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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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Red Silurian

Finally found a place we are both interested in so asked for a viewing, auctioneer only does office hours Monday to Friday, is this normal? Who would be able to buy a house while being unemployed?

[Deleted User]

IamTheWalrus95 wrote: »

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

There's no real answer to this unfortunately, it's not even different per bank it's different for each case within each bank. I'd be counting on weeks and if you get it earlier that's a bonus.

I bought about 2 years ago and can't remember the exact reason now but it had to be reissued for us after being granted which delayed things too.

BronsonTB

IamTheWalrus95 wrote: »

Was there much back and forth with questions etc?

Will all depend on what transactions are on your statements & if any questions arise about your finances / background credit checks but yes, we had a few back & forth with the broker & bank before API was issued.

Creamy Goodness

IamTheWalrus95 wrote: »

Was there much back and forth with questions etc?

It's completely unique to each application.

IamTheWalrus95

Was there much back and forth with questions etc?

BronsonTB

IamTheWalrus95 wrote: »

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

Took us 3 weeks with PTSB recently (through a broker).
I believe each bank's timeframe to AIP is different.

IamTheWalrus95

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

coolbeans21

Hi guys, fairly rookie question here. We have AIP with Bank A, and put booking deposit down on New build but house wont be ready for 9 months. If we get contracts and sign and transfer help to buy deposit to builders, do we have to draw down with Bank A or can we reapply for the mortgage with another bank closer to the time the house will be ready? Thanks for your help,

Sheep Shagger

Jasna1982 wrote: »

I wouldn’t hold anything back. If they find out you have an account you didn’t disclose, you won’t get the mortgage.

Thats not true - worst case you'll be asked to provide the n26 accounts, you could say you forgot or didn't think it was relevant. Just be prepared to provide them.

What you could do is provide the n26 statements for the same period as the PTSB ones....there won't be any gambling on them. As for the nixers they won't take them into your income calculation anyway.

Jasna1982

Green Mile wrote: »

I’ve a ptsb bank account that I get my salary paid into, I have consistent savings and the account looks really nice and clean for applying for a mortgage.
I then have an N26 bank account, I do nixer work and get paid into that account, I also recklessly gamble a bit from that account.
I haven’t transferred money between ptsb and N26 in over 14 months.

I plan to supply only 12 months statements of the ptsb current and savings account details when applying for a mortgage with Avant Mortgages. I know “I’m meant to” disclose all my account details on a mortgage application but the N26 is all over the place and want to keep that private.
Should I be concerned with my mortgage application or will I be fine?

I wouldn’t hold anything back. If they find out you have an account you didn’t disclose, you won’t get the mortgage.

Green Mile

I’ve a ptsb bank account that I get my salary paid into, I have consistent savings and the account looks really nice and clean for applying for a mortgage.
I then have an N26 bank account, I do nixer work and get paid into that account, I also recklessly gamble a bit from that account.
I haven’t transferred money between ptsb and N26 in over 14 months.

I plan to supply only 12 months statements of the ptsb current and savings account details when applying for a mortgage with Avant Mortgages. I know “I’m meant to” disclose all my account details on a mortgage application but the N26 is all over the place and want to keep that private.
Should I be concerned with my mortgage application or will I be fine?

Antares35

raze_them_all_ wrote: »

Ebs

That's funny, we were EBS too!

raze_them_all_

Antares35 wrote: »

Which bank was that? Interesting that they all seem to be using different criteria. We had to show 1025 each. Plus 245 for a dependent. But others had frightened the life out of my before that saying they'd deduct 1000 for a baby!

Ebs

Creamy Goodness

Antares35 wrote: »

Which bank was that? Interesting that they all seem to be using different criteria. We had to show 1025 each. Plus 245 for a dependent. But others had frightened the life out of my before that saying they'd deduct 1000 for a baby!

Different banks will have different calculations with regards to your affordability to service the loan. The only thing the bank has to make sure of is you fall into the 3.5x - 4x (exemption) bracket and that you have 20% deposit (10% if FTB).

Antares35

raze_them_all_ wrote: »

Im currently saving between 1200-2 k a month on what will be about 1000e mortgage. You really want to show you have saving power for a rainy day and yes they want regular savings.

One bank told me that after your loans and mortgage is paid they want you to have 1400 to live on that month

Which bank was that? Interesting that they all seem to be using different criteria. We had to show 1025 each. Plus 245 for a dependent. But others had frightened the life out of my before that saying they'd deduct 1000 for a baby!

LittleMissRed

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.

My husband was in a similar position when we applied. He was on point 3 but they assessed him two points up as if he was point 5, even though point 4 is skipped for him, so technically it should have been based on point 6. However, we weren't too worried as we knew we would have to reapply because of the current housing market and that he would be going up the scale by the time we reapply.
Perhaps confirmation from your salaries section regarding the point skip would help?

random_banter

Darren 83 wrote: »

Family have given us a small loan which we will pay back will a bank question a large deposit year down the line?

Our bank asked where the savings had come from, and if they were a gift, requested a letter from the family gifter to state it was a gift and they would not have a claim on the sum (look for it to be paid back).

You should do some research and talk to a broker etc about this - as if you say you will be paying the loan back to family, the bank will see it as a liability and may reduce your total borrowing allowance.

BD850611

kev_s88 wrote: »

We actually got our AIP from Finance Ireland today with our 4x LTI exception. We got our application into them on the 19th April so they were pretty good with the timeline of 10 working days. From what I've heard they are pretty on the ball with their approvals. We didn't hear from them directly, everything came through our broker, so might be worth contacting your broker if you are over the 10 working days

Congratulations!!!!
Thank you for getting back to me. we only applied on Tuesday, we have the house booked and deposit paid....so the estate agent is onto us for the solicitor info and push us to review the contract etc...we dont want to pay the solicitor yet in case FI rejected us...Thats why we are under huge pressure and was hoping to get the AIP ASAP....

Thanks again for the information! Best luck of your house hunting

kev_s88

BD850611 wrote: »

How is Finance Ireland in issuing the AIP for exemptions? we were told up to 10 working days or so, are they strict with the documents?

we were rejected by KBC recently for exemptions as they are pulling out of Ireland, so we are under serious pressure....

We actually got our AIP from Finance Ireland today with our 4x LTI exception. We got our application into them on the 19th April so they were pretty good with the timeline of 10 working days. From what I've heard they are pretty on the ball with their approvals. We didn't hear from them directly, everything came through our broker, so might be worth contacting your broker if you are over the 10 working days

BD850611

pooch90 wrote: »

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

How is Finance Ireland in issuing the AIP for exemptions? we were told up to 10 working days or so, are they strict with the documents?

we were rejected by KBC recently for exemptions as they are pulling out of Ireland, so we are under serious pressure....

raze_them_all_

GoldenSlumbers wrote: »

hey guys. do you know if the bank cares about your regular monthly savings? is there anyone with a bank that might be able to tell me if this matters or not in regards to getting a mortgage. I'm thinking of just saving 200 a month, but am wondering if the amount is too low.

Im currently saving between 1200-2 k a month on what will be about 1000e mortgage. You really want to show you have saving power for a rainy day and yes they want regular savings.

One bank told me that after your loans and mortgage is paid they want you to have 1400 to live on that month

JimmyVik

cupcaketown wrote: »

Yes the bank will look at regular savings, when deciding on how much to lend you the bank will consider what evidence there is that you can make the repayments. Usually look at 6 months of consistent savings and they consider if you have been paying rent.

If you have AVCs, point that oput to them and give them 6 months payslips too. Tell them that you can stop those AVCs if you ever need to and so will have more money into your salary.

brianc27

Kevhog1988 wrote: »

am bidding on a house at the moment and the latest round the underbidder has gone with a €1000 bid. Is this normal or would it usually be a sign they are at their limit.

I bid at 1000 increments buying my place, think I placed about 10 grand in 1000 bids over all, didnt see the point in bidding more if there's a chance of my last 1000 bid being the accepted one, the other bidders seemed to be throwing random 5 and 3 grands down, I always just went 1000 higher each time, so probably not a sign they are reaching their limit

pooch90

If you can figure out what your likely mortgage repayments would be, make sure your rent+savings is in excess of that. Our repayments will be 950-1000. Rent is 800 so we made sure we were putting away at least 300/month (actually saving 800 the past few months)

GoldenSlumbers

cupcaketown wrote: »

Yes the bank will look at regular savings, when deciding on how much to lend you the bank will consider what evidence there is that you can make the repayments. Usually look at 6 months of consistent savings and they consider if you have been paying rent.

cool. i'll be paying about 700 on rent too so that should be good than I think.

cupcaketown

GoldenSlumbers wrote: »

hey guys. do you know if the bank cares about your regular monthly savings? is there anyone with a bank that might be able to tell me if this matters or not in regards to getting a mortgage. I'm thinking of just saving 200 a month, but am wondering if the amount is too low.

Yes the bank will look at regular savings, when deciding on how much to lend you the bank will consider what evidence there is that you can make the repayments. Usually look at 6 months of consistent savings and they consider if you have been paying rent.

GoldenSlumbers

hey guys. do you know if the bank cares about your regular monthly savings? is there anyone with a bank that might be able to tell me if this matters or not in regards to getting a mortgage. I'm thinking of just saving 200 a month, but am wondering if the amount is too low.

Darren 83

Family have given us a small loan which we will pay back will a bank question a large deposit year down the line?

Kevhog1988

am bidding on a house at the moment and the latest round the underbidder has gone with a €1000 bid. Is this normal or would it usually be a sign they are at their limit.

[Deleted User]

Hanaolosdad wrote: »

Hello, was hoping to get peoples opinions as i am worried sick with nerves!

Moved address in 2018- changed address with my cc provider- ended up not getting statements for 3 months and then realized the card was revoked,( July August and sept )

cc company rang in November and told me they had the wrong address for me - they corrected it and i straight away started paying off the CC- had it cleared by February

CC company were supposed to cancel and close the card in March 2019- they never did- , only cancelled and closed it in September 2019

I complained and they updated my ccr and icb to state March 2019 last month

i have placed a note on my file with ccr and made a complaint to fspo about my address being incorrect

Went to a broker- explained everything- he said because of our savings , have a site etc that he is confident we will get a good result....

has anyone been in this situaton and gotten a mortgage?

I can't remember the exact details of it now but around the time I was going for my mortgage I missed a CC payment. I had the money so it wasn't that, it was some mix-up around moving accounts, I can't remember exactly.

Anyway, it made absolutely no difference and was never queried.