Saving/Applying for a mortgage 2020-22 Edition

Yikes, reckon BOI will follow suit over the next 4 week? Just applied to them last week and waiting for an offer ugh.

Yeah waiting on AIP, but will ask to go for offer straight away after it because house is going to be ready before end of March.

Then again need to ask my broker what he applied for, not sure if it is possible to skip AIP

Tell me about it! I was going for PTSB, got offer from them and all last year, but house wasn't ready. Now BOI works out better for us than them, but if BOI decides to hike rates again it will be an endless cycle 🤣

Anybody know roughly how long it takes for contracts to issue to my solicitor? Buying a new build house and it will be ready at end of February.

Aso, how long does it take to get loan offer from PTSB. I have my AIP.

Don't know about this year, but last year (Oct) my AIP to loan offer took ~4 days. I used a broker. We already had the AIP, he put me in the loan offer queue 24th Oct, I had letter from PTSB via solicitor with full offer 27th.

For anyone else, I'm curious on timelines of offer with BOI from Dec if anyone applied to them. I'm hoping to skip AIP with them, but it seems they are running at 4 - 5 weeks?

just looking to see has anyone had issues with their mortgage provider when it came to having previous loans? All going well if we sell our house this year we’ll be able to clear a €40,000 loan and obviously clear our mortgage with again all going well profit plus savings of around €85,000 once all expenses are taken care of.

the plan is to either move in with the in laws(they’ve approved the move😂)for 6/12 months or rent depending if a property is available.

do banks look unkindly at the clearing of loans from the proceeds of a house sale? Even though all payments are up to date no arrears whatsoever etc.

and another question with the new mortgage rules of a 10% deposit for second time buyers and with the cash we hopefully will have will we need to save for the usual 6/12 months to prove we can pay the new mortgage? Approx €1000-€1300 a month…..

heads wrecked

That’s more then likely what will happen, but how long we stay is a different story, if it’s a case that we can go gung ho once the house is sold with the proceeds of the sale and whatever savings we have that would be ideal instead of waiting that 6/12 months of hard saving. We can’t do that hard saving atm due the loan and mortgage and car loan at the moment. Now all 3 together are around €1700 a month so well above what is needed to get a new mortgage for our price range.

Hi there,

We are in the process of drawing down our mortgage (next week fingers crossed). I have loans that were about €40k at the time of application, and will be using the proceeds of sale of my house to pay them. The bank made it a condition of our new mortgage that the loans have to be cleared in order to drawdown. So no problem there for us at least.

We went with a broker because I was concerned about the loans and also the fact that we hadn't been saving solidly (we saved something each month but not as much the new mortgage repayment amount as we got married last year). Bank basically took our loan payments into account instead as proof of affordability as we had never missed a payment.

So I would recommend speaking with a broker/bank and going through it all now to see if you get approval in principle, and if not you will know what you need to do/how long to save for if not.

No problem. Yes we're also using the proceeds for the bulk of our 20% deposit. We had enough for the booking deposit, survey, valuation and a bit extra in the bank but nowhere near enough for our 20%.

Edited to add, we got lucky in that we weren't in a bidding war for our new house, and the owners accepted our offer subject to sale of our house. It would definitely serve you better to sell your current house first and stay with in-laws - leaves you without a chain to worry about and makes you a better buyer for the sellers of your new house. But I would say go for your AIP now anyway in case you get lucky like us!

Poor Brad, he even wants to buy in Ireland 😂

Application sent to PTSB there today- 3% 4 year fixed rate. Hopefully a quick turnaround. Figured we would not get a response from Bank of Ireland before they also upped their rates.

Just had a good call with EBS, I explained that I might be looking for AIP come July/August depending on my house selling by that time. They asked for salary etc. I explained to him that all going well with the house sale that I’d be clearing any loan we have (except my car loan) and obviously our current mortgage. Told him we’d have a decent cash balance once the sale went through. Plenty for a deposit in our price range 300-345k with a nice bit leftover after all expenses.

so by paying our current mortgage, the loan and savings add up too roughly €1900 a month, more then enough to afford the new mortgage. They’d be happy with that once I can prove all of the above are paid on time etc.. so what it means for us is hopefully little time spent living at the in laws.

I was of the full assumption that we’d need to save €1200-€1500 a month once we sold up but it’s not.

has anyone had experience with this recently??

Had BOI AIP months ago, put a holding deposit on a house in November, BOI have continuously dragged their heels with the final loan offer, and now we're to be hit with a rate rise that will add five figures onto the total cost of the house. I'm this close to dropping out and revisiting later in the year to see where things stand, if not for the fact I don't know when another house as suitable as this one might become available.

You just gotta bite your tongue and see if you can afford it. In the process of applying myself, probably be looking at 4% by the time I drawdown :(

There seems to be an appetite from central banks to bring rates down again once inflation is controlled so I'm wondering what length are people fixing for? I was thinking I'd go 3 years max, maybe even 2.

It's hard to know isn't it? What if you lock it in for 5 now and inflation is actually at it's peak, only to start coming down after the summer?

My own fixed rate term is 3 years and it's up in October 2024, am hoping this inflation spike has gotten itself under control before then for when we fix our rate again.