Saving/Applying for a mortgage 2020-22 Edition

Any body know wait times for BOI and PTSB Currnetly ?

We had AIP with BOI and went sale agreed. Our file is now being prepped for the under writer. Any body any idea the timelines with BOI?

Sent an application into PTSB also 9 days ago but the broker is saying it will be at least 4 weeks from them.

Minimum mortgage amount is 25K. I'm not sure why they wouldn't?

I'm not spending money on kitting out my house to impress my friends. You seem to be under the impression that I'm looking to piss a load of money down a drain, when what I said is that I just want to be secure. I'll probably take less than the amount I stated. The amount actually isn't important to the question I asked, which relates to how the bank treats gifts, and allowing for a mortgage/gift which is more than the sale value of the property.

Your solicitor should be approx 2k, your stamp duty 3k. The other 75k is impressing your friends or kitting out your house to a very luxury standard. Dont get me wrong here. You are in an enviable position of being mortgage free. Do not risk it by mortgaging your property and being adhoc to a bank.

Bonkers advice here. Get a mortgage over possibly be mortgage free..As a successful property investor I worry. For your PPR if you can at all dont go the bank route.

Thats expensive for your costs but either way if you are in trouble in your job which you want your mortgage to cover. You will be in even worse trouble when the bank takes your 380k house for a mortgage of 80k that you cannnot afford to pay and sells it for 200k and you are left without a house and homeless and gives you 120k before their costs.

Really ?

A bit over the top here.

The house is worth 350k and the mortgage would be 80k. That means the person would have almost 80% worth of equity in the house.

An 80k mortgage at even 4% over 20 years is 435 a month. That is an easy mortgage to pay back. And this is Ireland where repossessions are very rare, especially if it's a family home, which this may well be.

Once you have a mortgage of that size, you can overpay and easily have it paid off in a few years.

The mortgage is just a thing to get over the shortfall for now.

I've had a look at EBS. They have high fixed interest rates compared to BOI and PTSB which may be why they have a quicker turn around.

We went sale agreed based on our AIP with BOI, while also waiting on AIP from PTSB. Is this normal or how long do you think we will have until the EA is asking us for the valuation? We had an email from the solicitor saying they will proceed once they have the sale deposit receipt and the loan offer.. which means they are waiting on our bank loan offer.

Any body else have and light to shed if this is normal? How long does it take from sale agreed to having the keys ? 8-12 weeks?

Any update on BOI time lines?

Not sure of the correct wording here but I sent in my final documents today, I'm sale agreed and looking for contract to be sent out by bank to my solicitor.

Yes our broker said the PTSB AIP is approved by their underwriters as they review all documents before giving AIP unlike BOI etc.

I would add another 2 weeks or so if you do find a house and need to get it valuated, surveyed etc. They won't issue a loan offer until the property is valuated, then the solicitor does their bit which can take a while...

5 weeks for PTSB ! When did your broker send the documents off?

I am in the same situation. Had AIP with BOI and went sale agreed. They were very slow to prepare the file for the underwriter and kept coming back every few days for more documents, even ones which had already been uploaded.

Application finally went to the underwriters last week. I was told 5 to 7 working days for a decision. On day 8 now but still no word from them!

Editing to say that we finally got the underwriters approval from BOI at lunch time today.

Hey congrats!! It took them 4 days to prep our file for the underwriter and they didn't ask us any questions about our documents.... not even deductions on my payslip for a stock programme I pay into with the job. I'm expecting the underwriter to ask a few things.

Did the underwriter ask you anything? We were told 5 to 10 days for approval, really hoping this comes through as my PTSB application has risen to 3.25 percent from 2.35.

Can anyone explain in simple language why when I go on switcher.ie and enter in a house price 500k, mortgage for 25 years for 350k that why the indicative APRC is at 2.54% with Avant for the 2.55% 4 year fixed rate while the indicative APRC is at 3.6% for the BOI 2.45% 4 year Fixed rate?

I know what APRC stands for but just dont understand why the APRC is a lot higher for BOI.

Thanks

The APRC is based on the whole term of the mortgage. Avant have a low variable rate at present - which in theory you would switch to after your fixed rate expires until the end of your mortgage.

If as would be prudent you look to switch or fix when your planned fixed interest rate expires, this number is largely irrelevant.