €20 a month. Nothing big.

Anyone?

G_R

DopeTech wrote: »

Anyone?

No, current accounts don't show up on the CCR unless they have an overdraft facility of €500 or higher

Yella

We booked Parklands in Citywest. The EA is promising June to Aug delivery but other buyers are indicating it may go longer than they promised. The thing my spouse has her contract till 31 Jan 2022. The contract may extend or may not. What if we drawdown close to her contract date? Will banks object to that once the full offer is given? Thank you.

Renjit

Yella wrote: »

We booked Parklands in Citywest. The EA is promising June to Aug delivery but other buyers are indicating it may go longer than they promised. The thing my spouse has her contract till 31 Jan 2022. The contract may extend or may not. What if we drawdown close to her contract date? Will banks object to that once the full offer is given? Thank you.

Which phase did you book? The current phase still has outstanding work. And I think you should take their word with a pinch of salt. Delays are often in this build.

Yella

Renjit wrote: »

Which phase did you book? The current phase still has outstanding work. And I think you should take their word with a pinch of salt. Delays are often in this build.

Phase 2. I don't think foundations are laid. It is in the same street as 8 Parklands Place according to the plan. Which one is yours?

Renjit

Yella wrote: »

Phase 2. I don't think foundations are laid. It is in the same street as 8 Parklands Place according to the plan. Which one is yours?

Ours is in green. I would suggest go for the house which is already completed.

And got approval from BOI today. So got two approvals. Had no problems getting 3.5 times my salary. Now just to keep saving while I wait.

brianc27

Deleted User wrote: »

And got approval from BOI today. So got two approvals. Had no problems getting 3.5 times my salary. Now just to keep saving while I wait.

how long did it take through BOI, i applied online last sat and go a reply last Wednesday looking for extra documents, uploaded those pretty much straight away but haven't heard anything since.

Cows Go µ

Does anyone know how long full approval is taking with AIB at the moment? We are looking to apply near the end of March for a remortgage in order to do an extension and renovation. We are asking for a good 40,000 under the 3.5 limit and we have both continued to work uninterrupted during all of covid so I'm hoping we won't have any issues.

ms vieria

brianc27 wrote: »

how long did it take through BOI, i applied online last sat and go a reply last Wednesday looking for extra documents, uploaded those pretty much straight away but haven't heard anything since.

They are very quick to ask for extra docs then it was 2 weeks from there for us.

brianc27

brianc27 wrote: »

how long did it take through BOI, i applied online last sat and go a reply last Wednesday looking for extra documents, uploaded those pretty much straight away but haven't heard anything since.

I got asked for additional documents so was another week after that. So overall about 2 weeks. I do have a savings account with them which might factor in.

brianc27

Deleted User wrote: »

I got asked for additional documents so was another week after that. So overall about 2 weeks. I do have a savings account with them which might factor in.

cheers, ill take the fact i havent heard from them since last wednesday when i updated the extra docs means they are happy with what ive submitted so far

AD07

Does anyone know how it works using a site as your deposit for your mortgage?

Damo 2k9

Hi all, starting to get serious with the saving now. Currently have a Hire Purchase finance on my car, approx 1.5 yrs left (€3.5k roughly). Recently came into some money, should I look to:

- Pay the outstanding, meaning more money to save each month going forward
- Keep the money that I have come into, and use this as a big jump in savings

Would appreciate anyones thoughts!

awec

Depends what you'd save on interest by paying it off early.

topmanamillion

Damo 2k9 wrote: »

Hi all, starting to get serious with the saving now. Currently have a Hire Purchase finance on my car, approx 1.5 yrs left (€3.5k roughly). Recently came into some money, should I look to:

- Pay the outstanding, meaning more money to save each month going forward
- Keep the money that I have come into, and use this as a big jump in savings

Would appreciate anyones thoughts!

It would make sense to clear the loan, it's a relatively small amount but banks will look more favourably on someone without loans. It would also reduce the amount you'd be able to borrow if it was still there at application time.

JohnK

topmanamillion wrote: »

It would also reduce the amount you'd be able to borrow if it was still there at application time.

Depends on the bank - PTSB told me I'd have to pay it off before a drawdown or they'd reduce what they'd give me but EBS had no problem and said as long as it doesnt impact my repayment ability its fine to have the PCP.

DubLad69

Does anyone know how the banks view credit card use? I got AIP from AIB and EBS for the amount I need. In the months leading up to the application I only needed to use the credit card once or twice.

We had to make a large purchase this month that has put us very tight for money if we continue to save the same amount each month.

Is it okay to occasionally use the credit card, as long as its paid off in full before we receive a statement?

It would be extremely helpful to use it a little, bit we also don't want to mess up our application.

Creamy Goodness

DubLad69 wrote: »

Does anyone know how the banks view credit card use? I got AIP from AIB and EBS for the amount I need. In the months leading up to the application I only needed to use the credit card once or twice.

We had to make a large purchase this month that has put us very tight for money if we continue to save the same amount each month.

Is it okay to occasionally use the credit card, as long as its paid off in full before we receive a statement?

It would be extremely helpful to use it a little, bit we also don't want to mess up our application.

Credit card use is completely fine. As you said, as long as it’s cleared every month they won’t care.

Used correctly a credit card is a positive tool.

Milena009

JohnK wrote: »

Depends on the bank - PTSB told me I'd have to pay it off before a drawdown or they'd reduce what they'd give me but EBS had no problem and said as long as it doesnt impact my repayment ability its fine to have the PCP.

I just wanted to second that.
We have been engaged with KBC and they have no problem whatsoever with our 5k car loan nor has it affected our AIP.

So it is really case by case and best to discuss with actual mortgage advisor / broker.

Craig_David

Can anyone recommend a solicitor in Dublin north city centre for a mortgage switch. please pm. thanks

Busi_Girl08

Our broker is just sending off our application to KBC. Anyone here with KBC recently? How long were ye waiting for your AIP?

jimmy86

Busi_Girl08 wrote: »

Our broker is just sending off our application to KBC. Anyone here with KBC recently? How long were ye waiting for your AIP?

It's a while ago now but went back through my emails. We sent off documentation on September 30th and got AIP on October 23rd.

voldejoie

Application in with Bank of Ireland for AIP today. My broker said their AIP lasts for 12 months which would be ideal! Given the constraint on the supply at the moment, and the expected crush once restrictions are lifted, I'm starting to think the second half of the year is more realistic so would be good to have approval in hand without having to worry about it after the summer. Also good to have a chance to save up a bit more!

Anyone have any insights in terms of how long BOI take to get back?

ms vieria

voldejoie wrote: »

Application in with Bank of Ireland for AIP today. My broker said their AIP lasts for 12 months which would be ideal! Given the constraint on the supply at the moment, and the expected crush once restrictions are lifted, I'm starting to think the second half of the year is more realistic so would be good to have approval in hand without having to worry about it after the summer. Also good to have a chance to save up a bit more!

Anyone have any insights in terms of how long BOI take to get back?

Ours given last month is for 12 months.

They will be quick to ask for any extra docs - once they are supplied it was 10 working days for us.

Jasna1982

I read somewhere on here that banks can decline you a mortgage if you want to buy a house far from where you work. Is that a hard and fast rule?
I work from home but not officially, meaning it’s not in my contract. Would it be a problem if I want to buy a house in a different county?

Renjit

Jasna1982 wrote: »

I read somewhere on here that banks can decline you a mortgage if you want to buy a house far from where you work. Is that a hard and fast rule?
I work from home but not officially, meaning it’s not in my contract. Would it be a problem if I want to buy a house in a different county?

They do consider this. But try asking the bank. If its not 100s of kms away and doesnt cost a bank, you should be good.

Graham

Jasna1982 wrote: »

I read somewhere on here that banks can decline you a mortgage if you want to buy a house far from where you work. Is that a hard and fast rule?
I work from home but not officially, meaning it’s not in my contract. Would it be a problem if I want to buy a house in a different county?

Historically anything within reasonable commuting distance would be ok. No idea if that's changed recently.

A mortgage broker might be able to give you better guidance based on their recent experience.

IHateNewShoes

Can anyone tell me the logic behind estate agents putting POA on their online ads?

I find it extremely frustrating!!

Graham

IHateNewShoes wrote: »

Can anyone tell me the logic behind estate agents putting POA on their online ads?

I find it extremely frustrating!!

My guess, vendor doesn't want to pin themselves down to a specific price publicly.

I'd agree with you though, incredibly annoying.