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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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gandalfio

faith76 wrote: »

Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

http://www.housingagency.ie/housing-information/affordable-home-purchase

is it possible to apply for it? thank you very much

This scheme could help you in your situation
http://rebuildingirelandhomeloan.ie/

Markitron

faith76 wrote: »

Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

http://www.housingagency.ie/housing-information/affordable-home-purchase

is it possible to apply for it? thank you very much

I think you have to earn less than 50k to qualify for that, otherwise you should have no issues getting started with it. You should apply for the Help to Buy scheme if you haven't already.

faith76

LoonyLovegood wrote: »

It depends on where you want to buy. I'm on substantially less money per year than you are, and I'm sale agreed on a 2 bed house with less than my maximum mortgage. You can borrow 3.5x your salary, and if it's your first time buying a house you need a 10% deposit. On those numbers, you'd be able to buy houses up to €210,000. That's a €21,000 deposit and €189,000 maximum loan.

Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

http://www.housingagency.ie/housing-information/affordable-home-purchase

is it possible to apply for it? thank you very much

LoonyLovegood

faith76 wrote: »

Hi,
I am wondering if it is possible to seek your feedback on mortgage options available for a buyer (married and has two little kids) who seeks to buy a 2-bed house/apartment for the first time. The annual gross salary is 54k, and the loan should be planned based on a signal application as wife is not working.

Before the lockdown, we checked with a broker and he advised us that the maximum amount we can get from a bank is around 180k which is not enough for a 2-bed property in general. Any ideas? we are new here and any feedback from you will have a significant impact on our search. Thank you for your time.

It depends on where you want to buy. I'm on substantially less money per year than you are, and I'm sale agreed on a 2 bed house with less than my maximum mortgage. You can borrow 3.5x your salary, and if it's your first time buying a house you need a 10% deposit. On those numbers, you'd be able to buy houses up to €210,000. That's a €21,000 deposit and €189,000 maximum loan.

faith76

Hi,
I am wondering if it is possible to seek your feedback on mortgage options available for a buyer (married and has two little kids) who seeks to buy a 2-bed house/apartment for the first time. The annual gross salary is 54k, and the loan should be planned based on a signal application as wife is not working.

Before the lockdown, we checked with a broker and he advised us that the maximum amount we can get from a bank is around 180k which is not enough for a 2-bed property in general. Any ideas? we are new here and any feedback from you will have a significant impact on our search. Thank you for your time.

pooch90

So which account are you planning on hiding then? Honestly it's not worth the hassle. You've plenty of time to tidy up your accounts so little point in trying to be sly.

awec

Aron722 wrote: »

I have two bank accounts and a Credit union account

My main current account and savings account are with bank A
I get my salary paid into it and put money into savings account. I pay my insurance off in full aswell as tax so the only other payments that come out of it are my phone bill, spotify, Netflix .

Bank B
I have another account with a different bank that I wont be getting a mortgage off , I just put extra money in there from cash jobs and use that for like clothes , going for meals and transferring money to my revolut if I use that.
I just dont like all in one bank as its harder to keep track of ,this ways it's nice and tidy .

I have a credit union loan out for a car and used my bank statements from bank A to apply for loan as needed to see my income every week just to see I am able to pay back loan. It's not a big loan. I dont have a direct debt with credit union to go into my bank and take money .

I just go down and pay it in cash every week , when I go for a mortgage in the next 2 years the loan will be well paid off so wont have any debts .

It will look really odd, and be pretty obvious that you're withholding if you give them bank statements that show no day-to-day spending.

Harper91

Bluefoam wrote: »

I have heard that before from people with gambling problems, unusual banking activity, nefarious forms of income etc... Yes the bank can easily find out about any additional bank accounts, credit cards or revolut style services...

No they cant , if they have trasfers from another bank credit union or revolut/ PayPal then they can ask for those accounts.

If there is no transactions between any of the above in the bank then no they definitely can't know if you have another bank account with another bank.

If you are applying for a mortgage just make sure you have 6 months statements with no transaction from any of the above or any large amounts put into account. They only ask for 6 months statements.

burkey2k0

Bluefoam wrote:

I have heard that before from people with gambling problems, unusual banking activity, nefarious forms of income etc... Yes the bank can easily find out about any additional bank accounts, credit cards or revolut style services...

You are incorrect. No they cannot. Credit cards and loans, yes. Current accounts, no.

Aron722

I have two bank accounts and a Credit union account

My main current account and savings account are with bank A
I get my salary paid into it and put money into savings account. I pay my insurance off in full aswell as tax so the only other payments that come out of it are my phone bill, spotify, Netflix .

Bank B
I have another account with a different bank that I wont be getting a mortgage off , I just put extra money in there from cash jobs and use that for like clothes , going for meals and transferring money to my revolut if I use that.
I just dont like all in one bank as its harder to keep track of ,this ways it's nice and tidy .

I have a credit union loan out for a car and used my bank statements from bank A to apply for loan as needed to see my income every week just to see I am able to pay back loan. It's not a big loan. I dont have a direct debt with credit union to go into my bank and take money .

I just go down and pay it in cash every week , when I go for a mortgage in the next 2 years the loan will be well paid off so wont have any debts .

Bluefoam

Aron722 wrote: »

Hi can banks find out about other accounts you have if it's not with them ?

I have heard that before from people with gambling problems, unusual banking activity, nefarious forms of income etc... Yes the bank can easily find out about any additional bank accounts, credit cards or revolut style services...

Aron722

Hi can banks find out about other accounts you have if it's not with them ?

mousblaster17

Mr_Muffin wrote: »

When saving for a deposit, does it matter where you save? For instance, if you were to get paid monthly into the bank, but saved in the credit union?

Nope. The bank will want to see your credit union statements anyway.

[Deleted User]

Mr_Muffin wrote: »

When saving for a deposit, does it matter where you save? For instance, if you were to get paid monthly into the bank, but saved in the credit union?

Not from my experience, what is key though is showing the bank you can afford the mortgage by saving every single month and not touching the savings. It doesn't matter what institution you keep the money in. I had my savings in one bank and took the mortgage from another.

Mr_Muffin

When saving for a deposit, does it matter where you save? For instance, if you were to get paid monthly into the bank, but saved in the credit union?

awec

all the banks have minimums that you can borrow. If you need less than their minimum you’re in to personal loan territory (with much higher interest rates) rather than mortgages.

I think the minimum is usually like 50/60k though.

LoonyLovegood

Deleted User wrote: »

I was on one of the irish mortgage broker calculators and they told me the min amount you can borrow is 135K. What is that all about.

Yeah, that's not accurate. My mortgage is under 100k, and there's no problem.

dodo87

Meraf wrote: »

I've got finally my answers today. I was told that current waiting time for AIB to review is 14 working days to answer..

Good luck Bubbaclaus

I was told this too. it took 5 weeks for approval from when I started uploading the additional documents. Waiting to see if my offer gets accepted on a house before I proceed with uploading all that info and was told there is a 14 working day response time now too.

I also rang the other day to ask about shortening the mortgage term and about the deferred start for the payments and the guy on the phone couldnt tell me anything about it and told me to put the questions on the message portal and that would take 14 working days for a response also.

[Deleted User]

ShaneU wrote: »

3.5 times your salary

It was a minimum amount you could enter into the calculator. I only want to borrow 80K, it wouldn't calculate it for me. it said i had to borrow a min of 135K.

ShaneU

Deleted User wrote: »

I was on one of the irish mortgage broker calculators and they told me the min amount you can borrow is 135K. What is that all about.

3.5 times your salary

[Deleted User]

I was on one of the irish mortgage broker calculators and they told me the min amount you can borrow is 135K. What is that all about.

Meraf

Bubbaclaus wrote: »

I've only started uploading them this week. This is a worrying thing to hear.

I've got finally my answers today. I was told that current waiting time for AIB to review is 14 working days to answer..

Good luck Bubbaclaus

unhappys10

8-10 wrote: »

They definitely said they'd be looking to extend but I would definitely check if you can apply this year.

HTB for 10% is available now on new builds that aren't being built until 2021 so in theory there must be a way of applying that to a self build too

Definitely going to have to dig deeper. Will only be looking for 200k and I have paid enough in the last 4 years to cover the 10%. So just need more detail. Anything I find out I'll post here.

8-10

unhappys10 wrote: »

From another thread I asked in:

Every application expires at the end of the year i.e Dec 31st. If you are not starting the build this year, you might as well wait till January before applying.

Needs to be verified but would be nice if they extend the 10%

They definitely said they'd be looking to extend but I would definitely check if you can apply this year.

HTB for 10% is available now on new builds that aren't being built until 2021 so in theory there must be a way of applying that to a self build too

unhappys10

greengrass88 wrote: »

Also trying to find this out but havent found the answer!

From another thread I asked in:

Every application expires at the end of the year i.e Dec 31st. If you are not starting the build this year, you might as well wait till January before applying.

Needs to be verified but would be nice if they extend the 10%

greengrass88

unhappys10 wrote: »

Possibly mentioned, but can HTB be applied for and be granted before 31 December, but mortgage and beginning to build etc not be applied for until into new year?

Also trying to find this out but havent found the answer!

klose

Meraf wrote: »

Anyone else waiting for AIB to review their online mortgage application/documents for almost a month ?
Whats the story ?

We have all out documents submitted and got the go ahead that they are all good, just waiting on the final decision now, we were getting no reply off them so we emailed the mortgage advisor we've been dealing with in our local branch and she sent on an email for it to be followed up, sure enough the next day all documents were accepted and submitted.

Can also ring 0818 303 059 to get the ball rolling again.

Meraf

Bubbaclaus wrote: »

I've only started uploading them this week. This is a worrying thing to hear.

I've initially uploaded my documents in at the start of July. Got my initial feedback at the start of August. It's been two months now with one contact from them in between..

I understand challenges with staff and Covid but cmon..

beauf

Meraf wrote: »

Anyone else waiting for AIB to review their online mortgage application/documents for almost a month ?
Whats the story ?

There seems to be a backlog in many banks. They seemed to have changed their criteria, and some are re-assessing some applications that are already approved. But they don't seem to have the resources to do this. Remember they were already backlogged with payment breaks on existing mortgages.

The banks have spend the years since the last recession in shrinking staff numbers.

unhappys10

Meraf wrote: »

Anyone else waiting for AIB to review their online mortgage application/documents for almost a month ?
Whats the story ?

Met with an AIB mortgage advisor today, she said for some reason since C19 approvals are taking a long time. Something about they all have to go to head office in Dublin and they have now broken down specific employment sectors into categories of risk so all of this would have to be examined I presume.