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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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CalisGirl

Kevhog1988 wrote: »

Got an update that my mortgage is gone for underwriting this morning. I assume that if there were any issues EBS would have showed them by now?. Ive checked my ICB report etc so hopefully all ok.

My experience at the underwriter stage was that the underwriter goes through your file with a fine tooth comb to ensure that all relevant paperwork is there and you can afford the mortgage you've applied for. I got some clarification questions at this stage but was grand.

xElDeeX

sandman1212 wrote: »

If the restructure was a one-time or temporary event that completed before June 2017, then it should not appear on your CCR report. You can tell the CCR that you do not believe your report is accurate, and they will get on to the lender to verify and correct it. It should take a max of 40 days to complete.

The CCR amendment is in progress at the moment and just got a call from the lender to say they agree the date is wrong but they don't agree they need to remove the event. We had a discussion over the phone and I disagreed so they are now contacting the dept to check if they (council) have been doing it wrong for everyone....so at least they are checking?! I went back and read the SI and the CCR handbook and page 39 appears really clear on what and when to report in this scenario. I'm hopeful but also annoyed and a little worried for people who don't read legal text and guidance for fun.

Markitron

I have now been waiting 10 weeks for BOI to issue my loan offer, apparently the fact that I am asking for a small exemption is the hold up. I might actually lose the house because of this.

sp00k

I'm with Ulster Bank. My fixed rate ends in September, and I'd like to fix again. Should I be switching to another bank or would I be mad to fix with Ulster Bank again (if they even allow it)?

Creamy Goodness

sp00k wrote: »

I'm with Ulster Bank. My fixed rate ends in September, and I'd like to fix again. Should I be switching to another bank or would I be mad to fix with Ulster Bank again (if they even allow it)?

It'll be a few years until UB fully remove themselves from the Irish market. personally I'd look at the alternatives first. Can you get a fixed rate at a different provider that's similar? Also don't forget some banks offer incentives to switch so be sure to factor that into the overall cost.

ILikeBoats

sp00k wrote: »

I'm with Ulster Bank. My fixed rate ends in September, and I'd like to fix again. Should I be switching to another bank or would I be mad to fix with Ulster Bank again (if they even allow it)?

We just re-fixed for another two years, we weren't in a position to shop around

[Deleted User]

sp00k wrote: »

I'm with Ulster Bank. My fixed rate ends in September, and I'd like to fix again. Should I be switching to another bank or would I be mad to fix with Ulster Bank again (if they even allow it)?

I am pretty sure whatever rate you're on has to be honoured, even if they completely withdraw from the market while you're in the middle of your fixed term.

sandman1212

I have to say, AIB were pretty good when we requested the letter of offer. Just provided updated docs etc to prove we fulfilled the requirements they spelt out, and within 1 business day it was all sorted. Solicitor confirmed receipt too, just two days later.

Pussyhands

I've just submitted the documents requested by KBC for the AIP (employment status etc.)

Anyone tell me what the next stage is and how long it will take? Will they request more details?

DancingDaisy

Pussyhands wrote: »

I've just submitted the documents requested by KBC for the AIP (employment status etc.)

Anyone tell me what the next stage is and how long it will take? Will they request more details?

Not sure if it's the exact same process as with AIB, but what happened next for us is that it went to the underwriters.

The bank branch sent in on a Thursday evening, they came back to us the following Tuesday as they had mislaid a page from my bank statement and needed me to resend, and then came back again on the Friday on our salary cert as they weren't happy with how it had been completed. We resubmitted the cert on the Monday morning, and they came back with the loan offer letter on the Wednesday evening. All in all it took 8 working days for the loan offer to be sent out.

I know other friends who have had simple queries from the underwriters on recurring payments on their accounts, one was a case of charges for the staff canteen each day. I'd definitely encourage you to give them a shout if you're short on time, otherwise you could be waiting a couple of weeks.

brianc27

Pussyhands wrote: »

I've just submitted the documents requested by KBC for the AIP (employment status etc.)

Anyone tell me what the next stage is and how long it will take? Will they request more details?

Don't expect anything too quick, I'm waiting nearly 3 weeks to hear from KBC, this is my second application with them, first one expired, the first one was also around 3 weeks also

Bel2210

We have found a house we are interested in purchasing however we currently only have 10% deposit saved. We are 2nd time buyers so need 20%. Does anyone know if it is worth applying to the banks for a LTV exemption or are these no longer being issued and should we just forget about submitting an application until we have the 20% deposit saved?

Daddy Ireland

Does any bank take into account rent a room scheme.

Scenario:

First time buyer of a 3 bed costing 300k.

My salary is 32k.

I would rent out two rooms for 10k.

I would have a 50k deposit from my parents.

Have I any hope in doing the above ?

wally79

Daddy Ireland wrote: »

Does any bank take into account rent a room scheme.

Scenario:

First time buyer of a 3 bed costing 300k.

My salary is 32k.

I would rent out two rooms for 10k.

I would have a 50k deposit from my parents.

Have I any hope in doing the above ?

Even if they did you would need to borrow 6 times your salary + rent amount. Unfortunately can’t see it happening. Sorry

Daddy Ireland

wally79 wrote: »

Even if they did you would need to borrow 6 times your salary + rent amount. Unfortunately can’t see it happening. Sorry

Thanks.

So even though I would have 10k from 2 rooms plus the 5k I currently pay in rent available to put against a 25 year mortgage of 250k I am wasting my time.

GoldFour4

Daddy Ireland wrote: »

Thanks.

So even though I would have 10k from 2 rooms plus the 5k I currently pay in rent available to put against a 25 year mortgage of 250k I am wasting my time.

How could you demonstrate that you will be able to rent out 2 rooms for 25 years for the 10k per annum (without any breaks between tenants also)? Also there is no guarantee the rent a room relief will continue for that length of time.

It would be a non runner from a banks perspective OP and not worth pursuing further.

Daddy Ireland

malistheman wrote: »

How could you demonstrate that you will be able to rent out 2 rooms for 25 years for the 10k per annum (without any breaks between tenants also)? Also there is no guarantee the rent a room relief will continue for that length of time.

It would be a non runner from a banks perspective OP and not worth pursuing further.

Thanks for replies. Will just wait a few years for salary to increase.

Luke774

Daddy Ireland wrote: »

Does any bank take into account rent a room scheme.

Scenario:

First time buyer of a 3 bed costing 300k.

My salary is 32k.

I would rent out two rooms for 10k.

I would have a 50k deposit from my parents.

Have I any hope in doing the above ?

Did you find it hard getting a mortgage on 32k for a house costing 300k ?

You will need 20% deposit as you are not a first time buyer

[Deleted User]

Luke774 wrote: »

Did you find it hard getting a mortgage on 32k for a house costing 300k ?

You will need 20% deposit as you are not a first time buyer

300 is the house he's looking for I think.

Pussyhands

Struggling to get a valid photo ID.

Driving licence is out of date but extended due to Covid...

Passport is in another house, only have a photo of it from a year ago.

TheMilkyPirate

If one of us is out of work on PUP how long will they have to be back at their job before we could apply? Everything else is in order savings etc

DubLad69

TheMilkyPirate wrote: »

If one of us is out of work on PUP how long will they have to be back at their job before we could apply? Everything else is in order savings etc

As long as you kept up the savings, you only need 1 payslip without the PUP.

TheMilkyPirate

DubLad69 wrote: »

As long as you kept up the savings, you only need 1 payslip without the PUP.

We only need to provide one applicants payslip? Savings have never stopped

dkav9

Starting to get a few bits together as will be applying for a mortgage approval soon.

Most of my savings are with a life insurance company, and is basically invested in different funds, and I also have some invested in stocks and etfs. Will I need to convert all of this to cash for proof of deposit?

I will likely need an exemption for >3.5 times income for any of the houses I was looking at. Was speaking to a broker who said my circumstances with regards to rent payments and savings to be eligible. Would this add a lot of time to getting mortgage approved? How long would I be expecting to wait for approval? (I would be going through a broker)

Thanks!

Pete123456

dkav9 wrote: »

Starting to get a few bits together as will be applying for a mortgage approval soon.

Most of my savings are with a life insurance company, and is basically invested in different funds, and I also have some invested in stocks and etfs. Will I need to convert all of this to cash for proof of deposit?

I will likely need an exemption for >3.5 times income for any of the houses I was looking at. Was speaking to a broker who said my circumstances with regards to rent payments and savings to be eligible. Would this add a lot of time to getting mortgage approved? How long would I be expecting to wait for approval? (I would be going through a broker)

Thanks!

No you shouldn’t need to cash out, at least in the case of AIB or Haven.

Timing is a bit like a piece of string though - it depends on the day and the underwriter you get (assuming your broker sends stuff in immediately after they get it from you). Some will ask more questions than others...

I preempted a lot of the queries the underwriters had (on the standard stuff - allowances etc) and sent on the answers in an email - they seemed to ignore this and ask the questions anyway. This pushed everything back by 10 days or so. It really depends on your circumstances. Your app could sail through right first time or it could get bounced back two or three or more times.

If you’re broker is on the ball and you don’t get any queries at all back, I would expect about 3 weeks from sending everything to your broker.

Plasandrunt

Can someone PM the name of a decent broker in the Dublin area.

TIA

Ikozma

Not sure if anyone can answer this but if you buy a site to build on with your own cash can that be classed as the same as a 20% deposit needed to get a mortgage as a second time buyer or would you need the cash deposit as well as the site?

thomas 123

Ikozma wrote: »

Not sure if anyone can answer this but if you buy a site to build on with your own cash can that be classed as the same as a 20% deposit needed to get a mortgage as a second time buyer or would you need the cash deposit as well as the site?

Similar situation FTB considering buying the site with deposit savings to secure it (once pp granted).

Wondering if this is a good idea or not also!

Swampy

Sweet mother of God it is taking an age to get mortgage approval. Rant over.

thegreatescape

Swampy wrote: »

Sweet mother of God it is taking an age to get mortgage approval. Rant over.

Don't be in any rush, there's nothing coming onto the market at the moment (in my area anyway!)