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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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Wheety

Hmmm, I've lowed my rate with KBC twice already but 1.95% sounds tasty.

dpham178

Hello!

Me and my husband we are first time buyers and we are looking at getting a new build. We got AIP back in 03/2020 and this AIP expires on 31/10/2020. The issue is the house is still being built and it will only be completed in 03/2021.

So does it mean if we want to buy this house we will need to apply for a new AIP or if the buying process can be started now and we can draw down the mortgage for bank to pay the contractor before AIP expires, but does it also mean we will have to start monthly repayment while we are not able to move in yet? (for 6 months approximately)

Thank you for your inputs!

MrStuffins

You will most likely have to reapply when it comes around. Provide them with up to date documents etc and do a lot of the process again.

Something similar happened to us.

We received AIP from the bank we wanted to go with and by the time the date of drawdown came, we had passed the 6 month mark.

However, we had gone through a broker and the broker had gotten us 12 months approval elsewhere. He went back to the 6 month bank and told them that we would go with the 12 month guys unless they extended their offer to 12 months...... which they did.

My advice would be to give a broker a shout and see what they can do.

awec

You can't draw down against a house that isn't finished. You'll need to renew.

brisan

bluebottle102 wrote: »

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

I have never known an extension to come in on budget much less a full house

Hanaolosdad

Hi folks need some advise

Have a ICB rating of 469- currently saving for a mortgage with my wife

We have a site in our name and nearly 85, 000 in savings

Wife works for civil service and I have a full time permanent job

Had an issue with a credit card 2 years ago..missed two payments as the provider never updated my new address and then updated it incorrectly..card was revoked ..I cleared the balance immediately when I realised and asked for the card to be cancelled

They didn't cancel it and I ended up fighting with them until they did

Will all this stand against us? Is 469 a poor score?

InPsyDer

I am confused in relation to the approval part of the process. My bank has told me that they can lend the usual 3.5 x income but that sometimes at the beginning of the year they do a few exceptions where they can lend slightly more.

I don't want to apply to them only on the basis of hoping I might get such an exception and be able to borrow more, I'd want to know exactly how much I could borrow from the beginning! Is it a normal thing to do the full application (not just the pre-approval) with more than one bank at a time and then see who is able to offer most at bidding stage?

I hope my question makes sense, I'm a complete beginner in the mortgage game! Thanks.

thebiggestjim

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

How do the brokers get paid? Is it the mortgage company that pays them or will they be looking for a fee of the applicant?

Cheers.

LittleMissRed

kvr1727 wrote: »

Charity outgoings should not be an issue. As this donations/payment is not your liability, it is your willingness to help. They may definitely ask you the reasons for regular outgoing money. I believe it might not considerably big amounts.

If you want to on the safe side, you can keep them payments on hold for few months.

Bank will check for your monthly savings ability versus incomes and expenses.
Good Luck with your Mortgage application.

Thanks for this advice. Might keep them on hold until we're over the line with approval and then do a transfer after that.

Markitron

Hanaolosdad wrote: »

Hi folks need some advise

Have a ICB rating of 469- currently saving for a mortgage with my wife

We have a site in our name and nearly 85, 000 in savings

Wife works for civil service and I have a full time permanent job

Had an issue with a credit card 2 years ago..missed two payments as the provider never updated my new address and then updated it incorrectly..card was revoked ..I cleared the balance immediately when I realised and asked for the card to be cancelled

They didn't cancel it and I ended up fighting with them until they did

Will all this stand against us? Is 469 a poor score?

I am not sure about the actual score, but the credit card issue will come up as it will be visible for 5 years after the card was cleared. On the plus side, I believe a lot of lenders will only hold it against you for two years after it was cleared so you should be ok. Either way I suggest you talk to a broker about it, as they can explain the situation to the lenders.

thebiggestjim wrote: »

How do the brokers get paid? Is it the mortgage company that pays them or will they be looking for a fee of the applicant?

Cheers.

Brokers are usually paid commission by the lenders

8-10

Does anybody know if you can switch mortgage providers after signing contracts and loan agreements, but before drawdown?

I presume you can just doubt it's common so wondering if there's anything I need to be aware of

Beeabell

pooch90 wrote: »

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!!)

im now 5 weeks and still waiting on ICS althought they have looked for more paperwork. Have you heard anything at all yet?

Renjit

8-10 wrote: »

Does anybody know if you can switch mortgage providers after signing contracts and loan agreements, but before drawdown?

I presume you can just doubt it's common so wondering if there's anything I need to be aware of

Since your drawdown hasn't begun it wont technically be a switch. You will be applying for new mortgage. I stand corrected though.

klose

Am I correct in saying that for a first time buyer your mortgage offer is 90% and you've to pay the 10% aswell? So a mortgage offer of 200,000 would leave you to buy a house at most 220,000?

pooch90

Beeabell wrote: »

im now 5 weeks and still waiting on ICS althought they have looked for more paperwork. Have you heard anything at all yet?

We are over 4 weeks now. Only thing they have come back with is asking for a marriage cert the first week. Not a dicky bird since.

Shoden

klose wrote: »

Am I correct in saying that for a first time buyer your mortgage offer is 90% and you've to pay the 10% aswell? So a mortgage offer of 200,000 would leave you to buy a house at most 220,000?

Yes, you can get up to 90% the value unless you are getting an exemption but there isn't too many of them given out.

Also, the help to buy scheme can give you another 10% or cover the 10% deposit if you're going new!

8-10

Renjit wrote: »

Since your drawdown hasn't begun it wont technically be a switch. You will be applying for new mortgage. I stand corrected though.

Yep that's what I'm thinking, just would need to sign a new loan offer before it closes

The_Conductor

Wheety wrote: »

Hmmm, I've lowed my rate with KBC twice already but 1.95% sounds tasty.

Whats your LTV?
The 1.95% only applies to 60% LTV or lower.

G_R

klose wrote: »

Am I correct in saying that for a first time buyer your mortgage offer is 90% and you've to pay the 10% aswell? So a mortgage offer of 200,000 would leave you to buy a house at most 220,000?

With a mortgage of €200k, you would need to buy a property worth at least €222,222. The loan amount cannot be more than 90% of the value of the property.

Its easier to think about it the other way around - if you're buying for €220k, then your loan amount is max 90% of that, ie. €198,000.

brisan

According to the Irish Times NatWest are actively considering closing down Ulster Bank in the Republic with the loss of 2500 jobs

sp00k

brisan wrote: »

According to the Irish Times NatWest are actively considering closing down Ulster Bank in the Republic with the loss of 2500 jobs

What would that mean for people with mortgages with Ulster Bank?

brisan

sp00k wrote: »

What would that mean for people with mortgages with Ulster Bank?

More than likely the loan book would be sold to another lender

thewheel2.0

sp00k wrote: »

What would that mean for people with mortgages with Ulster Bank?

Oh crap, loan offer just arrived from Ulster Bank on Monday. Drawdown wont be till April so I'm guessing I'm in danger here of them not being able to fulfull the offer with not much notice.

At least I have AIP with AIB but this is not good news/rumor at all.

thewheel2.0

thewheel2.0 wrote: »

Oh crap, loan offer just arrived from Ulster Bank on Monday. Drawdown wont be till April so I'm guessing I'm in danger here of them not being able to fulfull the offer with not much notice.

At least I have AIP with AIB but this is not good news/rumor at all.

I went back and read the article... it might be alright from a timing point of view:

A run-down of the business would take an estimated six years and involve a number of loan portfolio sales, which would attract both rival banks and non-bank lenders, industry sources said.

Irish Times - NatWest considers closing Ulster Bank in the Republic

Still, not confidence inspiring. It's funny, the bank inspects our financials inside out and backwards, perhaps we should take a more careful look at how they are performing. I had no idea that they were underperforming that badly :eek:

newfy

Got my letter of offer from AIB, waited 3 weeks after submitting all documents through the online portal. Pretty smooth process

Gael23

Has anyine got an exception on the 3.5 times salary rule recently? Trying to get 4x but KBC who I had hoped to do it wont give any exceptions because of covid

Bubbaclaus

newfy wrote: »

Got my letter of offer from AIB, waited 3 weeks after submitting all documents through the online portal. Pretty smooth process

Did you need to have mortgage protection lined up also to get the letter of offer? Can't seem to find whether AIB require that in order to issue letter of offer or whether you can deal with that afterwards.

Just want to make sure I have everything I need to do done, so that I dont get an email 3 weeks after submitting documents that I need to do more, delaying everything another 3 weeks!

Duke of Url

Bubbaclaus wrote: »

Did you need to have mortgage protection lined up also to get the letter of offer? Can't seem to find whether AIB require that in order to issue letter of offer or whether you can deal with that afterwards.

Just want to make sure I have everything I need to do done, so that I dont get an email 3 weeks after submitting documents that I need to do more, delaying everything another 3 weeks!

I had to have mortgage protection before Drawdown with BOI, not at Letter of offer.

They needed the letter of offer to confirm what the Mortgage Protection calculation would be.

Bubbaclaus

Duke of Url wrote: »

I had to have mortgage protection before Drawdown with BOI, not at Letter of offer.

They needed the letter of offer to confirm what the Mortgage Protection calculation would be.

Cheers. Won't be drawing down until next year, but may be signing contracts in next month which I will need letter of offer for, so wanted to make sure. Thanks.

into_the_wild

Bubbaclaus wrote: »

Did you need to have mortgage protection lined up also to get the letter of offer? Can't seem to find whether AIB require that in order to issue letter of offer or whether you can deal with that afterwards.

Just want to make sure I have everything I need to do done, so that I dont get an email 3 weeks after submitting documents that I need to do more, delaying everything another 3 weeks!

I stand corrected but I'd advise you get a mortgage protection right away. Reason I say is god forbid you catch covid between now and mortgage drawdown, the bank could legally take back their loan offer because of covid.
You're only gonna spend a few months of extra insurance but that could come in handy if something happens.