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

guppy · 25-10-2019 08:34AM

Blanco100 wrote: »

how long after closing is your first mortgage payment?

It's one month after draw down, however, we drew down 17 June, but wanted mortgage payments to come out 1st of every month. We contacted our advisor after 1st July (her request) and she changed the repayment date to 1st August, so that was our first repayment date.

We thought we'd have to pay 6 weeks for the first repayment, but it was divided across the mortgage term, so the increase per month was cents.

That was PTSB

heebusjeebus · 25-10-2019 09:59AM

guppy wrote: »

It's one month after draw down, however, we drew down 17 June, but wanted mortgage payments to come out 1st of every month. We contacted our advisor after 1st July (her request) and she changed the repayment date to 1st August, so that was our first repayment date.

We thought we'd have to pay 6 weeks for the first repayment, but it was divided across the mortgage term, so the increase per month was cents.

That was PTSB

I changed to PTSB this year and I had to wait until after the first repayment until we could change the date of payment.

SteelyDanJalapeno · 25-10-2019 02:10PM

Got approval from PTSB this week, a very straightforward process, but very relieved now.

Surprised at how quick was, met with their advisor Tuesday submitted sal certs and wage slips for both of us, showed them 6 months accounts of everything else and that was it.

Onwards and upwards now

Shadow2019 · 25-10-2019 02:27PM

Hi All,

From experience with applying for a mortgage does anyone know the length of time banks go back on your credit record? the central credit Register have told me banks can only see 2 years performance data, ICB said standard 5 years.

I am debt free , healthy finances / savings and looking to borrow well within our means but I did go through a turbulent period financially due to a redundancy and have marks on my credit rating from 3 years ago. No current debt and all closed but am I naive to think I stand a chance if we apply?

Mark 1 - (2 missed payments but loan cleared in full 3 years early) - Paid in full 2016
Mark 2 - (revoked credit card balance of 60 euro that I had no idea was outstanding and presumed this paid , co,plaint with ombudsman) - Closed in 2017
Mark 3 - 1 missed payment showing on CCR and paid in full March 2019

Thanks for advice!

Woshy · 25-10-2019 02:31PM

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

SteelyDanJalapeno · 25-10-2019 02:41PM

Shadow2019 wrote: »

Hi All,

From experience with applying for a mortgage does anyone know the length of time banks go back on your credit record? the central credit Register have told me banks can only see 2 years performance data, ICB said standard 5 years.

I am debt free , healthy finances / savings and looking to borrow well within our means but I did go through a turbulent period financially due to a redundancy and have marks on my credit rating from 3 years ago. No current debt and all closed but am I naive to think I stand a chance if we apply?

Mark 1 - (2 missed payments but loan cleared in full 3 years early) - Paid in full 2016
Mark 2 - (revoked credit card balance of 60 euro that I had no idea was outstanding and presumed this paid , co,plaint with ombudsman) - Closed in 2017
Mark 3 - 1 missed payment showing on CCR and paid in full March 2019

Thanks for advice!

I think the best advice you'll get is to talk to a broker, he will know your best chance of getting a mortgage with which bank.

From my experience banks will use the icb to check current credit which will be 2 years, but they will probably do a credit check to which as you mentioned is valid for 5 years. A bad mark here doesn't necessarily mean it's a no, but it will be a factor they use to determine the risk in taking you on.

But the broker will advise all this, it's better to not apply to a bank if you can tell 1st if it will be a straight refusal as it could damage your chances of getting a mortgage with them down the line if they know they rejected you before.

If all else fails, finance Ireland do consider higher risk applicants who have had previously poor credit, and their rates are not too bad I believe they have a 3 year fixed for about 3.2%

Shadow2019 · 25-10-2019 02:46PM

SteelyDanJalapeno wrote: »

I think the best advice you'll get is to talk to a broker, he will know your best chance of getting a mortgage with which bank.

From my experience banks will use the icb to check current credit which will be 2 years, but they will probably do a credit check to which as you mentioned is valid for 5 years. A bad mark here doesn't necessarily mean it's a no, but it will be a factor they use to determine the risk in taking you on.

But the broker will advise all this, it's better to not apply to a bank if you can tell 1st if it will be a straight refusal as it could damage your chances of getting a mortgage with them down the line if they know they rejected you before.

If all else fails, finance Ireland do consider higher risk applicants who have had previously poor credit, and their rates are not too bad I believe they have a 3 year fixed for about 3.2%

Thanks for the response and great advice - I will speak to a broker. Even though life is night and day to before and financially everything is good I understand my past puts me into a higher risk category. With the first two being 3 and almost 2 years I was hoping I might only have to explain Mark 3. Partner has a pristine record but doubtful they will give him mortgage solo.

Many thanks again

FastFullBack · 25-10-2019 02:49PM

What the best website to compare mortgages? Is it bonkers or is there anything better?

JohnnyChimpo · 25-10-2019 03:57PM

FastFullBack wrote: »

What the best website to compare mortgages? Is it bonkers or is there anything better?

bonkers or ccpc.ie

wirelessdude01 · 27-10-2019 06:48PM

Approximately how long does it normally take for the valuation to take place? They accepted it on Wednesday evening.

Also does the loan pack only get sent out once the valuation has been completed and sent back?

Final question. If it only gets sent out after valuation has been sent back, how long long does it normally take?

Timelines for us are very very tight due to a broker who didn't know how to do their job properly.

drunkmonkey · 28-10-2019 09:33AM

wirelessdude01 wrote: »

Approximately how long does it normally take for the valuation to take place? They accepted it on Wednesday evening.

Also does the loan pack only get sent out once the valuation has been completed and sent back?

Final question. If it only gets sent out after valuation has been sent back, how long long does it normally take?

Timelines for us are very very tight due to a broker who didn't know how to do their job properly.

Where are you in the process, have you only had offer accepted? Is everything done, survey, life and home insurance ready to go?

wirelessdude01 · 28-10-2019 09:37AM

drunkmonkey wrote: »

Where are you in the process, have you only had offer accepted? Is everything done, survey, life and home insurance ready to go?

New build, deposit paid. Contracts need to be signed next week. Valuation was offered and accepted last week by a company so just wondering does this need to go back before loan pack comes out? Life and home insurance will be done and dusted tomorrow.

How long do they normally take to get the valuation completed? Was put out last Wednesday.

drunkmonkey · 28-10-2019 09:50AM

It would need to go back but if it was done last week it should be back by now. The loan pack isn't the money for the house just incase you think it is...some lenders operate differently...

Stark · 28-10-2019 09:51AM

Woshy wrote: »

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

I got mortgage approval while on probation period (software developer)

wirelessdude01 · 28-10-2019 09:58AM

drunkmonkey wrote: »

It would need to go back but if it was done last week it should be back by now. The loan pack isn't the money for the house just incase you think it is...some lenders operate differently...

That's my question really. How long do they normally take to do the valuation?

Also once this is done how long does the loan pack take to be issued?

drunkmonkey · 28-10-2019 10:07AM

All depends on who's doing it but the valuation itself only takes an hour or so, the valuer then just needs to get the information back to the lender so I'd say anything from 24hrs +.
The loan pack is just a pack about the loan for your solicitor, they then need to request the funds when there happy, the bank will do their side then...check have you home and mortgage insurance etc.
Timeline could be anything, I'd say you could be looking at a month maybe more...could be quicker it's hard to know. Your solicitor will have all these answers.

wirelessdude01 · 28-10-2019 10:19AM

drunkmonkey wrote: »

All depends on who's doing it but the valuation itself only takes an hour or so, the valuer then just needs to get the information back to the lender so I'd say anything from 24hrs +.
The loan pack is just a pack about the loan for your solicitor, they then need to request the funds when there happy, the bank will do their side then...check have you home and mortgage insurance etc.
Timeline could be anything, I'd say you could be looking at a month maybe more...could be quicker it's hard to know. Your solicitor will have all these answers.

It's more so that contracts can be signed next week. Timeline for getting keys isn't an issue.

drunkmonkey · 28-10-2019 10:22AM

wirelessdude01 wrote: »

It's more so that contracts can be signed next week. Timeline for getting keys isn't an issue.

Yea talk to your solicitor, they'll know if you can sign next week. They need to sign the contracts as well...can be delayed on the sellers side once you sign.

tomister · 28-10-2019 09:24PM

wirelessdude01 wrote: »

New build, deposit paid. Contracts need to be signed next week. Valuation was offered and accepted last week by a company so just wondering does this need to go back before loan pack comes out? Life and home insurance will be done and dusted tomorrow.

How long do they normally take to get the valuation completed? Was put out last Wednesday.

Is the house near completion? For my loan pack they didn’t require a valuation until the kitchen is in. But I guess each bank is different. In any case the solicitor won’t get you to sign the contracts until he has the loan pack. It can take 4 days from when it’s issued to when it arrived so just take this into account

Kiwi5449 · 29-10-2019 10:03AM

Woshy wrote: »

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

I’m currently on probation and went for a mortgage with AIB, got AIP first, then underwritten AIP. We now have full approval but a condition that we cannot draw down until my probation is passed which suits us as it’s a new build and won’t need to draw down until April 2020 and my probation ends in December. We let our solicitor know, we have paid the booking deposit but won’t sign contracts until December when I have completed probation and we can move to get the loan offer from the bank then. Hope this helps!

VonLuck · 29-10-2019 02:38PM

Does anyone know how long it takes from signing of the letter of offer to the actual draw down / closing date? The solicitor has sent the signed copy back to the bank is is the last piece of the puzzle before closing (I hope!).

Trimm Trabb · 29-10-2019 07:16PM

What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

GingerLily · 29-10-2019 07:24PM

Trimm Trabb wrote: »

What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

If the bank find out they will change your loan offer or remove it, it's not worth it.

wirelessdude01 · 29-10-2019 07:30PM

Trimm Trabb wrote: »

What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

Alot of places do 0% finance on bedding, furniture and white goods. Don't do anything though until you have drawn down would be my advice.

Trimm Trabb · 29-10-2019 07:37PM

GingerLily wrote: »

DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

If the bank find out they will change your loan offer or remove it, it's not worth it.

Ok thanks for the tip!

Some stores offer interest free credit etc for this stuff - will this show up if the bank check?

We actually have no other debt at the moment but will definitely need to borrow to get the basics in. Kitchen maker will fit and integrate the appliances when he's putting kitchen in so makes little sense not to buy them while he's doing it.

Dolbhad · 29-10-2019 09:05PM

GingerLily wrote: »

DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

If the bank find out they will change your loan offer or remove it, it's not worth it.

On that note also do not take out a new credit card either before drawdown. The bank will make you pay it off and cancel it.

Trimm Trabb · 30-10-2019 12:20PM

wirelessdude01 wrote: »

Alot of places do 0% finance on bedding, furniture and white goods. Don't do anything though until you have drawn down would be my advice.

Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

Taking one of these offers in a shop now would still turn up in a credit check?

purpleisafruit · 30-10-2019 12:51PM

Trimm Trabb wrote: »

Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

Taking one of these offers in a shop now would still turn up in a credit check?

Any credit shows up on a credit search, even if it is 0%
If you really need to buy the appliances etc, why not have a parent take out the loan and you make the payments. Hold off until as late as possible and have your parent repay the loan and you give them cash.
No sense losing a house because you want to buy a fridge

oleard1987 · 30-10-2019 12:59PM

purpleisafruit wrote: »

Any credit shows up on a credit search, even if it is 0%
If you really need to buy the appliances etc, why not have a parent take out the loan and you make the payments. Hold off until as late as possible and have your parent repay the loan and you give them cash.
No sense losing a house because you want to buy a fridge

We got my sister to get all the appliances through a store that does flexi finance
The just transfer the money to her before the payment comes out of her account
Soon as we drawdown we will just wipe the fiance before they apply the interest rate

As said above i would get any loans ,finance etc in you or your partners name till you have the keys in your hand

topmanamillion · 30-10-2019 01:22PM

Trimm Trabb wrote: »

Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

Taking one of these offers in a shop now would still turn up in a credit check?

You're still taking a loan. The shop most likely isn't offering the finance, they've teamed up with a bank to give a loan.
On a related note, there's really no such thing as 0% finance. They've just added in the interest in some other charge. Alot of these 0% finance deals end up costing the equivalent of around 15% interest.
It's similar to those "free" commemorative coins they sell on TV. You just pay €5 postage to have a coin posted to you.

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

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