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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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Busi_Girl08

Luke774 wrote: »

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 .

I don't want to derail the thread by getting into a debate on casual gambling, but the above just seems way too risky a strategy when we're talking about applying for a mortgage.

Creamy Goodness

Busi_Girl08 wrote: »

I don't want to derail the thread by getting into a debate on casual gambling, but the above just seems way too risky a strategy when we're talking about applying for a mortgage.

Gambling’s not for you then. No one puts money into gambling to try and make a loss. It’s about the excitement and hopefully turning a profit.

Their advice is fairly sound, commit to an amount don’t go over it and if you do try and fund it from gambling winnings. The most sound advice is knock it on the head for 6 months and if that’s a problem for you (figuratively) then you’ve bigger problems.

Busi_Girl08

Creamy Goodness wrote: »

Gambling’s not for you then. No one puts money into gambling to try and make a loss. It’s about the excitement and hopefully turning a profit.

Their advice is fairly sound, commit to an amount don’t go over it and if you do try and fund it from gambling winnings. The most sound advice is knock it on the head for 6 months and if that’s a problem for you (figuratively) then you’ve bigger problems.

You're right, it's not for me, but appreciate it is for others a bit more in the know on the topic/strategies etc. I'll graciously step away from the topic.

Creamy Goodness

Busi_Girl08 wrote: »

You're right, it's not for me, but appreciate it is for others a bit more in the know on the topic/strategies etc. I'll graciously step away from the topic.

Sorry I must add that I sounded a bit aggressive there with the "it's not for you", it's not for me either and really dislike the damage it can do when it goes wrong.

brianc27

Anyone have any idea around how picky the banks are on what proves you don't avail of any PUP or Ewss covid supports, in the process of getting my AIP extended and was asked for a letter stating I'm not on these payments, my job won't provide this, all they are allowed provide are income and confirmation of employment style letters, going to send the bank a letter we got to show the gards for travelling to and from work, hoping that's enough to prove my salary hasn't been affected.

ongarite

They have gone very picky.
You will need letter on company headed paper declaring that you or company isn't availing of either scheme.
BOI even rang my manager to confirm first hand.

It'll take 5 minutes for HR to put something together so put some pressure on them to do this.

brianc27

Thought at much, I'll get back into them, don't know why they refused to send me something

ongarite

brianc27 wrote: »

Thought at much, I'll get back into them, don't know why they refused to send me something

They could be claiming EWSS, you wouldn't know as employee pay isn't affected under this scheme.

Markitron

brianc27 wrote: »

Thought at much, I'll get back into them, don't know why they refused to send me something

Could just be some lazy person in HR or payroll.

Pete123456

brianc27 wrote: »

Anyone have any idea around how picky the banks are on what proves you don't avail of any PUP or Ewss covid supports, in the process of getting my AIP extended and was asked for a letter stating I'm not on these payments, my job won't provide this, all they are allowed provide are income and confirmation of employment style letters, going to send the bank a letter we got to show the gards for travelling to and from work, hoping that's enough to prove my salary hasn't been affected.

I just got a letter signed by my manager and the bank were happy enough - I just knocked it up on headed paper and she was happy to sign - didn’t bother going through HR in America - would your supervisor do this for you? That was enough for Haven

[Deleted User]

Got approval from kbc, should get it from BOI shortly. Now just a matter of waiting for some stuff to pop up.

brianc27

Pete123456 wrote: »

I just got a letter signed by my manager and the bank were happy enough - I just knocked it up on headed paper and she was happy to sign - didn’t bother going through HR in America - would your supervisor do this for you? That was enough for Haven

Yea good idea, will try that if the essential worker letter isn't sufficient, thanks

Shoden

Anyone know how banks look upon investment in ETFs etc with a view to mortgages?

DopeTech

Do the banks have a way of checking what other bank accounts you have? i.e if you sign up for a swirl or paysafe card and top it up with cash at a payzone agent would they have any way of knowing you have that card. Obviously if you were withdrawing large amounts of cash they would ask where it was going but I'm talking maybe €20 a month. Nothing big.

Busi_Girl08

Have the finishing touches of our application just about done with our broker, just waiting for the updated form to come back to us to reflect my payrise and we can go ahead and sign. We got approved for our HTB during the week so were uploading documents on that too.
Next step is to put through the application and go through the lender offers with our advisor.

Just dying to get started now, but at the same time I feel like this is the best time to be getting all our ducks in a row and get our AIP and hopefully will be able to start looking properly when things open up again.

DubLad69

Does anyone know what happens if you move to letter of offer and then the sale falls through? Do you have to start the whole mortgage from the start?

mimimcmc

DubLad69 wrote: »

Does anyone know what happens if you move to letter of offer and then the sale falls through? Do you have to start the whole mortgage from the start?

Yup, happened to us, sale fell through last December.
Thought we still had approval, turns out that's void if they have sent you a letter of offer. So you have to start again with Approval

Milena009

mimimcmc wrote: »

Yup, happened to us, sale fell through last December.
Thought we still had approval, turns out that's void if they have sent you a letter of offer. So you have to start again with Approval

I didn't know that! thank you!
Good to know in case it happens to us.

LRH92

Hi all! I'd be interested to hear if anyone is currently building with a BOI mortgage?

How did drawdowns go? Are they easy to work with? Quick with stage payments?

How long did it take to get AIP and move to loan offer?

Have been offered a mortgage elsewhere but have been advised by BOI they should be able to offer me an exception.

Green Mile

Do you think negative interest rates on deposits would mean banks want to lend out their money more competitively than they currently do? I’m thinking mortgage interest rates could be reduced over the next 2 or 3 years on that basis.

Creamy Goodness

Green Mile wrote: »

Do you think negative interest rates on deposits would mean banks want to lend out their money more competitively than they currently do? I’m thinking mortgage interest rates could be reduced over the next 2 or 3 years on that basis.

I don’t think they’ll go much lower than they already are. They’ll wait and see how well avantcard mortgages do. It’s desperately difficult for banks to get their money back if someone decides to stop paying their mortgage and default. That’s the reason for the percentage difference between mainland European mortgages vs Irish ones.

earlyapex

I have AIP with KBC with an expiry date in April, the usual 6 months is up then but my broker is telling me I don't need to extend it as the real expiry is 6 months + 5 months and that I'm good until October.
I fear I will miss out on a house by the estate agents not believing this and just going by the date on the AIP letter I'll send them.

What are your experiences with KBC AIP expiry dates?
Once past the 6 months, did you have to apply again or was it really 11 months?
Thanks.

Creamy Goodness

earlyapex wrote: »

I have AIP with KBC with an expiry date in April, the usual 6 months is up then but my broker is telling me I don't need to extend it as the real expiry is 6 months + 5 months and that I'm good until October.
I fear I will miss out on a house by the estate agents not believing this and just going by the date on the AIP letter I'll send them.

What are your experiences with KBC AIP expiry dates?
Once past the 6 months, did you have to apply again or was it really 11 months?
Thanks.

Can’t speak for KBC specifically but as long as your circumstances around salary and savings don’t change renewing the AIP is giving some recent pay slips.

DopeTech

Has anyone here applied for a mortgage while the main earner is on contract work in a solid industry (i.e IT). How did you get on?

Renjit

Creamy Goodness wrote: »

Can’t speak for KBC specifically but as long as your circumstances around salary and savings don’t change renewing the AIP is giving some recent pay slips.

Right now they are also asking salary cert with covid clause and bank statements.

Zebrag

Hi everyone

I was just wondering from mortage brokers to personal views what they think of this...

Myself and boyfriend live with his father in a rented house, it's privetly rented. We pay his father our rent in cash every month as he point blank refuses to let us transfer money to him even though he then ends up lodging the money into his account and transfers it to the landlord anyways. It doesn't make sense to us and we've tried to reason with him. I spoke to a mortage advisor a few months back to get the gist of what we should be doing to be mortage ready he said that ideally the banks will want to see a set amount transfer as it let's them know exactly what it's for to the landlord himself but again, the father is really difficult and refuses to budge. I have a rent book that I ended up buying when we started renting here to have some form of proof but now I'm wondering, is this wasting my time and should I be telling him that we have to transfer to his bank? I wouldn't even mind but he has his banking app and checks it so he knows full well how it works. He's over 70 so it's nothing to do with bank charges as the elderly don't get any fees. Has anyone paid rent in cash with no cause for concern?

We aren't 100% mortage ready yet but I would like to start off on the right direction and try to avoid as much complications as I can

Edit: I'm sure I've asked this before but I've lost the post in this thread and I've no idea how far back it was when I posted

brianc27

earlyapex wrote: »

I have AIP with KBC with an expiry date in April, the usual 6 months is up then but my broker is telling me I don't need to extend it as the real expiry is 6 months + 5 months and that I'm good until October.
I fear I will miss out on a house by the estate agents not believing this and just going by the date on the AIP letter I'll send them.

What are your experiences with KBC AIP expiry dates?
Once past the 6 months, did you have to apply again or was it really 11 months?
Thanks.

I have AIP with kbc expiring mid March, I contacted my broker on extending and was told I would need to submit a brand new application around the time the current expires, basically start the whole process again, nothing about an extra 5 months, that's seems odd, AIP is generally 6 months

earlyapex

Yes mine is 6 months also, I was asking my broker to start the extension process so I am ready with a fresh AIP when I reach current expiry date but he is saying I don't need to and provided me with a letter to give to estate agents stating it runs for another 5 months after that date!

I don't know if its correct.
If it was, wouldn't all brokers say the same thing.

He says it broken down like this, 6 months to find a property and another 5 months to close.
My point was that it will be expired before I can action it because of the lockdown. I'm worried about it.

brianc27

earlyapex wrote: »

Yes mine is 6 months also, I was asking my broker to start the extension process so I am ready with a fresh AIP when I reach current expiry date but he is saying I don't need to and provided me with a letter to give to estate agents stating it runs for another 5 months after that date!

I don't know if its correct.
If it was, wouldn't all brokers say the same thing.

He says it broken down like this, 6 months to find a property and another 5 months to close.
My point was that it will be expired before I can action it because of the lockdown. I'm worried about it.

Actually my broker said something similar to me when I queried the expiry date, I asked if I go sale agreed the day before expiry date, were do I stand, was told it would be fine because once sale agreed the process moves on from AIP to valuation, but I would have to reapply once its expires if I haven't found a place

I've pretty much stopped looking anyway until viewings are back on so will be reapplying once the 6 months is up

dropping_bombs

Hi folks,

Does anyone know the situation with getting a mortgage to build in Ireland if you're working in the UK? Is it possible to get a mortgage from an Irish bank when you're currently abroad, with the intention to return to Ireland? Thanks!