Saving/Applying for a mortgage 2020-22 Edition

Formosa · 06-03-2023 02:21PM

https://www.boards.ie/discussion/comment/120315561#Comment_120315561

You'll be grand (assuming PTSB come through for you), I went sale agreed without any approval, it's easy enough to drag things out until the bank side gets finalised.

Notorious93 · 06-03-2023 03:06PM

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

It's once you have done your first drawdown with the bank, AIB are the only ones who won't leave you fix until the last drawdown as far as I know. Puzzling considering they own EBS and you can fix with them from the first drawdown.

AH92 · 06-03-2023 05:29PM

Hi all,

Went sale agreed with a property on probate last week with aip from another bank, Will we be fine to apply with PTSB instead using our broker as I've heard probate can take many months? Aiming to submit all of our paperwork by the end of this week in order to get AIP + loan offer from PTSB instead.

theboringfox · 06-03-2023 08:21PM

Going to renew my AIP with AIB from 6 months ago. No change to circumstances. Should I be confident of renewal at same amount or has anyone seen banks tightening what they'll lend as rates rise. I am going for 3.5x so thats max for us as not FTBs.

poker2k9 · 06-03-2023 08:37PM

https://www.boards.ie/discussion/comment/120321829#Comment_120321829

Yes

poker2k9 · 06-03-2023 08:39PM

https://www.boards.ie/discussion/comment/120322593#Comment_120322593

Shouldn't have any issues since theres been no change in circumstances. Do keep in mind the rates you got 6 months ago may be different on the new AIP since it would be based on latest rates

Jasna1982 · 07-03-2023 01:17PM

For anyone wondering whether you can claim back the DIRT on your mortgage saver account if you're a First Time Buyer, you can :-)

I opened a ticket with the Revenue, and after a month I got this response:

What you need to use the service

To make a claim using the DIRT FTB refund service, you will need:

" the amount of DIRT to be refunded

" the purchase price, or completion value in the case of a self-build

" the purchase date or completion date

" your email address

" your bank account details

" evidence of DIRT deducted (for example, bank statements).

How to access the service

You can access this service through myAccount, by following these steps:

" Click 'Local Property Tax (LPT)' on the 'Property Services' card

" Click on the 'Claim DIRT FTB Refund' button

" Follow the on-screen instructions.

You can access this service through LPT online , by following these steps:

" Enter your Personal Public Service Number (PPSN)/Tax Reference Number, property ID and secure LPT PIN

" Click on 'Claim DIRT FTB Refund' button

" Follow the on-screen instructions.

OEP · 07-03-2023 01:55PM

Has anyone any knowledge or experience on changing jobs before drawdown? I know you shouldn't, but do the banks check?

We have a loan offer, and it is subject to me providing another payslip before drawdown - which is fine. My wife, who is a teacher, could do with changing jobs before drawdown as we are moving to a different part of the country. Will the banks check this?

Naked Lepper · 07-03-2023 02:29PM

also wondering about mortgage drawdown and changing jobs

moving to a new job in july so my last payslip from employer will be june - if we dont drawdown before july then the payslip will have my next employers name on it...

Shinynails · 07-03-2023 02:44PM

Re changing jobs -

The banks will notice if you are with a new company and will ask for an updated salary cert.

If the job move makes sense e.g. promotion, location change and the terms are similar or better than previous job it should be fine.

PTSB will not allow drawdown if you are on probation. So that is something to consider.

Also if the job move indicates uncertainty in your field they may ask for evidence of job security…guarantee no redundancies etc.

We broached this with our broker in advance of accepting a new position and all was fine as it was a promotion in the same type of industry but my partner negotiated no probationary period with his new employer as that is the a strict condition PTSB has.

Could you ask your bank/broker the implications for you?

OEP · 07-03-2023 03:02PM

https://www.boards.ie/discussion/comment/120325504#Comment_120325504

Thanks.

I'm going to talk to the broker about it, they're just a bit useless. As a teacher, my wife changing jobs means she goes back onto a 12 month contract - so the bank won't accept this. They actually asked what was she going to do for work when we moved, and we just lied and said commute. We were hoping to drawdown by the end of this year's schoolyear so she could then get a new job during the summer but things have been delayed - it's a new build.

My salary is big enough that I could qualify for the loan amount on just that but with the interest rates so high, I doubt I will pass the stress test for repayments on my take home alone.

mayo londoner · 07-03-2023 03:06PM

Anyone any experience of being asked for more than 6 months worth of bank statements? Was made permanent in my new role after 9 months last week and hoping to apply for mortgage in the next few weeks.

Have a few gambling transactions from last June/July hence the question.

Shinynails · 07-03-2023 03:22PM

https://www.boards.ie/discussion/comment/120325591#Comment_120325591

I’ve done a bit of digging around public sector mortgages for myself as I will be offered a position in PS this year but I will have to accept the probationary period and it’s not teaching. But all going well we will drawdown before this happens. We are currently sale agreed.

There are some brokers that negotiate on behalf of teachers and public sector employees.

From mortgages123.ie website “In the case of probation periods, they will include existing public sector employees promoted or transferred on 12 months’ probation. Whereas new entrants will be determined on a case-by-case basis, depending on their employment history.”

Hopefully your broker will advocate for you as there is a demand for teachers.

OEP · 07-03-2023 03:25PM

https://www.boards.ie/discussion/comment/120325678#Comment_120325678

Thank you again. I'll definitely look into that. Her subjects are particularly in demand so she'll have no problem getting a job.

Shinynails · 07-03-2023 03:38PM

Best of luck, google “public sector mortgages” There are a few doing them.

Jasna1982 · 07-03-2023 03:59PM

https://www.boards.ie/discussion/comment/120325154#Comment_120325154

This only applies if you have a mortgage saver account.

I had one with BOI. If you then drawdown your mortgage with them, you get a 2000 Euro bonus which is subjected to DIRT. It appears as a first time buyer you can claim that DIRT back, which is a couple of hundred Euro so significant enough.

poker2k9 · 07-03-2023 05:00PM

PTSB increasing rates again by 0.75%

https://www.thejournal.ie/permant-tsb-is-increasing-its-new-fixed-mortgage-rates-by-0-75-6012927-Mar2023/

This is pure madness.

Does anyone know if one won't be affected if you already had a grace period of old rate that expired Feb?..I'm due to drawdown within next 2 to 3 weeks.

markodaly · 07-03-2023 05:21PM

https://www.boards.ie/discussion/comment/120326145#Comment_120326145

You have until the 2nd of June to draw down once you already have a letter of offer.

07-03-2023 05:22PM

Regarding PTSB.

I have received my formal offer letter at the old rates. However I have not signed this in the presence of my solicitor which the broker states in the notification. I am due to meet the solicitor to sign the contracts on Monday 20th March.

As noted today PTSB said any customers who have received an offer letter that is based on the existing fixed rates it is currently offering will have until June 2nd to complete the drawdown at the old rates.

I will be okay for the old rates I am right in saying?

poker2k9 · 07-03-2023 05:51PM

https://www.boards.ie/discussion/comment/120326248#Comment_120326248

Yes from what I understood above, you should be fine to keep rates on your offer letter provided you drawdown by June.

As for me, I just confirmed with PTSB that I'll have until April, since I've had my offer since last year (before first set of increases)

07-03-2023 05:55PM

Best of luck lad, this is nerve shredding stuff.

Mick McCarthys Baby · 07-03-2023 07:02PM

Our current loan offer with PTSB is due to expire on the 21st March so we have just submitted the documents again to extend it . ( house completion in roughly 3 weeks ) Does anybody know if they will honour the rates we had or will it be as if we are starting again and have to pay the 4.5% ? waiting on our broker , just a bit anxious about it all . Thanks

poker2k9 · 07-03-2023 08:01PM

https://www.boards.ie/discussion/comment/120326704#Comment_120326704

Yes, if you got your offer before/on Jan 13, it will be honoured at the current rates if you drawdown by April 14th.

If you got the offer after Jan 13th, you will have until 2nd June to drawdown at current rates.

theboringfox · 07-03-2023 09:00PM

Would double check that. PTSB said earlier of your offer expiring or those dates. Worth clarifying. Try and push to get it. That is a big increase and do everything you can to avoid it.

Dr.Tom · 08-03-2023 08:37AM

New to this thread......

In June 2022 (based on monthly repayment figures I told our broker was max we wanted to pay) we were able to get €30k more than what was offered to us yesterday. Second mortgage. Talk about coming back to earth with a bang.

Funny thing is in June our property was for sale and sale price was speculation for calculations for mortgage number 2. Now we have sale proceeds plus savings and figure offered now is less.

FledNanders · 08-03-2023 02:12PM

https://www.boards.ie/discussion/comment/120326704#Comment_120326704

How long do loan offers last do you know? I wasn't aware they expired (in normal circumstances), I thought that only applied to AIP.

Thanks

howiya · 08-03-2023 04:03PM

https://www.boards.ie/discussion/comment/120330205#Comment_120330205

Any i've seen last six months.

Looking at a BOI one here and it states under the heading deadlines "We are not obliged to lend you the loan (or any part of it) if you have not borrowed it within six months of this Offer Letter".

Mick McCarthys Baby · 08-03-2023 04:15PM

Unfortunately just confirmed we’ll be getting the newer rate of 4.05% . Sickening just missed out by couple of weeks but nothing we can do i suppose

Dr.Tom · 08-03-2023 06:55PM

After a lot of over and back with my broker today I was left to ponder the following......

"You can only draw down funds while on maternity leave if you are working in the public service sector".

I am aware of maternity leave being an issue but since when have public service sector employees had an exemption?

Anyone experience this before?

theboringfox · 08-03-2023 07:00PM

https://www.boards.ie/discussion/comment/120331630#Comment_120331630

Not correct. In our case we were told they simply needed letter from employer confirming date due to return from mat leave and that it was on same basis as pre mat leave i.e. full time in our case. Broker wrong there

Saving/Applying for a mortgage 2020-22 Edition

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