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Saving/Applying for a mortgage 2020-22 Edition

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    #2702
    you2008
    Registered Users Posts: 704 ✭✭✭you2008


    After a fixed rate mortgage ends, fix again? For how long?

    https://debtcamel.co.uk/fixed-rate-remortgage/#:~:text=some%20expert%20help%3F-,Summary%20%E2%80%93%20your%20options%20when%20a%20fixed%20rate%20mortgage%20ends,rate%20with%20your%20current%20lender%3B&text=get%20a%20different%20mortgage%20with,remortgage%20with%20a%20different%20lender.

    the Link from UK, dose the Irish bank apply?

    Summary – your options when a fixed rate mortgage ends - When a fixed rate mortgage ends, you have four options:

    do nothing – your mortgage moves to a variable interest rate with your current lender;
    get another fixed rate from your current lender;
    get a different mortgage with your current lender;
    remortgage with a different lender.


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    #2703
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 68,059 Mod ✭✭✭✭L1011


    Same options here. They will write to you with whatever offerings they have in terms of fixed, and advise you of their SVR which will be the default, some time before the term expires.

    Remember to check if your LTV has fallen below one of their band levels in the interim (by capital repayment or an upward valuation - you may need to pay for a valuer for that unless its blatantly obvious) which could improve the rates on offer.


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    #2704
    Jambon93
    Registered Users Posts: 3 ✭Jambon93


    Hi there,
    In the process of getting a new AIP.
    My partner has a second job which we were previously told it couldn't be taken into account because he hadn't been there for 12 months.
    Is it a possibility that the bank would include the earnings from this job in the offer, provided he would pass the 12 months before they release funds?


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    #2705
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Jambon93 wrote: »
    Hi there,
    In the process of getting a new AIP.
    My partner has a second job which we were previously told it couldn't be taken into account because he hadn't been there for 12 months.
    Is it a possibility that the bank would include the earnings from this job in the offer, provided he would pass the 12 months before they release funds?

    I'd imagine this is case by case or at least different banks will have different policies, so best check with your bank?
    It sounds reasonable but you never know until you talk to them.


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    #2706
    Damo 2k9
    Registered Users Posts: 3,506 ✭✭✭Damo 2k9


    Received AIP from KBC on Friday afternoon, process with our broker has been excellent. Was a bit worried when the news initially broke, but good to know its business as usual for the time being.

    Timeline wise, our application was submitted and received acknowledgement 3 days later, with a decision 10 business days after that.

    Now to let the hunt begin!


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    #2707
    brianc27
    Registered Users Posts: 668 ✭✭✭brianc27


    so i am current top bidder on a property and estate agent is looking to close today, the estate agent wants to know my loan to value ratio of the mortgage, i find this a bit odd, why should they care how its being funded, they know i have the funds


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    #2708
    DancingDaisy
    Registered Users Posts: 1,285 ✭✭✭DancingDaisy


    brianc27 wrote: »
    so i am current top bidder on a property and estate agent is looking to close today, the estate agent wants to know my loan to value ratio of the mortgage, i find this a bit odd, why should they care how its being funded, they know i have the funds

    Do they know that you have the funds without relying on any exemptions? That could be one thing. They may just be looking at it from a point of view of risk? Or is there a possibility that one of the bids under yours is a cash buyer?


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    #2709
    brianc27
    Registered Users Posts: 668 ✭✭✭brianc27


    DancingDaisy wrote: »
    Do they know that you have the funds without relying on any exemptions? That could be one thing. They may just be looking at it from a point of view of risk? Or is there a possibility that one of the bids under yours is a cash buyer?

    yea they know all that, broker said they have absolutely no need to know that information such as LTV ratio, broker just emailed the agent saying i have sufficient funding, which was basically the same as the proof of funding letter i got two days ago, agent accepted this again anyway, so all good, just thought it was a strange information request.


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    #2710
    G_R
    Moderators, Education Moderators Posts: 5,027 Mod ✭✭✭✭G_R


    brianc27 wrote: »
    so i am current top bidder on a property and estate agent is looking to close today, the estate agent wants to know my loan to value ratio of the mortgage, i find this a bit odd, why should they care how its being funded, they know i have the funds

    Is it a new build? Are they checking your eligibility for help to buy scheme perhaps?


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    #2711
    dubrov
    Registered Users Posts: 3,559 ✭✭✭dubrov


    Sellers may be under pressure to close.
    Say there are two bidders
    Bidder 1 - Top bidder borrowing 90% of sale price
    Bidder 2 - Bid 1k below but borrowing 50% of sale price

    They might go with bidder 2 as a slight change in bank criteria may cause the sale to bidder 1 to fall through.


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    #2712
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    Just tell the agent you’re a 50:50 LTV, it’s none of their business and that statement will only aid you.


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    #2713
    arleitiss
    Registered Users Posts: 3,515 ✭✭✭arleitiss


    [Used a reputable broker] Got quoted by three main banks (BOI, AIB and PTSB) for limit of (Salary x 3.5) but one I've never heard of before said they can give Salary x 4 (apparently falls under some sort of their exemption) - Finance Ireland.


    While its temping to have budget increased by quite a bit (as a single applicant) - Anyone ever heard or dealt with "Finance Ireland"?


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    #2714
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    arleitiss wrote: »
    [Used a reputable broker] Got quoted by three main banks (BOI, AIB and PTSB) for limit of (Salary x 3.5) but one I've never heard of before said they can give Salary x 4 (apparently falls under some sort of their exemption) - Finance Ireland.


    While its temping to have budget increased by quite a bit (as a single applicant) - Anyone ever heard or dealt with "Finance Ireland"?

    Yeah they’re really well known.
    And a lot of people get their mortgage with them. They’re a reputable lender.

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



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    #2715
    pooch90
    Registered Users Posts: 2,371 ✭✭✭pooch90


    Finance Ireland are reputable. They give 2 extra points on the public sector pay scale, just as ICS do.


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    #2716
    Ikozma
    Registered Users Posts: 1,048 ✭✭✭Ikozma


    If i buy a site with cash, can that be taken as a deposit when looking for a mortgage or will I also have to have my 20% saved ontop of that?
    I would have saved the money for the site anyway


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    #2717
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    Ikozma wrote: »
    If i buy a site with cash, can that be taken as a deposit when looking for a mortgage or will I also have to have my 20% saved ontop of that?
    I would have saved the money for the site anyway


    You should be ok. It will be staged as the build progresses.


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    #2718
    LittleMissRed
    Registered Users Posts: 59 ✭✭LittleMissRed


    Could be good news for us house hunters waiting to do viewings...

    https://www.thejournal.ie/easing-restrictions-5422865-Apr2021/


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    #2719
    Whatcar212
    Registered Users Posts: 58 ✭✭Whatcar212


    Ikozma wrote: »
    If i buy a site with cash, can that be taken as a deposit when looking for a mortgage or will I also have to have my 20% saved ontop of that?
    I would have saved the money for the site anyway

    Approached a bank about this back in 2019. They said no they wouldn't take the site as a deposit as they would view it as them giving you a 100% mortgage for the house itself.

    They advised to get a mortgage for the site and building together and put the cash you have down as the deposit which you buy the site with after getting approval. In other words, let the bank see that you have that cash before you spend it.


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    #2720
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    Hi all sorry if this seems like a silly question, when the bank is calculating your multiple (say 3.5) is that 3.5 times your gross salary even if you have a pension deduction that comes out before tax? Thanks


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    #2721
    cintec
    Registered Users Posts: 705 ✭✭✭cintec


    Antares35 wrote: »
    Hi all sorry if this seems like a silly question, when the bank is calculating your multiple (say 3.5) is that 3.5 times your gross salary even if you have a pension deduction that comes out before tax? Thanks

    Yes gross salary, they may also take into account overtime/bonuses but the 3.5x is still on the gross.


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    #2722
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    cintec wrote: »
    Yes gross salary, they may also take into account overtime/bonuses but the 3.5x is still on the gross.

    Thank you :)


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    #2723
    Blowfish
    Registered Users Posts: 5,112 ✭✭✭Blowfish


    Antares35 wrote: »
    Hi all sorry if this seems like a silly question, when the bank is calculating your multiple (say 3.5) is that 3.5 times your gross salary even if you have a pension deduction that comes out before tax? Thanks
    For the 3.5 multiple, they calculate on gross tax, but for the stress test and ability to repay, they take your net take home pay after pension into account.


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    #2724
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    BOI has 6 weeks covid review in place. So after every six weeks they ask for latest bank statement, salary slips, and a letter indicating you are not on EWSS.

    Is it true for others too or just my case?


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    #2725
    JimmyVik
    Registered Users Posts: 5,368 ✭✭✭JimmyVik


    Blowfish wrote: »
    For the 3.5 multiple, they calculate on gross tax, but for the stress test and ability to repay, they take your net take home pay after pension into account.




    And if you pay AVCs dont forget to let them know that they can be stopped by you at any time, adding to your monthly take home. Some of them dont seem to get this until it is explained to them.


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    #2726
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    Renjit wrote: »
    BOI has 6 weeks covid review in place. So after every six weeks they ask for latest bank statement, salary slips, and a letter indicating you are not on EWSS.

    Is it true for others too or just my case?

    We haven't been asked for this, but we are both in jobs where we're working from home. I spoke to someone who is a nurse i.e. frontline worker and they were asked to do this every 6 weeks. Perhaps it's due to the nature of your job that they're asking?


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    #2727
    shawki
    Registered Users Posts: 664 ✭✭✭shawki


    pooch90 wrote: »
    Finance Ireland are reputable. They give 2 extra points on the public sector pay scale, just as ICS do.

    Do you know if they take into account skipping increments and future pay increases?

    In August 2021 I will be on point 3 on my scale but In August 2023, I will be on point 6 with a 2.01% increase.


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    #2728
    pooch90
    Registered Users Posts: 2,371 ✭✭✭pooch90


    shawki wrote: »
    Do you know if they take into account skipping increments and future pay increases?

    In August 2021 I will be on point 3 on my scale but In August 2023, I will be on point 6 with a 2.01% increase.

    I honestly don't know, sorry!


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    #2729
    Interested Observer
    Registered Users Posts: 13,034 ✭✭✭✭Interested Observer


    Considering switching to PTSB from BOI for a better rate, anyone with them, have they been ok? Any reason not to? I'm 2 years into a 5 year fixed term, I'm on 3.2% and PTSB are offering 2.8%.


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    #2730
    antimatterx
    Registered Users Posts: 2,697 ✭✭✭antimatterx


    Hi

    I'm finally getting myself into a good position money wise and I'm looking for some advice. I'm starting a new job on 50K, and I will have around a 50K deposit come the start of 2022 when I get past probation and Christmas is over.

    Realistically I'm looking at 1 beds, unless I get get an exception for a two bed. What are the chances of getting an exception for a 4.5 mortgage, even a 4x as a single applicant?

    I know 1 beds are not ideal, but it's probably what I can afford unless I get an exception.


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    #2731
    DubLad69
    Registered Users Posts: 479 ✭✭DubLad69


    antimatterx wrote: »
    Hi

    I'm finally getting myself into a good position money wise and I'm looking for some advice. I'm starting a new job on 50K, and I will have around a 50K deposit come the start of 2022 when I get past probation and Christmas is over.

    Realistically I'm looking at 1 beds, unless I get get an exception for a two bed. What are the chances of getting an exception for a 4.5 mortgage, even a 4x as a single applicant?

    I know 1 beds are not ideal, but it's probably what I can afford unless I get an exception.

    If you go to the AIB or EBS websites their calculator are pretty accurate and will tell you if you qualify for an exemption under their current rules.


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