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Saving/Applying for a mortgage 2020-22 Edition

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    #2612
    Hanaolosdad
    Registered Users Posts: 17 ✭Hanaolosdad


    Sent all my stuff in to AIB for self build mortgage application

    have site with planning worth 100,000 in our name ( this is valuation done two weeks ago ), We have 95,000 in savings and going direct labour ,estimate cost of 250,000

    Had an issue with KBC not updating my address correctly- did not get 3 statements, complained, the never updated address still- paid it all all , they told me they cancelled the credit card, they didnt ,left it at revoked, complained again they said they cancelled it of September 2019, complained again- they updated it to show cancelled as of June 2019- which is again incorrect as it should of been March- currently have a complaint in with FSPO

    the fact that its currently with the FSPO will that hinder my application?


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    #2613
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Has anyone ever had any experience of a broker ignoring you? I have been waiting on my loan offer since late January, I was getting constant updates from the broker but a month ago he stopped replying to my emails. Its now putting the sale in jeopardy.

    Can I go directly to the bank and ask them what is going on?


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    #2614
    thegreatescape
    Registered Users Posts: 420 ✭✭thegreatescape


    Markitron wrote: »
    Has anyone ever had any experience of a broker ignoring you? I have been waiting on my loan offer since late January, I was getting constant updates from the broker but a month ago he stopped replying to my emails. Its now putting the sale in jeopardy.

    Can I go directly to the bank and ask them what is going on?

    Is the broker apart of a larger company? If so I would get onto the company itself and say that the broker isn't responding etc. I did this with an incompetent broker and told them I was taking my business elsewhere. The same day I got placed with a different agent and it has been smooth sailing since.


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    #2615
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    thegreatescape wrote: »
    Is the broker apart of a larger company? If so I would get onto the company itself and say that the broker isn't responding etc. I did this with an incompetent broker and told them I was taking my business elsewhere. The same day I got placed with a different agent and it has been smooth sailing since.

    He is yea, Ok this will be how I escalate it then. Thanks.


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    #2616
    dkav9
    Registered Users Posts: 46 ✭dkav9


    Irish mortgage rates remain ‘stubbornly high,’ new figures show (via @IrishTimes) https://www.irishtimes.com/business/economy/irish-mortgage-rates-remain-stubbornly-high-new-figures-show-1.4531009

    we are still getting fleeced


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    #2617
    thomas 123
    Registered Users Posts: 2,645 ✭✭✭thomas 123


    thomas 123 wrote: »
    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!

    Just want to ask this again and leverage the knowledge in here!


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    #2618
    klose
    Registered Users Posts: 11,550 ✭✭✭✭klose


    Anyone here have any experience renewing your AIP with AIB? What's involved etc..?
    Ours expires next month so hoping to get a head start and have everything in line for a quick renewal.


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    #2619
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    I've sent in some documents they asked for and they are asking me for a March bank statement. The statement I gave them goes up to 29th March.

    Another document they wanted I can't get for a few weeks...is there any point in getting an updated statement now or should I just wait for a few weeks?


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    #2620
    fago
    Registered Users Posts: 318 ✭✭fago


    klose wrote: »
    Anyone here have any experience renewing your AIP with AIB? What's involved etc..?
    Ours expires next month so hoping to get a head start and have everything in line for a quick renewal.

    Just about to complete our 4th round of AIP, docs gone in.
    For personal details part they inherit all that from previous application
    After that it's like a fresh application, how much to borrow, salary cert, statements etc.
    We were told to kick off application 6 weeks before current AIP expires

    They are now supporting tracker retentions via the portal which has made it easier for us


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    #2621
    CalisGirl
    Registered Users Posts: 76 ✭✭CalisGirl


    My broker confirmed that I've got my offer and said that I should have the official letter from the bank by post early next week and a copy will be sent to the solicitor. The apartment is at builders finish. Just wondering how long should it take until I get the keys?! Also, what's the rest of the process like?


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    #2622
    dennyk
    Registered Users Posts: 1,652 ✭✭✭dennyk


    Pussyhands wrote: »
    I've sent in some documents they asked for and they are asking me for a March bank statement. The statement I gave them goes up to 29th March.

    Another document they wanted I can't get for a few weeks...is there any point in getting an updated statement now or should I just wait for a few weeks?

    Yeah, AIB are really picky about bank statements, it seems. Sent 'em a statement which covered six months minus a day or so (as it was generated a day before the end of March) and they didn't like that at all, but luckily they accepted a screenshot of my online banking for the missing period instead of insisting that I generate another statement to cover that day and a half...


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    #2623
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    dennyk wrote: »
    Yeah, AIB are really picky about bank statements, it seems. Sent 'em a statement which covered six months minus a day or so (as it was generated a day before the end of March) and they didn't like that at all, but luckily they accepted a screenshot of my online banking for the missing period instead of insisting that I generate another statement to cover that day and a half...

    It's really annoying having a BOI account, when you generate a statement, it only includes from the last time a statement was generated. Very annoying trying to review spending and having to open up loads of documents.


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    #2624
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    Would really appreciate hearing from anyone who has any info/experience regarding this situation:
    Returning to work after being on PUP for several months (had to give up my job to stay home with our young children due to school/childcare closures). I am due to start a new full time permanent position, exactly the same as my previous job, with a new company next Monday. Probation has been agreed at 12 weeks as I am experienced, could potentially be shortened further. My partner has a secure job and very strong salary. Savings are uninterrupted despite being on PUP.
    We already own a house but wish to trade up to a house gone on sale around the corner.
    What are the chances of getting approved if I have a few payslips together and employer confirms end date of probation?

    Also... are banks still hating on overdrafts?


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    #2625
    cintec
    Registered Users Posts: 705 ✭✭✭cintec


    Ash3011 wrote: »

    Also... are banks still hating on overdrafts?

    Every bank I spoke to asked about overdrafts.


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    #2626
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    Ash3011 wrote: »
    Would really appreciate hearing from anyone who has any info/experience regarding this situation:
    Returning to work after being on PUP for several months (had to give up my job to stay home with our young children due to school/childcare closures). I am due to start a new full time permanent position, exactly the same as my previous job, with a new company next Monday. Probation has been agreed at 12 weeks as I am experienced, could potentially be shortened further. My partner has a secure job and very strong salary. Savings are uninterrupted despite being on PUP.
    We already own a house but wish to trade up to a house gone on sale around the corner.
    What are the chances of getting approved if I have a few payslips together and employer confirms end date of probation?

    Also... are banks still hating on overdrafts?

    I'd say you'd be alright in those circumstances. From my experience they will not let you draw down if you're on probation, and I think they asked for 3 payslips (could have been 6). The fact you own a house and presume are in good standing on the mortgage should help show ability to repay.

    And yeah they don't seem mad about overdrafts.


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    #2627
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Ash3011 wrote: »

    Also... are banks still hating on overdrafts?

    An overdraft is basically a neon sign on your application that says ‘I can’t manage my finances’. Get rid of it ASAP, even if you don’t save anything for a month or two. Getting rid of it will still be seen as repayment capacity so it shouldn’t count against you.


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    #2628
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    The overdraft is small enough, €750 and we would only be in it for a day or so at a time before moving back into positive balance. The worst we had over the last six months was a week or so in overdraft I think. Still understandable why they don't like them though and I agree it would be best to clear it.


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    #2629
    antimatterx
    Registered Users Posts: 2,686 ✭✭✭antimatterx


    What would be the chances of getting a exemption of 4X with a salary of €50K and a deposit of €50K - €60K.


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    #2630
    soc
    Registered Users Posts: 488 ✭✭soc


    Ash3011 wrote: »
    Would really appreciate hearing from anyone who has any info/experience regarding this situation:
    Returning to work after being on PUP for several months (had to give up my job to stay home with our young children due to school/childcare closures). I am due to start a new full time permanent position, exactly the same as my previous job, with a new company next Monday. Probation has been agreed at 12 weeks as I am experienced, could potentially be shortened further. My partner has a secure job and very strong salary. Savings are uninterrupted despite being on PUP.
    We already own a house but wish to trade up to a house gone on sale around the corner.
    What are the chances of getting approved if I have a few payslips together and employer confirms end date of probation?

    Also... are banks still hating on overdrafts?

    FYI my probation for new job was 3months and despite having met the probation period, the bank still insisted that a condition of drawdown was I had to employed by my company for no less than 6 months. Probation period and me not being on it didn't matter...


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    #2631
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    soc wrote: »
    FYI my probation for new job was 3months and despite having met the probation period, the bank still insisted that a condition of drawdown was I had to employed by my company for no less than 6 months. Probation period and me not being on it didn't matter...

    That's interesting to know. I have spoken to a couple of banks who've assured me that once the 12 weeks probation was passed, we would be eligible for full approval & drawdown.

    The issues that concern me the most are that they would go back on their word regarding approving somebody coming off the PUP and back into employment, and the fact that we use our overdraft a bit. I didn't monitor the account it closely enough as we weren't expecting this particular house to come back on the market, so we dip in and out but never reach the limit on it. We push aside between 2k-3k savings per month, combined income of 140k from Monday when I return to work and we would be asking to borrow around 30k less than our 3.5x limit. It's very hard to know how they'll view the application.


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    #2632
    Ikozma
    Registered Users Posts: 1,048 ✭✭✭Ikozma


    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?

    Does anyone have the answer to this question?


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    #2633
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Ash3011 wrote: »
    The overdraft is small enough, €750 and we would only be in it for a day or so at a time before moving back into positive balance. The worst we had over the last six months was a week or so in overdraft I think. Still understandable why they don't like them though and I agree it would be best to clear it.

    If it wasn't for emergency circumstances, maintaining a rainy day fund is highly recommended.


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    #2634
    cintec
    Registered Users Posts: 705 ✭✭✭cintec


    antimatterx wrote: »
    What would be the chances of getting a exemption of 4X with a salary of €50K and a deposit of €50K - €60K.

    do you have additional income? without overtime/bonuses I don't think you stand a chance.

    I have a salary of 60k and deposit of 120k but could only get 3.5x as they didn't take my RSU income into account.


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    #2635
    soc
    Registered Users Posts: 488 ✭✭soc


    Ash3011 wrote: »
    That's interesting to know. I have spoken to a couple of banks who've assured me that once the 12 weeks probation was passed, we would be eligible for full approval & drawdown

    Mortgage Advisor said exact same thing to me. It was the underwriters that put the condition.

    Basically as nice as Mortgage Advisors are and say, it's ultimately the underwriters who decides whether you get approved and what conditions are attached.


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    #2636
    dkav9
    Registered Users Posts: 46 ✭dkav9


    antimatterx wrote: »
    What would be the chances of getting a exemption of 4X with a salary of €50K and a deposit of €50K - €60K.

    i was told by a broker that it would need to be at least 60k for a single salary (70 joint) before a bank would consider allowing an exemption


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    #2637
    xElDeeX
    Registered Users Posts: 142 ✭✭xElDeeX


    xElDeeX wrote: »
    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.

    A positive update here. The note on the restructure is going to be removed. Hopefully within the next couple of weeks so my broker wants me to let them know once that is done. She seems to think the refusal decision can be appealed with the underwriters. Anyone know if this is a thing? I've already contacted a bank directly (just general inquiry and a chat about the situation) as I'm considering going that route instead but if the existing application can be resuscitated I won't bother.


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    #2638
    StephenRy30
    Registered Users Posts: 88 ✭✭StephenRy30


    cintec wrote: »
    do you have additional income? without overtime/bonuses I don't think you stand a chance.

    I have a salary of 60k and deposit of 120k but could only get 3.5x as they didn't take my RSU income into account.



    Can you not get a mortgage for what you have saved and your income? Are you looking to buy or build ?
    Would be in a great position to build .


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    #2639
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    StephenRy30 wrote: »
    Can you not get a mortgage for what you have saved and your income? Are you looking to buy or build ?
    Would be in a great position to build .

    With most applicants nowadays. It’s not whether they’ll get a mortgage or not, it’s whether you’ll get a sufficient mortgage to buy where they want to.

    Building is one route but unless you have a very good architect, QS and builder it’s not for those who are struggling to buy where they want to buy, unless they’re gifted land.


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    #2640
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    soc wrote: »
    Mortgage Advisor said exact same thing to me. It was the underwriters that put the condition.

    Basically as nice as Mortgage Advisors are and say, it's ultimately the underwriters who decides whether you get approved and what conditions are attached.

    That is unfortunate, I'm sure you were disappointed. When we got AIP for our last mortgage the condition was that I would be off probation by the time we drew down. On that occasion, my probation was 6 months and I passed it pre-drawdown, so I've no idea if the length of time mattered or not.

    Also, would anyone know if banks would view the fact that we were just saving generally, with no major objectives apart from replacing our car (which we have done) as we were not expecting this house to come back on market. Will they still appreciate the act of saving even though it wasn't originally necessarily for a deposit? We obviously removed some money from savings to pay for car, but saving continued at same rate afterwards.
    My gut feeling is we will be refused based on the fact that we push a large amount into savings straight after payday, then things can get a bit lean during the month and we go in & out of overdraft, I really didn't pay too much attention as we did not think we would move for another year or so!


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    #2641
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭WhiteWalls


    Hi,

    How long is considered to be consistent overtime for a mortgage? My overtime is not guaranteed but is a general rule of thumb an average of the past three years?

    I'd be looking at 10k last year and around 7k for the past 2 years. This year which is still in its infancy I know, but I'd be averaging so far over 10k.

    I know some lenders take all of your overtime into consideration but is it correct to say an average of the past 3 years?

    Thanks for any help


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