Saving/Applying for a mortgage 2015/16/17/18/19

Chesty08 · 07-11-2019 10:08am

GingerLily wrote: »

Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!

This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective

GingerLily · 07-11-2019 10:53am

Chesty08 wrote: »

This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

Probsbly makes sense though from an interest paying perspective

Thats up to you- if it were me, I'd figure out what the max amount I'd be overpaying in the space of the fixed term and just assign that much to the variable amount.

KingCong · 08-11-2019 1:07pm

Chesty08 wrote: »

I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

Ideally I want variable rate so I can put lump sums off over the period of time.

Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

Any insights would be much appreciated

Looks at Ulster Bank, some of the lowest fixed rates and you can overpay up to 10% of the total mortgage each year while fixed without penalty.

Bargain_Hound · 09-11-2019 12:04am

Has anybody successfully drawn down a mortgage while on probation in a new job?

Dolbhad · 09-11-2019 12:11am

Bargain_Hound wrote: »

Has anybody successfully drawn down a mortgage while on probation in a new job?

As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.

Trimm Trabb · 09-11-2019 12:23am

Dolbhad wrote: »

As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

09-11-2019 9:50pm

Trimm Trabb wrote: »

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

From my experience they don't ask for any more documents, just a letter from your employer stating you're off probation.

I applied while on probation with a view to drawing down once through it, worked out fine. Our broker told us KBC were willing to waive the probation condition but I never saw that in writing and as things turned out we drew down afterwards anyway.

Dolbhad · 09-11-2019 10:50pm

Trimm Trabb wrote: »

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

They will say they may require updated document on drawdown but don’t know anybody whose has been asked. Also if your mortgage bank is the same bank as your current account is with, they could easily check anyway so I would keep the finances the same. Maybe if your about a week away from loan offer expiring and requesting funds they will ask. They will do another credit check to ensure no additional loans or credit cards have been taken out.

Dylan94 · 10-11-2019 12:00am

Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?

Empty_Space · 10-11-2019 1:08am

Dylan94 wrote: »

Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?

The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.

Dylan94 · 10-11-2019 10:40am

Empty_Space wrote: »

The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.

We aren't sure yet about the size, it'll depend on what variation they have when we are buying, I was going for a four bed, but I prefer the upstairs layout of the three bed. I suppose it will depend on what types they have when we are ready.

I'll check it out, but the motorway noise won't bother me. I previously lived 150 meters from a train track, and about 800m from the m50.

scarepanda · 11-11-2019 8:05pm

I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?

11-11-2019 8:28pm

scarepanda wrote: »

I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?

Anybody who gives you an actual answer to this is a spoofer.

scarepanda · 11-11-2019 8:31pm

Ayan Prickly Road wrote:

Anybody who gives you an actual answer to this is a spoofer.

I figured as much.... :-/ worth asking for opinions though

r93kaey5p2izun · 11-11-2019 8:34pm

Do people think it's likely Ulster Bank will extend their €1500 cashback towards legal fees? It's currently due to run until Dec 31st.

Corruptedmorals · 11-11-2019 8:38pm

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

scarepanda · 11-11-2019 8:41pm

Corruptedmorals wrote:

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

Are you responding to me?

r93kaey5p2izun · 11-11-2019 8:44pm

Corruptedmorals wrote: »

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?

Corruptedmorals · 11-11-2019 8:54pm

Amber Round Eyelid wrote: »

Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?

Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.

r93kaey5p2izun · 11-11-2019 9:02pm

Corruptedmorals wrote: »

Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.

Fingers crossed for you - I know you've had some unexpected delays. My offer doesn't expire until early March. I'm not sure if the cashback remains valid until then because the offer was made before it expires, even if drawdown doesn't happen until the new year? I'll check in with my broker about it I think. It's not make or break for me anyway.

ChewBerecca · 11-11-2019 9:15pm

Ayan Prickly Road wrote: »

Anybody who gives you an actual answer to this is a spoofer.

I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.

Padre_Pio · 12-11-2019 12:00am

ChewBerecca wrote: »

I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.

Is there any way to get a mortgage from banks outside ireland?

You see German banks offering 0.5 - 1% mortgages.

GingerLily · 12-11-2019 10:09am

Padre_Pio wrote: »

Is there any way to get a mortgage from banks outside ireland?

You see German banks offering 0.5 - 1% mortgages.

Yup, you have to buy a house outside of Ireland though!

8-10 · 12-11-2019 3:21pm

scarepanda wrote: »

I figured as much.... :-/ worth asking for opinions though

My opinion would be to budget based on a 1.5% increase. You definitely shouldn't be looking to max out at current rates regardless of what the outlook might be

Dolbhad · 12-11-2019 7:54pm

The “legal fees” sum will have been around for ages now. I’d expect it to keep going esp as it’s one of the lowest cash backs out there. But it’s really cashback as solicitor will require fees beforehand. There isn’t a time limit on them so provided it’s in loan offer and you draw down within the 6 months of the Loan.

I’ve heard the kbc loan offers have clauses giving 3k additional cashback provided your a FTB and your not getting an exemption provided you draw down by 31st December. So that has a time limit. Extra incentive to get the books balance for end of year but really if the sale isn’t ready to close, it’s not going to close. Extra 3k won’t move things along.

tomister · 12-11-2019 7:59pm

BOI recently extended their Cashback offer so I would be confident that other banks will extend their offering to stay somewhat competitive. I know people will say the rate should be the deciding factor and that should be the bigger draw to one bank over another but the cashback/legal fees is a nice incentive

drunkmonkey · 12-11-2019 8:07pm

Total cost should be deciding factor and possibly worked out over the time period for full cash back eg a 5yr deal as you'll have other offers to tempt you after that. Comparing them both over a 20/30yr period isn't necessarily the correct way to view the offer.

wirelessdude01 · 14-11-2019 6:16pm

How long before drawdown does mortgage protection have to be in place?

whatever76 · 14-11-2019 7:50pm

wirelessdude01 wrote: »

How long before drawdown does mortgage protection have to be in place?

Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !

wirelessdude01 · 14-11-2019 8:25pm

whatever76 wrote: »

Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

tomister · 14-11-2019 8:26pm

wirelessdude01 wrote: »

How long before drawdown does mortgage protection have to be in place?

Shop around for quotes and look to have it ready to go a few weeks before drawdown. However if drawdown is delayed remember to push back the start date on the mortgage protection or else the mortgage protection might fall short of the mortgage term

Paul_Mc1988 · 14-11-2019 8:28pm

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

I'd say your on the money there if hes organising it. We went direct with the bank as it was the cheapest and it kicks in on the day we draw down. Hopefully it comes before Christmas

whatever76 · 14-11-2019 8:32pm

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

Hmm that I don't know - I went with the bank that I got mortgage with ( BOI) and was told it will only kick in after drawdown so maybe with bank they manage it for you as all in one place - if you go external you may need to define a target date - I paid my first payment about a week after drawdown earlier this month.

Orla h · 20-11-2019 1:57pm

Hi can anyone advise how long it took from submitting docs for drawdown to receiving money with EBS. We are self build. Waiting on first stage payment. Thanks ðŸ˜Š

Kevhog1988 · 20-11-2019 3:05pm

Hi all,

When a first time buyer are banks usually favourable to a mortgage for a place which needs work?.

Jess2019 · 20-11-2019 3:10pm

Hi all, my partner and I have been saving for 11 months now. And finally, have enough for a deposit, and are in the process of gathering the required documents to apply for a mortgage.
The only issue I can see is the past 2-3 months my partner had been unwell, and had missed a lot of work. He does not receive paid sick leave. So his payslips are inconsistent, and some are much lower than what he is usually paid. He is fine now, and there's a part of me that thinks maybe we should hold off before applying. So his payslips and wages have a chance to stabilise.
Has anyone been in a similar situation? I mean it could be fine but it's the only 'red flag' we have.

Canyon86 · 20-11-2019 4:07pm

Hi

Have some questions that I hope people might help me with

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

At what stage would i have a solicitor ready? when I go bid accepted or later on?

scarepanda · 20-11-2019 4:31pm

Canyon86 wrote:

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Canyon86 wrote:

At what stage would i have a solicitor ready? when I go bid accepted or later on?

We went sale agreed on a Monday, the eng survey was done the following Monday and the valuer was out on the Tuesday.

We had solicitors ready to go as we had contacted/priced them previously. We contacted them to officially engage them the day we transferred the booking deposit.

Canyon86 · 20-11-2019 4:33pm

scarepanda wrote: »

We went sale agreed on a Monday, the eng survey was done the following Monday and the valuer was out on the Tuesday.

We had solicitors ready to go as we had contacted/priced them previously. We contacted them to officially engage them the day we transferred the booking deposit.

thanks for your reply!

whatever76 · 20-11-2019 7:32pm

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

- that sounds about right of not sooner. Once you have all your paper work in order that they need and accounts in order then should be only a few days with the underwriters - if any complications it may take longer with questions. I was with BOI and it took 3 days

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Shop around or go with a recommendation from friends and just give him/her a call and say you will be in touch once sale agreed so they know who you are. They may take a week or two to get to the house but once they are complete they should call you after with verbal and then do the report within a day or two - you'll have a good idea from engineer if you are going to go ahead after you chat to him/her regardless of report as you will be told straight out .. ( this how it worked out for me now !)

Once you are happy to proceed then arrange the Bank Eval which could take another few days to get scheduled in. the bank will have a list of Auctioneers in your area so just pick one from the list and call them up - they will have report done within the day of the valuation that you need to send to the bank

At what stage would i have a solicitor ready? when I go bid accepted or later on?

Again shop about and have solicitor ready and when you sale agreed give them a call say where you are with it and Engineer is on way to look - Solictor will need to have maps/plans from seller for the engineer who will need to review and sign these off as well if you are going ahead.

Best of luck !! Am just after purchasing - some process and you think you never will get there - take plenty of deep breaths and just push things along as best you can between all the stakeholders and take advice from Eng and Solictors they are on your side and well used to what goes on ... I was very green at the beginning !

Canyon86 · 20-11-2019 7:52pm

whatever76 wrote: »

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

- that sounds about right of not sooner. Once you have all your paper work in order that they need and accounts in order then should be only a few days with the underwriters - if any complications it may take longer with questions. I was with BOI and it took 3 days

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

Shop around or go with a recommendation from friends and just give him/her a call and say you will be in touch once sale agreed so they know who you are. They may take a week or two to get to the house but once they are complete they should call you after with verbal and then do the report within a day or two - you'll have a good idea from engineer if you are going to go ahead after you chat to him/her regardless of report as you will be told straight out .. ( this how it worked out for me now !)

Once you are happy to proceed then arrange the Bank Eval which could take another few days to get scheduled in. the bank will have a list of Auctioneers in your area so just pick one from the list and call them up - they will have report done within the day of the valuation that you need to send to the bank

At what stage would i have a solicitor ready? when I go bid accepted or later on?

Again shop about and have solicitor ready and when you sale agreed give them a call say where you are with it and Engineer is on way to look - Solictor will need to have maps/plans from seller for the engineer who will need to review and sign these off as well if you are going ahead.

Best of luck !! Am just after purchasing - some process and you think you never will get there - take plenty of deep breaths and just push things along as best you can between all the stakeholders and take advice from Eng and Solictors they are on your side and well used to what goes on ... I was very green at the beginning !

Thanks for your reply much appreciated

Best of luck with your new purchase

tomister · 20-11-2019 8:07pm

Jess2019 wrote: »

Hi all, my partner and I have been saving for 11 months now. And finally, have enough for a deposit, and are in the process of gathering the required documents to apply for a mortgage.
The only issue I can see is the past 2-3 months my partner had been unwell, and had missed a lot of work. He does not receive paid sick leave. So his payslips are inconsistent, and some are much lower than what he is usually paid. He is fine now, and there's a part of me that thinks maybe we should hold off before applying. So his payslips and wages have a chance to stabilise.
Has anyone been in a similar situation? I mean it could be fine but it's the only 'red flag' we have.

I would talk to the bank about it, particularly if you've found a house and would like to move forward on it. Life happens and people get ill. Its not a poor reflection on your ability to repay and your mortgage advisor will be able to assess if it will have an impact.
Ultimately if you can show you were saving/paying rent to the amount of the mortgage while your partner is sick then it won't have a negative impact.
Also it's worth noting that your mortgage advisor also sends through a more personal report with the paperwork to explain it and that does weigh in. I didn't have the required 6 months saving history nor did I have the deposit + the fees etc but the mortgage advisor explained it and I got approval in 3 days.

Hope your partner is on the mend!

Jess2019 · 21-11-2019 12:27pm

Thanks for your help! Appreciate it.

pmfcnl · 22-11-2019 1:55pm

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Paul_Mc1988 · 22-11-2019 2:58pm

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Two months post drawdown

VonLuck · 24-11-2019 10:19pm

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Paul_Mc1988 · 25-11-2019 11:39am

VonLuck wrote: »

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Rewarding the people staying more within their means, I can agree with that. Also people who get exemptions are typically higher earners and need it less, IMO.

peteb2 · 25-11-2019 5:40pm

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

about a month. I think it depends on how quick your broker applies.

Prospector1989 · 26-11-2019 4:44pm

pmfcnl wrote: »

For anyone that recently received their mortgage with Ulster Bank, after funds have been released to your solicitor how soon after did you receive your €1500 cash back?

Think ours was about 2 weeks but as you can see from other posts, that can vary.

VonLuck · 26-11-2019 8:37pm

Paul_Mc1988 wrote: »

Rewarding the people staying more within their means, I can agree with that. Also people who get exemptions are typically higher earners and need it less, IMO.

Not in my case. I've been searching for a place for the last 4 years and could only afford to buy now, despite having saved really well since I started my working life.

I'm more annoyed that I was told I was entitled to cashback and then it being taken away from me. Wouldn't have bothered me otherwise.

Saving/Applying for a mortgage 2015/16/17/18/19

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