Saving/Applying for a mortgage 2020-22 Edition

Hi,

So looking at all the advice around, it's that banks generally look at previous 6 months for savings history etc. If you didn't have much savings in the last 6 months (I've had a few expensive holidays and bookings in that timeframe), is that ok if you still have a strong history pre that (I've 90k in savings from last 9 years of work so I assume that's pretty good), or do I need to live like a monk for 6 months and do nothing?

Ideally while applying for a mortgage you'd hold steady and not go off the rails when you have had a good history of savings. Going on holiday and to events isn't a no-no but by the sounds of "a few expensive holidays and events" in 6 months, it will most likely raise eyebrows and have queries put back to you. Now you may have a good reason, different life events, milestone birthdays, etc but you may want to go back to a more regular expenditure if you really want to go for a mortgage.

Ya, it's basically just had booked a trip to Korea in October and bought tickets to Olympics next year which were two large chunks of expenditure.

House I'd just like to buy is going up for sale earlier than I was expecting so hadn't been prepared

I got approval on a G rated house. Bank will look at valuation.

Hey, anyone know how long BOI are with the underwriting stage at the minute ?

Are there any reasons a bank won't give full approval after giving aip?

We waiting on full approval now and I just have some crazy **** running around in my head waiting for something to go wrong.

This wait will do that to you

First time poster here 🙂

We are going with AIB for a self-build mortgage. We were approved in principle back in April on our first call with the mortgage advisor. To be honest it was quite premature because at that point we were really just shopping about and wanted an idea of how much we could borrow. We had a rough idea how much we needed but hadn’t yet priced contractors (those that are doing a self build will know its hard to get the timing of events right!).

Anyways we spent a couple of months getting our ducks in a row, pricing around and are now ready to go ahead with the next stage- application form for loan offer. All our other documentation (bank statements etc) were uploaded a few weeks ago save for this document as we wanted to get a valuation done before we completed it as our initial call with advisor was based on a lot of estimates.

How long have people waited to hear back from AIB re self build loan offer after completing all the documentation? Also, if the bank intends to raise any queries/concerns on your bank accounts do they usually do that as you go along with uploading the statements? We’ve been keeping our regular savings and not been blowing any money on holidays or that but a few things have cropped up over the past few months which have left the current account not as healthy looking as I’d like.. weddings, unexpected car repairs etc. I know you still need to live but can’t help but feel anxious!

Got full loan offer approval this morning. Submitted last Wednesday, was told 5 working days to get an answer and EBS were spot on! Relief isn’t the word!

Anyone know how long it takes for BOI to go from House Hunter Approval to Letter of Offer? It's been with the underwriters for a week now.

I'm currently at the stage of sorting qualifications on title before signing contracts, and the issue raised is that the public lighting and management of the common areas is not under a management company and is not taken in by the council, so there is also no public liability insurance in the estate for common areas. It seems like area is still under the original developers control but they do not manage the area, so it is just local residents cutting grass and stuff.

Has anyone else dealt with issues with the estate not being managed and how long it may have taken for someone to start managing it so that public lighting can be in use? I guess it is probably an "It depends..." type answer, but just wondering other people's experiences. I'd rather go ahead with the property as it is well built house, and realistically our home insurance would cover all we need (or at least all I can think of that we'd need) as we would not be using the common area other than driving to/from the house.

Did you need a survey to tell you the interior needed an update?

We got our loan approval today,8 working days before we were expecting it.

Relief isn't the word,we going on holidays on Sunday and have contracts to sign when we get back,everything is ready to go. The new owners of our house are ready to move in and we are ready to go to our new place,we are so lucky everything worked out so well for us that we were able to sell our place and buy a new place all to tie in with eachother.

I can now actually enjoy our holiday instead of spending the week stressing

Both,we saved a certain amount every month for about 4 years,plus equity from our sale.

We moving into my mother's for couple of weeks too just while legal stuff runs its course but I'd consider that a success really🙂

We'll, the interest rates on loans are reasonably high... Can't see it being much different for mortgages

Hi all,

I've gotten a loan approval from a county council Local Authority Home Loan application (3.45% fixed rate for 27 years) and coincidentally I received an mortgage Approval in Principle loan offer from the bank (4.75% fixed term for 36 months - it doesn't state what happens after the 36 months in the small print - I'll have to find out).

I don't have the head for interest rates and am applying as a single applicant.. I would think the lower interest rate is the way to go, but this mortgage process has been full of surprises :P

Would anyone have any advice on which way to go?

Unfortunately I don't earn enough to go down the First Home Scheme as couldn't afford to buy a new build.

Thanks a million.