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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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Lorikeet111

10,20,50,100 quid on PP wont stop you getting approved for a mortgage, there seems to be this notion that if the underwriter sees PP/Betfair once in your current account that's your Mortgage chances gone out the window. By all means nobody should be topping up everyday or even weekly, just like you shouldn't be buying from Asos or Topshop every second day when saving for a Mortgage. Keep your accounts clean as possible but you can still live a little

PS 100% more important to show all accounts, (they will find them than) than the topping up PP once or twice.

TheMilkyPirate

Lorikeet111 wrote: »

10,20,50,100 quid on PP wont stop you getting approved for a mortgage, there seems to be this notion that if the underwriter sees PP/Betfair once in your current account that's your Mortgage chances gone out the window. By all means nobody should be topping up everyday or even weekly, just like you shouldn't be buying from Asos or Topshop every second day when saving for a Mortgage. Keep your accounts clean as possible but you can still live a little

PS 100% more important to show all accounts, (they will find them than) than the topping up PP once or twice.

I know what you mean I find it ridiculous that you could have problems getting a mortgage because of a few betting transactions but I've been told by 2 or 3 people now that they were told by the bank that they can't have any transactions from bookmakers on their accounts.

Fitz*

What about topping up PP via revolut? With revolut linked to your normal current account.

I was thinking of moving to a saving scheme, for a few months trial anyways, of 'paying myself' a wage into revolut every week. I was use this for all my spending, with the rest going directly to savings.

Monsieur Folie

Fitz* wrote: »

What about topping up PP via revolut? With revolut linked to your normal current account.

I was thinking of moving to a saving scheme, for a few months trial anyways, of 'paying myself' a wage into revolut every week. I was use this for all my spending, with the rest going directly to savings.

You will have to provide revolut statements to the bank also, so you can’t hide anything there.

[Deleted User]

Fitz* wrote: »

What about topping up PP via revolut? With revolut linked to your normal current account.

I was thinking of moving to a saving scheme, for a few months trial anyways, of 'paying myself' a wage into revolut every week. I was use this for all my spending, with the rest going directly to savings.

A fair few banks are asking for revolut statements these days and guessing it will happen more often.

Lorikeet111

The funny thing is they were probably told that but from experience that's well down the list of priorities for the bank. Safest bet is to oblivious wait till the shops are back open but I'd be shocked if a few quid a Cheltenham stopped anyone getting a mortgage.

Revolut is now seen by banks the same as your current account so needs to be treated the same. Same thing topping up via your current acc or Revolut.

Starlord_01

Fitz* wrote: »

What about topping up PP via revolut? With revolut linked to your normal current account.

I was thinking of moving to a saving scheme, for a few months trial anyways, of 'paying myself' a wage into revolut every week. I was use this for all my spending, with the rest going directly to savings.

Once Revolut is on your bank statements you will need to provide Revolut statements also, same goes for credit unions etc.

Antares35

TheMilkyPirate wrote: »

I know what you mean I find it ridiculous that you could have problems getting a mortgage because of a few betting transactions but I've been told by 2 or 3 people now that they were told by the bank that they can't have any transactions from bookmakers on their accounts.

I was told this was an urban legend (by an EBS advisor).

TheMilkyPirate

Antares35 wrote: »

I was told this was an urban legend (by an EBS advisor).

Yeah there's a lot of mixed information going around about it.

[Deleted User]

Like anything with a mortgage applications the bank has to weigh up the risks as best as possible. The odd bet here or there shouldn't be an issue. It's the more compulsive gambling where a problematic pattern can be seen that will cause an issue.

EO2019

Has anyone gone back after AIP to ask for a higher amount? We were a bit over conservative and got underwriter AIP recently but at 2.6 times our wages. It was the full amount we asked for. Realistically with price rises we should have gone for approx 3.1 times. We have a 20% deposit for this amount. Shouldn’t be any issues stress test wise.

Just pondering how they would view it if we go back looking for more and if anyone else has done this recently.

random_banter

EO2019 wrote: »

Has anyone gone back after AIP to ask for a higher amount? We were a bit over conservative and got underwriter AIP recently but at 2.6 times our wages. It was the full amount we asked for. Realistically with price rises we should have gone for approx 3.1 times. We have a 20% deposit for this amount. Shouldn’t be any issues stress test wise.

Just pondering how they would view it if we go back looking for more and if anyone else has done this recently.

If it’s all within the limits and you’ve shown you can afford the equivalent repayments then there should be no problem.

We did this in January with BOI. Just go back to your advisor and ask and they will probably just ask for updated payslips etc again and then send it back to the underwriters.

Kram_1

Has anybody here dealt with Finance One brokerage when applying for a mortgage?

What has been your experience been like in terms of response and turnaround?

GingerLily

EO2019 wrote: »

Has anyone gone back after AIP to ask for a higher amount? We were a bit over conservative and got underwriter AIP recently but at 2.6 times our wages. It was the full amount we asked for. Realistically with price rises we should have gone for approx 3.1 times. We have a 20% deposit for this amount. Shouldn’t be any issues stress test wise.

Just pondering how they would view it if we go back looking for more and if anyone else has done this recently.

We increased ours between AIP and credit approval, they said that we should double check the amount at that point because if we asked for more after that point it would be a new application and the old offer wouldn't stand.

HungryEllipsis

Has anyone applied for a mortgage to include building works? What's involved with it? Have asked our broker but still not clear in our heads.

Say we buy a house for 400k and want to do 100k for renovations so apply for a mortgage for 450k (we're FTB). My understanding is that
- CB rules still apply i.e. 3.5 times salary
- the valuation report needs to show that the house is worth 500k after the works
- the bank may only cover a certain % of the building works - not sure what that % is
- we need to submit builders and materials costs and program.

Is that right? Anyone else done this? It's really hard to find clear guidance online. Thanks

Klaudia.

HungryEllipsis wrote: »

Has anyone applied for a mortgage to include building works? What's involved with it? Have asked our broker but still not clear in our heads.

Say we buy a house for 400k and want to do 100k for renovations so apply for a mortgage for 450k (we're FTB). My understanding is that
- CB rules still apply i.e. 3.5 times salary
- the valuation report needs to show that the house is worth 500k after the works
- the bank may only cover a certain % of the building works - not sure what that % is
- we need to submit builders and materials costs and program.

Is that right? Anyone else done this? It's really hard to find clear guidance online. Thanks

I was inquiring about a mortgage like that in December through broker/s.
Old house that requires total renovations + extension.
Basically, it's a self-build mortgage.

Yes, 3.5 times salary still applies. You receive money in stages.
You need to have a valuation done before the work and an estimated valuation after the work is done.

There is a great group on Facebook called Self-build and Renovations Ireland.
Plenty of people there who build/renovated houses and they share their experiences.
I'm not sure how it's done if you don't build an extension.

That's what I got from my broker:

-Full Planning permission documentation (Full Grant of Planning Permission with the conditions)
-Ordnance Survey Ireland (OSI), or Property Registration Authority (PRAI), style site map (The site map should highlight boundaries, site configuration, public road access, location of services, surrounding family land and Right of Way, Easement or Wayleave granted or required (if any).
-Costings Template each bank has its own template so when you decide which bank you wish to go with I will forward you the necessary forms – For this application, the Banks will accept costings on Builders, Architects or Engineers headed paper.
-We will also require a copy of the Professional Indemnity Certificate from your builder/Architect on their headed paper.
-A copy of your Architects Drawings on their headed paper.

Self-Build Lending Criteria for the Banks we tend to use for Self-Builds:

PTSB Bank - Their lending criteria is 100% of the cost of construction or 75% of the final value of the property.
Ulster Bank - Their lending criteria 75 LTV of the value on completion.
Haven Bank – They will look at lending 90% of the cost of the build plus 10% contingency.

AD07

Does anyone know if your gifted a house by a parent and want to build a house on the same land. Are you still a first time buyer mortgage application for the self build?

[Deleted User]

How long does AIP normally take, guessing it's 2 weeks or so after all documentation submitted?

Markitron

Deleted User wrote: »

How long does AIP normally take, guessing it's 2 weeks or so after all documentation submitted?

I got AIP just before Christmas from BOI and it took exactly 10 working days, so yea 2 weeks.

[Deleted User]

Markitron wrote: »

I got AIP just before Christmas from BOI and it took exactly 10 working days, so yea 2 weeks.

Awesome, doesn't hugely matter admittedly since house market is entirely dead in Cork at moment. :P

Markitron

Deleted User wrote: »

Awesome, doesn't hugely matter admittedly since house market is entirely dead in Cork at moment. :P

Buying a house is a long and arduous process, every milestone is an achievement in itself, enjoy the little victories as best you can.

[Deleted User]

Markitron wrote: »

Buying a house is a long and arduous process, every milestone is an achievement in itself, enjoy the little victories as best you can.

Yep, exactly. I'm pretty happy to be in a position where I can buy as a single person. In a good position savings wise etc. Definitely gonna try to avoid being stressed out by the process cause it's not worth it.

brianc27

[Deleted User] wrote: »

How long does AIP normally take, guessing it's 2 weeks or so after all documentation submitted?

Took a month with kbc for me, that was back in August, actually applied again through bank of Ireland this week as AIP is just about up with kbc, will look at getting that extended but may aswell try other banks too, can't do much else around buying a place right now

DubLad69

Has anyone had any experience with KBC? Our house is delayed so we decided to apply for other banks.

Did they take long to come back? Or have many questions?

brianc27

DubLad69 wrote: »

Has anyone had any experience with KBC? Our house is delayed so we decided to apply for other banks.

Did they take long to come back? Or have many questions?

Took a month for me but was asked no further questions once all required paper work was submitted

Luke774

Fitz* wrote: »

What about topping up PP via revolut? With revolut linked to your normal current account.

I was thinking of moving to a saving scheme, for a few months trial anyways, of 'paying myself' a wage into revolut every week. I was use this for all my spending, with the rest going directly to savings.

Just stop gambling for 6 months so no gambling will be seen on your account.
If you cant then open a account with a completely different bank that you wont be paying Bill's or loans with and use that to gamble

Milena009

brianc27 wrote: »

Took a month for me but was asked no further questions once all required paper work was submitted

They didn't really ask a lot as we submitted all necessary docs via broker first time around. Only caveat they had was proof of HTB approval [ the confirmation page in revenue].

We are not at loan offer stage yet, so i assume they will ask for updated docs then

Busi_Girl08

Luke774 wrote: »

Just stop gambling for 6 months so no gambling will be seen on your account.
If you cant then open a account with a completely different bank that you wont be paying Bill's or loans with and use that to gamble

Will they not be looking for a statement on that other account though when they see chunks of money disappearing from the main account every month?

Kevhog1988

If you really have to gamble use cash that you withdraw from your current account. Not judging the poster but just an observation if you cant knock it on the head for the number of months needed to secure a mortgage it might be a red flag for yourself nevermind the banks?

Luke774

Busi_Girl08 wrote: »

Will they not be looking for a statement on that other account though when they see chunks of money disappearing from the main account every month?

If you have to keep taking out chucks from your current account then gambling isnt for you . Yes if they see chucks of money going out they will want to know where that is going.

Decide on how much you need take that out say 400 if ask where did it go you can say you spent it on yourself.
Just dont take out hundreds every month .
Make profit from the money you took out and keep using that to build up .