Carter D wrote: » Good thing about building is we can build within our budget we wouldn't be able to get a mortgage for a 500k house but we can build a 4 or 5 bed house then buying a new build and paying back a higher/longer mortgage.
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!
DaikinTest wrote: » You got AIP same day? Wtf, they(Haven/AIB) much slower dealing with us even though we have a solid application and have been very responsive.
DaikinTest wrote: » Hmm. Fair enough. We waiting on full approval now. Told they wont even look at documents until 5 days after you've them sent in. This resulted in a previous income cert going out of date i.e. older than 28 days. Feels a bit like they drag it out needlessly.
Doctorsamuel wrote: » yes, just seconds after submitting the form through their website. Then we uploaded all the required documentation (not a lot as we have our accounts with them) and in less than 3 weeks we got the final approval.
antimatterx wrote: » I read on the "First time buyers" Facebook group that bank give single people an exemption of 4.5 if their salary is > 50K. Great news if so.
Creamy Goodness wrote: » it is totally dependant on the bank and is not the only factor for single people. If I was to say the top three things the bank look for when giving exceptions to single people it would be. 1. High disposable income after stress test* 2. Little to no loans/childcare/maintenance payments that severely affect point 1. 3. High salary with stable job. * AIB wanted me to have 1,500 left over after stressed mortgage payment and other bills were taken into account, this changed to 2,300 after 6 months but luckily in that six months I was able to change my salary (via promotion) and save more to require not using the exception. There's just so many permutations of the rules that I dislike seeing a person latch on to just one thing mentioned (be it here or Facebook or wherever), the best thing is to talk and engage with the banks or a broker if you're unsure.
Accounting13 wrote: » Hi Guys, just wondering if anyone has been offered a lower mortgage due to outstanding car loans? Myself and my partner have o/s loan of 10k out and our broker has said that it’s preventing us getting an extra 40k on top of of current mortgage AIP offer from the bank. We earn over 100k Per year between us (both in our 20s) and save well over and above what our mortgage would be for stress test purposes, while also comfortably paying off the car loan each month. Would it be normal for the car loan to have such an effect on the mortgage offer even you can comfortably afford it? Can understand if a car loan repayment was putting a strain on us financially each month but it’s not. Cheers
DubLad69 wrote: » Yes common enough unfortunately. If you need the extra 40k could you come up with an agreement to pay the loan off before drawdown? That way you are still up 30k.
Exclamation Marc wrote: » Same happened here. Bank gave us two bands of value, one with my one loan of 15k remaining and one with it cleared. Big difference between the two. Our broker has been brilliant but this was out of his control.
pooch90 wrote: » When I met my PTSB advisor they put it an interesting way. She said that you have a certain limit on the amount of credit available to you based on earnings. I have a credit card with nothing on it. My limit is 8k. That 8k is taken into account as credit already made available to me so any mortgage given to me is also added to that. So I'd be better off having a credit limit of something more realistic. I've never gone more than 2k into it, just thought it was amazing they gave me such a high limit. Supposedly Avant are feckers for doing that. Overdraft facilities were also taken into account.
Accounting13 wrote: » Would you not chance Avant for a mortgage in that case based on the high credit card limits they’re handing out haha?
pooch90 wrote: » Haha! It's actually through An Post Money. Doubt they would actually give me a mortgage, one income family with two kids.
Accounting13 wrote: » Ah I see but suppose you never know!
theintern wrote: » The advisor in UB said this to us, that they would be subtracting the amount of the loan times 3.5 from what we could borrow which seemed crazy to me, so I offered to pay off the car loan before drawdown. Eventually when full underwriting approval came through, they approved what we needed without us having to pay off the loan.
Pete123456 wrote: » Can I ask where do people get their legal teams from and what kind of costs were talking? Seems a bit ridiculous that a solicitor charges 1%, but maybe that’s common?
DubLad69 wrote: » AIB wanted me to have €3,500 as a couple left over each month after a stress tested mortgage payment to qualify for an exemption
Tar.Aldarion wrote: » Do they factor in pension payments for that stress testing, as they can be stopped any time? Seems rather stupid to stop them for a few months.
