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

GaGa21 · 13-02-2019 12:53AM

We went sale agreed in May! But our 1st bank pulled out last minute due to the location of house so we had to apply to another bank. They initially refused too based on location but we had a wonderful girl working in the bank, fight for us and we were approved in November.
There has been a good few delays with paperwork on bank side looking for changes to mortgage protection and house insurance but it finally went through.
Has been a long road and I have been on this thread at least 2 years. It is great for advice and one piece that I will give is to keep trying!

duckmusic · 13-02-2019 10:31AM

Michellenman wrote: »

We used <SNIP> and they were excellent.

Can you PM me this recommendation? Your mailbox is full so I cant PM you

Charlie · 14-02-2019 12:55AM

Question that some here might be able to help on.

We are sale agreed on a house at the moment. Our solicitor is waiting on contracts, but we have received our full loan offer from the Bank (i.e. our application has been fully underwritten). Obviously in the lead up to applying with the bank, and as our application was being underwritten, we watched our accounts like a hawk, making sure there was no big movements out of them. We will continue to be saving at the rate that we have done over the last 12 months until we drawdown the mortgage, however, what I am looking to get a steer on is whether we are ok to start using some of our savings now to put down deposits on furniture, white goods etc?

To be clear, the savings I am referring to is not the money we have set aside for the 10% deposit (and stamp duty/legal fees). That will remain untouched (we have applied/been approved on the basis of 90% LTV). The savings we want to dip in to is money we have saved over and above what we are relying upon for the purchase price of the house.

Our mortgage advisor gave us a bit of a wooly answer 'best not to do anything like that yet', but as I understand, we are not touching any money that the bank has underwritten our loan against and even at that, if we drawdown within 6 months (which I fully expect us to) the bank don't even request a further look at our accounts.

Can anyone who's been through the process give us a steer?

Samuel T. Cogley · 14-02-2019 01:09AM

Sale Agreed falls through all the time. Notwithstanding anything else you've been given good advice on that alone.

Charlie · 14-02-2019 08:55AM

Samuel T. Cogley wrote: »

Sale Agreed falls through all the time. Notwithstanding anything else you've been given good advice on that alone.

Well aware of that. The items were looking to spend on are ones that we’ll need regardless of the house we end up with and will be refundable deposits.

bri007 · 14-02-2019 09:02AM

Refundable deposit is ok, just let them aware of the large some and what it was payed out for, usually has the EA name on it anyway shown on your account.

Charlie wrote: »

Well aware of that. The items were looking to spend on are ones that we’ll need regardless of the house we end up with and will be refundable deposits.

Phileas Frog · 14-02-2019 01:12PM

At what stage can (should) I put a booking deposit on a new build - off plans? Is it at mortgage AIP or full approval? The house itself isn't going to be ready until early-mid 2020

Creamy Goodness · 14-02-2019 01:15PM

booking deposit is usually put down as soon as the Estate Agent wants it, and then contracts are signed 28 days later. you'll need at least a provisional AIP from a bank before an Estate Agent will accept a booking deposit.

Doop · 14-02-2019 03:03PM

We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is

we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

Anyone know how it works?

IJS84 · 14-02-2019 03:10PM

We got funds transferred and closed on the 16th of the month, our 1st payment is being collected this month on the 16th also, this is also with the PTSB.
If you are eligible for the cashback offer, we had this transferred to the current account in 10 days, 1st payment showing on your mortgage account will not include the insurance and life cover amounts and these amounts will be confirmed in writing to ye in the few days after closing. Just add these amounts to the mortgage payment. I hope this helps

Goose76 · 14-02-2019 03:26PM

Doop wrote: »

We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

Anyone know how it works?

PTSB confirmed to us that first payment date is automatically one month after drawdown date. This can easily be changed thereafter

Frank Castle · 14-02-2019 04:04PM

Doop wrote: »

We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

Anyone know how it works?

1 month after the draw down date, i.e. same date the following month.

You will also have it on your banking app with PTSB that will show you when it comes out and for how much.

Frank Castle · 14-02-2019 04:07PM

Phileas Frog wrote: »

At what stage can (should) I put a booking deposit on a new build - off plans? Is it at mortgage AIP or full approval? The house itself isn't going to be ready until early-mid 2020

You can pay your deposit any time really, depending on demand. High demand means you got to get in there quickly. (Some EA will want proof of AIP too).

The booking deposit is fully refundable so its fine to pay it off plans and change your mind later. Don't sign any contracts without your solicitor, they will keep you right. Especially with some contractors now refusing to allow loan approval conditions. (I signed my contracts 3 or 4 months after paying the booking deposit)

Wexy86 · 14-02-2019 05:54PM

Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

Samuel T. Cogley · 14-02-2019 06:09PM

Wexy86 wrote: »

Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

They better be phenomenal for that money. Are you a out of the ordinary case? Self employed etc?

Tipsy McSwagger · 14-02-2019 06:16PM

Wexy86 wrote: »

Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

Brokers are usually paid by the bank.

Wexy86 · 14-02-2019 08:49PM

Samuel T. Cogley wrote: »

Wexy86 wrote: »

Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

They better be phenomenal for that money. Are you a out of the ordinary case? Self employed etc?

The fee was advised before I even got into specifics, now my OH is in contract work with difficult employer but not overly unusual

I had thought feed were gone with brokers, I hadn’t read the fine print of using said broker until today and I seen his fee. I queried and he advised it standard across the board these days.

If anyone has any broker recommendations I’ll happily take them by pm!

Samuel T. Cogley · 14-02-2019 09:18PM

Go directly to the banks. We found KBC good with the wife on contract work.

august12 · 14-02-2019 09:29PM

Bananaleaf wrote:

how do you add the extra payments?

Click the prepay tab on the input screen, there are a number of choices where you can overpay per months, do an annual payment, once off payment etc., Enter the month you are doing the lump sum payment,

Ghetofarmulous · 14-02-2019 09:42PM

Hi all,

I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

These should be the most recent interest rates on the market as of this week.

The first table is interest rates per fixed term
The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

Monife · 14-02-2019 10:47PM

Ghetofarmulous wrote: »

Hi all,

I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

These should be the most recent interest rates on the market as of this week.

The first table is interest rates per fixed term
The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

This is extremely helpful. Have you got the Excel file?

GaGa21 · 15-02-2019 12:22AM

Charlie wrote:

We are sale agreed on a house at the moment. Our solicitor is waiting on contracts, but we have received our full loan offer from the Bank (i.e. our application has been fully underwritten). Obviously in the lead up to applying with the bank, and as our application was being underwritten, we watched our accounts like a hawk, making sure there was no big movements out of them. We will continue to be saving at the rate that we have done over the last 12 months until we drawdown the mortgage, however, what I am looking to get a steer on is whether we are ok to start using some of our savings now to put down deposits on furniture, white goods etc?

We stopped saving and started spending on house items and bank had no issues once you can provide up to date payslips and bank statements. They will see where your money is going and if you can afford it.

Charlie · 15-02-2019 08:57AM

GaGa21 wrote: »

We stopped saving and started spending on house items and bank had no issues once you can provide up to date payslips and bank statements. They will see where your money is going and if you can afford it.

Do the bank automatically look for new payslips/statements at drawdown or is that time dependent? Our loan offer issued just this week and the provisional closing date is March 30th, so it would seem a little unnecessary to submit this paperwork again.

Frank Castle · 15-02-2019 09:47AM

Charlie wrote: »

Do the bank automatically look for new payslips/statements at drawdown or is that time dependent? Our loan offer issued just this week and the provisional closing date is March 30th, so it would seem a little unnecessary to submit this paperwork again.

It is very unlikely that they will ask for any paper work again. Usually they would only ask if your loan offer has expired. Just bear in mind that there is a possibility for this to happen (and even then it is at the banks discretion whether to ask for more paperwork again).

D3V!L · 15-02-2019 10:22AM

After a year of scrimping and saving we went sale agreed yesterday on a very nice house in North Dublin. It looks like its moving fast as well so we'll be in soon.

Goose76 · 15-02-2019 12:46PM

Was supposed to close earlier this week - probably will be next week now. Losing my mind, the wait is terrible!!

Sellers should be returning contracts soon but can’t help but worry. EA and solicitor silent this week.

averagejoe123 · 15-02-2019 01:37PM

Ghetofarmulous wrote: »

Hi all,

I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

These should be the most recent interest rates on the market as of this week.

The first table is interest rates per fixed term
The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

Fair play on doing up the table. What term are you looking at for these calculations?

Prospector1989 · 15-02-2019 02:31PM

Got word today that we've been approved for an exemption with PTSB on the condition I can provide a payslip following a recent promotion. This exemption will give us what we need to buy out the rest of the family for the house we're currently living in.

They're looking to send a surveyor out next week.

We've been dealing with our broker for 6 months and it felt like a never ending process. Was pushing for a promotion, got it last week with a bit of a bump in salary.

I know we still have a bit of a way to go and anything can happen but hopefully there is light at the end of the tunnel.

whatever76 · 15-02-2019 06:53PM

just fyi - going through mortgage approval with banks at minute and BOI are now doing 2.9% for 1/2 year fixed rate for FTB ..

hanaimai · 15-02-2019 08:17PM

whatever76 wrote: »

just fyi - going through mortgage approval with banks at minute and BOI are now doing 2.9% for 1/2 year fixed rate for FTB .. 3/5/10 remains 3% ( includes the Cash back promo as well )

The 5 year rate is actually gone up to 3.2% and the 10 year is now 3.7% https://personalbanking.bankofireland.com/borrow/mortgages/rate-table/

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

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