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Saving/Applying for a mortgage 2020-22 Edition

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    #4082
    Mimikyu
    Registered Users Posts: 18,904 ✭✭✭✭Mimikyu


    https://www.boards.ie/discussion/comment/120420074#Comment_120420074

    Only for our savings account, and I think that's only because we moved from KBC so the new savings account shows a lump deposit into it. 6 months for all other accounts, so far anyway.



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    #4083
    Eurox6
    Registered Users Posts: 107 ✭✭Eurox6


    So are they looking for 6 months or 12 months of saving now ?



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    #4084
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    https://www.boards.ie/discussion/comment/120422675#Comment_120422675

    just 6 for me



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    #4085
    Eurox6
    Registered Users Posts: 107 ✭✭Eurox6


    https://www.boards.ie/discussion/comment/120422868#Comment_120422868

    Did you have to be saving more per month than your mortgage repayment would be or is the same amount ok ?



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    #4086
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    https://www.boards.ie/discussion/comment/120423696#Comment_120423696

    im not approved yet and not sure if they will approve but the stress test will want to see you covering the monthly repayment with a bit to spare id imagine.



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    #4087
    keil1234
    Registered Users Posts: 7 ✭keil1234


    Hi there, our application was just denied by the underwriter as I am currently on unpaid maternity leave I provided the letter stating my return to work date/ same salary etc . Our mortgage advisor is shocked and will be appealing this on Monday with backing from his manager. He said this is the first time anyone has been denied for this reason with EBS, he said providing the letter is standard practice. Just wondering if anyone has been in a similar situation/has any advice or knows the likelihood of the underwriter changing their decision? I’m due to return back to work at the end of July so not too far off at all.



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    #4088
    GoldFour4
    Moderators, Sports Moderators Posts: 4,960 Mod ✭✭✭✭GoldFour4


    https://www.boards.ie/discussion/comment/120424760#Comment_120424760

    What sector do you work in?



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    #4089
    keil1234
    Registered Users Posts: 7 ✭keil1234


    I work in the financial sector, partner is self employed but mortgage advisor assured us the only issue the underwriter had was with me being on maternity leave



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    #4090
    CapriciousOne
    Registered Users Posts: 137 ✭✭CapriciousOne


    Started a new application with BOI recently. Seeing some reports from people in the tech industry that they’re now looking for a letter from their employer stating they won’t be laid off within the next two years. Apparently tech jobs are now considered “high risk”.

    Anyone experience same? Surely employers can’t or won’t guarantee this?



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    #4091
    Bluefoam
    Registered Users Posts: 7,713 ✭✭✭Bluefoam


    Anyone can write a letter saying that they don't expect someone to be laid off ... Doesn't mean it wont happen. Sounds like a pointless exercise.



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    #4092
    CapriciousOne
    Registered Users Posts: 137 ✭✭CapriciousOne


    https://www.boards.ie/discussion/comment/120425104#Comment_120425104

    Completely agree. I don’t see companies fulfilling the request to write that letter either.

    Not sure what the solution is.



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    #4093
    dubliner10
    Registered Users Posts: 21 ✭dubliner10


    https://www.boards.ie/discussion/comment/120425032#Comment_120425032

    Heard the same about BOI. Surely no company will sign that. Does BOI not want more customers? What’s high risk today will again be one of the safest jobs in the future.



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    #4094
    Ikozma
    Registered Users Posts: 1,044 ✭✭✭Ikozma


    Any idea how long boi take to give AIP?

    mortgage broker says they've been very slow lately and could be end of April,we just sent all our docs off yesterday, 4 to 5 weeks seems like an awful long time?



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    #4095
    Mimikyu
    Registered Users Posts: 18,904 ✭✭✭✭Mimikyu


    https://www.boards.ie/discussion/comment/120426080#Comment_120426080

    We sent all our docs to our broker this week also and where told it's currently taking 20-25 working days for a decision with BOI.



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    #4096
    whatawaster
    Registered Users Posts: 12,906 ✭✭✭✭whatawaster


    https://www.boards.ie/discussion/comment/120426303#Comment_120426303

    Once we had sent in all our documents it took about a week once it went to the underwriter. This was about a week ago. This was direct with BOI, not through a broker.



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    #4097
    uljha.insaan
    Registered Users Posts: 8 ✭uljha.insaan


    we got mortgage approval and full loan offer has been sent to our Solicitor. We got 5 year fixed PTSB interest rate of 4.3 % with 2 percent cash back. However, now that we are thinking again, variable rate on website is coming as 3.4 which is significantly less than fixed rate we are getting.

    uptil few months ago, General advice was to fix mortgage for few years. Is that still the case? now that interest rates are this high, would it not make sense to get variable rate?



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    #4098
    innocent_lover
    Registered Users Posts: 264 ✭✭innocent_lover


    Hi. Can you please advise(PM) me any bank or broker for mortgage application if you have 2 incomes? 1st is employed and second is self employed(have 3 years income return). Thank you



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    #4099
    emcfarl
    Registered Users Posts: 24 ✭emcfarl


    Will the banks take in a shift allowance when calculating the mortgage they wil give you I am a public servant and do shift work which gives me a 25% extra for shift allowance



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    #4100
    This is it
    Registered Users Posts: 5,189 ✭✭✭This is it


    https://www.boards.ie/discussion/comment/120430213#Comment_120430213

    If it's guaranteed then they should, just make sure it's on your salary cert. I get a flat monthly payment for being on call and that was taken into account in full because it was guaranteed. I also get over time and they took 1/3 of that into account I believe because it's not guaranteed.



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    #4101
    Thephantomsmask
    Registered Users Posts: 1,355 ✭✭✭Thephantomsmask


    ICS and finance Ireland do. They will also allow you to take your base salary as 2 points up the increment scale is you are public sector.



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    #4102
    FastFullBack
    Registered Users Posts: 1,454 ✭✭✭FastFullBack


    https://www.boards.ie/discussion/comment/120429509#Comment_120429509

    I'm in the exact same boat. Self build is due to start in May and all along I was aiming to get a fixed rate and lock as early as possible.

    I am slightly questioning if I should go variable now, but some fixed rates like EBS come with 3% cashback so it negates the difference between the fixed and variable for 5 years, plus you have the stability.

    Overall I still think I'm gonna fix it, even though it ill now be at 4.5% with EBS



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    #4103
    innocent_lover
    Registered Users Posts: 264 ✭✭innocent_lover


    https://www.boards.ie/discussion/comment/120430155#Comment_120430155

    thats single person with 2 incomes. Thanks



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    #4104
    Cork2021
    Registered Users Posts: 2,261 ✭✭✭Cork2021


    Just received correspondence from BOI on the mortgage hub app and got First step AIP from them. I’ve finished the details they asked for after that and just waiting on my wife to sign her declarations. I assume these declarations are the likes of her salary place of work etc?

    also what happens next if anyone has gone through this with BOI?

    thanks



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    #4105
    billyduk
    Registered Users Posts: 172 ✭✭billyduk


    Trying to avoid the next rate hike from BOI at the minute. The house will be finished (access roads etc) by the 28th at the latest (likely sooner). We have everything in except the valuers report which should be this week or early next week. The house insurance should be in place shortly after that.

    The only documents that are out of our control are the ones the solicitor provides the bank (BER cert, New Build cert, professional indemnity etc). Should the solicitor have these from the contract stage or are these only given to the solicitor on completion?

    The deadline for receipt of documents is the 26th and drawdown May 5th. How likely are we to make the deadline with BOI from those with experience? What is the likely timeline from this point?



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    #4106
    Ikozma
    Registered Users Posts: 1,044 ✭✭✭Ikozma


    https://www.boards.ie/discussion/comment/120439421#Comment_120439421

    Hiw long did it take for you to get AIP with BOI?



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    #4107
    sweet16
    Registered Users Posts: 11 ✭sweet16


    https://www.boards.ie/discussion/comment/120424760#Comment_120424760

    How did this go for you ?



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    #4108
    Cork2021
    Registered Users Posts: 2,261 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/120442141#Comment_120442141

    I filled out the online forms last Wednesday night got a response Thursday afternoon to say it was under review. Got an email yesterday from our online mortgage advisor to say we got First Step Approval in Principle for the amount requested.

    then I had to add on details from 3 years of P60’s for each of us confirm a few things like savings and then herself just had to thick a few boxes to consent to me to act on her behalf.

    we still haven’t sent in Revolut statements, saving statements. We’re with BOI so all our bank statements and so on are there already.



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    #4109
    Ikozma
    Registered Users Posts: 1,044 ✭✭✭Ikozma


    https://www.boards.ie/discussion/comment/120442259#Comment_120442259

    Wow,we went through a broker who sent everything we needed to the bank and they said it could be 4 to 5 wks before we hear anything as boi are so slow



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    #4110
    Cork2021
    Registered Users Posts: 2,261 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/120442424#Comment_120442424

    It’ll probably be a few weeks as well for us to get proper AIP I think looking at the AIP I have now that’s just the mortgage manager saying we can get what we might need before going to the underwriter



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    #4111
    Naked Lepper
    Registered Users Posts: 1,514 ✭✭✭Naked Lepper


    just curious if this is possible, scenario:

    u put a booking deposit of say 10k on a house in january 2022 and the EA says it will be ready by april (new build)

    over a year later it is still not ready and no closing date confirmed yet, EA never has any proper info etc.

    contracts all signed etc

    if you pull out of the deal do you lose ur deposit or is there any way to get it back considering all the delays/lack of clarity on their side?



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