Saving/Applying for a mortgage 2020-22 Edition

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.

Got an email yesterday apologising for the delays recently, just one more task required from us (partners payroll office is based in England which is slowing it down further) for all our documents to be submitted for review.

Guys looking for some advice,

I had been thinking about buying in maybe 12 months time and started saving back in March or so. A house I’m interested in has dropped in price and I don’t think it will last long.

I only have about 5k saved but I have a relative willing to gift me 10k. I have a permanent job which I have been in for two years and my salary is approx 41k a year (I make around 50k via shift allowances but these aren’t garunteed)

I would only need a mortgage for 90-100k. However I have some transactions on my current account from a betting site.

Do I have any hope of getting approved for this or will I need 12 months or clean accounts and savings?

mojesius wrote: »

Regardless of your deposit or how much the house is worth, you'll need to show the banks at least 6 months of solid repayment capacity, in the form of regular monthly savings and/or rent equivalent to the monthly mortgage amount. You should add on extra to cover stress testing. Online mortgage calculators will help you work out how much you need to save/pay in rent to cover the mortgage amount you need.

Betting transactions are usually a bit of a red flag, depends on the amount and frequency but I'd cancel any accounts immediately.

You'll also need to show you have enough left money over to cover stamp duty, solicitor fees and other costs.

Best of luck!

Thank you!

Currently paying €300 a month in rent and saving €800 and have six months savings to show and that rent amount has been paid for the last 3 years. Mortgage would be less than €400 a month so hopefully I might get lucky. I also pay €246 a month on a car loan, however this can be cleared if necessary

ItAintMeBabe wrote: »

Thank you!

Currently paying €300 a month in rent and saving €800 and have six months savings to show and that rent amount has been paid for the last 3 years. Mortgage would be less than €400 a month so hopefully I might get lucky. I also pay €246 a month on a car loan, however this can be cleared if necessary

Sounds like you're covered. For the car loan, the bank will likely just deduct that from your repayment capacity

frankiekk wrote: »

Hi

Sorry if this was already asked, scrolled through a few pages and didn’t see anything.

I’m working for an established company which are going okay, and have all my saving/docs etc ready. My partners a teacher and has all her docs ready too. But we went to a broker and we’re told not to bother applying because I’m getting paid with COVID assisted payments from the government. We were told to hold off till April

Anyone else have any issues because of COVID payments??? Would there be any issues going to the bank by ourselves?

All the evidence to date is saying that if either partner is on PUP or TWSS or any other Government subsidy then the banks are not entertaining the Mortgage application.
Also those who already have Approval In Principle are not being allowed draw down the mortgage if either party are on the Government subsidy.
Harsh but its just the banks being cautious

frankiekk wrote: »

Hi

Sorry if this was already asked, scrolled through a few pages and didn’t see anything.

I’m working for an established company which are going okay, and have all my saving/docs etc ready. My partners a teacher and has all her docs ready too. But we went to a broker and we’re told not to bother applying because I’m getting paid with COVID assisted payments from the government. We were told to hold off till April

Anyone else have any issues because of COVID payments??? Would there be any issues going to the bank by ourselves?

Unfortunately the broker is right and it is considered extremely serious as your employer would have show Revenue the pandemic has reduced their business by a significant amount to get the subsidy. The vast likelihood is no bank would entertain dealing with you until the subsidy is removed.

Thanks all! Not the answer I was hoping for Suppose things could be worse though. Might need to start job hunting so!!!

guyfawkes5 wrote: »

You could try asking your employer to remove just you from the subsidy. It's awkward as it will cost them about three quarters of your wage they wouldn't be paying otherwise, but they might prefer it to losing you.

Thanks, might be an option alright! Still guessing I’m going to need 6 months payslips without the payment. Bit of thinking to be done.

Danger781 wrote: »

I hope this is a silly question.. A friend of mine owed me money and I gave him my IBAN. He sent it to me with a reference of "drug money" so it now appears on my statement as such. I've given him an ear full about the idiocy of this but I'm genuinely concerned that this will be flagged when I'm having my statements reviewed. It was money he owed me for pizza.

Could I ring the bank and ask them to change the reference or something?

Try asking them.

Alternatively you could send yourself or get someone to send you money with 'the above is a bad joke' as a reference.

I wouldn't stress out too much about it, I doubt underwriters will hit that line and go 'aha, I knew the reference field would catch out the Kinehans' and immediately void your mortgage application. It'll be a smile at best and a question posed to you at worst. Withdrawals from Paddy Power would probably be considered more serious.

Hi, I hope someone could advise me on this. My wife has been on a career break for the last 2 years after our child was born. We're looking to hopefully trade up in the next year or so. Regarding applying for mortgage approval, could anyone give me an idea of how long my wife would have to be back at work, earning a wage, before we can apply for a new mortgage based on our joint salaries?

I'd appreciate it if anyone has any advice or experience of the same before I start calling around the lenders.

Thanks!

guyfawkes5 wrote: »

You could try asking your employer to remove just you from the subsidy. It's awkward as it will cost them about three quarters of your wage they wouldn't be paying otherwise, but they might prefer it to losing you.

I am not sure weather an employer can remove just one employee from TWSS
I think its all or nothing

MacronvFrugals wrote: »

Our company had 7 people leave over finance promising government scheme wouldn't affect their mortgage application.

The CFO "left" two weeks ago partly due to this, they could also afford to pay the wages which i think was the killer.

So can a company take some employees off the TWSS and leave others on it ,or is it all or nothing.

Hello all, just wondering does anyone have experience with salary certs and Sundays being paid as non guaranteed over time? My partner works an hourly rate and her contract is minimum 31 hours per week (always around 35+ a week but we are happy the bank will only take it for 31 hours as she earns good money)

Her salary cert has X amount basic which is ticked guaranteed but over 5k in over time (time and a half for Sundays worked throughout the year) which is ticked as not guaranteed as she works retail which means she works different hours week to week some Sundays worked and some Sundays off.

I understand why her employer tick it as not guaranteed but for the mortgage salary cert it looks bad as shes down basic pay but up "non guareteed" over time (Sundays worked)

If we work out her minimum hours worked per week per year at her hourly rate just working Monday to Saturday she earns Y amount which is 3.5k more than her salary cert is listing as her basic pay? For me I thought overtime would be listed once worked past 39 hours in a week? Hopefully I'm not coming across as confusing here, thanks!

I'm hoping to apply for a mortgage this year and I have everything that I need in terms of secure public sector employment, savings and proving repayment capacity. My issue is that as we are in Dublin we were really hoping for an exemption.

If we were to apply now and not be given an exemption would this reduce the chances of us being able to get an exemption once they become widely avaliable again?

Will it be as simple and just contacting the bank and asking them to review it again?