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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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Duke of Url

Astro127 wrote: »

Thanks for the help , what would look suspicious?
I do cash in hand jobs sometimes and could get a couple of hundred so I would probably use that aswell as income .

My colleague was lodging cash from nixers into his account and was asked by the bank for a tax clearance cert from revenue.

SarahJ100

Hi all,

Same situation with ICS. Waiting 2 weeks and received the text about the due diligence report. Didn’t go through broker went direct. Really panicking now as we are currently sale agreed on a house. Whenever we ring for an update we’re told we’ll hear the next day and we never hear anything.

How long does it normally take for them to get back?

Astro127

Duke of Url wrote: »

My colleague was lodging cash from nixers into his account and was asked by the bank for a tax clearance cert from revenue.

What bank bit surprised as why would they ask once mortgage payments are getting paid each month .
Il just pay mortgage from my job salary. Leave the extra money . Will look more into it thanks for the help

Jasna1982

Hey all,
I’m looking for a mortgage exception and I’ve read that banks don’t do them and I’ve read that some banks do.
There’s a new estate going for sale off plan that I would love to buy a house in, because phase 2 will be more expensive.
Did anyone recently get an exception approved? And is it better to go direct or go through a broker?
Single applicant but well above the salary limit for an exception

[Deleted User]

Astro127 wrote: »

What bank bit surprised as why would they ask once mortgage payments are getting paid each month .
Il just pay mortgage from my job salary. Leave the extra money . Will look more into it thanks for the help

Putting the mortgage completely aside, banks are actually obligated to do KYC (know your customer). When you first set up even just a basic current account, they take all your ID, proof of address, info on occupation, etc. and they're supposed to ask what your source of funds is. It's very much their business where your money comes from.

Pivot Eoin

Jasna1982 wrote: »

Hey all,
I’m looking for a mortgage exception and I’ve read that banks don’t do them and I’ve read that some banks do.
There’s a new estate going for sale off plan that I would love to buy a house in, because phase 2 will be more expensive.
Did anyone recently get an exception approved? And is it better to go direct or go through a broker?
Single applicant but well above the salary limit for an exception

Depends on what bank you go with really.

Some banks are still doing them, put it's working on a queue basis. They spread their exemptions out over the year, but only give out 1 exemption for every 4 normal 3.5X mortgages that are approved. As there is far less mortgages approved this year, it has slowed down the exemption rate massively and it is now a queue to get one... at least this is the case for FInance Ireland.

Some other banks just roughly guess at beginning of year how many exemptions they will have for the year, and then give them all out early. These are the banks that you have little to no chance of an exemption with, as the amount they have already given out will far surpass the Central Bank max limit of 20% Exemption Mortgages to be given by banks.

Like us, If i were you I'd just be planning on buying without an exemption or waiting until next year to be "guaranteed" one.

Duke of Url

Astro127 wrote: »

What bank bit surprised as why would they ask once mortgage payments are getting paid each month .
Il just pay mortgage from my job salary. Leave the extra money . Will look more into it thanks for the help

I believe it’s in relation to money laundering. There was a section on it in our application BOI

Top chief

Duke of Url wrote: »

I believe it’s in relation to money laundering. There was a section on it in our application BOI

Yeah I seen that when I was looking through it makes sense , did anyone find it hard to get a mortgage here or is it just about saving for 6 months to a year so the bank can see you can pay the mortgage back .
Most mortgage repayments are around 500 to 1k a month anyway not a lot when two people are paying it .

How much is everyone is or hoping to pay back each month on there mortgage, would you say 1k - 1200 is a good mark and for how many years 25 or lower?

Duke of Url

Top chief wrote: »

Yeah I seen that when I was looking through it makes sense , did anyone find it hard to get a mortgage here or is it just about saving for 6 months to a year so the bank can see you can pay the mortgage back .
Most mortgage repayments are around 500 to 1k a month anyway not a lot when two people are paying it .

How much is everyone is or hoping to pay back each month on there mortgage, would you say 1k - 1200 is a good mark and for how many years 25 or lower?

Depends on what you are buying.

Getting a 90% mortgage on the 350k house will be around 1500 a month on a 5 year fixed rate on a 25 years term

Top chief

Duke of Url wrote: »

Depends on what you are buying.

Getting a 90% mortgage on the 350k house will be around 1500 a month on a 5 year fixed rate on a 25 years term

Will be building one in kildare, I'd say around 250k will be enough to build a 4 - 5 bedroom house . How much would we need to pay back a month.

benjy1000

Top chief wrote: »

Will be building one in kildare, I'd say around 250k will be enough to build a 4 - 5 bedroom house . How much would we need to pay back a month.

As a general rule of thumb for every €100,000 borrowed you will pay back €400 approx per month , a €250,000 mortgage one can expect to pay €1,000 approx per month in repayments.

Danger781

Are there any disadvantages to going via a broker? I'm just curious as not a single person I know, who has recently purchased their house, have gone through a broker. Going through a broker just seems a no-brainer to me? Am I missing something?

Geuze

Danger781 wrote: »

Are there any disadvantages to going via a broker? I'm just curious as not a single person I know, who has recently purchased their house, have gone through a broker. Going through a broker just seems a no-brainer to me? Am I missing something?

I never bothered with a broker. I never even considered it

Contacted four banks, set up four appts, met staff, provided docs, etc., applied for AIP.

OK, if you were very time constrained, I suppose a broker might save time.

But I suppose I wanted to meet the sellers of the mortgage face to face.

I ended up going with a bank based on good rate (2.6%), and the staff were keen to do business.

IvoryTower

I went with a broker because I had applied to a bank but part of my application was making it awkward, so in order to save time I reapplied through a broker leaving out that detail and it went through no bother....

Anyway it was no different to applying directly other than they sorted the life insurance for me as well. Its the same deal whichever way you go

Rhythmics

Does anyone know the reasoning behind one-bed houses requiring a 20% deposit for first time buyers?

I'm going to start applying for mortgages soon as a single applicant, and my price range has more one-bed houses, but the 20% deposit requirement means I'll need to look for two-beds.

Bluefoam

Rhythmics wrote: »

Does anyone know the reasoning behind one-bed houses requiring a 20% deposit for first time buyers?

I'm going to start applying for mortgages soon as a single applicant, and my price range has more one-bed houses, but the 20% deposit requirement means I'll need to look for two-beds.

I presume it's to do with security... With a two bed, you have the potential to rent out a room if necessary...

Ray1990

Hi everyone,
has anyone had any recent experience with getting approval from Bank of Ireland or ICS? Just wondering how long it's taken other people to get a decision on their applications.

We submitted our documents to BoI, they rang us a week later asking for a missing page of a bank statement. They realised we had already submitted it but the underwriters hadn't seen it, but told us the whole application would be sent back to the very end of the queue again.

It's been nearly 2 weeks since we submitted documents to ICS via a broker and also just wondering how long it'll take to get a decision. I've heard the banks are quite busy so hoping it won't take too long! BoI were very confident in our application and told us to put a holding deposit down on the house. Because we did, the developers then issued the contract which has a 21 day deadline - we're in limbo now since they're looking for signatures but the banks have been delayed getting back to us!

Duke of Url

Ray1990 wrote: »

Hi everyone,
has anyone had any recent experience with getting approval from Bank of Ireland or ICS? Just wondering how long it's taken other people to get a decision on their applications.

We submitted our documents to BoI, they rang us a week later asking for a missing page of a bank statement. They realised we had already submitted it but the underwriters hadn't seen it, but told us the whole application would be sent back to the very end of the queue again.

It's been nearly 2 weeks since we submitted documents to ICS via a broker and also just wondering how long it'll take to get a decision. I've heard the banks are quite busy so hoping it won't take too long! BoI were very confident in our application and told us to put a holding deposit down on the house. Because we did, the developers then issued the contract which has a 21 day deadline - we're in limbo now since they're looking for signatures but the banks have been delayed getting back to us!

Did you get Approval in Principle letter or letter of offer from BOI?

Ray1990

Duke of Url wrote: »

Did you get Approval in Principle letter or letter of offer from BOI?

Not yet - BoI went through our application with us at meeting and said he couldn’t see any problems so advised us to get the ball rolling with the holding deposit etc while we waited on their underwriters.

I know we technically could’ve waited for the AIP before putting the holding deposit down but it’s fully refundable if it falls through so we lose nothing by having our names on the property for now!

Top chief

benjy1000 wrote: »

As a general rule of thumb for every €100,000 borrowed you will pay back €400 approx per month , a €250,000 mortgage one can expect to pay €1,000 approx per month in repayments.

That's good to know. Will see might get a cheaper mortgage if possible see what we can build for less as lower the mortgage the better, but being realistic aswell . Bigger the mortgage more money and years will be spent paying it off .

Markitron

Markitron wrote: »

I will be applying a few months from now and I'm worried about a few loan payments I missed last year. The amounts were not large and I paid the loan off almost a year early but I'm pretty worried about it

Don't suppose anyone has any insight on this? Am I completely screwed?

Graham

Markitron wrote: »

Don't suppose anyone has any insight on this? Am I completely screwed?

If it's on your ICB report it's certainly not going to do you any favours. I'd expect most of the lenders to decline to offer a mortgage.

Find a broker and have a chat, they should be able to give better advice as to what your chances are and who it might be worth approaching for a mortgage.

Sparky85

Markitron wrote: »

Don't suppose anyone has any insight on this? Am I completely screwed?

Get your ICB report and see what it says before you apply
http://www.icb.ie/
Going through a broker may be easier if it does show up issues

Markitron

Graham wrote: »

If it's on your ICB report it's certainly not going to do you any favours. I'd expect most of the lenders to decline to offer a mortgage.

Find a broker and have a chat, they should be able to give better advice as to what your chances are and who it might be worth approaching for a mortgage.

Sparky85 wrote: »

Get your ICB report and see what it says before you apply
http://www.icb.ie/
Going through a broker may be easier if it does show up issues

Thanks, I will proceed as normal and see what happens. There is a genuine reason for the issue, I had 2 CU loans and prepaid both of them with a lump sum I received, problem is I didn't know that it only went off one of the loans.

Graham

Markitron wrote: »

I had 2 CU loans and prepaid both of them with a lump sum I received, problem is I didn't know that it only went off one of the loans.

That's a reasonable explanation, if you can produce evidence to that effect I'd expect it to help your case.

If it was an error on the CUs side, I wonder can they update your ICB report accordingly.

Markitron

Graham wrote: »

That's a reasonable explanation, if you can produce evidence to that effect I'd expect it to help your case.

That's good to know, thanks. The transactions will be there to see in my accounts. Like I said, I paid the loan off a year early too so hopefully they take that into consideration

Graham wrote: »

If it was an error on the CUs side, I wonder can they update your ICB report accordingly.

It may not have been, I think I just assumed the lump sum would go off both.

Gael23

Is anyone saving using the Ulster bank mortgage saver?

Duke of Url

Gael23 wrote: »

Is anyone saving using the Ulster bank mortgage saver?

I used BOI Mortgage Saver

The Wordress

Does anyone know how long ICB mortgage approval lasts for? Broker said we should be hearing about our offer in next 2 days eekk. I'm gonna get onto Estate Agent about more viewings. I don't want to beat about the bush.

Gael23

Duke of Url wrote: »

I used BOI Mortgage Saver

Do you think it’s a better option over an ordinary savings account?