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Saving/Applying for a mortgage 2020-22 Edition

Graham

Continued from here: https://www.boards.ie/vbulletin/showthread.php?t=2057501206

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Dunston

The Phantom Jipper wrote: »

This query has probably been done to death, but I was curious if anyone has any insights into what a bank's tolerance is of applicants having betting accounts?

I have years of evidence of regular, decent savings, but my bank statements would have a lot of online bookie transactions going through them. The bets are profitable, and in a niche area of interest. Does any of that matter or is the existence of betting accounts an automatic red flag?

No it doesn't cause automatic red flags unless the transactions are detrimental to your savings.

Looptheloop30

Dunston wrote: »

No it doesn't cause automatic red flags unless the transactions are detrimental to your savings.

Just on this, I took a conscious decision to clean my accounts of online betting a few months ago just for fear....

I've nearly hit the 6months mark. With regular savings and a deposit in place and ready to go, I'm trying to get my ducks in a row.

Should I plough on and begin the process to get approval as soon as I pass that 6month mark or should I hold out a little longer with this whole Corona situation?

I'm looking at changing jobs when things go back to normal, provided they still exist, so that's also a concern.

[Deleted User]

Looptheloop30 wrote: »

Just on this, I took a conscious decision to clean my accounts of online betting a few months ago just for fear....

I've nearly hit the 6months mark. With regular savings and a deposit in place and ready to go, I'm trying to get my ducks in a row.

Should I plough on and begin the process to get approval as soon as I pass that 6month mark or should I hold out a little longer with this whole Corona situation?

I'm looking at changing jobs when things go back to normal, provided they still exist, so that's also a concern.

There isn't really a 'should' to it, but I'd hold off. Benefit of starting now is that if you come across a place you'll have all your ducks in a row. Benefit of holding off is that things are very up in the air at the moment - I'm sale agreed myself and we're very unsure of how things will progress. The later you get approved, the longer your loan offer will last, whereas if you're approved now and not able to view for the next couple months, you've less time on the offer.

tomgaa

Hi,

Me and my wife are looking to buying our first house this year if possible, but we are caught in between 2 minds as to which is the best approach.

1. Buy between €200 - 300k hopefully have paid off mortgage in 7 years. Then buy dream home of upward €500k with already having one house paid off for, and having some additional monies from rent.

2. Buy dream home now, with a potential downturn in housing market. Then buy second, cheaper home within the next 10 years, but be stuck with paying off 2 mortgages, but hopefully cheaper home would pay for itself with rent.

We have about €100k deposit at our disposal hence why we could potentially pay off option 1 sooner.

Could be much of a muchness but it is just appealing to have a house paid off for or nearly when buying the second one.

Just wondering if there are any on here with some previous experience on either approach.

Graham

Mod

Threads Merged

CIP4

Still in the early stages of applying have given the bank a lot of documents at this stage. But latest stumbling block was they wanted a letter from my employer stating the actual Annual Bonus I received for the last 3 years. My mortgage advisor said best case they would allow have the average over 3 years as earnings. Also have to get details on my overtime in a letter from my employer as well as actual overtime received over the last two years.

So I have got all that now and sent it onto them hopefully they will just proceed with the and tell me if I am approved and for how much. I still don’t see why the above was required when it’s all stated on my payslips as proof.

Pivot Eoin

CIP4 wrote: »

Still in the early stages of applying have given the bank a lot of documents at this stage. But latest stumbling block was they wanted a letter from my employer stating the actual Annual Bonus I received for the last 3 years. My mortgage advisor said best case they would allow have the average over 3 years as earnings. Also have to get details on my overtime in a letter from my employer as well as actual overtime received over the last two years.

So I have got all that now and sent it onto them hopefully they will just proceed with the and tell me if I am approved and for how much. I still don’t see why the above was required when it’s all stated on my payslips as proof.

They do this with any bonus/commissions as they know it's not always guaranteed. They apply the same rationale with Self Employed knowing they can have good and bad years so they average it out.

It's definitely tough on people who haven't been in same job for 3 years - which is a shedload of people within the FTB market.

Duke of Url

Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.

cant26

Duke of Url wrote: »

Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.

Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?

fifth

cant26 wrote: »

Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?

For what it's worth, I asked BOI for a small exemption back in February and they declined, because it wasn't worth their while for such a small amount. (Around 20k). So I was approved for 3.5x

And this was pre-covid..

Rock77

Duke of Url wrote: »

Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.

Where are the new builds if u don’t mind me asking?

Duke of Url

Rock77 wrote: »

Where are the new builds if u don’t mind me asking?

Many in Kildare

Duke of Url

cant26 wrote: »

Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?

Yes. It was our BOI adviser in our bank who we are both with.

squinty

Apologies if this has been posted before but can I apply for a mortgage when separated from partner or does it have to be divorce? I haven't had my name on a mortgage before.
Thank you.

The Phantom Jipper

Looking at the different rates offered, it seems Ulster Bank and KBC are generally offering the lowest. Would anyone know from experience or anecdotally if either of these are ok to deal with?

Sparky85

The Phantom Jipper wrote: »

Looking at the different rates offered, it seems Ulster Bank and KBC are generally offering the lowest. Would anyone know from experience or anecdotally if either of these are ok to deal with?

UlsterBank were excellent to deal with from my experience this year. Dealt with the local branch manger for everything, very straightforward.
Applied to KBC too but they offered us lower amount at a worse rate (under the x3.5) and the mortgage advisor was very salesmany & smarmy so that put me off too.

zuhuraswa

squinty wrote:

Apologies if this has been posted before but can I apply for a mortgage when separated from partner or does it have to be divorce? I haven't had my name on a mortgage before. Thank you.

You can apply if separated, and it doesn't even have to be a legal separation.
I did this and got approved by a couple of banks. They do however have a pre-condition that you have to be legally separated by drawdown date (not divorced but legally separated at a minimum)

antimatterx

Graham wrote: »

Mod

Threads Merged

Why are so many threads getting merged in this one? The questions get lost amongst all the chatter.

Bigmac1euro

The Phantom Jipper wrote: »

Looking at the different rates offered, it seems Ulster Bank and KBC are generally offering the lowest. Would anyone know from experience or anecdotally if either of these are ok to deal with?

It’s luck of the draw. I had a tough experience due to a difficult underwriter. A friend of mine works in UB and he found out who the underwriter was that was looking at my case. She’s difficult.
I got there in the end though.

Sparky85

The Phantom Jipper wrote: »

Looking at the different rates offered, it seems Ulster Bank and KBC are generally offering the lowest. Would anyone know from experience or anecdotally if either of these are ok to deal with?

Apply to as many banks as possible and go with best offer, rates and best experience in getting AIP.
We applied to UB, KBC, BOI & AIB, without the need for a broker, same paperwork copied numerous times. My work gave a standard salary cert so this was easy to submit to each bank also

Nicki99

Wondering if anyone can shed any light on this. We last spoke to BOI mortgage specialist 3 weeks ago when he went through our documents and we haven't heard a word since. Obviously they're up the walls with everything going on so we expect delays but he said a credit check would be done and then application sent to the underwriters.

Would a credit check take this long? Is it a bad sign that we haven't heard anything yet considering he said he would be able to view credit check...

Our credit history should be good but I'm getting paranoid now. Also I know we should just contact him but don't want to be bothering him with the current situation..

2Mad2BeMad

Nicki99 wrote: »

Wondering if anyone can shed any light on this. We last spoke to BOI mortgage specialist 3 weeks ago when he went through our documents and we haven't heard a word since. Obviously they're up the walls with everything going on so we expect delays but he said a credit check would be done and then application sent to the underwriters.

Would a credit check take this long? Is it a bad sign that we haven't heard anything yet considering he said he would be able to view credit check...

Our credit history should be good but I'm getting paranoid now. Also I know we should just contact him but don't want to be bothering him with the current situation..

ring them, it shouldn't take that long.
But like you said the current situation, everything is delayed.

Also you should really of gotten a credit check for yourself before applying. Its easy and free to do.

Dylan94

Nicki99 wrote: »

Wondering if anyone can shed any light on this. We last spoke to BOI mortgage specialist 3 weeks ago when he went through our documents and we haven't heard a word since. Obviously they're up the walls with everything going on so we expect delays but he said a credit check would be done and then application sent to the underwriters.

Would a credit check take this long? Is it a bad sign that we haven't heard anything yet considering he said he would be able to view credit check...

Our credit history should be good but I'm getting paranoid now. Also I know we should just contact him but don't want to be bothering him with the current situation..

Out of curiosity is that for Approval in Principle? Or full approval?

If full would they not have done a credit check when you first applied for AIP?

Nicki99

Also you should really of gotten a credit check for yourself before applying. Its easy and free to do.[/quote]

We should have, we were going to but having applied for and receiving loans previously subject to credit check we didn't think it was really necessary.

Will contact him Monday morning. Thanks.

Nicki99

Dylan94 wrote: »

Out of curiosity is that for Approval in Principle? Or full approval?

If full would they not have done a credit check when you first applied for AIP?

It's for full approval. We got AIP through the online form. Got a call back for amount we are eligible for and a list of documents to send in.

We did that and got a call to go through everything and amount was increased. Mortgage specialist said if credit check is clear it should be plain sailing with the underwriters.

2Mad2BeMad

Nicki99 wrote: »

Also you should really of gotten a credit check for yourself before applying. Its easy and free to do.

We should have, we were going to but having applied for and receiving loans previously subject to credit check we didn't think it was really necessary.

Will contact him Monday morning. Thanks.[/quote]

I only say that because when I got a credit check done for my self it said on mine that I owed 1100 on an overdraft that was unpaid and still had 2 loans unpaid.
When in fact all of it was paid without ever missing a payment I had 0 loans out when checking also.
It was why my credit union wouldn't give me a loan but my bank could because they knew I had it all paid but if I wanted a loan with anyone besides my bank they would reject me.
It gets sorted easily enough but I was surprised by so many mistakes on it.

Duke of Url

I requested a credit check report from the icb site which didn’t show any score. Only shows my Credit card listed with ticks for the past 24 months.

How do you find your current score if not displayed in the letter.

2Mad2BeMad

Duke of Url wrote: »

I requested a credit check report from the icb site which didn’t show any score. Only shows my Credit card listed with ticks for the past 24 months.

How do you find your current score if not displayed in the letter.

There's no specific score I don't think.
Just shows your recent loans and if you have any arrears with them and how much is paid off them. Same with overdraft and debit cards. Also shows you how many times you've applied for credit by showing what institutions have checked your credit history.

Tilikum17

Our mortgage runs out on the 20th. We can get a 1 month extension after that. It’s crazy they haven’t given people more time with pretty much everything on hold.

Duke of Url

2Mad2BeMad wrote: »

There's no specific score I don't think.
Just shows your recent loans and if you have any arrears with them and how much is paid off them. Same with overdraft and debit cards. Also shows you how many times you've applied for credit by showing what institutions have checked your credit history.

How can you tell if you have a good credit rating?