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

Musefan · 12-09-2019 10:37PM

whatever76 wrote: »

I am more or less at the same stage as you now - race you

Best of luck !!!

Same to you!

BrokenArrows · 13-09-2019 08:51AM

Musefan wrote: »

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

I think you may find issues if you tell your bank you changed jobs.

Usually they require you to have passed your probation period.

13-09-2019 09:30AM

Musefan wrote: »

Sale Agreed at 11 am yesterday.

Formal loan application submitted by mortgage advisor to underwriting, sales advice notice issued by estate agent and contracts were requested by our solicitor by 1pm yesterday. Bank valuation will be next week & surveyor is on standby once we get maps of the site.

Mortgage protection is lined up (we scoped our available products) and I’ve some home insurance quotes ready to go.

It’s all moving very quickly. I am concerned that we won’t get full loan approval (changing jobs- but within the same field/same role) but it might be more my own worries, as the mortgage advisor has advised us to crack on. I know they’re just salespeople but hopefully it’s an indication that the bank is willing to lend! We are borrowing 2.5x our income with a repayment capacity of about 1000 per month more than the mortgage payment at the min so hopefully that looks good in the banks eyes.

I wouldn't tell the bank you're changing jobs.

Musefan · 13-09-2019 10:08AM

Ayan Prickly Road wrote: »

I wouldn't tell the bank you're changing jobs.

Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.

Mickiemcfist · 13-09-2019 10:16AM

Musefan wrote: »

Hey, thanks. My understanding is there’s an obligation to be honest about any material facts that would influence your application. I’ve been open about my situation from the get go with the bank, there hasn’t been an issue thus far thankfully! I’ll see what they come back with. I didn’t want a scenario involving weeks of worry that I would be found out. If it doesn’t work out, it doesn’t work out but at least we will know what way to go about it next time.

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

Musefan · 13-09-2019 10:19AM

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

The mortgage advisor advised we proceed with the application after I outlined my full work history to her, and upcoming change of jobs.

Mickiemcfist · 13-09-2019 10:20AM

Musefan wrote: »

The mortgage advisor advised we proceed with the application after I outlined my full work history to her, and upcoming change of jobs.

Unless you've underwritten approval that means absolutely nothing so I wouldn't count on it tbh.

The only way I can think it might work is that your partner could get the mortgage on her own (i.e. their salary x 3.5 is above what you're looking for anyway) Then the bank would treat your income as basically a nice to have, but not an essential part of the application.

Musefan · 13-09-2019 10:29AM

Mickiemcfist wrote: »

Unless you've underwritten approval that means absolutely nothing so I wouldn't count on it tbh.

The only way I can think it might work is that your partner could get the mortgage on her own (i.e. their salary x 3.5 is above what you're looking for anyway) Then the bank would treat your income as basically a nice to have, but not an essential part of the application.

I’m aware it’s up to the underwriters. The bank we are going with have advised accept probation if it’s a move to a similar role and a consistent 3 year work history in the same field is indicated.

Mickiemcfist · 13-09-2019 10:31AM

Musefan wrote: »

I’m aware it’s up to the underwriters. The bank we are going with have advised accept probation if it’s a move to a similar role and a consistent 3 year work history in the same field is indicated.

Fair enough, hopefully it works out!

Musefan · 13-09-2019 10:37AM

Mickiemcfist wrote: »

Fair enough, hopefully it works out!

Me too! Thanks! I’m hoping that it isn’t going to be the a nightmare. Well aware that it will have wasted time if it falls through and felt guilty for a bit because I envisaged an issue. But then I realized I’m in the same position as anyone else really- anyone could get AIP like us and then be refused! I’m not sure if it’s a mitigating factor, but jobs in the career I’m in are fairly watertight (phd level health service worker) and my partners salary would comfortably pay our mortgage payments. He has been with the same company for four years, and I’ve been in the same field for 6 years. It will be interesting to see how it turns out. Should know next week.

Phileas Frog · 13-09-2019 10:38AM

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

Approved with a condition of passing probation is normal enough.

TheShow · 13-09-2019 11:08AM

Mickiemcfist wrote: »

Yea I don't know of anyone who has been approved while on probation so you may want to call them asap before you get further down the track with the estate agent. Additionally there's presumably other people who would like to buy the house you've bid on & you're wasting their time & the vendors.

I was approved and drew down mortgage while on probation.
Just changed jobs, same role in a different company. Wasn't an issue, wasn't even questioned.
I think most banks are practical about it.
Its only really an issue if you are just starting out in your career or you completely change career.

And who cares about that, you've made a valid offer and its been accepted. You are getting your ducks in a row. If anyone is put out by that tough sh1t to them.

Musefan · 13-09-2019 04:39PM

Just got formal loan approval there! No issues about the probation or needing new pay slips unless we don’t close by the year end. It’s fair enough as that will be about 6 months since our AIP

elizunia87 · 13-09-2019 08:57PM

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

deisedude · 13-09-2019 10:15PM

elizunia87 wrote: »

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

Why would you make an offer on another house when you have gone sale agreed on the first house?

That makes no sense

Gonad · 13-09-2019 10:18PM

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Corruptedmorals · 13-09-2019 10:50PM

elizunia87 wrote: »

Hey
We went sale agreed, paid deposit, survey done, lawyer involved but it is been around 2.5 weeks and our Lawyer didn't get contracts yet. Should we worry?
Another question : is it sense to make offer and go Sale agreed with another house we like or rather we should wait?
We are newbies, help please!
It is a second hand house.

We waited 7 weeks for contracts. Annual leave was a problem there but getting deeds from the bank can take a while for the sellers.

You have paid for a survey and are proceeding with one sale. Why would you interfere with another? You could drive up the price for no reason at all. Not fair on the sellers, other buyers or the estate agents. By all means keep looking in case the first one were to fall through but to bid is unfair.

G_R · 13-09-2019 11:16PM

Gonad wrote: »

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Most need two years worth, not three.

Phileas Frog · 13-09-2019 11:23PM

G_R wrote: »

Most need two years worth, not three.

I needed none, EBS

stdidit · 14-09-2019 01:20PM

I'm at the stage where I'm waiting for the house to be finished before I can drawdown my mortgage.

The mortgage rate that I agreed to has dropped by .1% Do I have any right to get the new rate seeing as I haven't drawn down yet?

Dolbhad · 14-09-2019 02:41PM

stdidit wrote: »

I'm at the stage where I'm waiting for the house to be finished before I can drawdown my mortgage.

The mortgage rate that I agreed to has dropped by .1% Do I have any right to get the new rate seeing as I haven't drawn down yet?

Your rate isn’t fixed until the funds are drawdown. So if the type of rate you have picked goes up or down, it should automatically changed accordingly. Usually a new loan offer will automatically issue so with new builds, you can have a few loan offer. Double check with your mortgage advisor but I’d expect them to say a new loan offer will issue. Unless your BOI, you will have to and a trip to see your solicitor to sign it

stdidit · 14-09-2019 02:47PM

Dolbhad wrote: »

Your rate isn’t fixed until the funds are drawdown. So if the type of rate you have picked goes up or down, it should automatically changed accordingly. Usually a new loan offer will automatically issue so with new builds, you can have a few loan offer. Double check with your mortgage advisor but I’d expect them to say a new loan offer will issue. Unless your BOI, you will have to and a trip to see your solicitor to sign it

Great news, thanks for confirming. Even .1% makes a difference! We went through a broker so will follow up with him next week.

TheShow · 16-09-2019 09:24AM

Gonad wrote: »

Does anyone know what bank or lenders might offer a mortgage to self employed person without needing 3 years of accounts ?

Bank of Scotland used to, didnt work out too well for them.

You should be able to use your tax returns for the last 3 years if you don't produce accounts. Check with your bank, they will most likely accept it to verify your income.

Musefan · 16-09-2019 03:53PM

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

TheShow · 16-09-2019 03:58PM

Musefan wrote: »

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

You will get a copy via your solicitor when you go to sign docs if i remember correctly. Or you can ask the valuer, if you know who it is.

ChewBerecca · 16-09-2019 04:14PM

Musefan wrote: »

Hi,

The banks valuation is being done today (ulster bank). Will I get a copy of this or does then bank keep it for themselves?

We got a copy in the post from our bank (AIB).

whatever76 · 17-09-2019 11:42AM

Stupid question but ill blame the stress of morgage process - BOI Life Choice Home ... does this cover the mandatory Insurances you need to set up before draw down ? I understand I need this and just Home insurance ... right ?

charlietheminxx · 17-09-2019 11:45AM

whatever76 wrote: »

Stupid question but ill blame the stress of morgage process - BOI Life Choice Home ... does this cover the mandatory Insurances you need to set up before draw down ? I understand I need this and just Home insurance ... right ?

I'm not 100% familiar with BOI products but that looks like a Life Assurance policy? You need mortgage protection insurance, which is different. Lots of people take out both, but the mortgage protection is the one you need to have.

Kamili · 17-09-2019 01:02PM

has anyone had any experience with beagelbid.ie?
Estate Agent on a house I have viewed is using this to track bids and has a minimum bid figure listed which is interesting.

they also want a copy of your AIP letter to register you on this site, which is fine.

any input welcome!
thanks

Stark · 17-09-2019 01:05PM

Looks interesting. Looks like you have to specify a selling agent to sign up though?

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

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