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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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guyfawkes5

Top chief wrote: »

Can a bank know if you have another account open with another bank or if you use Revolut , N26

They can if they see withdrawals to those accounts in your current account or card statement.

Top chief

guyfawkes5 wrote: »

They can if they see withdrawals to those accounts in your current account or card statement.

Yeah I understand thanks. So if you dont have withdrawals or card statements from there bank they cant .

guyfawkes5

Top chief wrote: »

Yeah I understand thanks. So if you dont have withdrawals or card statements from there bank they cant .

No. There's no 'universal index of bank accounts' they can look you up under.

brisan

Top chief wrote: »

Yeah I understand thanks. So if you dont have withdrawals or card statements from there bank they cant .

By deliberately witholding relevant information you may negate the whole mortgage process and application .
Are you hiding gambling accounts ???

Danger781

Top chief wrote: »

Yeah I understand thanks. So if you dont have withdrawals or card statements from there bank they cant .

Can't is a strong word to use there. I think a more appropriate phrase would be 'less likely'. When reviewing your 6 months of statements, if they see Revolut they will be curious what's happening and request statements. If your bank account has no record of a revolut transaction then they have no reason to ask. There is absolutely no guarantee that they won't ask.

[Deleted User]

Top chief wrote: »

Yeah I understand thanks. So if you dont have withdrawals or card statements from there bank they cant .

Be honest with the bank.

You'll be asked to sign to confirm all the info you've provided is correct. You're bound to that.

I wouldn't try to give you legal advice, I've no idea where it sits legally. But if you take money from them based on false information, morally speaking I'd call that theft. Having jumped through all the hoops myself, I'd have no sympathy for you if there are consequences.

The Wordress

Our broker sent our mortgage application to ICB on 18th of June and we had not heard one way or another if we have approval. The last I heard from my broker was that our mortgage application was sent for formal underwriting on Wed of last week. Nearly 5 weeks waiting and we were told it should take up to 15 days.

I have a list of houses I want to view but obviously need to hold off for official approval.

jenno86

First time single applicant here. Just got a AIP today from BOI! Delighted!

They said it’s a house hunter AIP which means it’s fully underwritten (not sure if this is just marketing spin?). Just have to provide 6 months Revolut statements and the address of the property to get the legal letter. Not 100% on what this is! Is is the mortgage offer rather than AIP?

It took exactly 2 weeks to come through after I got the text from BOI to confirm they had all the docs required.

Can anyone recommend a solicitor? I’m in Galway City and I presume it’s better to get one local?

Thanks in advance!

[Deleted User]

@jenno86 - Congrats first of all!

I'm not familiar with the house hunter AIP, but the basic difference between AIP and letter of offer as I understand it:
AIP - you've told them your financials and budget and based on that they're happy to say they'd lend you the funds.
Letter of offer - they've received evidence of your financials, and rather than a budget you now have a specific property with a specific sale agreed price.

The letter of offer needs the property details as it sets out the specifics of the property for mortgage, price, repayments, interest rate, etc. After the letter of offer you're at the stage where you're liaising with your solicitor to get the sale settled.

guyfawkes5

That's largely correct.

A letter of offer is usually sent out to your solicitor when you've gone sale agreed on a property, and is a signal of intent that the bank wants to proceed with the purchase. Although bear in mind, the bank can still withdraw at any point (even after signature, so always check your solicitor has finance as a condition of sale!).

pooch90

Hi guys,
Just starting to put together our application.
Broker has asked for bank and CC statements dated within last 6 weeks.
Do these needs to be requested from the bank directly? Any that I download from my online banking have the original statement date and not a recent one.

Conrad83

jenno86 wrote: »

First time single applicant here. Just got a AIP today from BOI! Delighted!

They said it’s a house hunter AIP which means it’s fully underwritten (not sure if this is just marketing spin?). Just have to provide 6 months Revolut statements and the address of the property to get the legal letter. Not 100% on what this is! Is is the mortgage offer rather than AIP?

It took exactly 2 weeks to come through after I got the text from BOI to confirm they had all the docs required.

Can anyone recommend a solicitor? I’m in Galway City and I presume it’s better to get one local?

Thanks in advance!

Do you mind me asking if this was standard 3.5 times or an exception?

cornflake1

true-or-false wrote: »

@jenno86 - Congrats first of all!

I'm not familiar with the house hunter AIP, but the basic difference between AIP and letter of offer as I understand it:
AIP - you've told them your financials and budget and based on that they're happy to say they'd lend you the funds.
Letter of offer - they've received evidence of your financials, and rather than a budget you now have a specific property with a specific sale agreed price.

The letter of offer needs the property details as it sets out the specifics of the property for mortgage, price, repayments, interest rate, etc. After the letter of offer you're at the stage where you're liaising with your solicitor to get the sale settled.

Yes, I got AIP back in 2010 based on my salary and outgoings but I was eventually refused later on when they requested bank statements and saw that my wages cheque frequently bounced...

jenno86

Conrad83 wrote: »

Do you mind me asking if this was standard 3.5 times or an exception?

Standard 3.5 LTI

jenno86

cornflake1 wrote: »

Yes, I got AIP back in 2010 based on my salary and outgoings but I was eventually refused later on when they requested bank statements and saw that my wages cheque frequently bounced...

I’m with BOI so they have reviewed by accounts already.

Can you clarify what you mean by your wages cheque bouncing?

Vikings

Just wanted to add after recent posts, I've got AIP from Ulster Bank and had to provide all proof, statements salary certs etc. to get to that stage.

Just need to give them address of property we go sale agreed on and they will send a valuer on their dime and then it should be letter of offer with zero additional requests (unless we delay over 3 months from AIP date in which case more statements might be needed)

cornflake1

jenno86 wrote: »

I’m with BOI so they have reviewed by accounts already.

Can you clarify what you mean by your wages cheque bouncing?

You should be fine so. I got AIP from AIB but my current account was elsewhere.
My company at the time were in examinership and we were paid by cheque. Cheques were lodged all together by another staff member. The bank cleared them immediately as they were wages but five days later they bounced as there wasn't enough money in the company account. So my account would then be in the red and there was usually a charge for it.
I did eventually get all my wages ten weeks after handing in my notice and that company later went into liquidation.

_leona_

Has anyone using the AIB mortgage portal experienced delays in response times? Last communication from a member of their team was over a week ago. Have since been in touch with my bank directly and they are going to try get I touch with HQ to try speed things along.

The Wordress

Is anyone else's approval taking soooo long to come through? I am so fed up of waiting at this point! 5 weeks!

I was so patient at the start but I live in a town where good property doesn't hang about and a great house has come up this week.

Ahhh the wait is unbearable!

ahnoyouregrand

_leona_ wrote: »

Has anyone using the AIB mortgage portal experienced delays in response times? Last communication from a member of their team was over a week ago. Have since been in touch with my bank directly and they are going to try get I touch with HQ to try speed things along.

Hey - In the same boat. The response time is ridiculous.

Although for what its worth, we initially tried to go through the process in the bank and couldn't get an appointment. Tried making it online and they never came back to us. Then actually called into our local branch, had our details were taken and were told that we would definitely get a call that afternoon. That's weeks ago and we still haven't heard a peep!

Febreeze

ahnoyouregrand wrote: »

Hey - In the same boat. The response time is ridiculous.

Although for what its worth, we initially tried to go through the process in the bank and couldn't get an appointment. Tried making it online and they never came back to us. Then actually called into our local branch, had our details were taken and were told that we would definitely get a call that afternoon. That's weeks ago and we still haven't heard a peep!

Although not in the same process of applying for a mortage. It's more advice on what we need, what's expected etc. The usual questions and I asked about a month ago, maybe more. I went into an Aib branch myself for a different reason and I was told they could see I've requested an apointment and they will get back to me. I received an email last Thursday asking the basic questions and I responded and haven't heard anything since. Not that I was expecting them to jump hoops and barriers quickly but I suppose theyve such a high demand of emails, some important and some not so, that they are just going by what interest them the most.

The_Fitz

How does the following scenario work:

Apply for a mortgage while earning for example 77k. Approved for a mortgage of 270k (3.5x). You have a deposit saved up of 30K, so you'd be looking at a property for 300k (FTB 10%).

The property you want is 330k. Parents are willing to gift/loan you the 30k.

In that case, can you be gifted the extra money while already having the agreement and purchase the house, or are there rules about that?

Vikings

The_Fitz wrote: »

How does the following scenario work:

Apply for a mortgage while earning for example 77k. Approved for a mortgage of 270k (3.5x). You have a deposit saved up of 30K, so you'd be looking at a property for 300k (FTB 10%).

The property you want is 330k. Parents are willing to gift/loan you the 30k.

In that case, can you be gifted the extra money while already having the agreement and purchase the house, or are there rules about that?

Well for the house purchase in that scenario you'll still be drawing down the mortgage loan of 270k so nothing changes there, except you would be providing a 20% deposit instead of 10% (I'm open to correction if there's any nuances there for FTBs I'm not aware of)

Here's some information on the gift front: https://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

The_Fitz

Vikings wrote: »

Well for the house purchase in that scenario you'll still be drawing down the mortgage loan of 270k so nothing changes there, except you would be providing a 20% deposit instead of 10% (I'm open to correction if there's any nuances there for FTBs I'm not aware of)

Here's some information on the gift front: https://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

Ah yeah 20%. So potentially a better mortgage rate.

I was just wondering if banks would be like where has this extra source of funds come from, which they probably will.

Duke of Url

We are hoping to Close on a property next week.

Bank mentioned there will be a covid review before drawdown.

Anyone know what is needed for this?

wally79

The_Fitz wrote: »

Ah yeah 20%. So potentially a better mortgage rate.

I was just wondering if banks would be like where has this extra source of funds come from, which they probably will.

It’s fairly common. You will just need your parents to fill out and sign a form stating that it is a gift and they have no interest in the property

As far as I recall it needs to be witnessed by someone not involved in the transaction also

Creamy Goodness

Duke of Url wrote: »

We are hoping to Close on a property next week.

Bank mentioned there will be a covid review before drawdown.

Anyone know what is needed for this?

Guessing here, but I'd say they'll just want to ensure your income situation hasn't changed since COVID-19 hit. They'll probably ask for payslips from you.

pooch90

wally79 wrote: »

It’s fairly common. You will just need your parents to fill out and sign a form stating that it is a gift and they have no interest in the property

As far as I recall it needs to be witnessed by someone not involved in the transaction also

Is there a specific form for this or just a letter needed?Does the lender supply the form?

wally79

pooch90 wrote: »

Is there a specific form for this or just a letter needed?Does the lender supply the form?

It’s a couple of years but I think lender gave us ours. Not sure if it’s standard

Chora

_leona_ wrote: »

Has anyone using the AIB mortgage portal experienced delays in response times? Last communication from a member of their team was over a week ago. Have since been in touch with my bank directly and they are going to try get I touch with HQ to try speed things along.

Applied 2 weeks ago. Received AIP straight away, uploaded all documents a week ago today, still no movement.