Saving/Applying for a mortgage 2020-22 Edition

2Mad2BeMad wrote: »

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.

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.[/quote]"

Thanks for that, I assumed since we always paid our loans on time there wouldn't be an issue. Mistakes never occurred to me. That's actually quite shocking that happened to you, glad you could sort it

Can I ask do you know what's included in credit history report. Is it only loans or are utilities included? We've only ever had credit union loans. All paid off in full, overpaid every week so cleared early. I have an overdraft which I never use. Never had a credit card.

Eta apologies for quoting wrong again, new to this site and still trying to figure it out!!!

wally79

Tilikum17 wrote: »

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.

Probably makes sense for the banks to have people reapply. Some people with approval may not have a job after all this

Duke of Url wrote: »

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

I'm not sure of the overall.
But loans and credit cards a d overdrafts are shown on it over the last 5 years? I think it is.
So it shows banks what loans you paid off and if you've ever missed a payment.

If there is a credit score system it doesn't pop up like the English one.
Basically just go through the report check your loans and make sure it reports that there is no arrears and it's paid off in full. If that's the case consider your credit to be good.
I'm not 100 percent on all of this but I can't see any numbers on the report with regarding a specific score. Best to ask them personally if there is one.

Edit. I also think banks get extra information regarding a score system when doing quick checks not sure if true or not maybe someone who runs credit checks might know

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?

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 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.

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.

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.

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.

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.

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 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.

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..

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

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.

antimatterx

Graham wrote: »

Mod

Threads Merged

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

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)

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.

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?

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.

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.

Rock77 wrote: »

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

Many in Kildare

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?

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..

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?