Saving/Applying for a mortgage 2020-22 Edition

xElDeeX

sandman1212 wrote: »

If the restructure was a one-time or temporary event that completed before June 2017, then it should not appear on your CCR report. You can tell the CCR that you do not believe your report is accurate, and they will get on to the lender to verify and correct it. It should take a max of 40 days to complete.

Fingers crossed it works that smoothly. I've uploaded the documents successfully from my side and will hopefully hear back next week if those are sufficient. Then its in the hands of the lender which shouldn't be an issue. 40 days is reasonable as we are focusing on selling my rental property and getting that big deposit on hand before we go looking actively. Thanks for that info. Very reassuring!

antimatterx

What are the chances of me buying this year if I move jobs in the next few months? It's probably slim right? I need to move for the money, so I have a chance of buying something, but I'll have to wait at least 6 months because of my probation.

Is it possible to start the process while on probation based on your new salary, and only going ahead with it when you pass probation?

antimatterx

antimatterx wrote: »

What are the chances of me buying this year if I move jobs in the next few months? It's probably slim right? I need to move for the money, so I have a chance of buying something, but I'll have to wait at least 6 months because of my probation.

Is it possible to start the process while on probation based on your new salary, and only going ahead with it when you pass probation?

Yep you can get approval in principal while on probation, I started around 4 month mark. So was all ready to go by 6 month mark.

tommyombomb

Looking to start buying process in 12 months but wont be meeting with broker or bank as saving like mad now and want to get an idea of likelihood of getting 4.5 exemption rather than getting my hopes up on areas while i watch the market. Salary would be 66k, single with deposit of 70k roughly. Does having about 19% deposit and my salary mean likely i would get this. Also on scale so salary rises year on year.

ms vieria

I have AIP in place if I go sale agreed on a property and apply for the mortgage can I reduce the amount of mortgage I take before drawdown if I am given a gift by my parents? There is probate ongoing and I am not sure if it will be completed before we purchase.

whiskeyman

I just got a few hundred in additional tax credits per month.
Will this be a factor in a possible increase to my AIP if I reapply, or do they just factor gross salary?

thomas 123

Any update on Shared Equity Scheme.

Anyone hazard a guess as to when it might become available?

MacronvFrugals

Hi folks,

If i was maxing my pension contributions to 15% which would cost 440 net per month would the bank view this as just another expense like a personal or car loan or are pensions treated differently from a mortgage affordability standpoint?

voldejoie

MacronvFrugals wrote: »

Hi folks,

If i was maxing my pension contributions to 15% which would cost 440 net per month would the bank view this as just another expense like a personal or car loan or are pensions treated differently from a mortgage affordability standpoint?

I don't think they factor it in at all because the look at your gross income, so the pension contribution doesn't get taken into account? Not sure if it varies by bank but I asked my broker if my high pension contributions would be a positive or negative and she said it's basically neutral.

MacronvFrugals

voldejoie wrote: »

I don't think they factor it in at all because the look at your gross income, so the pension contribution doesn't get taken into account? Not sure if it varies by bank but I asked my broker if my high pension contributions would be a positive or negative and she said it's basically neutral.

Thank you

caligg102

Has anyone experience with changing jobs after getting Approval In Principle but before drawdown? I'm currently waiting for the bank to make the formal offer but will be changing job in April. House is at Builder's Finish so final valuation still to be done. Job probation is 6 months so afraid the bank will withdraw the approval.

Busi_Girl08

Waiting any day/hour now for our AIP to come through. My F5 button has been worn down with me checking my emails

Anon2018

Hi,

I didnt expect to apply for a mortgage as soon as I am and over the past few years I've been careless with money.
I had a car loan for 15k, another loan for 4k, an overdraft for 1900€ and a credit card with a limit of 3900€.
In the past 6 months I've cleared all these and started saving, I've closed my overdraft and credit card.
I got my credit report and never missed a payment on anything but I did go over my credit card limit multiple times in two years by quite a lot.
Does anyone know the likelyhood of a mortgage being approved due to my over the limit credit card?

Thanks

caligg102

Anon2018 wrote: »

Hi,

I didnt expect to apply for a mortgage as soon as I am and over the past few years I've been careless with money.
I had a car loan for 15k, another loan for 4k, an overdraft for 1900€ and a credit card with a limit of 3900€.
In the past 6 months I've cleared all these and started saving, I've closed my overdraft and credit card.
I got my credit report and never missed a payment on anything but I did go over my credit card limit multiple times in two years by quite a lot.
Does anyone know the likelyhood of a mortgage being approved due to my over the limit credit card?

Thanks

Well your credit report history will be checked via Irish Credit Bureau. You can check with them yourself to see what's appearing on your credit record and it's free to do so.

You'll also need to provide 6 months of bank statements so they'd need to be in fairly good shape.

Markitron

Anon2018 wrote: »

Hi,

I didnt expect to apply for a mortgage as soon as I am and over the past few years I've been careless with money.
I had a car loan for 15k, another loan for 4k, an overdraft for 1900€ and a credit card with a limit of 3900€.
In the past 6 months I've cleared all these and started saving, I've closed my overdraft and credit card.
I got my credit report and never missed a payment on anything but I did go over my credit card limit multiple times in two years by quite a lot.
Does anyone know the likelyhood of a mortgage being approved due to my over the limit credit card?

Thanks

You are fine, this doesn't appear on your credit reports as long as you paid the bill so the banks shouldn't care. It may come up if you apply for your mortgage with the same bank that issued your card but even then I don't think it would be a big deal. Did you get both the CCR and ICB credit reports? Doesn't hurt to be sure.

Anon2018

Markitron wrote: »

You are fine, this doesn't appear on your credit reports as long as you paid the bill so the banks shouldn't care. It may come up if you apply for your mortgage with the same bank that issued your card but even then I don't think it would be a big deal. Did you get both the CCR and ICB credit reports? Doesn't hurt to be sure.

Hi, yeah I got my reports from both. One doesn't show any credit card but one shows my limit and me going over it on occasions. I always paid the minimum amount but just went over the limit again and again. I've not missed any payments on loans or anything. I'm just afraid now

Anon2018

caligg102 wrote: »

Well your credit report history will be checked via Irish Credit Bureau. You can check with them yourself to see what's appearing on your credit record and it's free to do so.

You'll also need to provide 6 months of bank statements so they'd need to be in fairly good shape.

Yeah it shows on one of the reports and over the limit, but no missed payments on credit card or any other loans. Is this really bad when applying for mortgage?

diago3211

Hi All,

I have been following this thread for some time and the info has been great.

I am currently in the process of applying for a mortgage and going through a broker. The application has gone in and I am in the nervously waiting stage. 1 week down and 2 weeks to go (2-3 week timeframe given for approval)

I tried to find this topic and was unable to find out any info so hoping someone on here may know. I have received my CCR report and it's all good I don't have any past debt history and only shows closed off accounts all in good order.

ICB, I requested this report and I got 2 letters back. One said to send them back a copy of a bill to prove I am at my current address (that all good I can do that)

The other one gave me a phone number and said that they had a query about my address. As it is level 5 restrictions, it seems the ICB are not in the office so the phone never answers.

Just wondering if anyone had anything similar and what the call should be about?

Also just to add I applied for my ICB report last year (I have since moved - which could add to this reason) There were no issues (and there shouldn't be in relation to any past debt)

Can I also ask, how many previous addresses should I put down? I have moved due to renting about 5 times in my lifetime. Should I only be putting my my address for the last 5 years or all time ?

I just want to make sure I have everything in order whilst I wait on the feedback from the bank .

Thanks for any advice

Markitron

Anon2018 wrote: »

Hi, yeah I got my reports from both. One doesn't show any credit card but one shows my limit and me going over it on occasions. I always paid the minimum amount but just went over the limit again and again. I've not missed any payments on loans or anything. I'm just afraid now

You will be fine, it wasn't a problem for me.

Apoapsis Rex

We are applying for a joint mortgage and we are filling in the direct debit mandate.
I was wondering do we both pay our halves seperately or can one of us pay the full amount into the mortgage?

Do we both need to submit direct debit mandate forms? Or is one sufficient?

Thanks for any help

Milena009

Apoapsis Rex wrote: »

We are applying for a joint mortgage and we are filling in the direct debit mandate.
I was wondering do we both pay our halves seperately or can one of us pay the full amount into the mortgage?

Do we both need to submit direct debit mandate forms? Or is one sufficient?

Thanks for any help

From what our broker said it is one DD
We have chosen to pay mortgage from my account (as it's already with KBC)
Definitely do not split the DD
How you arrange the money funding between yourself bank doesn't care, they just want the full amount paid from what I understand 😊

Apoapsis Rex

Milena009 wrote: »

From what our broker said it is one DD
We have chosen to pay mortgage from my account (as it's already with KBC)
Definitely do not split the DD
How you arrange the money funding between yourself bank doesn't care, they just want the full amount paid from what I understand 😊

Thanks, thats what I was hoping for too.

DancingDaisy

Have been intently lurking here for the last couple of weeks, but just got the email that our mortgage application has been accepted and we've been issued with our offer letter.

We went sale agreed on a house in February based on an AIP that we'd received, however after we'd gone sale agreed, the bank contacted us to say that we'd been flagged due to my employers (I work in Tourism, but we haven't been impacted by the Pandemic). We had to reapply and jump through a couple of extra hoops. I don't think I've ever been as stressed as I've been over the last 3 weeks, and although we had everything in order, I was convinced we'd be declined and would lose the house! We got put to the bottom of the underwriters queue twice because the bank mislaid bank statements etc, but the hard part is done now (I hope!), and we can leave it all in the hands of our solicitor at this point!

Just to say thanks for all the fab (indirect) advice that pops up on this thread, even for a lurker it's a wealth of knowledge and reassurance!

Jasna1982

Does anyone know if banks will take a monthly allowance into account, that’s in your payslip but not added on to your base salary?
It’s like an extra benefit that I can show is a fixed amount on my payslip, but it’s not officially on my salary cert

brianc27

Jasna1982 wrote: »

Does anyone know if banks will take a monthly allowance into account, that’s in your payslip but not added on to your base salary?
It’s like an extra benefit that I can show is a fixed amount on my payslip, but it’s not officially on my salary cert

Like a shift allowance or over time? If you can prove the allowance is guaranteed then they should, alot of my wages is based around shift allowance and once I could prove I was getting this every week they took it all into account

Jasna1982

brianc27 wrote: »

Like a shift allowance or over time? If you can prove the allowance is guaranteed then they should, alot of my wages is based around shift allowance and once I could prove I was getting this every week they took it all into account

Yeah, something like that. It’s guaranteed every month

brianc27

Jasna1982 wrote: »

Yeah, something like that. It’s guaranteed every month

KBC and Bank of ireland should take the full amount, think aib and ulster Bank only take 50% into account

I had to show my last 3 years employment detail summary/p60 as proof but was no issue then

Pussyhands

Just made my first application. Exciting and scary at the same time. I have a couple of questions!

I am going with KBC because on mortgages.ie it came up as the cheapest rate, but then I went to bonkers and it's showing Avant as cheapest. I would be going for 79% LTV roughly. But then KBC give 1500 back so how do you work out what's cheapest?

KBC gave me a list of things I needed...I have a driving licence but it's now out of date but been extended by government for a few months due to Covid. Does this still count as form of valid ID? Any other IDs I could use?

I have a Revolut account but I've used it only literally twice. Should I get a statement for this?

I have 20k of shares in DeGiro, should I wait for them to request things from me regarding this or from experience what would they want here?

KBC seemed to tell me that once I get AIP the next step is to go sale agreed. Is this correct? Just want to be sure I don't waste money - at what stage do I get a solicitor involved?

K.Hawksworth

Pussyhands wrote: »

Just made my first application. Exciting and scary at the same time. I have a couple of questions!

I am going with KBC because on mortgages.ie it came up as the cheapest rate, but then I went to bonkers and it's showing Avant as cheapest. I would be going for 79% LTV roughly. But then KBC give 1500 back so how do you work out what's cheapest?

KBC gave me a list of things I needed...I have a driving licence but it's now out of date but been extended by government for a few months due to Covid. Does this still count as form of valid ID? Any other IDs I could use?

I have a Revolut account but I've used it only literally twice. Should I get a statement for this?

I have 20k of shares in DeGiro, should I wait for them to request things from me regarding this or from experience what would they want here?

KBC seemed to tell me that once I get AIP the next step is to go sale agreed. Is this correct? Just want to be sure I don't waste money - at what stage do I get a solicitor involved?

I would disclose everything to them, to be on the safe side.

Get a solicitor involved when you're sale agreed.
Bet of luck!

I’m going through the process with KBC too. I have an extended driving licence although there is one month left on it. I’d just explain to them if they query it, it’s not really out of date and not possible to renew it until close to the extended date.

Add in the Revolut statements, no harm.

Are you planning on using your shares in DeGiro towards the purchase? If not it’s fine to leave them in there but they won’t be counted as savings. You’d need to cash them out if that in that case and you’ll still need to show a savings track record, into a savings account or the likes.

Once you have AIP then yes you find your house and go sale agreed all going well. Then another review is done and it moves to Loan Offer, this is needed when you sign the contracts with your solicitor.