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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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cojomo2

Im applying for a mortgage with a couple of banks, one is insisting in a signed direct debit form before processing (even though I may not go with them). Anyone come across this?Thanks

klose

Can anyone with recent approval let me know how long it took from final submission of documents to final decision from banksfor approval? Thanks.

Renjit

cojomo2 wrote: »

Im applying for a mortgage with a couple of banks, one is insisting in a signed direct debit form before processing (even though I may not go with them). Anyone come across this?Thanks

I received SEPA mandate form only when the mortgage was approved. Check with the bank and let them know that once the mortgage is approved you will sign SEPA mandate for Direct Debit.

ADO

Hello folks,

Looking at applying for a mortgage in the next 3 - 4 months, quick question, I have cleared all loans, I am looking at taking out health insurance, will this decrease the amount I could potentionally get from the bk as it is seen as another DD coming out of my account every month?

Markitron

ADO wrote: »

Hello folks,

Looking at applying for a mortgage in the next 3 - 4 months, quick question, I have cleared all loans, I am looking at taking out health insurance, will this decrease the amount I could potentionally get from the bk as it is seen as another DD coming out of my account every month?

No I don't think so, I think they only count loans, credit cards and dependables etc.

Someone that is more in the know please correct me if I am wrong.

dodo87

klose wrote: »

Can anyone with recent approval let me know how long it took from final submission of documents to final decision from banksfor approval? Thanks.

Took me 5 weeks with AIB have since applied with BOI and they said it should take 7 working days

bluebottle102

Just looking for some advice.

I have been approved in principle for X amount and have 10% deposit. I plan on buying a site and building.
I've just found out from Bank of Ireland that if I intend on building I also need 10% of the build for any over runs that may occur. Is this standard with all banks offering mortgages? I'm new to this and have never heard of needing this contingency on top of my 10% deposit.

Any info greatly appreciated

pooch90

Coming up on 4 weeks since submission to ICS. First contacted broker at start of July. Just fed up at this stage but hopefully by the end of next week (as I've said every bloody week!!)

Creamy Goodness

ADO wrote: »

Hello folks,

Looking at applying for a mortgage in the next 3 - 4 months, quick question, I have cleared all loans, I am looking at taking out health insurance, will this decrease the amount I could potentionally get from the bk as it is seen as another DD coming out of my account every month?

will be seen the same was as a Sky or Vodafone bill will be. It's a day-to-day expense.

They really only care about things that you have to spend money on before them, loans, childcare, credit cards, child benefit etc.

klose

dodo87 wrote: »

Took me 5 weeks with AIB have since applied with BOI and they said it should take 7 working days

Thanks, applying with AIB at the moment myself and thinking of looking elsewhere as other banks seem it be much quicker, possible purchases going by and documentation going out of date and need of updating due to it.

Meraf

klose wrote: »

Thanks, applying with AIB at the moment myself and thinking of looking elsewhere as other banks seem it be much quicker, possible purchases going by and documentation going out of date and need of updating due to it.

Yeah AIB is slow and they loose business but consider what is on offer and what is the percentage that they offer for your choice.
Personally i think they have good offer for now.

Faith

Hypothetical situation, if you’re approved in principle for a mortgage and then change jobs before you draw down, are you required to tell the bank about the change?

whatever76

Faith wrote: »

Hypothetical situation, if you’re approved in principle for a mortgage and then change jobs before you draw down, are you required to tell the bank about the change?

Afraid so - any changes in employment needs to be flagged to Bank before you drawdown

phormium

Some look for up to date payslips before drawdown anyway so it will be obvious then anyway. AIP though is usually only guideline and on doing the actual full application to get a mortgage offer you have to give all the income details so if you only have a general AIP rather than an actual loan offer on a particular house they will have to know obviously.

Harper91

Hi I have a friend who is buying there second home with partner, he currently has an apartment he bought himself. Would they not need 20% deposit for ,the second home ?

Does the bank take site value as security? So then just need 10% deposit

Which is the same as first time buyers ?

Noah G

Is buy to let worth it ?

What are the advantages and disadvantages of it ?

Harper91

The_Conductor

Harper91 wrote: »

Hi I have a friend who is buying there second home with partner, he currently has an apartment he bought himself. Would they not need 20% deposit for ,the second home ?

Does the bank take site value as security? So then just need 10% deposit

Which is the same as first time buyers ?

1. They are not first time buyers and are not governed by the same rules as a FTB

2. The various parts of the property (such as the site) are not treated separately, unless that are separate free standing transactions. E.g. if they are gifted a site from a parent- they cannot then use this as collateral towards a mortgage for a property they intend to build on the site.

3. The 20% rule is the standard rule for non-first-time-buyers (other than investors). They may qualify for an exemption- and in general it would be looked on favourably by prospective lenders- providing the mortgage was below certain LTV ratios (typically below 70%). So- I'd be shopping around and seeing if lenders were willing to consider this- however your friend is not entitled to it.

4.The apartment may be looked upon as a liability by prospective lenders- particularly if the intention was to let it- as tenancy law is firmly in a tenant's favour- and if they stopped paying rent- it could take a protracted period of time to retrieve the unit, and all the while the landlord is liable for the upkeep of the unit- and to make good any antisocial behaviour towards neighbours etc. Seriously- don't even consider it. Sell- and use the proceeds (if any) to get your LTV down to a reasonable level.

5. In relation to (4) your mortgage borrowing capacity is reduced by the mortgage o/s on the apartment- so it makes sense to divest and clear any other o/s loans (car loans, credit card debt etc)

handlemaster

Harper91 wrote: »

Hi I have a friend who is buying there second home with partner, he currently has an apartment he bought himself. Would they not need 20% deposit for ,the second home ?

Does the bank take site value as security? So then just need 10% deposit

Which is the same as first time buyers ?

I'm sure your friend intends to visit a bank . They would answer thst for them very quickly.

Pelezico

handlemaster wrote: »

I'm sure your friend intends to visit a bank . They would answer thst for them very quickly.

Good advice.

Friend has done this already of course.

random_banter

klose wrote: »

Can anyone with recent approval let me know how long it took from final submission of documents to final decision from banksfor approval? Thanks.

4 weeks to the day with BOI.

Harper91

handlemaster wrote: »

I'm sure your friend intends to visit a bank . They would answer thst for them very quickly.

They actually work in real estate finance so I dont understand why he would say this, basically they are building beside his partners family home .
Wants to keep the apartment and rent it out at around 1800 a month .

But hes talking about a buy to let mortgage .
And already has a mortgage out of his apartment

I don't no who he doesnt just sell the apartment.
I told him you have to have 20% deposit for his new build as hes not a first time buyer anymore.
They said No because we have no site purchase. 100% mortgage but no exceptions to the 3.5 currently.

omicron

random_banter wrote: »

4 weeks to the day with BOI.

I went with Ulster bank, I had submitted all documents by Monday evening last but didn't sign the form until Wednesday at midday, had underwritten approval by Wednesday 5pm.

Top Dog

Harper91 wrote: »

100% mortgage but no exceptions to the 3.5 currently.

Nobody gets a 100% mortgage anymore

omicron

Top Dog wrote: »

Nobody gets a 100% mortgage anymore

Although with 10% help to buy and a 90% mortgage it's effectively the same thing for new builds.

MaryO100

Hi, I heard that Avant Mortgages have started taking applications from today.

Does anyone know if they have a blanket ban on exemptions for LTV also? I had heard they would be looking at applications on a case-by-case basis. Or does anyone know if even, they aren't, might other banks start to offer them as a way to differentiate their offer perhaps?? Desperately hoping the exemptions might return!

Thanks

pooch90

MaryO100 wrote: »

Hi, I heard that Avant Mortgages have started taking applications from today.

Does anyone know if they have a blanket ban on exemptions for LTV also? I had heard they would be looking at applications on a case-by-case basis. Or does anyone know if even, they aren't, might other banks start to offer them as a way to differentiate their offer perhaps?? Desperately hoping the exemptions might return!

Thanks

Finance Solutions in Lucan are, saw it on The Mortgage Guy's Instagram

LauraAaron

After 19 years of renting we just bought our first house got our mortgage through Ulsterbank abc hoping to close end of month x best of luck to anyone just starting the process it’s stressful but so worth it x

The_Conductor

MaryO100 wrote: »

Hi, I heard that Avant Mortgages have started taking applications from today.

Does anyone know if they have a blanket ban on exemptions for LTV also? I had heard they would be looking at applications on a case-by-case basis. Or does anyone know if even, they aren't, might other banks start to offer them as a way to differentiate their offer perhaps?? Desperately hoping the exemptions might return!

Thanks

I know Doddle (Doddl- however they spell it) are one of the brokers- but apparently they intend to use the entire broker network- so keep an eye out.

There are alternates coming down the track too- An Post have clearly signalled an intent to enter this market- and have a license to do so- and its thought that the incumbents will have new offers specifically to attract new customers (Avant will have a much lower interest rate- but Ulster Bank for example, instead of lowering its interest rate- have upped their cash-back offer for new customers by an additional EUR500).

Shop around- even the incumbents may have deals that are attractive to you.

Bubbaclaus

Their websites lists out all the brokers.