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

skippy123! · 15-08-2019 09:13PM

Hey guys... Do you know by any chance how long does bank of ireland take to get approved? At least in principle?

wheresthebeef · 15-08-2019 09:43PM

skippy123! wrote: »

Hey guys... Do you know by any chance how long does bank of ireland take to get approved? At least in principle?

10 days for underwritten AIP and then another 5 for full loan pack

Mickiemcfist · 16-08-2019 07:40AM

wheresthebeef wrote: »

10 days for underwritten AIP and then another 5 for full loan pack

Yea that's about what it took me. Maybe a day or two less.

G_R · 16-08-2019 08:57AM

ELM327 wrote: »

Quoted for posterity.

I can't see that happening. I'm a credit risk analyst by trade with a penchant for macro economics.

Will return here in 12 months and see what has transpired. I don't think there will be any mainstream Irish bank offering below 2.5% fixed

KBC's 2yr fixed just recently dropped to 2.25% FYI (LTV less than 60pc, 2.3% above that)

https://www.kbc.ie/our-products/mortgages/our-mortgage-rates

ELM327 · 16-08-2019 09:59AM

G_R wrote: »

KBC's 2yr fixed just recently dropped to 2.25% FYI (LTV less than 60pc, 2.3% above that)

https://www.kbc.ie/our-products/mortgages/our-mortgage-rates

No one looking to buy a house in the standard/real world comes with 40% deposit so you can rule out the 2.25 anyway

I checked the website and the variable rate is 3.2%, and fixed rates are well above 2.25% too. Not sure where you are at with the 2.25???

2 year fixed at 2.5 seems the best option (and a bit lower than I would have expected) but 2 years is a short term. I mentioned a 10 year term in posts prior to the one you quoted.

Fixed Rates Interest Rates APRC 1 Year <=60% LTV 2.70% 3.21% 1 Year >60-80% LTV 2.70% 3.25% 1 Year >80-90% LTV 2.70% 3.48% 2 Year <=60% LTV 2.45% 3.10% 2 Year >60-80% LTV 2.50% 3.16% 2 Year >80-90% LTV 2.50% 3.36% 3 Year <=60% LTV 2.75% 3.12% 3 Year >60-80% LTV 2.80% 3.18% 3 Year >80-90% LTV 2.85% 3.37% 5 Year <=60% LTV 2.80% 3.07% 5 Year >60-80% LTV 2.85% 3.12% 5 Year >80-90% LTV 3.00% 3.33% 10 Year <=60% LTV 3.05% 3.14% 10 Year >60-80% LTV 3.19% 3.27% 10 Year >80-90% LTV 3.40% 3.49%

derekbro · 16-08-2019 11:09AM

ELM327 wrote: »

I checked the website and the variable rate is 3.2%, and fixed rates are well above 2.25% too. Not sure where you are at with the 2.25???

2 year fixed at 2.5 seems the best option (and a bit lower than I would have expected) but 2 years is a short term. I mentioned a 10 year term in posts prior to the one you quoted.

If you have a current account with KBC the rates are .2% lower

ELM327 · 16-08-2019 11:30AM

So where can you fix for 10 years below or on 2.5%?

ELM327 · 16-08-2019 01:27PM

Just got the call from PTSB, mortgage approved for 275k.
Now to get to viewings and clearing out the apartment to prep for sale.

WOOHOO

Teach30 · 16-08-2019 02:20PM

Hope this doesn’t sound like a silly question but who is the best person to go to to get advice on mortgages and savings? I know the bank will tell us how much we can get but we need some advice on working out the cost of living, how much is best to save for college funds etc. We are a bit clueless and I have no family to ask either.

Thanks.

Sunrise_Sunset · 16-08-2019 02:21PM

ELM327 wrote: »

Just got the call from PTSB, mortgage approved for 275k.
Now to get to viewings and clearing out the apartment to prep for sale.

WOOHOO

That's great. It's a very exciting time.

r93kaey5p2izun · 16-08-2019 02:37PM

I had an offer accepted yesterday. I'm happy but terrified. It's a probate sale, so I suppose it will probably be a long drawn out affair. Trying to organise a solicitor now but everyone is on holidays.

TheShow · 16-08-2019 02:44PM

Teach30 wrote: »

Hope this doesn’t sound like a silly question but who is the best person to go to to get advice on mortgages and savings? I know the bank will tell us how much we can get but we need some advice on working out the cost of living, how much is best to save for college funds etc. We are a bit clueless and I have no family to ask either.

Thanks.

a financial advisor is your best option.

GingerLily · 16-08-2019 03:39PM

ELM327 wrote: »

No, they'd be fools to make it provable.

If they have data suggesting that married couples are less likely to default then you can be sure they will discriminate against non married couples. It just won't be documented in anything as explicitly like that.

I know in previous jobs where I worked as a risk analyst we had to produce risk coefficients , and present a score per customer. If it works like that for the underwriters then it woudl be very easy to bury the married vs unmarried risk increase within that score.

The CBI sees all the banks internal models, if its there it will have been cleared by the CBI

Teach30 · 16-08-2019 05:19PM

TheShow wrote: »

a financial advisor is your best option.

Ok thanks, is there a particular type or are they all the same, my partner is self employed if that matters? Will look for one locally anyways.

Ciarajl · 16-08-2019 08:02PM

Applied for a mortgage with PTSB. Seems there is a loan written off appearing on my credit report they are querying. I have no knowledge of a written off loan against me and they wont give details to my broker..

Only loan ive had in the last 7 years has been one with BOI that was paid 2 years ago and my current credit card that had less than 800 outstanding.

Waiting on a copy of my credit report to see what it relates to.. has anyone experienced the same? How likely is the mortgage application to be approved with that on my record? Im sweating here.. 2 years of saving and hoping. has it all been for nothing?

GingerLily · 16-08-2019 08:12PM

Ciarajl wrote: »

Applied for a mortgage with PTSB. Seems there is a loan written off appearing on my credit report they are querying. I have no knowledge of a written off loan against me and they wont give details to my broker..

Only loan ive had in the last 7 years has been one with BOI that was paid 2 years ago and my current credit card that had less than 800 outstanding.

Did you have arrears on the loan you cleared 2 years ago?

Ciarajl · 16-08-2019 08:36PM

GingerLily wrote: »

Did you have arrears on the loan you cleared 2 years ago?

Nope none. It was paid off in 18 months as per the terms

Hollybeg · 17-08-2019 08:47AM

Teach30 wrote: »

Hope this doesn’t sound like a silly question but who is the best person to go to to get advice on mortgages and savings? I know the bank will tell us how much we can get but we need some advice on working out the cost of living, how much is best to save for college funds etc. We are a bit clueless and I have no family to ask either.

Thanks.

I'm not being funny, but you know yourself how you manage your finances. Start with a simple spreadsheet, income and expenditure (as in essential items to run your household, any loans you may have etc) and literally go through it line by line. Might be no harm to have 6 -12 months bank statements available to assist (or export to an excel sheet if you can) The CSO will give you information on the cost of living (percentage inflation) https://www.cso.ie/en/statistics/prices/consumerpriceindex/

What ever is left is your surplus which can be used as savings. I would always add extra to your expenditure amount to cover unexpected expenses (up to yourself, 5 to 10% I would suggest). Once you have your cash surplus worked out, setup a savings account with a Direct Debit to take funds whenever you get paid (assuming you're PAYE). Also make sure to setup an account specifically for your monthly recurring bills, that was you know exactly what money is going where and there isn't a temptation to spend money you don't have. Don't waste money on a financial advisor unless you want to save tax, even at that you're probably going to have some knowledge yourself about tax bands and may need some more specialised advise. I appreciate that it's not feasible for everyone to have an accountant to assist, but if you do, use their expertise.

drunkmonkey · 17-08-2019 08:58AM

Teach30 wrote: »

Ok thanks, is there a particular type or are they all the same, my partner is self employed if that matters? Will look for one locally anyways.

It's going to a bit longer as he's self employed, they'll want accounts and 6mts worth of his statements, bit of a pain getting it all together.
Some mortgage lenders aren't paying commission to financial advisors but hopefully there up front and point you to the best deal, they might he happy if you give them the mortgage insurance or something.
The EBS deal is good at the moment but if you apply to AIB first EBS can't deal with you so be careful what your applying for.
I found EBS very good, they'll drop out to you and help get everything together. A lot more hands on than the banks.

Teach30 · 17-08-2019 09:22AM

Hollybeg wrote: »

I'm not being funny, but you know yourself how you manage your finances. Start with a simple spreadsheet, income and expenditure (as in essential items to run your household, any loans you may have etc) and literally go through it line by line. Might be no harm to have 6 -12 months bank statements available to assist (or export to an excel sheet if you can) The CSO will give you information on the cost of living (percentage inflation) https://www.cso.ie/en/statistics/prices/consumerpriceindex/

What ever is left is your surplus which can be used as savings. I would always add extra to your expenditure amount to cover unexpected expenses (up to yourself, 5 to 10% I would suggest). Once you have your cash surplus worked out, setup a savings account with a Direct Debit to take funds whenever you get paid (assuming you're PAYE). Also make sure to setup an account specifically for your monthly recurring bills, that was you know exactly what money is going where and there isn't a temptation to spend money you don't have. Don't waste money on a financial advisor unless you want to save tax, even at that you're probably going to have some knowledge yourself about tax bands and may need some more specialised advise. I appreciate that it's not feasible for everyone to have an accountant to assist, but if you do, use their expertise.

Perfect thanks for the help. At the moment we don’t run a household hence why we though it would be beneficial to find someone who could advise us on what we should be saving for and how much. Say pension funds, water charges, college, rainy day etc. The spreadsheet would be helpful but I wouldn’t be too confident in knowing what other hidden costs are required to run a house as I don’t run one currently!

Tax - I wouldn’t even have thought of that so I suppose I’m trying to find someone who would explain things to me as well as help sort them out. Thanks for the helpful advice though.

skippy123! · 17-08-2019 08:32PM

wheresthebeef wrote: »

10 days for underwritten AIP and then another 5 for full loan pack

Thank you for the reply. It has past 5 days now so I hope next week we will get full approval. On Tuesday will already be 7 days passed of 21 before deadline for the contracts. Is there a possibility to drag that out a bit? I don't think it is possible to wrap up everything in 21 day.

Mrnew · 19-08-2019 08:25AM

Supposed to be closing this Friday the last two weeks have dragged in, this thread has been so helpful.

Uglysoik1 · 19-08-2019 11:12AM

Mrnew wrote: »

Supposed to be closing this Friday the last two weeks have dragged in, this thread has been so helpful.

Congrats! what's your timeline here?

Orla h · 19-08-2019 11:23AM

Hi, we have AIP with EBS.
We were in with them on the 24th of July to sort our life assurance (all fine)
they received our valuation (self build) on the 9th of August (also all fine figures were what we needed them to be)
they submitted for full loan offer on the 12th....
can anyone confirm how long this process took for them with EBS to receive the loan offer or confirmation of it?.......i know its a crap time of year but rough idea please :-)
Thanks

Mrnew · 19-08-2019 12:15PM

Uglysoik1 wrote: »

Congrats! what's your timeline here?

Viewed house 18th of July, Discussed what would take the house off the market, paid above asking price to take house off the market
Sale agreed the 20th of July
Contracts given to my solicitor the 3rd of August
Closing date 23rd

Sellers and myself wanted a quick sale so everything went smoothly no issues any time I needed to get a surveyor ect in to view.

Blanco100 · 19-08-2019 01:28PM

Finding it very hard to get things in order in terms of mortgage.

Obviously 1st received approval in principle, we went sale agreed and then got loan offer (pack is with our solicitor).

Engineers report showed few issues which need to be ironed out, so its not a guarantee to purchase in my eyes yet, we need confirmation on one key issue (which may involve us spending a chunk on new chimney down the line).

however bank are chasing us to sort out mortgage protection and home insurance and valuation, but I wont do this until we get ok from engineers in terms of outstanding issues. Dont want to take out the mandatory insurance until we are 100% certain we will proceed.

Is this correct course of action or should we have the insurance in place anyway first?

TheShow · 19-08-2019 01:31PM

Orla h wrote: »

Hi, we have AIP with EBS.
We were in with them on the 24th of July to sort our life assurance (all fine)
they received our valuation (self build) on the 9th of August (also all fine figures were what we needed them to be)
they submitted for full loan offer on the 12th....
can anyone confirm how long this process took for them with EBS to receive the loan offer or confirmation of it?.......i know its a crap time of year but rough idea please :-)
Thanks

took about two weeks to get loan offer from them (last year). Payout was slow also as there was a guy that kept asking for stuff that was already supplied or not needed.

drunkmonkey · 19-08-2019 01:37PM

If the chimney is not fit for purpose get an estimate and ask for a discount on the purchase price to offset the repair. If it doesn't need immediate repair it's something you may end up claiming on your house insurance down the road depending on the cost to fix. What has the engineer said is wrong with it?
Get all your other things in place.

tigger123 · 19-08-2019 01:49PM

Blanco100 wrote: »

Finding it very hard to get things in order in terms of mortgage.

Obviously 1st received approval in principle, we went sale agreed and then got loan offer (pack is with our solicitor).

Engineers report showed few issues which need to be ironed out, so its not a guarantee to purchase in my eyes yet, we need confirmation on one key issue (which may involve us spending a chunk on new chimney down the line).

however bank are chasing us to sort out mortgage protection and home insurance and valuation, but I wont do this until we get ok from engineers in terms of outstanding issues. Dont want to take out the mandatory insurance until we are 100% certain we will proceed.

Is this correct course of action or should we have the insurance in place anyway first?

The house insurance and life insurance wont cost you anything until the funds are drawndown and you actually own the house. So go ahead with them, it will save you time later.

Plus, even if you don't go ahead with this house you're still going to need the life assurance in place for another house. You can pause it until you're ready to buy, whatever the property.

bigslick · 19-08-2019 05:53PM

After much lurking on this thread we have just gone sale agreed

:D Still a long road ahead of us but good to get first step.

Am planning to get a building survey done as house is second-hand and in need on renovation and modernisation, but the estate agent has asked for a booking deposit of a fair amount. Have heard of this for new builds, but is this normal for second hand properties? Am planning to get back to them and say will transfer deposit after survey is completed and report is received, as if there are some major issues we wouldnt move ahead. Is this fair to do?

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

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