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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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tadgho

Hi guys, how long should your banking statements be "clean" from online betting when applying for a mortgage? Used to have a Paddy Power account online from a couple of years ago for the odd very small gamble

Would this be a major issue when trying to get a mortgage?

Milena009

tadgho wrote: »

Hi guys, how long should your banking statements be "clean" from online betting when applying for a mortgage? Used to have a Paddy Power account online from a couple of years ago for the odd very small gamble Would this be a major issue when trying to get a mortgage?

Hey, my understanding is they mostly look at most recent 6months across all accounts.
Unless there is a major flag they can go deeper but i cannot see them going couple years deep.

MickyPearse

tadgho wrote: »

Hi guys, how long should your banking statements be "clean" from online betting when applying for a mortgage? Used to have a Paddy Power account online from a couple of years ago for the odd very small gamble Would this be a major issue when trying to get a mortgage?

I had betfair and paddy power on my statement which i sent them. I'd 4 transactions of 20, 50, 20 and 25 on my 6 month statement and it wasn't questioned. They probably recognized that i was saving over a thousand a month so have no gambling issue

Shoden

Anyone know what the wait time is for a letter of offer with ICS is at the moment?

Also on a side note, don't get put off by BOI's high interest rate. Once you include the cashback their two year fixed is the cheapest option I can find in my current situation!

Mr_Muffin

As a first time buyer, is there a mortgage lender who is deemed to be the cheapest? Also, is it advised to use a broker?

Shoden

Mr_Muffin wrote: »

As a first time buyer, is there a mortgage lender who is deemed to be the cheapest? Also, is it advised to use a broker?

It depends on your situation. I'd advise getting a broker that deals with all providers but gets paid by the provider. They'll tell you what makes most sense for your situation!

Shoden

Eg in my situation a 2 year fixed with boi is cheapest once you include their cashback. Use the bonkers.ie calculator to get an idea for yourself!

fefvnfv

Hi All,

So i am at the very beginning but i want to get the ball rolling and hopefully be in a position to afford/ get a mortgate approved within the next 3-5yrs.

At the moment it is a single application and my income after tax is 30k.

My credit rating rate would be low as i have not taken out any loans etc in a good while ,only 3k savings and i pay 500e mainteance a month. I have being using revolut for a few bets but im going to nip that in the bud now.

I am just saving 400euro a month for now with my credit union but i may increase this as i go, no overdraft with my bank or anything else negative.
Rent is 300e a month (i know lucky guy) and never missed a payment which might be something they can check?

Would anyone have any tips for improving my credit rating? I was thinking maybe taking out small loans as i go?

Any advice just to be setup for a good application in the future would be very welcome.

Thanks

itsusuallyjazz

open to correction but my understanding is that in Ireland having loans reduces your credit score rather than increasing it.

Markitron

fefvnfv wrote: »

Hi All,

So i am at the very beginning but i want to get the ball rolling and hopefully be in a position to afford/ get a mortgate approved within the next 3-5yrs.

At the moment it is a single application and my income after tax is 30k.

My credit rating rate would be low as i have not taken out any loans etc in a good while ,only 3k savings and i pay 500e mainteance a month. I have being using revolut for a few bets but im going to nip that in the bud now.

I am just saving 400euro a month for now with my credit union but i may increase this as i go, no overdraft with my bank or anything else negative.
Rent is 300e a month (i know lucky guy) and never missed a payment which might be something they can check?

Would anyone have any tips for improving my credit rating? I was thinking maybe taking out small loans as i go?

Any advice just to be setup for a good application in the future would be very welcome.

Thanks

The easiest way to get a credit rating is probably to get a credit card with a low limit and just buy a couple of things with it per month. If you pay it off every month you won't pay interest. You will obviously require some self control, otherwise this is a terrible idea

If you have a credit union account, maybe just take out a small loan with low monthly repayments.

itsusuallyjazz wrote: »

open to correction but my understanding is that in Ireland having loans reduces your credit score rather than increasing it.

An loan in arrears would do this, but having a loan on your credit report that has been paid on time will improve your standing.

Creamy Goodness

Shouldn't have to take out loans to have a good rating. Having loans and not repaying them in full/missing payments will give you a bad one. Besides a credit card that I paid off in full every month, I had never taken out a loan in my name before getting a mortgage.

The single biggest advice I can give is find out how much the bank will be willing to give you. they have calculators online. they'll say you can get a mortgage of 200,000 (an example figure), and check the repayments on that. between your regular savings and your rent you need to be comfortably above this repayment figure. The bank will stress test your capability to repay under the scenario that interest rates may rise by 2-3% (this figure varies by bank).

Markitron

Creamy Goodness wrote: »

Shouldn't have to take out loans to have a good rating. Having loans and not repaying them in full/missing payments will give you a bad one. Besides a credit card that I paid off in full every month, I had never taken out a loan in my name before getting a mortgage.

If you have no credit history it probably won't help your case, a loan or a CC will do the trick.

fleabag

RedXIV wrote: »

Hey guys, super quick one, we're looking at doing a self build and in pretty good shape for the finances.

However one thing that I heard was that the fees used towards the build, even after they've been paid, can be counted towards your deposit amount. so if I needed 50k deposit, had 45k in savings but spent 5k+ on an architect and had the invoice, that'd be ok?

Anyone able to confirm this is true? Cheers!

Red

Hiya, this was true in our case. We were able to show what we'd paid for the architect, percolation testing etc and they added that figure to our contribution for the mortgage. This was with AIB, via a broker and I can't stress strongly enough how much the broker has helped us get the mortgage sorted.

Geuze

fefvnfv wrote: »

At the moment it is a single application and my income after tax is 30k.

My credit rating rate would be low as i have not taken out any loans etc in a good while ,only 3k savings and i pay 500e mainteance a month. I have being using revolut for a few bets but im going to nip that in the bud now.

I am just saving 400euro a month for now with my credit union but i may increase this as i go, no overdraft with my bank or anything else negative.
Rent is 300e a month (i know lucky guy) and never missed a payment which might be something they can check?

Would anyone have any tips for improving my credit rating? I was thinking maybe taking out small loans as i go?

Any advice just to be setup for a good application in the future would be very welcome.

Thanks

2500 net
less 500 maintenance
less 300 rent
= 1,700

I would be saving more than 400 pm out of that, IMHO 400 is low.

L1011

SIX WEEKS after asking for a salary cert and getting odd delay reasons, I poke someone different in HR about it and get it in five hours.

Now to see how quick the bank are, hopefully no further six week delays as my old mortgage is going back to a high SVR imminently.

mimimcmc

L1011 wrote: »

SIX WEEKS after asking for a salary cert and getting odd delay reasons, I poke someone different in HR about it and get it in five hours.

Now to see how quick the bank are, hopefully no further six week delays as my old mortgage is going back to a high SVR imminently.

Jeez I thought my HR dept was bad :eek:
I was waiting 11 days for salary cert, my boyfriend got his after a couple of hours (different companies)

pooch90

You absolutely, do not and should not get a loan or credit card to improve your credit rating. Thats an American notion. Here your rating does not go up, only down with bad credit.
Save your ass off.

klose

L1011 wrote: »

SIX WEEKS after asking for a salary cert and getting odd delay reasons, I poke someone different in HR about it and get it in five hours.

Now to see how quick the bank are, hopefully no further six week delays as my old mortgage is going back to a high SVR imminently.

Prepared to be getting multiple issues of them if the application is a slow one, AIB need one dated within 30 days before they make their final decision, don't get caught out like we did.

arleitiss

Went to my banks mortgage advisor today (just to get general idea what I need and where to improve my finances).

They asked about monthly commitments/outgoings so I mentioned personal investment (stocks etc..) that I commit to monthly.
Even though it's only at 7k worth (total) - they said I will need to provide account statement from whatever platform I am using for it.

What are they expecting to see/get from it?

Ikozma

What's the figure the banks look for you to have left after mortgage payments and isn't there so much you need to have left each month for each dependant

awny

Hiya, does anyone know if I would be eligible for a mortgage?

Single application, two children and a job sharing teacher? I’m permanent but would I have to be in full time work?

alcina321

hi folks, i have a few questions please, it would be great if someone knew the answer to

I am hoping to buy a house for around 250K. I have half of this available as inheritance so I was curious, are the banks as stringent when giving approval in cases like this, seeing as the whole house will be used as a guarantee?

I am also saving like a madman, however twords the end of the month (last few days), my current a/c balance has dropped down to roughly 30 euros - is this something that would concern them? - I am keeping on top of the monthly one direct debit coming out of my account - I am saving 1400 a month and my mortgage repayment would be around 600 - so if/when i do get a mortgage Ill have more cash available and wont be letting it go down that low

For salary certs - the banks all have different ones - HR where I work are a strange bunch and asking them to fill out one form would be bad enough but as I hope to apply to a few different banks at once, would I need to ask HR to fill out a form for each bank or can I just use the same form for them all (assuming the form has the same questions)

My last question is about the above one, is it recommended to apply to a few diff banks at once? can the other banks see this when assessing my application?

Thats all folks - thanks for everone who has posted in this thread, Ive learned so much about the process from it over the past few months.

DubLad69

Can anyone recommend a decent mortgage brooker? I have been using a company that has basically just stopped being useful, takes ages to reply to my emails, giving me information that I know is incorrect etc.

My mortgage application is a little bit complicated so I want to use a brooker.

misstyc

alcina321 wrote: »

hi folks, i have a few questions please, it would be great if someone knew the answer to

I am hoping to buy a house for around 250K. I have half of this available as inheritance so I was curious, are the banks as stringent when giving approval in cases like this, seeing as the whole house will be used as a guarantee?

I am also saving like a madman, however twords the end of the month (last few days), my current a/c balance has dropped down to roughly 30 euros - is this something that would concern them? - I am keeping on top of the monthly one direct debit coming out of my account - I am saving 1400 a month and my mortgage repayment would be around 600 - so if/when i do get a mortgage Ill have more cash available and wont be letting it go down that low

For salary certs - the banks all have different ones - HR where I work are a strange bunch and asking them to fill out one form would be bad enough but as I hope to apply to a few different banks at once, would I need to ask HR to fill out a form for each bank or can I just use the same form for them all (assuming the form has the same questions)

My last question is about the above one, is it recommended to apply to a few diff banks at once? can the other banks see this when assessing my application?

Thats all folks - thanks for everone who has posted in this thread, Ive learned so much about the process from it over the past few months.

you have more than enough for your deposit and only need a small loan so granted you could borrow that much with your salary (stable job, no covid payments etc) i'd imagine no issues there and they look at your savings and rent etc to estimate repayment capacity so should be grand (stuff like loans and having children would obviously affect this).

I was made to fill out the banks' specific salary cert so had to get different ones which was annoying as it took forever but I applied directly. Don't know if its any different through a broker. If I were you, I'd just get all the different forms you for each bank and ask them to fill them all in at the same time since their filling in the same info for all of them.

you2008

Hey

Just wondering the central bank still not given any exemption anymore ( due to covid 19)? like 4 or 4.5 times of salary?

Bubbaclaus

you2008 wrote: »

Hey

Just wondering the central bank still not given any exemption anymore ( due to covid 19)? like 4 or 4.5 times of salary?

Central Bank rules have not changed due to covid.

you2008

Bubbaclaus wrote: »

Central Bank rules have not changed due to covid.

Ah......... really? how come Bank of Ireland to me there is no chance for me to get 4.5 times anymore this year? do you know what was the reason for that?

Bubbaclaus

you2008 wrote: »

Ah......... really? how come Bank of Ireland to me there is no chance for me to get 4.5 times anymore this year? do you know what was the reason for that?

You'd need to ask BOI that. That's a different question to your first question. The Central Bank have exemption limits in place that the banks must not exceed, which have been unchanged for a while. It does not mean the banks need to give them out.

Renjit

you2008 wrote: »

Hey

Just wondering the central bank still not given any exemption anymore ( due to covid 19)? like 4 or 4.5 times of salary?

I dont think it is upto central bank to provide you exemption. They set out the guidelines. It's the lending banks which can provide exceptions based on your financial circumstances.

you2008

Renjit wrote: »

I dont think it is upto central bank to provide you exemption. They set out the guidelines. It's the lending banks which can provide exceptions based on your financial circumstances.

well. that is very strange, I asked BOI two years ago, got 4.5 times approved ( did not use it as buy did not work out), asked this same guy two years later ( two months ago at BOI), he told me no more 4.5 times due to the central bank new rule for the covid 19 this year ( lending banks which can provide exceptions but senttral bank has to approve those exemptions), i am confusing now.