Saving/Applying for a mortgage 2020-22 Edition

Dante · 19-02-2023 08:51PM

Thanks, hopefully I'll be alright so. The apartment is empty so that won't be an issue.

The biggest stumbling block so far has been the vendor's painfully slow solicitor.

Hippodrome Song Owl · 20-02-2023 01:36PM

My colleague who was in limbo since last Monday was delighted to hear this morning that BOI released the mortgage funds to solicitor on Friday evening. So in before the rate rise tomorrow which would have added an extra €100 a month. BOI are so slow and poor for updates. Good luck to anyone else here still waiting.

AH92 · 20-02-2023 10:26PM

Is it straight forward enough to ask for a higher mortgage amount after getting Aip if you get a payrise a few months after receiving it?

Thanks!

dubliner10 · 20-02-2023 10:39PM

https://www.boards.ie/discussion/comment/120267755#Comment_120267755

Amendments are easier. But heard BOI is taking 10 working days for any changes currently.

Umaro · 21-02-2023 11:11AM

https://www.boards.ie/discussion/comment/120267755#Comment_120267755

You'll need a new salary cert and a payslip, but yes this would be straightforward enough.

aislingm999 · 21-02-2023 04:38PM

Anyone going with PTSB-Do you have to go with the mortgage protection and home insurance that PTSB offer or can you go elsewhere?

PTSB have sent me a link to a mortgage protection document to fill out (via Irish life) and have also given me a quote for home insurance

byrne249 · 22-02-2023 02:07PM

https://www.boards.ie/discussion/comment/120267814#Comment_120267814

Just came on to this thread to see if anyone else had similar. Having had the offer letter they now want me to provide a letter from my company(tech) to say I wasn't in consideration for current round of layoffs. I don't think any of the layoffs in my particular company have any effect in Ireland at all. Regardless it doesn't affect me. Waiting over a week from underwriter for response to this two line letter.

poker2k9 · 22-02-2023 05:24PM

https://www.boards.ie/discussion/comment/120275272#Comment_120275272

Just ask work for letter of employment which should suffice. It being recent should give the banks confidence you are currently not laid off.

byrne249 · 22-02-2023 06:38PM

https://www.boards.ie/discussion/comment/120276147#Comment_120276147

Oh I sent the letter last Tuesday. It is that I have been waiting for over a week now for something so trivial is the point I was making.

spudrick · 25-02-2023 12:56AM

After a long and arduous struggle with BOI, mortgage was approved, contracts signed, all systems go for when the house is ready next month, only to hit another hurdle with mortgage protection insurance. Mortgage broker recommended Irish Life, went through the online questionnaire with them, my wife was approved but mine got flagged and is going to underwriters who will be in touch next week sometime.

Is this just a formality? I have had a couple of health issues which I put down, but there's nothing to suggest I'm going to drop dead any time soon.

There's been so many hurdles every step of the way that I'm extra worried when anything comes up.

Galaxy00 · 25-02-2023 01:32AM

Well I'm late to the mortgage savings party but better late than never. In my 30s, single pringle, this is the year I've started saving, have 4k in savings at the moment, hoping to save 12k this year and continue building it up

poker2k9 · 25-02-2023 09:14AM

https://www.boards.ie/discussion/comment/120285982#Comment_120285982

You are not alone, I'm also going through many hurdles, from kitchen being delayed (meaning can't seek final valuation), waiting ages for mortgage amendments, developers contractors fitting incorrect furnishings. Race against next mortgage rate increase (whenever that may be) at this point.

poker2k9 · 28-02-2023 03:50PM

For anyone who recently completed drawdown , how does the home insurance cover work? I know I have 10 year homebond, so does that mean I need to take out Home insurance for just contents? Or I still have to do Structure and Content?

BronsonTB · 28-02-2023 04:19PM

https://www.boards.ie/discussion/comment/120298333#Comment_120298333

You need normal Home insurance (Buildings & contents) for anything that might happen in the future

(Your mortgage provider usually requests a copy too)

(This is completely seperate to homebond)

akelly02 · 01-03-2023 03:29PM

https://www.boards.ie/discussion/comment/120286034#Comment_120286034

its a long stressful road.

good luck!

shawki · 01-03-2023 04:17PM

Applying for Mortgage soon.

On Revolut, I’ve a small amount of poker account transfers on my USD account.

I will be submitting my EUR and GBP statements which have normal day to spending of €7k over 6 months,

what are the chances they will look for my USD statements when they see a once off €60 being converted to USD on my EUR statement?

tippingpoint · 01-03-2023 04:37PM

Finally drew down last Wednesday with BOI .. the day after their deadline for the rate increase. Thought we were going to be paying the higher interest rate of 3.2%, but just received a letter showing our interest rate as 2.45%. Delighted to have just made the cut off 😁

Best of luck to everyone still going through the approval process. It can be a long wait but worth it all in the end!

FastFullBack · 01-03-2023 09:36PM

Starting a self build in May and trying to select who to go for with Mortgage. I previously owned a house so will be a 2nd time buyer to help to buy etc wont apply. Once I have my mortgage I'd probably like to fix it for 3-5 years, till hopefully rates come down again.

Does anyone here know for self builds, where mortgage is drawn down in phases when do the banks allow me to fix my rate.

AIB have told me it's not until the final draw down, so likely to be May 2024 in my case. ESB have said I can fix my rate as soon as I draw down the first part of my mortgage, which is obviously better for me.

Without me having to apply to the other banks does anyone know whats the story with PTSB and BOI? I can't see this info on their websites.

skinny90 · 03-03-2023 09:45AM

https://www.boards.ie/discussion/comment/120303407#Comment_120303407

applied for PTSB and BOI... would have had a few hundred converted to USD thousands converted to GBP due to travels. This wasnt asked from me.

Jemima38 · 03-03-2023 12:29PM

My BOI mortgage application has been with the underwriters since 15th Feb, got the standard 'application has been delayed for another 10 days' email. I know many have been in the same boat,.just wondering how long were you/are still waiting after that email? thanks!

Water2626262 · 04-03-2023 11:05AM

I’ve full mortgage approval now and was previously approved on first home scheme for a new build but I changed my mind on the purchase.

Just viewed another new build, well within the criteria but estate agent said first home scheme can’t be applied. Anyone know why this is? Surely they get paid the same regardless.

poker2k9 · 04-03-2023 02:34PM

https://www.boards.ie/discussion/comment/120312552#Comment_120312552

Does it breach the price cap for the area? If the price cap of FHS for the area is 350k and the house you are buying is 355k then it doesn't qualify for FHS.

See pricing limits: https://www.citizensinformation.ie/en/housing/owning_a_home/help_with_buying_a_home/affordable_housing.html#l8e044

Water2626262 · 04-03-2023 04:13PM

It’s well within the price cap. I was previously approved for higher in the same county. Just curious about it really. Seems like it’s at the sellers discretion.

rob316 · 04-03-2023 04:31PM

Makes no sense the developer not accepting it they get paid same regardless. It would be like not accepting help to buy.

Water2626262 · 04-03-2023 05:15PM

https://www.boards.ie/discussion/comment/120313585#Comment_120313585

Fair point. I’d emailed them about the place and told the I’d full mortgage approval and I’d be using the first home scheme but they failed to mention anything to me. I was at the tail end of the viewing when they said they didn’t take it and my own awkwardness prevented me from saying I couldn’t afford the place without it.

jiminho · 05-03-2023 07:50AM

Hi folks, question for yeah. I have AIP w/ AIB but I’m also trying to get approval with PTSB. PTSB have said they would offer me a mortgage value of 10% more. We started the process of AIP w/ PTSB a few months ago and we’ve been actively bidding on houses based on the amount PTSB said they could offer us. Anyway, we gave them the last of the docs about two weeks ago and they said they have no further questions. The situation is we’re currently high bidder on a house and EA has said to us they’ll accept our offer if they can get through this weekend with no further offers. If that happens, will we be forced to go with AIB or what are the options? We’re going through a broker and they’re terrible with updates/communication and we can only afford the house based on the amount PTSB have offered us.

05-03-2023 08:12PM

Was chatting to my parents on the phone. They have generously offered to pay my stamp duty as a token. Would them transferring me the 3k directly cause any issues or would it be best to clear it with the bank first?

Bluebird22 · 05-03-2023 08:20PM

https://www.boards.ie/discussion/comment/120267814#Comment_120267814

Do you request the amendment in the portal? Or talk to your mortgage contact at BOI. I’ve requested change of address/rate in the portal a few times but nothing ever seems update?

poker2k9 · 05-03-2023 08:34PM

https://www.boards.ie/discussion/comment/120318301#Comment_120318301

You pay the stamp duty to your solicitor , so you may ask well have them send it to your solicitor instead when he's asking for it.

But yes, if they send you 3k, the bank may ask you what the transfer was for. That said, idk if it's a good or bad thing, if they want to be strict they may ask for written comfirmation it wasn't a loan from your parents and they don't intend for you to pay it back.

dubliner10 · 05-03-2023 08:36PM

https://www.boards.ie/discussion/comment/120318356#Comment_120318356

My mortgage broker is handling all changes so not sure about this. I’d say worth calling your BOI contact if the portal is not updating.

Saving/Applying for a mortgage 2020-22 Edition

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