Saving/Applying for a mortgage 2020-22 Edition

Jasna1982 · 04-02-2023 04:39PM

https://www.boards.ie/discussion/comment/120201989#Comment_120201989

But I think that’s the difference. There was a deadline you met. OP already had to push out twice. Not saying I agree because there’s nothing you can do about the slowness of banks. But in todays climate with how many people on waiting lists, the builders are less patient

beatricebutrus · 05-02-2023 10:29AM

I got the super fast AIP from AIB and was planning on using it when viewing houses - I actually was never asked for proof of AIP in the end. I find the online portal very handy, so I have ended up staying with AIB . There is a chat function which I used to ask questions about a couple of properties I was interested in, and got good support there. I went sale agreed and uploaded the details last weekend. After a bit of follow up they called me on Thursday to finalise some details and say the mortgage would be sent for underwriting, and I should hear back within a week. Fingers crossed. Hopefully the pre-underwriting updating helps smooth the process.

Jayno66 · 05-02-2023 11:16PM

Looking for some advice.

We have paid a booking deposit on a new build house, completion is set for June/July. Our solicitor just received our contracts. Our broker got us an AIP from BOI and has them working on a letter of offer now. That's about all he seems willing to do for us. I'm worried about how much rates will increase between now and June/July. We asked our broker to apply to other lenders, and his reply was "you can't sign two letters of offer". He seems reluctant to apply anywhere else for us, but come June/July, we'd like to just go with whoever is offering the lowest rate.

Is the broker correct? If we get a letter of offer from BOI in the next week and sign it, are we tied to BOI and can't change to another lender before completion? Any assistance appreciated.

poker2k9 · 05-02-2023 11:25PM

https://www.boards.ie/discussion/comment/120206859#Comment_120206859

You can "request" as many letter of offers as you want. However you can only sign & return one.

So if you sign tbe offer from BOI and return it, you are legally bound to thaf lender as far as I know.

You should be asking your solicitor to confirm as well.

Dolbhad · 06-02-2023 12:39PM

You can sign as many loan offers as you want. You’re not bound by any bank until you’ve drawn down funds. I bought a house three years ago and had signed loan offers with ptsb. Last min Ulster bank had better rates so went with them. I’m planning on selling now and buying a new build to move closer to family and I’ll have ptsb and boi loan offers and see what rates are at the time of drawdown down. I was not going through a broker and I understand they may want to only apply to one bank being the best bank for you at the time. However with rates increasing and backlog banks are at, I don’t want to be close to closing and trying to line up a new bank then

If your in doubt, ask your solicitor but will tell you same thing.

herbalplants · 06-02-2023 05:28PM

As per above, you can request as many letters of offer as you like. It is only when you withdraw the money, you can only choose one lender!

Your broker is speaking rubbish, he maybe lazy.

Murty90 · 07-02-2023 04:33PM

tempted to go for a 4 year fixed rate instead of a 5 year fixed rate. Anyone thinking similar? Surely the interest rates cant keep going up? Is there a cap on them?

07-02-2023 04:53PM

https://www.boards.ie/discussion/comment/120212066#Comment_120212066

Was thinking the same.

I was considering the 3 year with AIB which is the the lowest of their fixed offerings.

Anyone with any thoughts?

theboringfox · 07-02-2023 05:02PM

Not advice but personally if I can lock in a rate thats affordable long term Im going with that versus hoping for a fall in rates. I do agree though with sentiment that rates staying high will be tough as eurozone economies will be in difficulty. I think ECB wants a sharp shock to remove excess liquidity from covid savings and government spending and then it will be back cutting rates. I think a recession is coming in US and Europe. Im usually wrong tbf

poker2k9 · 07-02-2023 06:25PM

https://www.boards.ie/discussion/comment/120212066#Comment_120212066

Was thinking the same, but then I kinda calculated affordability and set a limit for myself on how much I want to repay monthly , and results was I ended up asking to switch the 4 years to 5 years.

BangBeater · 07-02-2023 08:20PM

Hi... Does anyone know if there is a website that shows all the up to date / actual latest mortgage rates? Bonkers, switcher, etc all seem to have outdated interest rates when applying a search.

Or maybe I am being an idiot...

poker2k9 · 07-02-2023 08:24PM

https://www.boards.ie/discussion/comment/120213001#Comment_120213001

I mostly use switcher and their rates should be up to date. Is there a particular rate you saw that looked otherwise?

psych77 · 07-02-2023 10:27PM

Has anyone any recommendations for quick turnaround of mortgage protection insurance?

poker2k9 · 07-02-2023 10:40PM

https://www.boards.ie/discussion/comment/120213515#Comment_120213515

I went with Royal London and got it sorted within 3 days.

Pretty straight forward for me as I didn't need to provide any additional docs. So your answers about your health can also impact turnaround. You can't lie on this just to get a faster turnaround as it can come back to bite you if things need to be validated.

aislingm999 · 08-02-2023 11:29AM

Has anyone bought a new build house recently? I went sale agreed on one 4 weeks and I'm still waiting to receive the contracts. Is this normal for new builds ?

midico · 08-02-2023 02:31PM

So I have a loan offer completed and contracts signed in relation to the purchase of a new build. The house is still a couple of months away from being completed and drawdown happening.

In the meantime, I've decided to put my current mortgage free home up for sale. The original plan was to rent it out and keep it as a long term investment, but the closer we get to actually doing it and the more we've looked at the details we've just come to the conclusion now is a better time to sell.

The money we get from that sale will be more than the mortgage we're getting so we'd like to use it to pay it off. I realise the smart thing would have been to sell the house in advance and not gone through the whole mortgage process but like I said our plans changed and there's near 0% chance of selling before drawdown.

Would our best option be to switch the mortgage to a 1 year fixed rate (the offer was 5 years but I've been told I can change that and it's no big deal) and then pay it off using the funds from the sale at the end of that?

Padre_Pio · 08-02-2023 02:49PM

https://www.boards.ie/discussion/comment/120212066#Comment_120212066

Is the 4 year a lower rate? I would fix for as long as possible personally.

Padre_Pio · 08-02-2023 02:50PM

https://www.boards.ie/discussion/comment/120215735#Comment_120215735

Calculate what the break fee would be.

If the ECB raises rates again then it'll likely be zero.

Murty90 · 08-02-2023 03:49PM

https://www.boards.ie/discussion/comment/120215826#Comment_120215826

Yes, 4 year fixed is €70 cheaper for me a month. Saving between €3k to €3.5k over the 4 years compared to going for the higher 5 year rate.

poker2k9 · 08-02-2023 07:05PM

Anyone with BOI recently this year go from AIP to offer letter? How long did it take you.

Also anyone have experience with changing rates (upwards) after AIP is issued? Will it cause additional delays to getting offer letter?

ucsie · 08-02-2023 08:11PM

https://www.boards.ie/discussion/comment/120213515#Comment_120213515

Laya. All done online, answered all the questions and got it approved straight away.

Padre_Pio · 08-02-2023 11:49PM

https://www.boards.ie/discussion/comment/120216055#Comment_120216055

Hard to know. Probably go for the 4 year personally. Hopefully interest rates will be manageable then and your variable won't wipe out the savings within a year.

billyduk · 08-02-2023 11:51PM

https://www.boards.ie/discussion/comment/120216939#Comment_120216939

Getting it through the underwriter queue is currently taking 10-12 days. It was 10 for us. Could come back sooner if its straightforward. If there are no conditions, they should issue a loan offer right after (typically next day) and the letter of offer will be sent out to your solicitor.

Rate hikes shouldn't cause any significant delay. The underwriter will be evaluating you on the higher rate though. If a rate goes up after your loan offer, then you have a deadline to draw down or the new rate applies. For example, those on previous BOI rates have until February 21 to draw down which was approx 4 weeks from the hike.

poker2k9 · 09-02-2023 08:14AM

https://www.boards.ie/discussion/comment/120218290#Comment_120218290

Great thanks!

Yah wasn't worried about the rate hikes but more so applied for 3 year fixed, got AIP for that. But now want to increase to 5 years fixed, so hoping it doesn't send me to the end of the queue again (took 4 weeks to get the AIP) and they could just review it in a shorter period before issuing the offer letter

smokingman · 09-02-2023 10:06PM

Anyone know if its possible to extend a mortgage offer expiry date by a day or two?

Some incompetance on the side of a previous bank discharging me from a previous mortgage has delayed my draw down and it could be up to 2 days after the expiry date of the new offer.

If that's not possible, has anyone experience of what happens after a mortgage offer expires? Do you have to do the whole application process again with the 6 months statements etc?

psych77 · 09-02-2023 10:57PM

In this situation at the moment. Got approval Tuesday morning. They think I’ll have offer letter by tomorrow or Monday once they are satisfied with our answers to queries. They don’t imagine I’ll get things done in time tho to get lower rates. It’s sooo annoying. The other side haven’t sent contracts even yet and it’s 2 weeks next Monday. 😣

psych77 · 09-02-2023 10:59PM

Thanks. I actually tried royal London and had all in place in 24 hours!

aislingm999 · 10-02-2023 11:29AM

How long are PTSB taking to give loan offer once they receive the valuation?

Also, I went sale agreed just over 4 weeks ago and still haven't received contracts yet. Is this normal? I'm buying a new build.

10-02-2023 04:46PM

I have just had a bid accepted on a house today.

I have a conundrum however.

I have approval with AIB. I had also applied to TSB. There is a hold up with TSB however as they are waiting for a February pay slip to see evidence of guaranteed bonus of 10% of my salary which they are prepared to lend to me on.

TSB's rates are still more favorable so I would rather go with them.

I am not due to receive the pay slip until 24th of February. I asked payroll could be provide it a bit earlier and they said they would see what they can do.

Once submitted it then has to go through TSB's processes.

Would it be an undue risk waiting potentially two weeks for TSB or should I just proceed with AIB early next week?

First time buyer so all advice greatly appreciated.

Ikozma · 13-02-2023 05:24PM

We are due to meet with a mortgage broker this week,my question is during this meeting will we have a good idea of whether we will be able to get the mortgage we are after or not?

If we are told we are good candidates and the mortgage broker starts their work with the banks how long does it take them to give loan approval, its just there is a house we have our eyes on and I'm just waiting for it to be snapped up now

Saving/Applying for a mortgage 2020-22 Edition

Comments