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Saving/Applying for a mortgage 2015/16/17/18/19

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    #6542
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    2) Going forward, setup a standing order so there is a paper trail in your accounts showing dedicated commitment to paying rent.

    In my circumstances, we paid our rent by cash for 2 years before we went for mortgage approval and we had no issues getting approval as we got our landlord to sign a rent book every month stating the amounts, might be too late to do this now but wouldn't be a bad idea going forward either. This was taken into consideration at the time of approval and definitely worked to our advantage.


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    #6543
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    The gift will be no problem. Two of the banks I applied to said our own savings just had to be at least 5% of the house price, the others never mentioned it. We had quite a large gift and no problems so far (still need to drawdown).


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    #6544
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Folks couple of questions

    Typically how long does it take once all your documents are submitted to the bank for underwriters to give the all clear?

    How long after putting a deposit down on a new build do you need to follow up with the next payment or what is the next stage in the process?


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    #6545
    fjon
    Registered Users Posts: 2,084 ✭✭✭fjon


    Hi folks, been following this thread for a few years and think I'm finally near the end of my house search.
    We were Sale Agreed with a house a few months ago but pulled out before signing the contracts as there was structural issues with the house we weren't happy with. The solicitors had done some work already before this stage though.
    I am wondering if anyone would hazard a guess of how much we're going to end up owing them? The initial quote they had given us had 1800e "professional fees" on it, but hopefully we're not going to be charged the whole lot?
    We're currently Sale Agreed on another house and are getting the survey carried out shortly. Just trying to ascertain how much of a bill we're going to end up with and try to budget for that.


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    #6546
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Glen_Quagmire wrote: »
    Folks couple of questions

    Typically how long does it take once all your documents are submitted to the bank for underwriters to give the all clear?

    How long after putting a deposit down on a new build do you need to follow up with the next payment or what is the next stage in the process?

    Varies depending on the bank. Our shortest was 3 days, longest was 6 weeks. Most were within 2 weeks.

    After paying booking deposit next step is to sign contracts. You usually pay some amount at that stage. Ours was set at 20,000 so I don't think it's a defined percentage or anything. Balance on completion then.


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    #6547
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Glen_Quagmire wrote: »
    Folks couple of questions

    Typically how long does it take once all your documents are submitted to the bank for underwriters to give the all clear?

    How long after putting a deposit down on a new build do you need to follow up with the next payment or what is the next stage in the process?

    We paid the balance of 10% minus booking deposit at contracts signing stage.

    This was due, along with signed contracts and loan packs, 21 days after contracts were issued to ensure all white good were included (fridge, cooker etc.) or 56 days to secure the property.

    Our contracts were issued about 2/3 weeks after our initial booking deposit.


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    #6548
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    fjon wrote: »
    Hi folks, been following this thread for a few years and think I'm finally near the end of my house search.
    We were Sale Agreed with a house a few months ago but pulled out before signing the contracts as there was structural issues with the house we weren't happy with. The solicitors had done some work already before this stage though.
    I am wondering if anyone would hazard a guess of how much we're going to end up owing them? The initial quote they had given us had 1800e "professional fees" on it, but hopefully we're not going to be charged the whole lot?
    We're currently Sale Agreed on another house and are getting the survey carried out shortly. Just trying to ascertain how much of a bill we're going to end up with and try to budget for that.

    No way for anyone to know how much, you need to bite the bullet and ask the solicitor.


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    #6549
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    What is the best way going forward with an old debt when applying for mortgage? It was a student overdraft that was forgotten about to be honest as the focus was on the student loan being paid off.
    It is not on the credit rating and hasn't been an issue for preapproval with other banks, but has turned up with the bank that issued overdraft.
    They say to pay it off and a note will be put in with the application. But really can't afford to pay it atm with all the costs building up.
    As far as I was told, it was issued in 2006 and wrote off in 2010 but is still on banks system.
    Legally, I don't know if it still has to be paid due to the time passed. Morally, it should be paid but just can't afford to right now. Can I take my chances and ask bank to process application without payment? It was so long ago and there has been no debt since.


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    #6550
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    limnam wrote: »
    Nope, just provide statments for all accounts at applicaton.

    The "clearer" your statements are the quicker and easier things tend to move so I'd say yes it would be better

    Should be fine.
    GingerLily wrote: »
    Banks do not like rent paid to your parents in cash. Set up a standing order ASAP so you can prove in a year's time that you've been paying rent the whole time.
    Bargain_Hound wrote: »
    2) Going forward, setup a standing order so there is a paper trail in your accounts showing dedicated commitment to paying rent.

    In my circumstances, we paid our rent by cash for 2 years before we went for mortgage approval and we had no issues getting approval as we got our landlord to sign a rent book every month stating the amounts, might be too late to do this now but wouldn't be a bad idea going forward either. This was taken into consideration at the time of approval and definitely worked to our advantage.
    hanaimai wrote: »
    The gift will be no problem. Two of the banks I applied to said our own savings just had to be at least 5% of the house price, the others never mentioned it. We had quite a large gift and no problems so far (still need to drawdown).

    Cheers guys!

    Also another quick one - with anyone's experience has it benefited them being legally married when getting a mortgage? We're currently engaged but if it meant a Registry Office trip would make things easier in a year sign me up :D House first, then wedding is the plan :pac:


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    #6551
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Gavin shels wrote: »

    Cheers guys!

    Also another quick one - with anyone's experience has it benefited them being legally married when getting a mortgage? We're currently engaged but if it meant a Registry Office trip would make things easier in a year sign me up :D House first, then wedding is the plan :pac:

    We weren't even engaged when we applied and had no issues. My fiancé had bought an engagement ring though, which one of the banks questioned with me when going through our statements over the phone. It was a good thing I already knew about it 😂


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    #6552
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    GaGa21 wrote: »
    What is the best way going forward with an old debt when applying for mortgage? It was a student overdraft that was forgotten about to be honest as the focus was on the student loan being paid off.
    It is not on the credit rating and hasn't been an issue for preapproval with other banks, but has turned up with the bank that issued overdraft.
    They say to pay it off and a note will be put in with the application. But really can't afford to pay it atm with all the costs building up.
    As far as I was told, it was issued in 2006 and wrote off in 2010 but is still on banks system.
    Legally, I don't know if it still has to be paid due to the time passed. Morally, it should be paid but just can't afford to right now. Can I take my chances and ask bank to process application without payment? It was so long ago and there has been no debt since.

    EBS or AIB by any chance?


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    #6553
    limnam
    Registered Users Posts: 9,152 ✭✭✭limnam


    Gavin shels wrote: »

    Also another quick one - with anyone's experience has it benefited them being legally married when getting a mortgage? We're currently engaged but if it meant a Registry Office trip would make things easier in a year sign me up :D House first, then wedding is the plan :pac:


    Shouldn't have any impact apart from you may have slightly more non taxable income if you're married increasing your affordability


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    #6554
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Gavin shels wrote: »
    Cheers guys!

    Also another quick one - with anyone's experience has it benefited them being legally married when getting a mortgage? We're currently engaged but if it meant a Registry Office trip would make things easier in a year sign me up :D House first, then wedding is the plan :pac:

    It'll benefit if you're both first time buyers. some banks will insist on married couples doing a joint mortgage (AFAIK they can't legally enforce this though). if one of you are not a first time buyer this means you won't be eligible for the Help to Buy scheme.

    I'm currently in this situation where my partner has bought before, and we're holding off engagement/marriage as it works out better for us in terms of getting a mortgage if I apply as a single applicant.


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    #6555
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    limnam wrote: »
    Shouldn't have any impact apart from you may have slightly more non taxable income if you're married increasing your affordability

    Only works out at €530~ extra take home a year at present so not much point in that.
    Creamy Goodness wrote: »
    It'll benefit if you're both first time buyers. some banks will insist on married couples doing a joint mortgage (AFAIK they can't legally enforce this though). if one of you are not a first time buyer this means you won't be eligible for the Help to Buy scheme.

    I'm currently in this situation where my partner has bought before, and we're holding off engagement/marriage as it works out better for us in terms of getting a mortgage if I apply as a single applicant.

    Both of us are first time buyers.


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    #6556
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Creamy Goodness wrote: »
    It'll benefit if you're both first time buyers. some banks will insist on married couples doing a joint mortgage (AFAIK they can't legally enforce this though). if one of you are not a first time buyer this means you won't be eligible for the Help to Buy scheme.

    I'm currently in this situation where my partner has bought before, and we're holding off engagement/marriage as it works out better for us in terms of getting a mortgage if I apply as a single applicant.

    We applied initially as an unmarried couple and no one asked if we had plans to marry, we reapplied as a married couple and there wasn't really any difference apart from the wedding ruining our savings :p

    I don't think banks care if your living together etc.


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    #6557
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    GingerLily wrote: »
    We applied initially as an unmarried couple and no one asked if we had plans to marry, we reapplied as a married couple and there wasn't really any difference apart from the wedding ruining our savings :p

    I don't think banks care if your living together etc.
    when we did a joint application I couldn't get an exception, 3.5 our combined salary was about 10k short of 4.4 times my salary + HTB :D.


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    #6558
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Creamy Goodness wrote: »
    when we did a joint application I couldn't get an exception, 3.5 our combined salary was about 10k short of 4.4 times my salary + HTB :D.

    That's not what the poster was asking though?


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    #6559
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    GaGa21 wrote: »
    What is the best way going forward with an old debt when applying for mortgage? It was a student overdraft that was forgotten about to be honest as the focus was on the student loan being paid off.
    It is not on the credit rating and hasn't been an issue for preapproval with other banks, but has turned up with the bank that issued overdraft.
    They say to pay it off and a note will be put in with the application. But really can't afford to pay it atm with all the costs building up.
    As far as I was told, it was issued in 2006 and wrote off in 2010 but is still on banks system.
    Legally, I don't know if it still has to be paid due to the time passed. Morally, it should be paid but just can't afford to right now. Can I take my chances and ask bank to process application without payment? It was so long ago and there has been no debt since.

    the only bank that knows about it is the holding bank, apply to the other banks.
    are they asking for repayment now?


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    #6560
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    GingerLily wrote: »
    We applied initially as an unmarried couple and no one asked if we had plans to marry, we reapplied as a married couple and there wasn't really any difference apart from the wedding ruining our savings :p

    House then wedding - plan is staying that way so :pac:


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    #6561
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    being married or not wont make a different to mortgage application.


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    #6562
    thelastpogue
    Registered Users Posts: 15 ✭thelastpogue


    tigger123 wrote: »
    If I were to go Sale Agreed on a property in the next few weeks, when would I reasonably expect to be drawing down the mortgage?

    After contracts are signed, survey done etc?

    The reason I'm asking is that I'm due a bump in my salary in the next few months that will definitly impact how much I can borrow.
    I was in the same situation. Have my mortgage through Haven and they wouldn't accept a letter confirming my new salary amount, even for approval in principle. I had to wait until I actually got a payslip showing my increased amount. After that they had to send me out a new AIP. I was sale agreed at that stage but had not requested my formal loan offer as contracts were still going between solicitors.


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    #6563
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    GingerLily wrote: »
    That's not what the poster was asking though?

    It’s not no but just giving him an example of how things can be affected based on being married.

    Only difference in his scenario now will be he’ll need double the documents (one set for him and one for his partner).


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    #6564
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Creamy Goodness wrote: »
    It’s not no but just giving him an example of how things can be affected based on being married.

    Only difference in his scenario now will be he’ll need double the documents (one set for him and one for his partner).

    If the intention is to get a joint mortgage, being married or not won't affect your application, you said it might originally.

    Sometimes people can borrow more in a single application compared to a joint mortgage, but if it married you just make a joint application.

    Everyone needs to submit paperwork yes, so two person application would require more paperwork not every piece is doubled however.


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    #6565
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    anyways I think he's got his answer and we're debating the minutiae


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    #6566
    Aurelian
    Registered Users Posts: 182 ✭✭Aurelian


    How do people on contracts and freelancing get a mortgage?

    I'm waiting to be made permanent before getting mine but even with very small repayments and a very low LTV it seems impossible without the permanent job.


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    #6567
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Aurelian wrote: »
    How do people on contracts and freelancing get a mortgage?

    I'm waiting to be made permanent before getting mine but even with very small repayments and a very low LTV it seems impossible without the permanent job.

    I've heard people get better luck with brokers rather then dealing directly with the banks


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    #6568
    CIP4
    Registered Users Posts: 4,655 ✭✭✭CIP4


    I am hoping to make an appointment to go to a bank or two in order to see what kind of size mortgage I would get and get AIP before I go looking at houses.

    However just looking on AIB website tonight it gave me the option to apply online so I did filled out all details and it gave me AIP for X amount. How accurate is this system as in could going to a branch tell a different story as to what I would get ? Currently got to the stage online where I would need to start uploading proof of savings, salary etc. when applying for a mortgage in a branch and to get an AIP letter from the bank do they require all them documents or is that only at a later stage ? Also would an auctioneer / seller consider AIP letter to be good enough or what is the next level to this ?


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    #6569
    TheShow
    Registered Users Posts: 1,157 ✭✭✭TheShow


    CIP4 wrote: »
    I am hoping to make an appointment to go to a bank or two in order to see what kind of size mortgage I would get and get AIP before I go looking at houses.

    However just looking on AIB website tonight it gave me the option to apply online so I did filled out all details and it gave me AIP for X amount. How accurate is this system as in could going to a branch tell a different story as to what I would get ? Currently got to the stage online where I would need to start uploading proof of savings, salary etc. when applying for a mortgage in a branch and to get an AIP letter from the bank do they require all them documents or is that only at a later stage ? Also would an auctioneer / seller consider AIP letter to be good enough or what is the next level to this ?

    Mildly accurate, its only a quick and dirty opinion based on whatever you input, but it does give you a good outline of whats achievable.
    I wouldn't depend on it until you get a formal approval from the underwriters.


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    #6570
    Rfrip
    Registered Users Posts: 5,827 ✭✭✭Rfrip


    Contracts signed and snagging on new build due to be completed in about six wks so I’m far from the finishing line

    Mortgage protection was so stressful for me. I’d advise anyone with referrals with doctors etc to get them completed and closed out as quick as you can. Had a stressful few weeks there but all over now. Give yourselves plenty of time for it


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    #6571
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    TheShow wrote:
    the only bank that knows about it is the holding bank, apply to the other banks. are they asking for repayment now?


    It was suggested I repay for a better application but I told them to leave it as is, with a note to explain circumstances and if they refuse based on that, will just go elsewhere.

    Have preapproval with other banks but they are rejecting the house based on location. Thought applying with local bank would work out better but then it brought this back to haunt me!


This discussion has been closed.
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