We're the same. We can afford it, but we're not sure we want to at this stage. If they had delayed the increase by a week we might have had a chance to get the lower rate and we could have moved forward. This is adding €200 pm to our repayments which isn't a small increase. We're also told that the underwriting process will have to start again which will add a week or two if we were to move forward.
They were always going to raise rates, but I thought it might be half a point with a week or two lead time to allow those who were well advanced in the process to close that stage. The fact that it's a three quarter point increase with immediate effect is the stinger. Now that this is a no-go, I think we're better off shopping with other banks and seeing if the hikes suppress demand in the second hand market or waiting a little longer for inflation to drop to a point where the ECB reverse course. That won't be for another 9+ months at the earliest.
Has anyone moved their mortgage from Cabot Financial(Ulster Bank mortgage previously sold off to Scarriff), to a regular bank. Cabot is hitting me with every single ECB increase, almost ever month.
We've recently drawn down and we're lucky to get in at 3% with BOI, just before the increase.
We bought the house knowing it would need some work doing to it and we are considering topping up our mortgage by 10-20k after Year 1.
If successful, would the rate of this 'top up' draw down be the new increased rates? Or would all our mortgage be readjusted?
Really appreciate any clarity on this.
5 years seem like a long time. If you are comfortable with the monthly repayment and want certainty for 5 years go for it but the ECB policy is still to bring rates down once inflation hits 2% again.
It’s sickening…
we have a new development which won’t be ready until April /May so I’ve no doubt there will be further increases
I'm really sorry to hear that. The ECB hike is set for May so hopefully they don't raise rates again before that and you can get things wrapped in time.
It's going to be quite a while before inflation is at 2%
Just got my new AIP through from BOI. Took far longer than same time last year. It’s dated yesterday so I imagine they were waiting to include the updated rate rise. Hadn’t really noticed them before but this one really stings. Which I know is the point.
Trying to factor in that I’m probably going to be paying even more by the time it gets to drawdown.
Yeesh.
Hi folks, When purchasing a property - have any of you gone down the route of getting a builder friend to inspect the property instead of getting in an engineers report? We were due to buy a property a few months ago for which we got an engineers report - however this sale fell through as the vendor pulled out last minute.
We are now sale agreed on another house and I'm tempted to just get a builder friend of mine to look through the property rather than forking out for another engineers report. What would people think on this? Build probably wouldnt be as detailed as the engineer would be
It'll be the most expensive thing you ever buy, I wouldn't skimp on it
I’m thinking about closing my second current account as I’ve 3 in total including the joint account with my wife,
would a bank go looking for the statements from that account if it’s closed? For example 3 months from now and I go for AIP with a different bank will they look for that statement as I would’ve transferred money into it previously?
I'd imagine so. In general they ask for your last six months bank statements so you'd still have three months activity there within the 6 month time period.
That’s enough of that so. I’m going switching any DD out of it into my main account. I’ll shut it down once we are sorted with approval etc.
Evening everyone, wondering if anyone can offer any advice for my situation, single applicant looking to get a mortgage but banks not willing to give an exception/cannot borrow enough to allow me to buy a property. A sibling who took out a mortgage themselves a number of years ago has offered to go on the application jointly with me (salary has risen significantly in the intervening period) I was wondering if the banks would take part of the salary into account in calculating the multiple for lending? Anyone any previous experience of this? Any potential issues if so? Any advice greatly appreciated!
Have you looked into the first home scheme to make up the difference? Given the lending rules increased from 3.5 to 4x your salary, doubt the banks will give you an exemption if you don't have a sizeable salary or if you're trying to buy above your means.
Do banks look for more than 6 months bank statements? Or is that just the general rule and the majority expect for your own bank just ask for 6 months?
All lenders will look for proof that you can afford the monthly mortgage payments i.e., evidence of regular savings and/or rent that show you can comfortably meet the mortgage repayments. In the first instance they will all look at the last six months. If the last six months doesn't convince them they might look for longer. Ultimately if there isn't a track record to show you can afford the mortgage they won't give you one.
Wondering if there is any point in me applying for a mortgage at the moment? My savings record is very good over the last 1.5 years overall but Sept,Oct Nov last year wern't great at all as went travelling etc so didn't save much. Saving a grand a month overall apart from those few months and paying rent of 650e pm but does it damage my changes say if I got rejected now and reapplied on 3 months time when I have 6 months of perfect bank statements? A bit confused! Thanks
Does anyone know long it is taking at the moment to get the loan offer from PTSB once they've received the valuation report ?
Did you pull from the savings for holidays IN addition to not saving to it?
If you only didn't save to it, and you have a sizeable savings balance it is worth trying and they'll let you know if you need to reapply in 'x' more months
My Valuation to Loan Offer took ~ 4 business days late last year.
This year, I had to update the same loan offer and it took 7 business days (excluding date of submitting) to get confirmation they approved the updated amendments. Then letter confirming same arrived to solicitor 4 day later.
@poker2k9 ok thank you! Do you know how long it took for your Valuation to be done and sent over to PTSB?
PTSB are still waiting to receive the valuation for the property.
I think this one will depend on the company doing the valuation.
My first time around, valuation took 4 business days, had to do it a second time which took 7 business days. As far as I know, they are sent immediately to PTSB on the same day you also get the report.
Anyone know what "drawdown by x date" really means?
Does it mean the drawdown process must have began by that date or that the solicitor must have had the funds transfered to them by that date?
The bank needs to have transferred the funds to your solicitor
Does anyone have recent experience with BOI application timelines? We're on day 5 with the underwriter, but under pressure from the vendor to move forward with contracts. Trying to set expectations with them to buy time.
Hey, Just got mortgage Loan offer last week from BOI. Last document request and returned on the 16th. Emailed them on the 25th asking for an update. Got word the following morning 26th it was signed off on.
Last document request from the underwriter or during the preparation phase?
Just rang AIB and their "green rate" is going up to 4.2% next month. Grim.
That is insane! I’m very lucky I got in at BOI’s 2,25% right before the deadline and I’m glad I fixed for 7 years.
Can’t see it going below that in the next few years.
