Saving/Applying for a mortgage 2020-22 Edition

Farrell D · 30-11-2020 03:32AM

Renjit wrote: »

They may ask for credit report from international bank/country.

Credit Report
does not show your savings accounts, pensions or investments as they are not credit. They only want to see if you have any loans out and if you did In the past once you didnt miss a payment and payed it back on time .

Renjit · 30-11-2020 04:01AM

Farrell D wrote: »

Credit Report
does not show your savings accounts, pensions or investments as they are not credit. They only want to see if you have any loans out and if you did In the past once you didnt miss a payment and payed it back on time .

Thanks for adding details. They will most likely need a report showing any outstanding loans or defaults in foreign country.

sandman1212 · 30-11-2020 11:26PM

Kalico92 wrote: »

Myself and herself are back from living in the UK and I've secured a permanent role here.

My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

Depends on the lender. Some will disqualify any non-euro income/assets, others may allow one to be non-euro.

donnaille · 30-11-2020 11:50PM

Kalico92 wrote: »

Myself and herself are back from living in the UK and I've secured a permanent role here.

My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

From my experience it will be UK salary minus 20% for currency fluctuations with some lenders.

BrentMused · 01-12-2020 04:11PM

Hi all,

My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

Sorry if this is a silly question but we're a little confused now as to where we go from here.

Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

If someone would be kind enough to outline the steps it would be most appreciated.

Thank you.

Starlord_01 · 01-12-2020 04:22PM

BrentMused wrote: »

Hi all,

My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

Sorry if this is a silly question but we're a little confused now as to where we go from here.

Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

If someone would be kind enough to outline the steps it would be most appreciated.

Thank you.

Begin looking at houses, most EAs looking for AIP before viewing now.

You can bid on properties and once you have gone sale agreed somewhere then go back to the bank.

jimmy86 · 01-12-2020 04:24PM

BrentMused wrote: »

Hi all,

My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

Sorry if this is a silly question but we're a little confused now as to where we go from here.

Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

If someone would be kind enough to outline the steps it would be most appreciated.

Thank you.

Just a step or two ahead of you myself! After we got AIP we viewed a few houses. We bid on a house and thankfully went sale agreed. From there the bank requested a valuation of the property. We've now specified the fixed rate and term we are interested in apllying for and hopefully will receive the letter of offer in next next week or so!

L1011 · 01-12-2020 04:25PM

Valuation received by KBC; now is the race to see if anyone screws anything up and prevents drawdown before 31/12. Switcher so shouldn't be any hangups... but life is never that easy

nerrad01 · 01-12-2020 04:54PM

Im almost finally over the line too, got approved for an exemption in mid november but was quite stressful as i have to close before the end of the year or the exemption is gone. Thankfully everything has gone smoothly and my solicitor has been excellent so looks like i will close on dec 11th all going well.

All going well it will be such a weight off the shoulders to escape the dysfunctional irish rental/ sales market

clayfarm1234 · 01-12-2020 07:25PM

based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now

jimmy86 · 01-12-2020 07:47PM

clayfarm1234 wrote: »

based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now

Our broker told us it was talking at least 10 working days, we applied for the letter of offer last week. We got the AIP in September, took 3 weeks to the day. Hopefully you hear something soon. Did they request any further information or is it fairly straightforward once you have AIP with them I wonder?

clayfarm1234 · 01-12-2020 09:13PM

jimmy86 wrote: »

Our broker told us it was talking at least 10 working days, we applied for the letter of offer last week. We got the AIP in September, took 3 weeks to the day. Hopefully you hear something soon. Did they request any further information or is it fairly straightforward once you have AIP with them I wonder?

With which lending institution have you taken? is it directly with the bank or through a broker ? Yes - they havent asked any documents yet - hopefully everything is in order - i just do not want them to come after 1 week asking for more documents

jimmy86 · 01-12-2020 11:27PM

clayfarm1234 wrote: »

With which lending institution have you taken? is it directly with the bank or through a broker ? Yes - they havent asked any documents yet - hopefully everything is in order - i just do not want them to come after 1 week asking for more documents

Went with KBC as well but through a broker, not sure if that has any impact on the speed of the application or not

FaberX · 01-12-2020 11:35PM

nerrad01 wrote: »

Im almost finally over the line too, got approved for an exemption in mid november but was quite stressful as i have to close before the end of the year or the exemption is gone. Thankfully everything has gone smoothly and my solicitor has been excellent so looks like i will close on dec 11th all going well.

All going well it will be such a weight off the shoulders to escape the dysfunctional irish rental/ sales market

Who did you get the exemption with?

nerrad01 · 02-12-2020 10:51PM

FaberX wrote: »

Who did you get the exemption with?

Bank of Ireland, i know UB and AIB have also started giving them out again too

Renjit · 02-12-2020 11:10PM

nerrad01 wrote: »

Bank of Ireland, i know UB and AIB have also started giving them out again too

What is the requirement for exemption?

recyclebin · 03-12-2020 12:35AM

Renjit wrote: »

What is the requirement for exemption?

For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

First Time Buyer
Single - €2,400 NDI
Joint - €3,650 NDI

Second Time Buyer
Single - €2,200 NDI
Joint - €3,500 NDI

TaDa · 03-12-2020 12:58AM

recyclebin wrote: »

For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

First Time Buyer
Single - €2,400 NDI
Joint - €3,650 NDI

Second Time Buyer
Single - €2,200 NDI
Joint - €3,500 NDI

What is this exemption in relation to if you mind me asking? Apologies if already explained but I couldn’t see it

fin12 · 03-12-2020 02:38AM

recyclebin wrote: »

For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

First Time Buyer
Single - €2,400 NDI
Joint - €3,650 NDI

Second Time Buyer
Single - €2,200 NDI
Joint - €3,500 NDI

Is 2,400 a month?

What’s the disposable income for the stress test?

nerrad01 · 03-12-2020 10:03AM

TaDa wrote: »

What is this exemption in relation to if you mind me asking? Apologies if already explained but I couldn’t see it

In terms of getting more than 3.5x your salary, BOI seemed the most flexible in terms assessing an application.

Its such a pain though, as you can be verbal approval for it, but they will only give you final approval AFTER you have gone sale agreed on a property.

So leaves the buyer in a difficult position as most estate agents wont accept a bid until you show proof of mortgage/ funds. a real catch 22

narodvale · 03-12-2020 12:17PM

Quick one for someone who might be in the know. We are awaiting loan offer with a view to signing contracts before Christmas. We're also due to be married on Dec 23rd (Though I've said that twice before this year and Covid has proven me wrong).

My question is, are we better to wait and sign the contracts after we're married on Dec 23rd/24th, or does it make any difference? The mortgage will be in both our names.

Thanks

misstyc · 03-12-2020 02:38PM

narodvale wrote: »

Quick one for someone who might be in the know. We are awaiting loan offer with a view to signing contracts before Christmas. We're also due to be married on Dec 23rd (Though I've said that twice before this year and Covid has proven me wrong).

My question is, are we better to wait and sign the contracts after we're married on Dec 23rd/24th, or does it make any difference? The mortgage will be in both our names.

Thanks

i think this might be better to ask your solicitor tbh given the potential ramifications...

narodvale · 03-12-2020 05:25PM

Fair point, and I have asked them as well, just awaiting a response so thought I would raise it here in the interim.

brendanjkeegan · 03-12-2020 08:20PM

Kalico92 wrote: »

Myself and herself are back from living in the UK and I've secured a permanent role here.

My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

Thanks for adding this post - I will find myself in the same position in the new year, except I'm the one doing the commute and herself is the one resident and employed in Ireland.
Can you let me know how you got on? Any tips or advice would be helpful.

recyclebin · 05-12-2020 01:22PM

recyclebin wrote: »

For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

First Time Buyer
Single - €2,400 NDI
Joint - €3,650 NDI

Second Time Buyer
Single - €2,200 NDI
Joint - €3,500 NDI

Sorry should have been clearer, this is on a Loan to Income exemption of 3.5.
Figures are per month.

jimmy86 · 08-12-2020 01:16PM

clayfarm1234 wrote: »

based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now

Did KBC issue you with a letter of offer yet?

clayfarm1234 · 08-12-2020 02:31PM

jimmy86 wrote: »

Did KBC issue you with a letter of offer yet?

They did..had to do lot of pushing...did you get?

Milena009 · 08-12-2020 02:58PM

Hey guys,
General question
Partner and I are looking at housing estate that has next phase launching Early 2021

Now, for mortgage
How are banks looking at 1) if bonus is paid each year yet not guaranteed? - him
2) mine is a 5% of salary annually however 2021 would be my first year receiving it

Otherwise might need to a small exception on LTI

Thank you

mimimcmc · 08-12-2020 03:05PM

Milena009 wrote: »

Hey guys,
General question
Partner and I are looking at housing estate that has next phase launching Early 2021

Now, for mortgage
How are banks looking at 1) if bonus is paid each year yet not guaranteed? - him
2) mine is a 5% of salary annually however 2021 would be my first year receiving it

Otherwise might need to a small exception on LTI

Thank you

I'm in the same boat as your mister, get it every year but it is not guaranteed. Pretty sure it wasn't included (AIB) but i think each bank differs...

jimmy86 · 08-12-2020 03:12PM

clayfarm1234 wrote: »

They did..had to do lot of pushing...did you get?

Nice one! Nope, but still within the two weeks so not getting impatient just yet!

Saving/Applying for a mortgage 2020-22 Edition

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