I have a couple of questions, we have a complicated situation and therefore only two providers will consider an application - PTSB & Finance Ireland. We're using a broker and he told us the AIP wait times for FI are very long, and anyway, the rates with PTSB are better.
Q1: Does anyone know how long once the application goes into PTSB that we might expect a decision to take for AIP?
Q2: Regarding AIP, what kind of thing could change the lenders minds on this? I'd hate to mess up an AIP by doing something silly and then be refused (especially given the lack of lenders we can apply to!)
The complications of our situation include losing our home if we don't get approval within the next year, so we are anxious about the whole process!
I would wait until after the drawdown.
You never know when they could ask for a recent bank statement, and having less of a balance in the account might raise some questions.
Is there any issue with paying off a car loan early when waiting to draw down mortgage? Won't be drawing down for a few months but thought I had read somewhere that early repayment of loan wasn't actually seen as I good thing but I can't find where I read that now! Just don't want there to be any issues when need final approvals etc to draw down
Worth a conversation with a broker or even directly with a bank to advise you on this one. I would likely say that yes it would affect you if your letter from employer specifically stated that you had a contract end date. It depends on what your letter from employer might say.
Having said that the timelines for public sector can be painfully slow and you may have it across the line before a change.
Very basic!
A link to a form you have to print to fill in and scan back to them to change payment details level of basic, but their rates are good! Just don't try to do anything with them last minute.
The board or team that decide if they will lend you the money or not based on the findings of the loan officer
AIP took 10 weeks for us with Finance Ireland
We have an AIP with BOI through a broker. We were hoping to get to closing in the next 5 weeks as OH got a new job offer to be starting early November so wanted to ensure it did not affect the mortgage drawdown.
We found property and gone sale agreed 18th August, paid booking deposit and informed brokers and organised surveyors to check the property.
Meanwhile, application for loan offer was submitted by the broker to BOi and reuquested the loan amount based on the sale price originally agreed on.
Then, got the surveyor report which came back with few minor issues. These gave a reason to negotiate with seller and as result reduced the sale price by a 3k roughly.
Informed the broker last week and they say we have to start the loan offer application over again due to the new sale price. It's been three weeks and we have expected the offer to come this week but now looks like it will be another 3 weeks (or so). We are considering reversing the price reduction as 3k doesn't seem greater benefit for the sake of it than getting much delayed loan offer.
Contracts in the process of making their way to our solicitors so that's all in order.
Anyone had similar experience or could recommend best approach ?
What are realistic drawdown lead times currently with BOI?
They have no app or online portal to check the mortgage. Its pretty **** but for the rate its worth it.
To overpay you transfer to a Barclays account that they will give you if you email them. You can only transfer to it twice a year.
We switched to Avant, just got it closed out last week so delighted we got it done before the rates went up.
We haven't recieved any account details from Avant or any communication really. What are people's experience with Avant once you've moved? Do they send you details on your mortgage account? How do view the account on an ongoing basis? Can't find much info on this but guess I can try and contact them this week.
Hi there, our mortgage application is currently in the underwriting process, and we received an update from our loan officer that the application is with their “credit forum” at the moment. Who are they? Is that just another term for underwriter or something else?
Just got drawdown with Avant for a "one mortgage" locked at 2.65 for 24 years. We just got it before the rate rise to 3.65%. Extremely happy with it
hi all, I am thinking of going for a new job in public sector. Its on a fixed term basis for 3 years. But also hoping to apply for a mortgage in the next months. It only hit me today, might this be an issue?? OH is self employed. I am currently in a permanent private sector position. thanks
Solicitors take their holidays in August so that may be why.
We contacted 2 for quotes, got he quotes the same day then just picked one of them no issues - not in Dublin though.
i have contacted 5 local solicitors to handle our house purchase none have replied is this common for people as I am worried this will be a stumbling block now when I had thought it would be the easy part.
As long as his savings are consistent and alongside any rent he's paying currently cover the projected monthly repayment of the new mortgage it shouldn't be an issue.
I was wondering if someone could shed some light here please...
As a brief background, when my partner and I met he knew I had a kid from someone else (my daughter turned 9 this year). I've been with my partner for nearly three years now, want to have kids of our own and, we are both looking to get a joint mortgage. I am 30 and he is 32. I earn 36k and he earns 68k. I hope to get my salary bumped up once I qualify as a lawyer but for now, I have to endure earning less.
We want to get a mortgage now because we have the 30k from HTB and know it is ending Dec 2022 so we want to use it. We engaged with a broker but are still gathering our mortgage docs so we don't know our position yet.
He has savings of about 20k and I don't have any. I don't have savings because I pay for everything for my daughter (school fees then activities etc). We share home bills like rent, food and utilities but I don't ask my partner for money when it comes to my daughter.
My question is...would any lender refuse us if we cannot show I have savings? (the fact that our mortgage application will rely only on my partner's savings)
Thanks in advance!
Ah brilliant, I was worried for a minute that I wouldn't be eligible for it! Thanks so much.
Definitely available for existing AIB banking customers without prior mortgage.
Has anyone heard of amyone getting more than 4.5 times salary?
The 4.5 number seems to be widely mentioned in the media as the upper exemption limit, but there's no official upper limit in the Central bank rules.
Has anyone heard of anyone receiving 5 times their salary?
Anyone gone direct with BOI lately know how long from when you upload all documents to you hear back from underwriter? We are a mover mortgage and currently with Boi
Does anyone know whether the green 5 yr fixed rate with AIB is available for existing customers that haven't purchased a property before, or is it only available for new customers and existing customers that already have a mortgage? That's what it sounds like from what I've seen online.
I went direct to AIB and it's a month now and still no loan offer. Every time I think I've submitted everything they come back with something else that's needed. It's been almost a week since I've heard anything from them. They never seem to answer calls and take ages to respond on the app portal. So in my case it's not really much quicker!
Same Situation, loan offer pending with FI on a new build, the EA solicitor had already given us 1 week extension and then gave another week , and still I don't have offer 3 days past the 2nd extension.I think I have lost the house already (although have got no communication from EA yet)
I was with a broker, not sure if Mortgage institutions are deliberately delaying the underwriting because they see a rate increase and want to make more of interest by delaying everyone by certain bit
A big learning from all of this is Mortgage brokerage is just a middle man and adds "no" value even if they are free or paid , If I was the direct applicant I would have at least the power to go to the bank and get things moving or do some form of escalation. Due to my circumstances I had to go through broker which everyone suggested not to , I should have listened
20 days since posting this and still nothing... the builders told us last week they're pulling out if we don't get the Letter of Offer in the "next few days". Have been on to the bank constantly since last Thursday and was assured we'd have it yesterday... still nothing.
Lots of "it's with so and so at the moment and I've escalated" etc. The thought of the sale falling through in the current climate is making my feel physically ill.
Yes, AIP is basically just a letter that the bank states that they're willing to loan you up to x amount based on you under going an unwritten process. It's the same as going for a loan in a bank/credit union/revolut at the same time. It won't reflect badly on you unless you draw down the loan and stop making repayments
Thanks for the reply that's really reassuring to know! Did you have to give the lender a heads up in advance?
I moved home when I was buying. So what I did was put the same amount away. So instead of giving it to landlord, went to savings.
Can u apply for more than one AIP at around the same time ?
I have documents submitted already to a broker but thinking to apply and submit another application by myself directly to bank.
As in if u get AIP from one bank , can u apply for another one at the same time ?
