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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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clayfarm1234

I have an AIP from KBC, but have requested for a Loan Offer to sign the contracts...How much time does it normally take for Loan Offer? the AIP took almost 5 weeks - even though KBC said it would take 2-3 weeks.

theintern

Bubbaclaus wrote: »

I'm seeing very little mention of Ulster Bank on here or elsewhere in terms of people applying to them. Anybody have any indications of their timelines?

We're going with UB. The advisor was pretty quick to validate docs, but did come back multiple times for lots of little things. I think she was being extra careful before going to the underwriters.

Once it went to the UWs, AIP was back as promised within 5 working days, so I was very pleased with that. Loan offer & valuation has taken about 2 weeks and we're expecting it to release today.

Pretty pleased with the process, bar the pain in the head of random little letters and forms needed, but I think that's the same with everywhere. We also applied with AIB and it was the same sort of questions. The UB portal online is grand, and the fixed rates are excellent. Not too worried about them pulling out of Ireland, if they do we'll just move when our fixed rate ends.

bulmersgal

So fed up at the moment put deposit down on new build and went back to broker for exception. 5 weeks waiting on Finance Ireland even though i already had mortgage approval. Application went into BOI and UB last week, found out today they have gone to underwriter today as BOI requested another document. Hopefully will hear back from all 3 next week. The stress is fierce at the moment and worse is probably have to do all this again as house won't be ready till March/April

HannahR31

bulmersgal wrote: »

So fed up at the moment put deposit down on new build and went back to broker for exception. 5 weeks waiting on Finance Ireland even though i already had mortgage approval. Application went into BOI and UB last week, found out today they have gone to underwriter today as BOI requested another document. Hopefully will hear back from all 3 next week. The stress is fierce at the moment and worse is probably have to do all this again as house won't be ready till March/April

I was looking at a new build today, and have sent away to BoI for an exception - I thought I'd have to wait for them to say yay or nay before I could reserve it? I thought to book I have to show them I have funds ready for the full amount. Is this not the case? Or would it depend on the developer do you think?

bulmersgal

I was able to book mine without showing what my AIP amount was. They were happy enough with that. I got told by broker you need address of house to get exception so I presume you would have to put deposit down to get a number

pooch90

Got UW AIP from Finance Ireland today. I'm applying in just my name without my husband. FI asked for a Deed of Confirmation from him. Anyone know what this is?

bulmersgal

pooch90 wrote: »

Got UW AIP from Finance Ireland today. I'm applying in just my name without my husband. FI asked for a Deed of Confirmation from him. Anyone know what this is?

I had to fill one out cause my parents gave me gift.

When did you apply to Finance Ireland. I applied 21st October and still waiting

pooch90

Few weeks before you I'd say. We got inital AIP a month ago and the underwriting took since then.
He hasn't gifted me anything and all cash is in my bank accounts.

[Deleted User]

Is 3.75% APRC a good rate for a 30Y mortgage? 2 FTBs so not much experience! 5 years fixed then variable

td2008

td2008 wrote: »

We're also sale agreed with AIP - BOI are taking forever with the loan offer, 3 weeks now

So it's taken them another week to come back looking for more stuff :mad:

Financesetc.

HungryRepair54 wrote: »

Is 3.75% APRC a good rate for a 30Y mortgage? 2 FTBs so not much experience! 5 years fixed then variable

Its high compared to fixed rates. The APRC would be the follow on rate after your fixed rate is up, this is a variable rate set by the bank. Each bank differs. You can stay on this and pay high interest rates or switch to a lower fixed rate with the same bank or shop around. At the moment the only advantage of being on a variable rate is if you intend on overpaying your mortgage by a large amount each month or paying off a lump sum. No penalties for doing this while on a variable but the interests rates are higher. You are not locked into variable, so say your one month into your variable after your 5year fixed is up and you wanna pay off 20grand to reduce the term of the mortgage, you can do that then sign back up for a fixed rate. Hope this helps.

[Deleted User]

Financesetc. wrote: »

Its high compared to fixed rates. The APRC would be the follow on rate after your fixed rate is up, this is a variable rate set by the bank. Each bank differs. You can stay on this and pay high interest rates or switch to a lower fixed rate with the same bank or shop around. At the moment the only advantage of being on a variable rate is if you intend on overpaying your mortgage by a large amount each month or paying off a lump sum. No penalties for doing this while on a variable but the interests rates are higher. You are not locked into variable, so say your one month into your variable after your 5year fixed is up and you wanna pay off 20grand to reduce the term of the mortgage, you can do that then sign back up for a fixed rate. Hope this helps.

Thanks! Are there any costs involved with opting for another fixed rate once the initial fixed period is up?

Financesetc.

HungryRepair54 wrote: »

Thanks! Are there any costs involved with opting for another fixed rate once the initial fixed period is up?

No there isnt, this is how the bank basically get you to sign back up toa another fixed rate with them. They know you wont want to stay on the variable rate due to the higher rate so you fix again hence they get your business for another few years. Unless you intend in paying a very large sum of money off the mortgage id fix again with them or shop around 3months before with another bank or banks there are great ryes out there for switches. May i ask how big your mortgage is, ours is 290k 30yr mortgage, we are both in our 30s but buying secondhand so no help to buy for us.

DubLad69

Do the banks tend to honour their AIP?

We both have solid jobs and savings, and I have full AIP with AIB. I was initially concerned that I wouldn't get a mortgage due to a problem with a loan from last year that I messed up with and didn't pay for a while due to changing banks and not noticing that I didn't pay while I was away travelling for a while (I know, very stupid) and there are a few months late payment on my credit report.

I explained it to AIB and have them proof that I was travelling and they gave full AIP. We think we have a house now and are still panicking that when it comes to full Loan they will turn us down when it goes to underwriters.

Is this likely of nothing has changed in our circumstances? The only condition on our AIP is that we are not on any covid subsidy.

klose

DubLad69 wrote: »

Do the banks tend to honour their AIP?

We both have solid jobs and savings, and I have full AIP with AIB. I was initially concerned that I wouldn't get a mortgage due to a problem with a loan from last year that I messed up with and didn't pay for a while due to changing banks and not noticing that I didn't pay while I was away travelling for a while (I know, very stupid) and there are a few months late payment on my credit report.

I explained it to AIB and have them proof that I was travelling and they gave full AIP. We think we have a house now and are still panicking that when it comes to full Loan they will turn us down when it goes to underwriters.

Is this likely of nothing has changed in our circumstances? The only condition on our AIP is that we are not on any covid subsidy.

Seeing as getting AIP is the longest stage I assume this is when the bank is auditing you and your application the most? For us to to receive a letter of offer all they're looking for is a recent payslip, updated salary cert and a bank statement from a bank account not linked to the bank we are applying with.

So unlees anything major hasn't happened financially or you're on covid payment I don't see why there would be any issues?

The Iron Giant

klose wrote: »

Seeing as getting AIP is the longest stage I assume this is when the bank is auditing you and your application the most? For us to to receive a letter of offer all they're looking for is a recent payslip, updated salary cert and a bank statement from a bank account not linked to the bank we are applying with.

So unlees anything major hasn't happened financially or you're on covid payment I don't see why there would be any issues?

That's sort of true. One or two providers knock up AIPs on the spot without much investigation or documentation to back it up. So if you've gone through a long back and forth process with information and documentation prior to AIP, then absolutely this is true that moving to offer is relatively confirmation that nothing has changed.

If its one of the lenders that give a quick AIP, it's different.

Probably stating the obvious somewhat but worth pointing out.

DubLad69

Exclamation Marc wrote: »

That's sort of true. One or two providers knock up AIPs on the spot without much investigation or documentation to back it up. So if you've gone through a long back and forth process with information and documentation prior to AIP, then absolutely this is true that moving to offer is relatively confirmation that nothing has changed.

If its one of the lenders that give a quick AIP, it's different.

Probably stating the obvious somewhat but worth pointing out.

Thanks,

In my case it was the long back and forth looking for more documents. Hopeful it will work out now

misstyc

DubLad69 wrote: »

Thanks,

In my case it was the long back and forth looking for more documents. Hopeful it will work out now

The underwriters would have already looked at and approved your application if so

brisan

https://www.independent.ie/business/personal-finance/property-mortgages/banks-tighten-up-mortgage-lending-for-at-risk-sectors-39772106.html

Just a note that banks are beginning to tighten up on mortgage approval on areas even if employee or employer is getting EWSS or PUP

klose

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

Creamy Goodness

klose wrote: »

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

the stock response I have for life insurance/mortgage protection... start looking yesterday.

whatever76

no harm shopping around and start looking now. Esp for life insurance as it can have its delays if any health complications. They dont kick in until drawdown anyway so no harm having them complete and ready to go in the background.

[Deleted User]

klose wrote: »

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

You can start looking, agree to the policy, and have it start on some arbitrary date in the future. If the sale is quicker or slower than expected just change the date. I'd start looking ASAP.

klose

Thanks lads, meeting with our mortgage advisor now set up in the bank to iron out the last few bits.

VonVix

I got the keys to my first home today.

I cannot stress enough the importance of having a good solicitor.
Read your solicitors reviews, that was a major reason why we chose the individual that we did. Ours was a joy to deal with and minimized the stress during the process as much as she could, she was on the ball and extremely good at communicating.

We tried (and failed, there was a plumbing issue with the house we weren't happy with that was undisclosed until we went sale agreed) in buying a home 3 years ago, the solicitor we were dealing with then was all about the money and made the process very stressful.

Markitron

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

brisan

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can request 3 months , 6 months 9 months statements whenever you want
Some banks may charge a fee
AIB have in bank machines for printing off statements
Quality is poor so I am not sure if banks will accept them
Have you tried AIB for a mortgage ?

thebiggestjim

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can call them and they will create an up-to-date e-statement for you. It will be available through your AIB online account tomorrow.

Markitron

brisan wrote: »

You can request 3 months , 6 months 9 months statements whenever you want
Some banks may charge a fee
AIB have in bank machines for printing off statements
Quality is poor so I am not sure if banks will accept them
Have you tried AIB for a mortgage ?

thebiggestjim wrote: »

You can call them and they will create an up-to-date e-statement for you. It will be available through your AIB online account tomorrow.

Thanks guys

Renjit

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can request new statement from mobile/internet banking for AIB. It will be available next day or so. No need to call them for this.