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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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Aurelian

MacronvFrugals wrote: »

I'm not certain tbh but everyone is our place was removed off it over the hassle it caused.

According to my boss you can't cherry pick who is on the scheme and Revenue are doing spot checks. Apparently.

lcarrol3

DubLad69 wrote: »

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?

We had an exemption with PTSB and had it pulled at the start of the pandemic. Our advisor has told us it will be a case of going back for further approval. I really, really hope that's the case!

I was also advised by a broker to make it abundantly clear to the bank that you will not be drawing down on a mortgage without an exemption - gives the impression they could lose you as a customer.

Ikozma

OK, we currently have a mortgage for last 15 yrs, if I sold the house in the morn I should have at least €50,000 left over after repaying the mortgage, I have been saving €1000 per month in credit union for last 12 mths plus another €600 a month off car loan and credit card, these will then be cleared by Xmas as well as obviously paying €700 per month mortgage in that time,I also have €8000 in savings. We will be looking for a mortgage of around 120,000 for a house we can do up with the money we get from selling our current home. Now here is the interesting part, even though I can obviously prove I can pay a mortgage of 120000 my work situation is a little different because I'm in the retained fire brigade my job is classed as part time even though I'm on call 24 hrs a day, my pay consists of a retainer which is guaranteed plus whatever calls we get these differ every year but I imagine the bank would take the average, I also get a full weekly social welfare payment which is a guaranteed payment and which is a stipulation of working as retained firefighter in ireland as we pay prsi and are allowed to claim benefit payments.
Question is would the bank even entertain us, wife works full time, our combined wage including my social welfare is about €45, 000 a year.
Sorry for long postðŸ˜

ahnoyouregrand

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.

So I take it that you're also finding the promised response within "2 business days" to be rubbish?

The lack of communication from them is actually difficult to comprehend.......

combat14

anyone thinking of waiting for the avantcard 2% mortgages

WeeCuppaCha

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

I have AIP with ICS currently at a competitive (for Ireland) 2.45%. But with the dearth of available properties in my area to bid on, I reckon I’ll still be sitting waiting. I fully intend to watch how their interest rates look. 1.9-something% would be a game changer.

Duke of Url

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

bulmersgal

Duke of Url wrote: »

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

Congrats doesn't seem that long ago we were waiting for bank to approve mortgage.

I was sale agreed on property but pulled out. Hopefully I'll have the keys to my house soon.

Exciting times for you to be home owner and not a renter ðŸ˜

Ikozma

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offeringðŸ€£

MacronvFrugals

Duke of Url wrote: »

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

Great news!

Congrats Duke

soc

brisan wrote: »

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

Under the twss yes you can take people on and off the scheme prior to payroll being submitted to revenue. I was told this by our payroll software support. I do not know what the story is when it is replaced by EWWS in next few weeks...

If employer is availing of the scheme I would be surprised if they would take employee off the scheme at the request of the employee...

klose

awec wrote: »

Her basic, guaranteed pay should be her minimum hours per her contract, multiplied by her basic hourly rate I'd have thought.

Did the employer make a mistake?

That was my thinking too but her payroll (whom are situated in England which is just super handy :rolleyes:) think it's correct.

Is a salary cert what you are expected to earn in a year or what you've earned in the previous 52 weeks?

combat14

Ikozma wrote: »

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offering&#55356;&#56355;

alot of articles in the news that they will start mortgages in the autumn potentially below 2% to shake up the market.... we will have to wait and see

combat14

WeeCuppaCha wrote: »

I have AIP with ICS currently at a competitive (for Ireland) 2.45%. But with the dearth of available properties in my area to bid on, I reckon I’ll still be sitting waiting. I fully intend to watch how their interest rates look. 1.9-something% would be a game changer.

just curious how u got them to 2.45 on website seem to be showing 3.15%

any help appreciated!

JohnnyChimpo

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

why would you bother waiting? you can get a 2.9% 1 year fix off BOI (less effective rate with cashback factored in), and then switch to avantcard, if available, surely?

thekingof60

JohnnyChimpo wrote: »

why would you bother waiting? you can get a 2.9% 1 year fix off BOI (less effective rate with cashback factored in), and then switch to avantcard, if available, surely?

From talking to a broker involved in the avantcard trial it sounds like their trial will commence in about 4 months. Although given the current enviroment could see them delay.

Has anyone any recent experience with applying to PTSB and the timeline its taken to get approval?

WeeCuppaCha

combat14 wrote: »

just curious how u got them to 2.45 on website seem to be showing 3.15%

any help appreciated!

I’m a second time buyer. I think it’s because my intended LTV is 70/30. Not fully sure though, it’s just the rate they quoted me.

ebayissues

Did Ptsb not come out and say they're reducing mortgage rates as well? I've an AIP for 250k at a APRC rate of 2.9%

pooch90

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

[Deleted User]

Ikozma wrote: »

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offering&#55356;&#56355;

I thought that practice had to stop.

I'm AIP (switcher) with KBC, but will be waiting for Avant Money. As to why wait, it would cost approx €1,400 to get the conveyancing done. Plus the bloody hassle.

DubLad69

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

I found them great so far, did you let them know that you aren't happy with them? I'd say let your broker know and if it doesn't improve then find another broker or let a manager know.

pooch90

DubLad69 wrote: »

I found them great so far, did you let them know that you aren't happy with them? I'd say let your broker know and if it doesn't improve then find another broker or let a manager know.

If I haven't heard anything by close of business Tuesday then I'll do that i think.
Like all I've had of substance from them is a ten minute phone call after two weeks of feck all.

Monitor1985

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

I'm going through them at the moment, there is 2 ladies working there that are fantastic, but the lad I got lumped with is unenthusiastic.

My main issue with him(one of many) is, since March I've told him I've no passport or driving licence, will my garda ID do?

He said yes as I'm a secondary applicant, which was great.

Sent all the final paperwork over on the 17th of July, which was a Friday. Left it go Monday, Tuesday and I said I'd message on Wednesday for an update.

He emailed me back as calm as can be saying, as stated before the bank will need a copy of your passport in order to move forward.

I was livid. I applied for one that day, Luckily it arrived Tuesday just gone,I sent it over, he acknowledged it, I asked some questions, haven't heard from him since, I've been emailing him every day.

into_the_wild

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

They've been great for us so far. Prompt quick replies and quite professional actually

pooch90

Thanks for the replies, seems to be a variety of recent experiences. Like the lady we are dealing with seems very nice but God a quick "got your application, will have a look and get back to you" wouldn't kill her!

gman112

Any first time buyers struggling with application on covid subsidy ?
I got approval in principal as a single applicant but because my partners salary was subsides it was not counted. We are now 14.5k (or 4.2k income) short from reaching the 70% LVT and can't qualify for help to buy.
Interested in hearing if there's any applicants in similar situations that got approved and what bank / broker did you deal with?

Aurelian

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

BaguMka

Aurelian wrote: »

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

No the banks dont carry out this check and if they were they wouldn't be able to get this info due data protection.

The only way they can see something on your current bank statement if you have any linked transactions between the accounts

[Deleted User]

Aurelian wrote: »

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

This was covered on the forum somewhere recently. The bank should be asking you to declare all your accounts. There's no case of just 'don't mention'. It's either telling the truth or lying.

greengrass88

gman112 wrote: »

Any first time buyers struggling with application on covid subsidy ?
I got approval in principal as a single applicant but because my partners salary was subsides it was not counted. We are now 14.5k (or 4.2k income) short from reaching the 70% LVT and can't qualify for help to buy.
Interested in hearing if there's any applicants in similar situations that got approved and what bank / broker did you deal with?

Spoke with a broker recently who reckoned we would not be able to drawdown while I was on the wage subsidy scheme. That was a few weeks ago when we thought the scheme would end sooner....i'm not sure if banks will change their stance on this as the scheme is now extended to April. I've read articles recently about people on the wage subsidy scheme being able to draw down, not sure what bank they are with but there seems to be some hope anyway.