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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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smck321

keaves wrote: »

Just wondering if it is possible to apply for mortgages online anymore? Every bank website I check just directs me to request a call back or book an appointment. I just want to submit everything and wait to hear back then

I wonder have they just got sick of people putting incomplete documents up that they said to hell with it and just do the interview anyway.

KBC rubbed me up the wrong way asking for loads of details and saying they'll contact me, then didn't contact me after 2 weeks now. Surely they realise it's not a good look to give potential applicants especially when your talking about hundreds of thousands on interest over the lifetime of the mortgage.

Creamy Goodness

BEdS_83 wrote: »

Hi folks,

I was talking to my bank manager this morning and I was told that exception doesn't give the person AIP, because they are house based and for that house only.

but how does that work lately? since we are seeing EAs ask AIP even before booking a view.

Certain banks will give you an AIP with an exception, my mortgage provider did; AIB*.

keaves wrote: »

Just wondering if it is possible to apply for mortgages online anymore? Every bank website I check just directs me to request a call back or book an appointment. I just want to submit everything and wait to hear back then

AFAIK AIB* have tv adverts touting this "feature", have you looked at them?

* Just noticed I tooted the horn of AIB twice in one message, just to clarify I'm in no way a shill for AIB :pac:

keaves

Creamy Goodness wrote: »

Certain banks will give you an AIP with an exception, my mortgage provider did; AIB*.

AFAIK AIB* have tv adverts touting this "feature", have you looked at them?

* Just noticed I tooted the horn of AIB twice in one message, just to clarify I'm in no way a shill for AIB :pac:

Ill gladly toot AIB, they have been the only bank to talk to us like humans. We are looking for an exemption and they are the only bank so far who have confirmed they have some left. Also told us we don't qualify but they were lovely about it! :rolleyes:

And don't get me started on KBC. Haven't a good word to say about them when we last applied for a mortgage .

Markitron

keaves wrote: »

Ill gladly toot AIB, they have been the only bank to talk to us like humans. We are looking for an exemption and they are the only bank so far who have confirmed they have some left. Also told us we don't qualify but they were lovely about it! :rolleyes:

And don't get me started on KBC. Haven't a good word to say about them when we last applied for a mortgage .

Did they tell you why you don't qualify?

keaves

Markitron wrote: »

Did they tell you why you don't qualify?

We don't earn enough. We need to be earning roughly 100k between us to qualify at the minute. However they said these parameters change and to check back with them every so often.

mousblaster17

Creamy Goodness wrote: »

As long as you have an answer for it, it’ll be grand. It was more the fact that I didn’t have an answer was the issue. Once I said car repairs they were like “grand job, let’s continue”.

When I printed out my bank statements, any expensive looking transactions that appeared, I wrote in biro beside them what that transaction was for, before I bundled them all off.

Markitron

mousblaster17 wrote: »

When I printed out my bank statements, any expensive looking transactions that appeared, I wrote in biro beside them what that transaction was for, before I bundled them all off.

That's actually not a bad idea. There will be laptop this month and 2x PS5's next month coming out of my account, I would rather get out in front of it if they question those.

Starlord_01

keaves wrote: »

Just wondering if it is possible to apply for mortgages online anymore? Every bank website I check just directs me to request a call back or book an appointment. I just want to submit everything and wait to hear back then

My girlfriend and I could only go so far on the AIB portal, until they classed my job sector "high risk" so we went down the physical route with them.

We applied to EBS and ICS all through email and phone.

littlemiss023

I'll be applying for a mortgage shortly with my husband. Would it be better to take out, lets say 150 a month in cash for random purchases, or should I use my card for it so the bank can see exactly where the money is going. I had thought just taking it out in cash would be better but I'm starting to think differently now.

dodo87

littlemiss023 wrote: »

I'll be applying for a mortgage shortly with my husband. Would it be better to take out, lets say 150 a month in cash for random purchases, or should I use my card for it so the bank can see exactly where the money is going. I had thought just taking it out in cash would be better but I'm starting to think differently now.

I got letters of offers from bank of ireland and AIB recently and I use my debit card for everything and neither questioned my spending habits and I did a good bit of online stress shopping over Covid. Once you can cover your expenses and savings/rent and are not overdrawn or have failed direct debits you will be okay. I don't think you have to hide what your spending your money unless it is gambling or something along those lines. You're entitled to spend your 150 a month on random purchases if you can afford it

[Deleted User]

smck321 wrote: »

I wonder have they just got sick of people putting incomplete documents up that they said to hell with it and just do the interview anyway.

KBC rubbed me up the wrong way asking for loads of details and saying they'll contact me, then didn't contact me after 2 weeks now. Surely they realise it's not a good look to give potential applicants especially when your talking about hundreds of thousands on interest over the lifetime of the mortgage.

Everything about the process is slooooowwwww. You will go a lot longer than 2 weeks without hearing from your solicitor for example when they're doing the conveyancing.

smck321

Interested Observer wrote: »

Everything about the process is slooooowwwww. You will go a lot longer than 2 weeks without hearing from your solicitor for example when they're doing the conveyancing.

It just seems like bad business though if your first interaction is negative. Out of the 4 companies I've interacted with to Ulster Bank is the only one who emailed and text me to organise something and followed through with it. KBC ignored me, bank of Ireland sent me an email saying to complete my application before they process it but I can't find the place to login anymore on their website which looks like it was designed in the early 2000s.

This is the biggest financial decision most people make in their lifetimes, delays of course occur but surely the start of the process should be streamlined to get people over the first hurdle and go from there. If I'm feeling jittery about the biggest financial decision of my life so far I'm sure others are and making the process less streamlined with all the negative press out there about mortgages isn't helping.

lomb

Interested Observer wrote: »

It will reduce your chances of a mortgage to zero. There is absolutely no chance you will get your mortgage if you try borrow the deposit. Or else we might as well just go back to 100% mortgages.

Usually what happens is you get your parents or relative to borrow the money and then gift it and you then pay them back adding the payments to the mortgage to get your monthlys.

Aurelian

My mortgage advice is go through a local advisor rather than phoning the mortgage team or doing it online. In my experience they will help you and fight your corner.

Meraf

How long usually takes to get Letter of Offer from AIB ? Are there any delays in the process because of Covid ?

Picka1

Meraf wrote: »

How long usually takes to get Letter of Offer from AIB ? Are there any delays in the process because of Covid ?

I was waiting just over two weeks for my offer letter. I’ve just completed the process recently so I imagine that timeline is still relevant.I did get an exception of the amount I’m borrowing so I’m not sure does impact time to offer letter.

[Deleted User]

Got quoted 9k to break our fixed rate from BOI, anyone know how they calculate this? I know it's something to do with the cost of borrowing then vs the cost now but seems excessive.

pooch90

Am quite fed up with our broker. We initially made contact at start of July and dealt with one lady, she was swamped so passed us to her colleague. Finally put an application in mid August with ICS. Took 6 weeks to come back €50k short of what broker had thought we would get. Rang broker and said I'd been told to try BOI and PTSB because they aren't as tough on having kids and only one income. Told absolutely no way I'd get near what I'd want with them and Finance Ireland was our only real hope now. Gave him go ahead to do FI application. Two days later emailed to ask for the application, fours days later I get a reply saying waiting for forms to generate on system. Now, four days later, still waiting.

The day after I gave the go ahead to do the FI application, I made an appt myself online with local branch of PTSB for the Friday. Brought my mortgage folder with me. Met for 70 minutes with a great advisor who was confident I'd get the full 3.5 times my salary, took my folder off me and photocopied everything there. Sent me away with the application form which I returned Monday, she had all submitted by Wed and AIP for the full amount by yesterday!! So one week in total. Longer than it's taken the broker to send us a bloody form!

Now, I'm wondering, do I stick with him for the FI application? We want to see if they'd offer more but I'm also reluctant that he gets any commission based on awful advise of not going to PTSB and total lack of communication. Like, can it actually take 10 days to get a form?

stampydmonkey

pooch90 wrote: »

Am quite fed up with our broker. We initially made contact at start of July and dealt with one lady, she was swamped so passed us to her colleague. Finally put an application in mid August with ICS. Took 6 weeks to come back €50k short of what broker had thought we would get. Rang broker and said I'd been told to try BOI and PTSB because they aren't as tough on having kids and only one income. Told absolutely no way I'd get near what I'd want with them and Finance Ireland was our only real hope now. Gave him go ahead to do FI application. Two days later emailed to ask for the application, fours days later I get a reply saying waiting for forms to generate on system. Now, four days later, still waiting.

The day after I gave the go ahead to do the FI application, I made an appt myself online with local branch of PTSB for the Friday. Brought my mortgage folder with me. Met for 70 minutes with a great advisor who was confident I'd get the full 3.5 times my salary, took my folder off me and photocopied everything there. Sent me away with the application form which I returned Monday, she had all submitted by Wed and AIP for the full amount by yesterday!! So one week in total. Longer than it's taken the broker to send us a bloody form!

Now, I'm wondering, do I stick with him for the FI application? We want to see if they'd offer more but I'm also reluctant that he gets any commission based on awful advise of not going to PTSB and total lack of communication. Like, can it actually take 10 days to get a form?

At the end of the day, bad broker or not, you should go with the terms of whatever option suits your financial situation best.

DubLad69

Our broker had been telling us until Corona hit that we, as first time buyers, would be able to get 4.25 times our income as we have a 20% deposit, public sector jobs and solid savings record.

Corona hit and exemptions were wipped. They seem to think that as soon as January comes that I will be able to get that exemption again.

We have enough to purchase an okay house without the exemption now. It's the kind of house that doesn't come up very often, so unlikely to get it if we wait.

But, if we get the exemption in January we will be able to buy our dream home. Is it a sure thing that exemptions will be back in January? Or should I be considering going with the okay house now?

[Deleted User]

DubLad69 wrote: »

Our broker had been telling us until Corona hit that we, as first time buyers, would be able to get 4.25 times our income as we have a 20% deposit, public sector jobs and solid savings record.

Corona hit and exemptions were wipped. They seem to think that as soon as January comes that I will be able to get that exemption again.

We have enough to purchase an okay house without the exemption now. It's the kind of house that doesn't come up very often, so unlikely to get it if we wait.

But, if we get the exemption in January we will be able to buy our dream home. Is it a sure thing that exemptions will be back in January? Or should I be considering going with the okay house now?

Nothing, nothing nothing nothing is a sure thing.

random_banter

DubLad69 wrote: »

Our broker had been telling us until Corona hit that we, as first time buyers, would be able to get 4.25 times our income as we have a 20% deposit, public sector jobs and solid savings record.

Corona hit and exemptions were wipped. They seem to think that as soon as January comes that I will be able to get that exemption again.

We have enough to purchase an okay house without the exemption now. It's the kind of house that doesn't come up very often, so unlikely to get it if we wait.

But, if we get the exemption in January we will be able to buy our dream home. Is it a sure thing that exemptions will be back in January? Or should I be considering going with the okay house now?

We’re in a similar boat. We have about 15% deposit for a house we love but need the 20% and exemptions are off the table. Really hoping they come back in January ... but will the house be still on the market then! Doubtful. It’s been on the market four months though. Here’s hoping.

Our gut feeling is that there will be exemptions but less to go around than before. Best of luck.

Geuze

Interested Observer wrote: »

Got quoted 9k to break our fixed rate from BOI, anyone know how they calculate this? I know it's something to do with the cost of borrowing then vs the cost now but seems excessive.

https://www.askaboutmoney.com/threads/it-may-be-much-cheaper-than-you-think-to-break-out-of-a-fixed-rate-early.204442/

https://www.askaboutmoney.com/threads/how-to-evaluate-if-its-worth-switching-or-breaking-out-of-a-fixed-rate.219781/

klose

Interested Observer wrote: »

Nothing, nothing nothing nothing is a sure thing.

Especially considering how the virus seems to get getting out of control and we are heading into flu season things could be worse by January

Duke of Url

klose wrote: »

Especially considering how the virus seems to get getting out of control and we are heading into flu season things could be worse by January

And the banks have had massive layoffs and lost billions this year.

GingerLily

DubLad69 wrote: »

Our broker had been telling us until Corona hit that we, as first time buyers, would be able to get 4.25 times our income as we have a 20% deposit, public sector jobs and solid savings record.

Corona hit and exemptions were wipped. They seem to think that as soon as January comes that I will be able to get that exemption again.

We have enough to purchase an okay house without the exemption now. It's the kind of house that doesn't come up very often, so unlikely to get it if we wait.

But, if we get the exemption in January we will be able to buy our dream home. Is it a sure thing that exemptions will be back in January? Or should I be considering going with the okay house now?

Are you sure the lack of exemptions are a covid feature? They tend to run out every year and refresh in January.
Nothing is guaranteed though, it's a gamble either way

Duke of Url

I’ve been monitoring this thread and posted in it when I was a ftb and started the process earlier this year.

It seems people who started the Process in the second half of the year have much longer waiting times compared to people like me who started the process in the first half of the year, I started the process in March when it was all kicking off.

I have a feeling the banks are tightening their belts and drawing out the process on new applications

smck321

Duke of Url wrote: »

I’ve been monitoring this thread and posted in it when I was a ftb and started the process earlier this year.

It seems people who started the Process in the send half of the year have much longer waiting times compared to people like me who started the process in the first half of the year, I started the process in March when it was all kicking off.

I have a feeling the banks are tightening their belts and drawing out the process on new applications

Why not just be honest with consumers say things are a little up in the air and offer them schemes and offers to encourage them to get ready for when things get back to normal.

lcarrol3

GingerLily wrote: »

Are you sure the lack of exemptions are a covid feature? They tend to run out every year and refresh in January.
Nothing is guaranteed though, it's a gamble either way

As far as I know it is. Myself and my partner were approved for 4.5x our incomes pre COVID and in the middle of the lockdown had it pulled by both banks.

[Deleted User]

Geuze wrote: »

https://www.askaboutmoney.com/threads/it-may-be-much-cheaper-than-you-think-to-break-out-of-a-fixed-rate-early.204442/

https://www.askaboutmoney.com/threads/how-to-evaluate-if-its-worth-switching-or-breaking-out-of-a-fixed-rate.219781/

Thanks. Even if I had 9k sitting around, which I do not, I don't think it would make sense based on those calculations. I really regret taking the rate I did, was blinded by the cash back offer.