Saving/Applying for a mortgage 2020-22 Edition

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.

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.

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

It's going to be quite a while before inflation is at 2%

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

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?

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.

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.

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.

Does anyone know long it is taking at the moment to get the loan offer from PTSB once they've received the valuation report ?

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.

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.

The bank needs to have transferred the funds to your solicitor

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.

Just rang AIB and their "green rate" is going up to 4.2% next month. Grim.