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Saving/Applying for a mortgage 2020-22 Edition

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    #842
    Bandana boy
    Registered Users Posts: 4,325 ✭✭✭Bandana boy


    bush wrote: »
    Does anyone know if you already own a house and want to get a second house and rent out the original house does the potential rent count as income when applying for a 2nd mortgage?

    It can , but remember if you still owe any money on it that the combined mortgages amounts will be stress tested for your ability to pay back.


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    #843
    OEP
    Registered Users Posts: 1,149 ✭✭✭OEP


    Is there an advantage to not going with a broker? Can you be given better deals or something? It seems a no brainer to go with a broker otherwise as it saves you the effort of having to go through all of the different offers out there


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    #844
    errlloyd
    Registered Users Posts: 12,600 ✭✭✭✭errlloyd


    OEP wrote: »
    Is there an advantage to not going with a broker? Can you be given better deals or something? It seems a no brainer to go with a broker otherwise as it saves you the effort of having to go through all of the different offers out there

    Definitely talk to one, but don't waste too much time on it.

    In my experience, the brokers only really take the low hanging fruit applications. They wanna be 90% sure they're gonna get it over the line before they invest any time.


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    #845
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    Danger781 wrote: »
    I had no idea that the subsidy will affect our application until just now after reading the posts above. We met with a Broker two weeks ago and he never mentioned it. That will be so disheartening if it turns out to be the case. I'm 90% positive herself is getting the subsidy via work.

    It will be on her payslips if she's getting it.


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    #846
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    OEP wrote: »
    Is there an advantage to not going with a broker? Can you be given better deals or something? It seems a no brainer to go with a broker otherwise as it saves you the effort of having to go through all of the different offers out there
    It's not common but there have been some interest rates that are not available through brokers.

    This post is a really good run down of reasons you might not use a broker, although a lot of them depend on the individual broker.

    At a high level I've seen that brokers are good fits for 'unique' applications like self-employed or commission-dependant house-seekers where the concern is more about meeting a bank's lending criteria rather than eking out every bit of value from a mortgage or the process going as quickly as possible.

    For most people, it is probably an unnecessary layer of bureaucracy between them and the bank, but one that probably doesn't do too much harm either (although you might end up narrowing your options unknowingly).


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    #847
    OEP
    Registered Users Posts: 1,149 ✭✭✭OEP


    errlloyd wrote: »
    Definitely talk to one, but don't waste too much time on it.

    In my experience, the brokers only really take the low hanging fruit applications. They wanna be 90% sure they're gonna get it over the line before they invest any time.

    Mine will be a low hanging fruit one


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    #848
    awec
    Administrators Posts: 53,385 Admin ✭✭✭✭✭awec


    No benefit to going with a broker unless you feel you're going to be a problematic application.

    Look at the banks, find one that has a mortgage product that you like and apply. It is a very easy process.

    There is no point in applying at multiple banks unless you think there is a reason that one of them will refuse you.


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    #849
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    awec wrote: »
    No benefit to going with a broker unless you feel you're going to be a problematic application.

    Look at the banks, find one that has a mortgage product that you like and apply. It is a very easy process.

    i went directly with the Bank. Straight forward and quick.


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    #850
    OEP
    Registered Users Posts: 1,149 ✭✭✭OEP


    Has anyone gottten the BOI mortgage with the 2% cashback? Are there any conditions with that? What I'm wondering is could you go with the 1 year fixed, get the 2% cashback and then switch to a lower rate mortgage after the year


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    #851
    mojesius
    Registered Users Posts: 4,324 ✭✭✭mojesius


    I went with a broker as we needed my annual bonus taken into account to maximise the LTI and we wanted fast approval as we had viewed a house we liked and wanted to place a bid (now sale agreed). We initially wanted to go with the bank we use for daily banking, but our broker advised us that they were being incredibly slow to process applications and get back to queries.

    We applied to that bank and another bank and got approval 3 weeks earlier from the other bank compared with our everyday bank. Our broker had a good account manager at the other bank, who helped speed things up.

    Everyday bank also refused to take my bonus into account despite me getting a steady bonus for the past 9 years. They also asked for documentation that was already provided, slowing things down further for us. We wouldn't have got the house if we applied alone and went with our everyday bank, as we had planned.


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    #852
    SteelyDanJalapeno
    Registered Users Posts: 14,240 ✭✭✭✭SteelyDanJalapeno


    mojesius wrote: »
    I went with a broker as we needed my annual bonus taken into account to maximise the LTI and we wanted fast approval as we had viewed a house we liked and wanted to place a bid (now sale agreed). We initially wanted to go with the bank we use for daily banking, but our broker advised us that they were being incredibly slow to process applications and get back to queries.

    We applied to that bank and another bank and got approval 3 weeks earlier from the other bank compared with our everyday bank. Our broker had a good account manager at the other bank, who helped speed things up.

    Everyday bank also refused to take my bonus into account despite me getting a steady bonus for the past 9 years. They also asked for documentation that was already provided, slowing things down further for us. We wouldn't have got the house if we applied alone and went with our everyday bank, as we had planned.

    Mind me asking what bank did accept your bonus? And how many years did ye need to prove? We've gotten our for the past 3


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    #853
    mojesius
    Registered Users Posts: 4,324 ✭✭✭mojesius


    SteelyDanJalapeno wrote: »
    Mind me asking what bank did accept your bonus? And how many years did ye need to prove? We've gotten our for the past 3

    PTSB - They wanted to see proof of the last 3 years only.


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    #854
    zweton
    Registered Users Posts: 2,683 ✭✭✭zweton


    Danger781 wrote: »
    I had no idea that the subsidy will affect our application until just now after reading the posts above. We met with a Broker two weeks ago and he never mentioned it. That will be so disheartening if it turns out to be the case. I'm 90% positive herself is getting the subsidy via work.

    Did your broker say anything more on this?


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    #855
    Foodie2012
    Registered Users Posts: 10 ✭Foodie2012


    Hey guys, really useful thread guiding us through the mortgage process, thanks!

    We currently have a mortgage application in with our broker who has assured us he can get us €7k higher than our current BOI AIP due to bonus and overtime. I only started my current job last year, so I've only received 1 years bonus from them. Would it be very unlikely that the bonus would be considered as part of the mortgage application? Considering some posters here aren't getting aknowledged for strong year-on-year bonuses, I think my one year bonus is very unlikely to bump us up the €7k?


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    #856
    JohnnyChimpo
    Registered Users Posts: 1,074 ✭✭✭JohnnyChimpo


    OEP wrote: »
    Has anyone gottten the BOI mortgage with the 2% cashback? Are there any conditions with that? What I'm wondering is could you go with the 1 year fixed, get the 2% cashback and then switch to a lower rate mortgage after the year

    That's what I'm doing. Went through broker and got multiple assurances that I could break after the 2 year fix (and that also there would be no clawback from broker). Broker even has it in his calendar to sort out the switch for me, 18 months from now.

    If you look on the moneysavingexpert forums there's lads switching mortgage about 5 times and reaping the benefits, bit too much legal hassle for me tbh but fair play


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    #857
    megabomberman
    Registered Users Posts: 131 ✭✭megabomberman


    The delays with AIB are now getting ridiculous. I've got AIP and genuinely think it might be quicker to start from scratch with a new bank.


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    #858
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Foodie2012 wrote: »
    Hey guys, really useful thread guiding us through the mortgage process, thanks!

    We currently have a mortgage application in with our broker who has assured us he can get us €7k higher than our current BOI AIP due to bonus and overtime. I only started my current job last year, so I've only received 1 years bonus from them. Would it be very unlikely that the bonus would be considered as part of the mortgage application? Considering some posters here aren't getting aknowledged for strong year-on-year bonuses, I think my one year bonus is very unlikely to bump us up the €7k?

    That would be hard to say.

    The reason for this that with bank of Ireland they provide you with a Mortgage Application Salary Certification form.

    This is to be completed by your employer.

    Its asks for Current and the past 2 years Bonuses as this is in relation to Bonus consistency.

    I dont know if One bonus year will increase your AIP of 7K


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    #859
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    megabomberman wrote: »
    The delays with AIB are now getting ridiculous. I've got AIP and genuinely think it might be quicker to start from scratch with a new bank.

    Sorry to hear this.

    Waiting on AIP from BOI and it's a few days overdue but nothing alarming yet. Still, I would just like an answer :)


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    #860
    errlloyd
    Registered Users Posts: 12,600 ✭✭✭✭errlloyd


    random_banter wrote: »
    Sorry to hear this.

    Waiting on AIP from BOI and it's a few days overdue but nothing alarming yet. Still, I would just like an answer :)

    They were about two weeks later than expected for me. (Got mine last week).


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    #861
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    errlloyd wrote: »
    They were about two weeks later than expected for me. (Got mine last week).

    Thanks for the info. I should probably stop holding my breath so!


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    #862
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Hi folks,

    So originally i thought only a Rebuilding Ireland mortgage would be suitable for me because they are willing to accept < 3 years guaranteed overtime. AIB said even though i receive 700 a month guaranteed on top of my wages but as i haven't been receiving this for 3 years they cant add any of it onto the salary figure whereas the Rebuilding Ireland loan requires 6-12 months according to the DCC when i rang them.

    I kind of assumed all the major banks would also want the 3 year figure but maybe thats not the case, does anyone know if other banks are less strict with this?

    I know nobody will add the whole lot into my salary figures but just 3-4k from it will be enough.

    Thanks guys


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    #863
    heffo500
    Registered Users Posts: 963 ✭✭✭heffo500


    Has anyone tried getting a mortgage with a European bank? I see the interest rates are about 1% whereas the cheapest I see here is 3.15%


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    #864
    awec
    Administrators Posts: 53,385 Admin ✭✭✭✭✭awec


    heffo500 wrote: »
    Has anyone tried getting a mortgage with a European bank? I see the interest rates are about 1% whereas the cheapest I see here is 3.15%

    You can't. No European bank (that doesn't already have a banking operation in Ireland) will offer you a mortgage on a property in Ireland.


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    #865
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    MacronvFrugals wrote: »
    Hi folks,

    So originally i thought only a Rebuilding Ireland mortgage would be suitable for me because they are willing to accept < 3 years guaranteed overtime. AIB said even though i receive 700 a month guaranteed on top of my wages but as i haven't been receiving this for 3 years they cant add any of it onto the salary figure whereas the Rebuilding Ireland loan requires 6-12 months according to the DCC when i rang them.

    I kind of assumed all the major banks would also want the 3 year figure but maybe thats not the case, does anyone know if other banks are less strict with this?

    I know nobody will add the whole lot into my salary figures but just 3-4k from it will be enough.

    Thanks guys

    Were you doing overtime in 2018?

    Or only this year?


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    #866
    Danger781
    Registered Users Posts: 5,686 ✭✭✭Danger781


    zweton wrote: »
    Did your broker say anything more on this?

    I haven't asked him about this yet. We can't apply until September until I've passed my probationary period at work. I figure I'd just wait until then and cross that bridge if we need to.


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    #867
    Jog501
    Registered Users Posts: 200 ✭✭Jog501


    megabomberman wrote: »
    The delays with AIB are now getting ridiculous. I've got AIP and genuinely think it might be quicker to start from scratch with a new bank.

    It's beyond a joke now, everything is ready to go for me and I've been waiting on the letter of offer for 3 weeks. I'm going to give it to the end of the week and then tell them I'm going to go to KBC


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    #868
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    https://www.https://www.bpfi.ie/citywidefinancial.ie/b/how-will-covid-19-affect-my-mortgage-application


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    #869
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Duke of Url wrote: »
    Were you doing overtime in 2018?

    Or only this year?

    Hi Duke,

    I have been doing it since January this year


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    #870
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    MacronvFrugals wrote: »
    Hi Duke,

    I have been doing it since January this year

    I know with Bank of Ireland They take Overtime into account once its stated by your employer in the Salary Cert.

    The only thing is that it asks for Overtime for the Current Year, Last Year and 2 Years ago.


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    #871
    MacronvFrugals
    Registered Users Posts: 1,014 ✭✭✭MacronvFrugals


    Duke of Url wrote: »
    I know with Bank of Ireland They take Overtime into account once its stated by your employer in the Salary Cert.

    The only thing is that it asks for Overtime for the Current Year, Last Year and 2 Years ago.

    Thats interesting, It might be worth me giving them a bell and seeing even if i waited until Jan 2020 would it be any use.


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