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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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Naked Lepper

ismisecraic wrote: »

Have a side job that would be considered black-market labour get a couple hundred quid a week.
Pay my mortgage with LA by Direct Debit every month without fail. Am thinking of going into the offices to pay it with the cash i earn from secondary job and cancel direct debit.

are you an arms dealer or something?

Looptheloop30

Is that yer man from Coronation Street

ismisecraic

I'd be a terrible arms dealer for couple hundred quid a week!

Creamy Goodness

Looptheloop30 wrote: »

Is that yer man from Coronation Street

Guessing it's just nixers with cash in hand and not declaring it to revenue.

Not that I'd advise it but OP but always leave a paper trail for paying for things like a mortgage/car loan/or any sort of debt. Use the cash in hand for furnishings/repair work/every day bills etc.

ismisecraic

Creamy Goodness wrote: »

Guessing it's just nixers with cash in hand and not declaring it to revenue.

Not that I'd advise it but OP but always leave a paper trail for paying for things like a mortgage/car loan/or any sort of debt. Use the cash in hand for furnishings/repair work/every day bills etc.

Yah just nixers.
Just a very cashless society now, not that i was mad for paying stuff with cash anyways.

If i go for a mortgage would they query it? and what are banks attitudes with nixer money when applying for a mortgage anyways. Now i know they wont count towards reckonable income, but if you tell them can they report you?

wally79

ismisecraic wrote: »

Yah just nixers.
Just a very cashless society now, not that i was mad for paying stuff with cash anyways.

If i go for a mortgage would they query it? and what are banks attitudes with nixer money when applying for a mortgage anyways. Now i know they wont count towards reckonable income, but if you tell them can they report you?

If they won’t count it why would you tell them?

ismisecraic

wally79 wrote: »

If they won’t count it why would you tell them?

Yah i suppose but back to the original question, would they be looking at statements and asking how i pay the mortgage or would they be looking at just a statement confirming that the mortgage was paid

Cheesepuffs

Defo recommend PTSB mobile mortgage specialists

topmanamillion

ismisecraic wrote: »

Yah i suppose but back to the original question, would they be looking at statements and asking how i pay the mortgage or would they be looking at just a statement confirming that the mortgage was paid

They'll focus on your income. You'd be stress tested. The fact that you have a good credit history will count as a positive but they'll focus on your ability to repay in the future.

Short answer: They'll be looking for payslips and contracts so nixer income (unless taxable and dependable which yours doesn't seem to be) is useless in a mortgage application.

[Deleted User]

I sold a few bits and pieces to go towards our house deposit,
1/2/3k in cash here and there over a year.
They asked we where it was coming from and I told them I sold some collectables and no more was ever said.

Captainsatnav

BrownFinger wrote: »

I sold a few bits and pieces to go towards our house deposit,
1/2/3k in cash here and there over a year.
They asked we where it was coming from and I told them I sold some collectables and no more was ever said.

Me too, current a/c showed a couple of grand from sale of a watch. Said as much when broker passed the query on to me. No bother.

rahmalec

Mortgage approved, gaff picked out, solicitor paid for.
Bank won't release funds because I'm now on the covid payment.
What a fcking balls!

ZX7R

rahmalec wrote: »

Mortgage approved, gaff picked out, solicitor paid for.
Bank won't release funds because I'm now on the covid payment.
What a fcking balls!

Will they release if you're back at work or off the sub payment

Marcusm

ismisecraic wrote: »

Yah i suppose but back to the original question, would they be looking at statements and asking how i pay the mortgage or would they be looking at just a statement confirming that the mortgage was paid

Any unusual financial aspects will call attention. Cash payments for mortgage without corresponding withdrawals may trigger a review depending on the sophistication of the institution's systems. Some might wonder is the cash derived from gambling or similar "risky" activity. Black market earnings would not likely be taken into account in evaluating your ability to repay and would be a warning flag about your provenance and/or the prospect of a large back tax bill. Some are insufficiently sophisticated to pick up on these things.

Personally, I think you'd be stupid to do it. If it's only a few hundreed a week then I'd be surprised if there is nothing that you could pay with cash to get rid of it without a trail.

Marcusm

rahmalec wrote: »

Mortgage approved, gaff picked out, solicitor paid for.
Bank won't release funds because I'm now on the covid payment.
What a fcking balls!

the lenders will be over cautious becaause they have had ot pay out so much in compensation for past errors on compliance and conduct. If they ignored the change in your financial circumstances, they will worry that they get punished in the future if a cohort of people like you say that they were "missold" the mortgage when they were incapable of meeting the more strict financial criteria. Especially likely if there is any significant reduction in house prices and/or continued unemployment issues.

jenno86

Had BOI call me today about applying for a mortgage as I have a mortgage saver with them. Have the deposit ready but I’ve been terrible with consistent savings. I should be able to apply next month, which is 2 months earlier than I thought. Going to throw an application in next month and see what happens, better to me in the position to pull the trigger if something comes up.

Pivot Eoin

Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?

Ek2020

Pivot Eoin wrote: »

Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?

It took 2 weeks for us to get our approval after the application was sent off. That was pre-covid though.

guyfawkes5

Pivot Eoin wrote: »

Anyone have an idea on average how long it takes to get from Mortgage Application submitted to Underwriting to AIP ?

I was told 'up to 7 working days' by BoI a few weeks ago.

In reality, they came back in five - however, this was renewing an expired AIP so maybe this is a quicker process.

BobCat123

Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance

Techn0

BobCat123 wrote: »

Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance

My broker looked for statements but I did have quite a bit of activity. Depends on the amounts I'd imagine.

DaraDali

BobCat123 wrote: »

Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance

Statements from revolut are easy to get from the app, mine requsted full 6 months statements from both me and my gf

Maz2016

BobCat123 wrote: »

Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance

I had a meeting with PTSB. I transfer about 150-200 per week into my revolut for day to day spending. Whatever is left at the end of the week I put in a vault. They didn’t even want to know about revolut

guyfawkes5

BobCat123 wrote: »

Do they request a breakdown of Revolut spending or is it not possible as they’re not officially a bank? Thanks in advance

Bank of Ireland asked me for six months of statements from them, possibly because my current account is almost entirely transfers to Revolut as I use it for my day to day spending.

It's really easy to do with the app though, as it let's you specify a time range for e-statements and generates it for you on the fly.

Rosstopher

Looking for some help if anyone could be so kind.
Me and my partner are looking to buy a house in early 2021. We've only just started "serious" savings again having both just started back to work due to covid. Just have a couple of questions:

1. Is it true that applying for a mortgage in January is your most likely chance of getting an exception over 3.5?

2. Let's say with the above in mind, we did apply in January without the full deposit we've required saved up (even with HTB), can we still potentially apply and get approved? With the thinking that we'd have the full deposit by the time we'd be ready to go within a couple of months from then.

3. Is there any advice you could give in terms of maintaining the savings accounts? At the moment I have an account with SO going in each month and I'm throwing in random large lumps when I can. Is that advisable?

4. One last one. How badly would 2 -3 non-consecutive missed loan repayments look from my account over the past 12-24 months? Would it be a big red flag?

I'm asking a lot here, but would appreciate any help!

Dylan94

Rosstopher wrote: »

Looking for some help if anyone could be so kind.
Me and my partner are looking to buy a house in early 2021. We've only just started "serious" savings again having both just started back to work due to covid. Just have a couple of questions:

1. Is it true that applying for a mortgage in January is your most likely chance of getting an exception over 3.5?

2. Let's say with the above in mind, we did apply in January without the full deposit we've required saved up (even with HTB), can we still potentially apply and get approved? With the thinking that we'd have the full deposit by the time we'd be ready to go within a couple of months from then.

3. Is there any advice you could give in terms of maintaining the savings accounts? At the moment I have an account with SO going in each month and I'm throwing in random large lumps when I can. Is that advisable?

4. One last one. How badly would 2 -3 non-consecutive missed loan repayments look from my account over the past 12-24 months? Would it be a big red flag?

I'm asking a lot here, but would appreciate any help!

1. Yes it is generally easier to get an exception in January, but you would still need to be earning a decent wage. (I think its over €80,000 for a couple).

2. I was told that if we wanted to apply before we had full deposit to get a letter from a parent saying that they would gift the remainder. Then it doesnt matter as long as you have enough in the end.

3.My broker advised that I make the same payment amount at the same time each month to the saving account. Then you can throw in any extra lumps as you have them.

4. I would imagine that having 2 or 3 missed loan payments in the past 2 years would be a huge red flag and could prevent you getting a mortgage.

Rosstopher

Dylan94 wrote: »

1. Yes it is generally easier to get an exception in January, but you would still need to be earning a decent wage. (I think its over €80,000 for a couple).

2. I was told that if we wanted to apply before we had full deposit to get a letter from a parent saying that they would gift the remainder. Then it doesnt matter as long as you have enough in the end.

3.My broker advised that I make the same payment amount at the same time each month to the saving account. Then you can throw in any extra lumps as you have them.

4. I would imagine that having 2 or 3 missed loan payments in the past 2 years would be a huge red flag and could prevent you getting a mortgage.

Thanks. I've set up a standing order for the same amount so should be ok there, and we're right around that combined income with hopefully an increase on the way so fingers crossed.

Yeah, the missed payments are a concern. They can be explained (if they listen to these things) and I'm also after requesting an ICB report as I believe they were cleared very shortly after being missed so I have deluded hope that they're not on there. I'd also hope the fact that I've been a serial exorbitant rent payer for years will stand to me regardless. If not then I may need to hold tight for another year or 2.

Water2626262

Rosstopher wrote: »

Thanks. I've set up a standing order for the same amount so should be ok there, and we're right around that combined income with hopefully an increase on the way so fingers crossed.

Yeah, the missed payments are a concern. They can be explained (if they listen to these things) and I'm also after requesting an ICB report as I believe they were cleared very shortly after being missed so I have deluded hope that they're not on there. I'd also hope the fact that I've been a serial exorbitant rent payer for years will stand to me regardless. If not then I may need to hold tight for another year or 2.

If you missed the DD by a few days they might not show but if you had 2-3 payments consecutively in arrears that won’t look good unfortunately. Get your CCR report anyway. Sometimes lenders never capture the repayment history correctly.

Water2626262

Has anyone recently been approved but shown some mild overdraft activity in the past few months. Most my income goes to rent and savings but I’ve had my current account dip for maybe a day or two into my overdraft. No more than 100 quid in the red and happened maybe 3 of the last 6 months.

I’m currently paying more than twice the mortgage repayment in terms of rent and savings each month.

Banks love making money off overdrafts but also penalise borrowers for using them. Never makes sense to me.

Rosstopher

Water2626262 wrote: »

If you missed the DD by a few days they might not show but if you had 2-3 payments consecutively in arrears that won’t look good unfortunately. Get your CCR report anyway. Sometimes lenders never capture the repayment history correctly.

Yeah, they weren’t consecutive fortunately but it’s still not a nice card to be holding regardless.

This may be a silly question. But will a CCR report differ from the ICB? I ordered an ICB report yesterday but hadn’t really considered a CCR report. Is either more valuable to check? Or should both always be requested (if any way curious about a mortgage).