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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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thomas 123

MurDawg wrote: »

Lads is having my "Savings" for a deposit tied up in stock seen in negative light when applying for mortgages?

Id be a first time buyer - but reinvest 3/4 of my savings. Actual deposit amount is no issue - may need to shift that strategy as I'm applying for a mortgae this month

When you sell the shares for the purposes of applying for the mortgage you can get a shares certificate to show the bank where the money came from.

You should be fine - but do check with the banks and get it in writing(email) from them.

thomas 123

Lads PUP

Can anyone advise if it would be a bad idea to have that for a few months while saving for mortgage.

Thanks in advance.

whatever76

DubLad69 wrote: »

I was talking to Permanent TSB today about a mortgage and the idea of over payment came up. I thought that it was very interesting that when you make an over payment with them it is applied to your account as a credit. Rather than being paid off the principal.

That could mean that say for example your mortgage is €1000 per month and for the next 2 years you are paying €1100 per month. You could then take a two month mortgage break.

You are also only paying interest on the principal minus the amount that you are in credit.

I love that idea. Do any other banks work the same way?

As far as I know yes - I am currently over paying my mortgage by 100 euro started 6 months ago ( 10% is max I can pay ) with BOI 2 year fixed rate - being in lockdown can afford it so I said I may as well start chipping away at it

DubLad69

whatever76 wrote: »

As far as I know yes - I am currently over paying my mortgage by 100 euro started 6 months ago ( 10% is max I can pay ) with BOI 2 year fixed rate - being in lockdown can afford it so I said I may as well start chipping away at it

Yes I know that you can over pay with all banks, but the question is more about the credit system. Once you've overpaid by €1000 can you then take a month off if you wish?

thomas 123

DubLad69 wrote: »

Yes I know that you can over pay with all banks, but the question is more about the credit system. Once you've overpaid by €1000 can you then take a month off if you wish?

As far as I know No - you would stick to the terms of the loan.

The monthly payments might be reduced ever so slightly due to the loan total being reduced.

There is such a thing as a mortgage holiday and I think I have seen some banks advertising this.

DubLad69

I've been given an exemption with PTSB. But their rates are quite high.

If in 3 years time at the end of the fixed rate I want to switch. Would I also have to apply for an exemption? Or is it different with switchers?

michael jay

my gf was looking to apply for a mortgage and i asked if i was allowed be on the deeds as i would pay her deposit and contribute but as i lost my work i tot i would be a liability on the application. the advisor made it sound like i couldnt be on the deeds without being a joint applicant. any one have any knowledge on this,
they gave her AIP as it is.

L1011

thomas 123 wrote: »

Lads PUP

Can anyone advise if it would be a bad idea to have that for a few months while saving for mortgage.

Thanks in advance.

When the other option is dole (less) or nothing (even less), definitely not

You will need to be able to prove you're back in fulltime employment for a decent period of time before anywhere will give you a mortgage regardless, no matter which way you handle it.

Benzino

DubLad69 wrote: »

I've been given an exemption with PTSB. But their rates are quite high.

If in 3 years time at the end of the fixed rate I want to switch. Would I also have to apply for an exemption? Or is it different with switchers?

Sorry, I don't have an answer to your question, however I'm interested in when you were told about the exemption?

We were told by KBC and BoI late last year there would be no exemptions given anytime soon. Cheers!

DubLad69

Benzino wrote: »

Sorry, I don't have an answer to your question, however I'm interested in when you were told about the exemption?

We were told by KBC and BoI late last year there would be no exemptions given anytime soon. Cheers!

AIB offered a smaller exemption in November, EBS around the same time. PTSB this week. And BOI have said all along that I could qualify for an exemption but need a house chosen 1st.

I haven't been to KBC at all and I would rather gauge my own eyes out than deal with UlsterBank.

nurik922

DubLad69 wrote: »

AIB offered a smaller exemption in November, EBS around the same time. PTSB this week. And BOI have said all along that I could qualify for an exemption but need a house chosen 1st.

I haven't been to KBC at all and I would rather gauge my own eyes out than deal with UlsterBank.

Would you mind sharing details on how you qualified for exemption?

AIB was mentioned earlier here, but not sure about BOI and PTSB. Thanks

ILikeBoats

DubLad69 wrote: »

I've been given an exemption with PTSB. But their rates are quite high.

If in 3 years time at the end of the fixed rate I want to switch. Would I also have to apply for an exemption? Or is it different with switchers?

We had an exemption with PTSB. We broke the fixed rate after 2 years as it was so high and moved to UB. We did not need to reapply for an exemption with them

Busi_Girl08

Mods feel free to remove if this is in the wrong place.

We're shopping around the different lenders but are wary of going near Ulster Bank because of the talks of Natwest pulling them from ROI. And I'm a Ulster Bank customer for over 10 years.

Anyone have any dealings with them over the last few weeks/months? Or any thoughts on them on general?

whatever76

DubLad69 wrote: »

Yes I know that you can over pay with all banks, but the question is more about the credit system. Once you've overpaid by €1000 can you then take a month off if you wish?

Oh my apologies - sorry ! I am not sure how it works in BOI but when I set it up the girl did say that the over payment will knock some years off the term - so might be something similar in that way in that it reduces the term ?

BrentMused

Busi_Girl08 wrote: »

Mods feel free to remove if this is in the wrong place.

We're shopping around the different lenders but are wary of going near Ulster Bank because of the talks of Natwest pulling them from ROI. And I'm a Ulster Bank customer for over 10 years.

Anyone have any dealings with them over the last few weeks/months? Or any thoughts on them on general?

I can’t speak for what may happen in the future, but they have been by far and away the best application experience for us.

The Branch Manager himself rang us a few hours after initial query, gave us his mobile number for queries and has followed up exceptionally well throughout the process.

Night and day compared to the other providers.

Busi_Girl08

BrentMused wrote: »

I can’t speak for what may happen in the future, but they have been by far and away the best application experience for us.

The Branch Manager himself rang us a few hours after initial query, gave us his mobile number for queries and has followed up exceptionally well throughout the process.

Night and day compared to the other providers.

Thanks. We've only spoken to BOI so far and the advisor is great. She also said in the call she's moving to to work for a broker next month because she wasn't happy with BOI's upcoming arrangements where the entire process is all online with generic emails and 1800 numbers.

Wondering if that's the way other banks are going as well?

DubLad69

nurik922 wrote: »

Would you mind sharing details on how you qualified for exemption?

AIB was mentioned earlier here, but not sure about BOI and PTSB. Thanks

Just give them a call. We went into each branch and they inputted our details into their computer and it flashed up how much we can borrow. It was very straight forward and easy.

I had been dealing with a broker before this, but going direct just seemed easier.

Busi_Girl08

DubLad69 wrote: »

Just give them a call. We went into each branch and they inputted our details into their computer and it flashed up how much we can borrow. It was very straight forward and easy.

I had been dealing with a broker before this, but going direct just seemed easier.

And did you have to have an offer accepted on a house at that stage?

random_banter

Busi_Girl08 wrote: »

And did you have to have an offer accepted on a house at that stage?

Just to share what I know about BOI and exemptions right now.

I'd seen on this forum one or two people who mentioned in December they had gotten an exemption with BOI. We have had a 12 month approval since July with no exemption attached. We were told to check back in later in the year on exemptions. Saw a house we liked in Dec, rang in and our advisor said he would check with underwriters. No exemptions available. He said were top of the list when they release them again. Not sure on how the others on the forum got it, maybe we just aren't high enough on the list for the underwriters, or the others had the exemptions approved from early 2020.

BOI say you need a property to apply for the exemption with. This put me off too. But actually all they want is for you to give a property to get the ball rolling, you can change the property after your exemption is given (this would allow for a bid being unsuccessful and the fact that you have to shop around).

Anyway, we're still waiting on exemptions to come back with them, and as of yesterday our advisor say they are still to be released.

Edit: Should clarify that we are seeking LTV exemption, and LTI exemptions may be more readily available.

Hope that helps you. Buying is really hard at the moment without funding stress too.

Busi_Girl08

random_banter wrote: »

Just to share what I know about BOI and exemptions right now.

I'd seen on this forum one or two people who mentioned in December they had gotten an exemption with BOI. We have had a 12 month approval since July with no exemption attached. We were told to check back in later in the year on exemptions. Saw a house we liked in Dec, rang in and our advisor said he would check with underwriters. No exemptions available. He said were top of the list when they release them again. Not sure on how the others on the forum got it, maybe we just aren't high enough on the list for the underwriters, or the others had the exemptions approved from early 2020.

BOI say you need a property to apply for the exemption with. This put me off too. But actually all they want is for you to give a property to get the ball rolling, you can change the property after your exemption is given (this would allow for a bid being unsuccessful and the fact that you have to shop around).

Anyway, we're still waiting on exemptions to come back with them, and as of yesterday our advisor say they are still to be released.

Edit: Should clarify that we are seeking LTV exemption, and LTI exemptions may be more readily available.

Hope that helps you. Buying is really hard at the moment without funding stress too.

Thanks a million! A day in and already a bit of a minefield already. The advisor from boi just emailed up loads of helpful info but we'll be shopping around a bit more with the different lenders before we look into AIPs

Technope87

Does anyone have any experience in changing jobs during the mortgage process?

I have been offered a job in the same line of work with an increase in salary but the problem is the 6 month probation period. We have Loan offer and deposit paid on a property,

the property should be ready in around 3 months so I would still be on probation, is there anyway around this as I know you can’t normally draw down while on work probation!

[Deleted User]

Technope87 wrote: »

Does anyone have any experience in changing jobs during the mortgage process?

I have been offered a job in the same line of work with an increase in salary but the problem is the 6 month probation period. We have AIP and deposit paid on a property,

the property should be ready in around 3 months so I would still be on probation, is there anyway around this as I know you can’t normally draw down while on work probation!

It will depend entirely on the bank, the fact that you are staying in the same field and there is no gap in employment will help. We got AIP when my partner was 1 month into a new job with a 6 month probation.

Edit: you’ll have to get a new salary cert and probably a letter to confirm the employer is not availing of covid relief schemes

Technope87

cisk wrote: »

It will depend entirely on the bank, the fact that you are staying in the same field and there is no gap in employment will help. We got AIP when my partner was 1 month into a new job with a 6 month probation.

Thanks for the reply, yeah it’s a more senior position in the same field so I would hope that it would be ok, have to speak to the broker tomorrow and he will check with the bank but it’s very stressful as it’s a job I can’t really turn down!

recyclebin

Technope87 wrote: »

Does anyone have any experience in changing jobs during the mortgage process?

I have been offered a job in the same line of work with an increase in salary but the problem is the 6 month probation period. We have Loan offer and deposit paid on a property,

the property should be ready in around 3 months so I would still be on probation, is there anyway around this as I know you can’t normally draw down while on work probation!

I'd ask the new employer if they can wait 3-6 months before you start with them. You could offer to sign the employment contract now with a start date x or y so that they know you are serious about taking the job. It would be very risky to change jobs before drawdown.

Technope87

recyclebin wrote: »

I'd ask the new employer if they can wait 3-6 months before you start with them. You could offer to sign the employment contract now with a start date x or y so that they know you are serious about taking the job. It would be very risky to change jobs before drawdown.

Yeah Iv asked if the probation could be waived to see what they say but yeah it doesn’t look good.

michael jay

hi again, just putting this out there, can two people be on the deeds if only one person name is on the morgage?

Pcgamer

House on market for 195K and on daft for two years. Looks like its not selling whatsoever.

Should I be putting in a bid of 160,000 or whats the best way to start off?

michael jay

Pcgamer wrote: »

House on market for 195K and on daft for two years. Looks like its not selling whatsoever.

Should I be putting in a bid of 160,000 or whats the best way to start off?

maybe start at 130 after viewing

Pcgamer

michael jay wrote: »

maybe start at 130 after viewing

Ha really?

The_Conductor

michael jay wrote: »

hi again, just putting this out there, can two people be on the deeds if only one person name is on the morgage?

Certainly- however, as it will be viewed that the person taking out the mortgage only has a share in the property (a half share) their ability to mortgage their share in the property may be reduced by a commensurate percentage- aka your ability to get a mortgage might be half what it would otherwise be (wholly aside from income multiples etc).

Its messy- but it is possible.