Pete123456 wrote: » Had a chat with AIB, they’re subtracting €3600 from your net wages for a joint application, less any loans or dependents. If you can afford the stress tested mortgage payment with what is left over, you will qualify for an exception to the 3.5x LTI... tough enough!
brisan wrote: » Thats 3600 a month ? Thats 900 a week Most couples would find it hard to meet those criteria for an exemption Would probably need a combined income of over 200k 3600 a month would get you 900k over 30 years
Pete123456 wrote: » Yes a month - they’re accounting for €2050 living expenses for two and then adding €1550 on top, that’s how they came to the €3600. I’m sure if you had a joint income of 120 or €130k you would be able to manage it with small car loans and no dependents, but yeah you’re one on the phone did say it was very very hard to meet the criteria. It’s funny that to qualify for the exception you wouldn’t really need it anyways!!
Pete123456 wrote: » Yes a month - they’re accounting for €2050 living expenses for two and then adding €1550 on top, that’s how they came to the €3600. I’m sure if you had a joint income of 120 or €130k you would be able to manage it with small car loans and no dependents, but yeah the girl on the phone did say it was very very hard to meet the criteria. It’s funny that to qualify for the exception you wouldn’t really need it anyways!!
brisan wrote: » I n that case 2good wages would cover it By good I mean 120-150 combined 2050 living expenses is fairly generous for 2 people for a month 500 a week
mairtmairt wrote: » Hi Guys do you know if its possible to get more then 3.5 times your salary if you manage to have more then 10% of deposit. Whats the criteria? No immediate plans as of yet but starting to save more aggressively (easier with lockdown). On average salary approx €40000.
Carter D wrote: » Hi quick question how far back can the bank ask for when applying for a mortgage is it just 6 months or can they ask for 3 or 4 years ?
Markitron wrote: » Think usually its 6 months of bank statements, 3 months of payslips and your credit report which goes back 5 years.
Renjit wrote: » Generally it is 6 months. Can vary. Your credit history covers more time, so they will know if you defaulted on something.
Carter D wrote: » What banks have most of yous got a mortgage from ? Where did you get the best rate ? Has anyone got a mortgage from AIB have heard they are one of the worse
Starlord_01 wrote: » We applied with EBS, AIB and ICS (my girlfriend works in the public sector). Got full underwriting approval from EBS and ICS and we have decided to go with EBS due to their cashback offer and also didn't need the larger mortgage from ICS. AIB are still looking for documents from us :pac:
Carter D wrote: » What was AIB like rubbish? Why are they still looking for documents if have gone with someone else?
Doctorsamuel wrote: » I have got AIP from AIB the same day we applied and after less than 3 weeks we received a positive answer that the mortgage was approved. Now they just want to know if somehow our working conditions will change due to Covid but it's not our case. Fair play to them, we are very satisfied for the service. Thanks to all of you guys for the previous suggestions. I strongly believe this forum is really useful!
brisan wrote: » A bit presumptuous of me but Are you a doctor ? Have you and your partner good salaries ? Have you a good deposit Are you looking for less than 80% LTV Are you looking for a mortgage of less than 3.5 times combined salaries All these things will affect the speed of your application Unfortunately not everyone is in the same position I have got full mortgage approval in the past (,years ago ) before I left the managers office
Carter D wrote: » Hi so when you go for a mortgage do they only take into account your salary you and your partner are on by 3.5 times your incomes . Myself and parnter will be building will be looking for around 300k mortgage Do they look at savings say I have 25k saved and parnter has 15k which gives us 40k which would be plenty for a deposit .
EO2019 wrote: » Anyone managed to get a LTV exemption lately. Second time buyers but bought pre recession and sold at break even. We currently have a 15% deposit. Both public sector decent wage no loans/overdraft/credit card. Trying to decide whether to push ahead now and apply or wait approx 8 months til we have 20%.
brisan wrote: » According to posters on here they will look for detailed costings and will make you allow for over runs on budget of about 10% So if the build is coming in at 340 they will expect you to have access to 374 approx between savings and mortgage A kitchen extension rarely comes in on budget never mind a new house Good luck with your house A broker will be able to advise
