Saving/Applying for a mortgage 2020-22 Edition

Markitron · 12-02-2021 3:43pm

Antares35 wrote: »

Has anyone experience dealing with BOI in any capacity? I feel like I have wasted weeks of my life on hold. :rolleyes:

I am dealing with them now but through a broker. I got AIP in 10 working days in December. I went sale agreed 3 weeks ago and have been waiting since for the loan offer, which I have been assured will be this week or next.

Hope that helps.

HannahR31 · 12-02-2021 4:50pm

Antares35 wrote: »

Apologies if this is the wrong place and if it is, mods please move. I feel like we are actually dealing with scammers rather than BOI as we thought. We set up an account with them, and instead of receiving any written confirmation from the bank, we simply received a text with a BIC and IBAN to transfer money into. Obviously I wanted to confirm this was actually our account. So sent an email query and the same person keeps emailing back saying yes that is your account. I called this morning and was on hold for ages then eventually got through...to a vodafone mobile voicemail? And then the call cut. It all just seems bizzare to be honest, and not the way a bank would behave! I wont be transferring our money in there just yet :pac:

May not be a scam - I got my IBAN and BIC via text as well. Like you I also called up to check and it was legit.

Antares35 · 12-02-2021 4:52pm

HannahR31 wrote: »

May not be a scam - I got my IBAN and BIC via text as well. Like you I also called up to check and it was legit.

Thanks. I just got freaked out when the call eventually went to a mobile mailbox

I will try them again Monday

Sheep Shagger · 12-02-2021 4:53pm

Antares35 wrote: »

Apologies if this is the wrong place and if it is, mods please move. I feel like we are actually dealing with scammers rather than BOI as we thought. We set up an account with them, and instead of receiving any written confirmation from the bank, we simply received a text with a BIC and IBAN to transfer money into. Obviously I wanted to confirm this was actually our account. So sent an email query and the same person keeps emailing back saying yes that is your account. I called this morning and was on hold for ages then eventually got through...to a vodafone mobile voicemail? And then the call cut. It all just seems bizzare to be honest, and not the way a bank would behave! I wont be transferring our money in there just yet :pac:

Its probably legit aa they do text you a new IBAN on a new account, of you are an existing customer see if yiu can add to your banking 365 profile....

There's also the 'talk to BOI' section on boards.

HannahR31 · 12-02-2021 4:55pm

Antares35 wrote: »

Thanks. I just got freaked out when the call eventually went to a mobile mailbox I will try them again Monday

If you call a specific branch as opposed to their main 'contact us' number you can normally get through a lot easier! And if there's an account set up they should be able to look it up for you if you give them the IBAN in the text and it's right then they should see your details.

random_banter · 12-02-2021 6:37pm

Antares35 wrote: »

Apologies if this is the wrong place and if it is, mods please move. I feel like we are actually dealing with scammers rather than BOI as we thought. We set up an account with them, and instead of receiving any written confirmation from the bank, we simply received a text with a BIC and IBAN to transfer money into. Obviously I wanted to confirm this was actually our account. So sent an email query and the same person keeps emailing back saying yes that is your account. I called this morning and was on hold for ages then eventually got through...to a vodafone mobile voicemail? And then the call cut. It all just seems bizzare to be honest, and not the way a bank would behave! I wont be transferring our money in there just yet :pac:

A lot of advisors are working from home. My advisor’s number diverts to his mobile. Maybe that explains that part.

VegetaIRL8e · 12-02-2021 7:08pm

Hi guys
Quick question
Received AIP from Broker/Bank Late Sept 2020
Went looking for houses / Found a house.
Received official loan offer signed and dated 26 Oct 2020
Received official revised loan offer signed and dated 13 Nov 2020.

At what time does the 6 month timer start/what is the expiry date to have my Mortgage drawn down by?
Any help would be good. Starting to get a lil worried.

Antares35 · 12-02-2021 7:49pm

random_banter wrote: »

A lot of advisors are working from home. My advisor’s number diverts to his mobile. Maybe that explains that part.

That thought crossed my mind alright, and could well explain it

Ladybug14 · 12-02-2021 8:44pm

Hi everyone. Does anyone have any experience with NFP broker??

Ladybug14 · 12-02-2021 8:52pm

Hi everyone. Does anyone have any experience with NFP broker??

Milena009 · 12-02-2021 9:38pm

Ladybug14 wrote: »

Hi everyone. Does anyone have any experience with NFP broker??

Hi, yep
I am going through them at the moment.
I am at the AIP approved staged

Ladybug14 · 12-02-2021 9:44pm

How have you found them?! I’ll have all my documents by the end of this month. Were they quick to get back to you once all uploaded??

Milena009 · 12-02-2021 9:56pm

Ladybug14 wrote: »

How have you found them?! I’ll have all my documents by the end of this month. Were they quick to get back to you once all uploaded??

They were quick enough However do keep in mind that my timeline was including Xmas and 3 week backlog or so in banks.
We initiated application 22 December
She applied to banks and we heard from them end of January with KBC approval

Very quick to respond. They use that message channel on credit logic

Ladybug14 · 12-02-2021 10:48pm

Thank you. Best of luck with your journey

southofthelee · 13-02-2021 1:17am

We are looking to trade up this year. We will need to sell our current home.

Q: I have an unused credit card limit of 7k and unused overdraft limit of 2k. Should I (a) reduce these limits in advance of mortgage application or (b) maintain unused credit limits?

What do banks look favourably on?

KBC asked for my limits so it seems to be factor in an mortgage application.

Thank You!

pleh · 13-02-2021 1:21am

Antares35 wrote: »

Apologies if this is the wrong place and if it is, mods please move. I feel like we are actually dealing with scammers rather than BOI as we thought. We set up an account with them, and instead of receiving any written confirmation from the bank, we simply received a text with a BIC and IBAN to transfer money into. Obviously I wanted to confirm this was actually our account. So sent an email query and the same person keeps emailing back saying yes that is your account. I called this morning and was on hold for ages then eventually got through...to a vodafone mobile voicemail? And then the call cut. It all just seems bizzare to be honest, and not the way a bank would behave! I wont be transferring our money in there just yet :pac:

We called into a branch to open an account and they told us they would send out account no. Surprised it was by txt too. Your bank cards will arrive by post and then your pins a couple of days later.

Smiley11 · 13-02-2021 1:53am

southofthelee wrote: »

We are looking to trade up this year. We will need to sell our current home.

Q: I have an unused credit card limit of 7k and unused overdraft limit of 2k. Should I (a) reduce these limits in advance of mortgage application or (b) maintain unused credit limits?

What do banks look favourably on?

KBC asked for my limits so it seems to be factor in an mortgage application.

Thank You!

I could be completely wrong but not sure it matters if its unused. Probably reflects better if anything but I'm open to correction.

We have pretty high limits on our cards but they're cleared monthly on whatever we spend on them. Our broker never made an issue of them so I presume its ok once there isn't a large, continuous balance on them.

Black_Knight · 13-02-2021 9:01am

southofthelee wrote: »

We are looking to trade up this year. We will need to sell our current home.

Q: I have an unused credit card limit of 7k and unused overdraft limit of 2k. Should I (a) reduce these limits in advance of mortgage application or (b) maintain unused credit limits?

What do banks look favourably on?

KBC asked for my limits so it seems to be factor in an mortgage application.

Thank You!

Some banks have more checks than others. How do KBC know of your limits(something indicate it on statements, did you dip into these limits?), or are they just presuming?

I can't see any problem with having overdraft limits and not using them, similar with credit cards once it's paid every month (or imo paid before it costs you in interest).

You could ask your KBC representative and go from there.

Green Mile · 13-02-2021 1:37pm

Does anyone know how long AIP lasts with Avant Mortgages?

Bitconfused · 13-02-2021 2:51pm

I'm currently looking to buy an apartment and have spotted one, the asking price is under what is being asked for the same apartments in the same complex. It falls within budget with 10 k left over which i would be ok with using. The cost has actually raise suspicions as there is a 30k difference between asking prices for the same apartment. Has anyone seen similar before? Is there anything that can be drawn from that?

Can someone correct me if im wrong on process here, firstly if im interested I transfer a booking deposit to the ea and then I would bid? Should i always bid lower than the asking price regardless of whether I would be happy taking the asking price? After that the full deposit would be paid?

Any helpful tips when dealing with ea would be appreciated, Im a ftb so not familiar at all with this process.

brianc27 · 13-02-2021 3:45pm

Bitconfused wrote: »

I'm currently looking to buy an apartment and have spotted one, the asking price is under what is being asked for the same apartments in the same complex. It falls within budget with 10 k left over which i would be ok with using. The cost has actually raise suspicions as there is a 30k difference between asking prices for the same apartment. Has anyone seen similar before? Is there anything that can be drawn from that?

Can someone correct me if im wrong on process here, firstly if im interested I transfer a booking deposit to the ea and then I would bid? Should i always bid lower than the asking price regardless of whether I would be happy taking the asking price? After that the full deposit would be paid?

Any helpful tips when dealing with ea would be appreciated, Im a ftb so not familiar at all with this process.

I wouldn't be paying anything to anyone until a bid has been accepted, as for the asking price difference in similar apartments, that could be down to preference of the seller, AFAIK an initial lowish price would gain more interest and probably more likely to initiate a bidding war and push the price up pretty quickly, while the more expensive places might be closer to what the seller wants and they might be inclined to take a bid quicker if its close to the asking price, thats my reading into it

Bitconfused · 13-02-2021 4:40pm

brianc27 wrote: »

I wouldn't be paying anything to anyone until a bid has been accepted, as for the asking price difference in similar apartments, that could be down to preference of the seller, AFAIK an initial lowish price would gain more interest and probably more likely to initiate a bidding war and push the price up pretty quickly, while the more expensive places might be closer to what the seller wants and they might be inclined to take a bid quicker if its close to the asking price, thats my reading into it

Yeah I can see that the lower price would generate alot of interest

I've looked on the property price register and properties in that same location and same build have sold for a considerable amount above the asking price ofr this property.

Do you know will estate agents generally tell you straight out if there has been a bid and what that amount is? Rather than me saying my offer is x. Im sure its highly illegal but i wonder would some estate agents increase that sale amount by providing inflated offers

brianc27 · 13-02-2021 4:46pm

Any place I've bid on first thing I ask is what is the current higest bid then go from there, last two places I was bidding on both went 25 grand over asking before I pulled out, no idea what they went for in the end but 25 grand over the asking price of 300,000 was too much for me

ILIKEFOOD · 13-02-2021 5:11pm

Hi folks,

Stupid question here. Going through the AIB mortgage calculator and it asks for 'basic income'. Is this gross or net?

As you can tell I'm at the very beginning of this journey!

Thanks!

2Mad2BeMad · 13-02-2021 5:41pm

ILIKEFOOD wrote: »

Hi folks,

Stupid question here. Going through the AIB mortgage calculator and it asks for 'basic income'. Is this gross or net?

As you can tell I'm at the very beginning of this journey!

Thanks!

Gross.
All mortage applications are based on gross income x3.5

It says "basic" because straight after that the next few questions are
Bonus money for the year
Overtime for the year etc...

ILIKEFOOD · 13-02-2021 5:43pm

2Mad2BeMad wrote: »

Gross.
All mortage applications are based on gross income x3.5

It says "basic" because straight after that the next few questions are
Bonus money for the year
Overtime for the year etc...

Brilliant thank you. I thought so but the wording threw me a bit.

Antares35 · 13-02-2021 5:59pm

Can I ask, when do we start looking? We've AIP, and they told us it lasts six months. Is this six months for shopping? Or do we wait for official approval and then look? Obviously we are looking online (all the time haha) but don't want to waste sellers' time actually viewing if we are too early. Saw one or two that we really like already. Presumably viewings aren't allowed under current restrictions? Thanks!

Lia_lia · 13-02-2021 6:19pm

Got a reply from the broker anyway saying the amount we were quoted is wrong and they will come back to us next week with the higher amount. They still can't say what the higher amount is but hoping it's 3.5*. Relieved but starting to wish we just applied ourselves. The broker takes ages to do anything, they must be very busy.

Lia_lia · 13-02-2021 6:20pm

Antares35 wrote: »

Can I ask, when do we start looking? We've AIP, and they told us it lasts six months. Is this six months for shopping? Or do we wait for official approval and then look? Obviously we are looking online (all the time haha) but don't want to waste sellers' time actually viewing if we are too early. Saw one or two that we really like already. Presumably viewings aren't allowed under current restrictions? Thanks!

You definitely can view with AIP. You then go back for full approval when sale agreed. If you see any that you like get in touch with the estate agent ASAP. Some are doing viewings if the houses are vacant.

Antares35 · 13-02-2021 6:23pm

Lia_lia wrote: »

You definitely can view with AIP. You then go back for full approval when sale agreed. If you see any that you like get in touch with the estate agent ASAP. Some are doing viewings if the houses are vacant.

That's great! Thank you. Exciting times ahead

Saving/Applying for a mortgage 2020-22 Edition

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