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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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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.

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?

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.

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!

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

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?

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.

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?

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.

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.

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"?

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.

pooch90

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

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

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.

LittleMissRed

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

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

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.

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

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.

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

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.

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?

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.

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?

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.

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!

[Deleted User]

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%.

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.

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.

DubLad69

We have finally placed our deposit on our new build house. We now need to go to full letter of offer with the bank.

I am very stressed now, because when we were applying for a mortgage one bank wouldn't allow us to apply for an exemption because of a missed loan payment a few years ago (due to a mistake on the direct debit form and us being out of the country).

I am now getting worried that the two banks that have given us AIP, will no decide not to once we go for the full letter of offer.

Has this happened to anyone? Or is it likely to happen? We are both public sector workers, and our income hasn't changed (apart from a small pay increase for me).