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Saving/Applying for a mortgage 2020-22 Edition

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  • Options
    #1892
    Farrell D
    Banned (with Prison Access) Posts: 24 ✭Farrell D


    Renjit wrote: »
    They may ask for credit report from international bank/country.



    Credit Report
    does not show your savings accounts, pensions or investments as they are not credit. They only want to see if you have any loans out and if you did In the past once you didnt miss a payment and payed it back on time .


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    #1893
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Farrell D wrote: »
    Credit Report
    does not show your savings accounts, pensions or investments as they are not credit. They only want to see if you have any loans out and if you did In the past once you didnt miss a payment and payed it back on time .

    Thanks for adding details. They will most likely need a report showing any outstanding loans or defaults in foreign country.


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    #1894
    sandman1212
    Registered Users Posts: 20 ✭sandman1212


    Kalico92 wrote: »
    Myself and herself are back from living in the UK and I've secured a permanent role here.

    My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

    Depends on the lender. Some will disqualify any non-euro income/assets, others may allow one to be non-euro.


  • Options
    #1895
    donnaille
    Registered Users Posts: 246 ✭✭donnaille


    Kalico92 wrote: »
    Myself and herself are back from living in the UK and I've secured a permanent role here.

    My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

    From my experience it will be UK salary minus 20% for currency fluctuations with some lenders.


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    #1896
    BrentMused
    Registered Users Posts: 1,354 ✭✭✭BrentMused


    Hi all,

    My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

    Sorry if this is a silly question but we're a little confused now as to where we go from here.

    Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

    If someone would be kind enough to outline the steps it would be most appreciated.

    Thank you. :)


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    #1897
    Starlord_01
    Registered Users Posts: 443 ✭✭Starlord_01


    BrentMused wrote: »
    Hi all,

    My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

    Sorry if this is a silly question but we're a little confused now as to where we go from here.

    Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

    If someone would be kind enough to outline the steps it would be most appreciated.

    Thank you. :)

    Begin looking at houses, most EAs looking for AIP before viewing now.

    You can bid on properties and once you have gone sale agreed somewhere then go back to the bank.


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    #1898
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    BrentMused wrote: »
    Hi all,

    My partner and I applied to a number of different banks and after going through the documents required process (payslips, ID, bank statements etc etc) Ulster Bank, BOI and AIB have thankfully given us Approval In Principal.

    Sorry if this is a silly question but we're a little confused now as to where we go from here.

    Is it simply a case of identifying a property and going back to the bank then to get a Letter of Offer, or how does the process work after you have Approval In Principle?

    If someone would be kind enough to outline the steps it would be most appreciated.

    Thank you. :)

    Just a step or two ahead of you myself! After we got AIP we viewed a few houses. We bid on a house and thankfully went sale agreed. From there the bank requested a valuation of the property. We've now specified the fixed rate and term we are interested in apllying for and hopefully will receive the letter of offer in next next week or so!


  • Options
    #1899
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,647 Mod ✭✭✭✭L1011


    Valuation received by KBC; now is the race to see if anyone screws anything up and prevents drawdown before 31/12. Switcher so shouldn't be any hangups... but life is never that easy


  • Options
    #1900
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    Im almost finally over the line too, got approved for an exemption in mid november but was quite stressful as i have to close before the end of the year or the exemption is gone. Thankfully everything has gone smoothly and my solicitor has been excellent so looks like i will close on dec 11th all going well.

    All going well it will be such a weight off the shoulders to escape the dysfunctional irish rental/ sales market


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    #1901
    clayfarm1234
    Registered Users Posts: 47 ✭clayfarm1234


    based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now :(


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    #1902
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    clayfarm1234 wrote: »
    based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now :(

    Our broker told us it was talking at least 10 working days, we applied for the letter of offer last week. We got the AIP in September, took 3 weeks to the day. Hopefully you hear something soon. Did they request any further information or is it fairly straightforward once you have AIP with them I wonder?


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    #1903
    clayfarm1234
    Registered Users Posts: 47 ✭clayfarm1234


    jimmy86 wrote: »
    Our broker told us it was talking at least 10 working days, we applied for the letter of offer last week. We got the AIP in September, took 3 weeks to the day. Hopefully you hear something soon. Did they request any further information or is it fairly straightforward once you have AIP with them I wonder?

    With which lending institution have you taken? is it directly with the bank or through a broker ? Yes - they havent asked any documents yet - hopefully everything is in order - i just do not want them to come after 1 week asking for more documents


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    #1904
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    clayfarm1234 wrote: »
    With which lending institution have you taken? is it directly with the bank or through a broker ? Yes - they havent asked any documents yet - hopefully everything is in order - i just do not want them to come after 1 week asking for more documents

    Went with KBC as well but through a broker, not sure if that has any impact on the speed of the application or not


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    #1905
    FaberX
    Registered Users Posts: 11 ✭FaberX


    nerrad01 wrote: »
    Im almost finally over the line too, got approved for an exemption in mid november but was quite stressful as i have to close before the end of the year or the exemption is gone. Thankfully everything has gone smoothly and my solicitor has been excellent so looks like i will close on dec 11th all going well.

    All going well it will be such a weight off the shoulders to escape the dysfunctional irish rental/ sales market

    Who did you get the exemption with?


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    #1906
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    FaberX wrote: »
    Who did you get the exemption with?

    Bank of Ireland, i know UB and AIB have also started giving them out again too


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    #1907
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    nerrad01 wrote: »
    Bank of Ireland, i know UB and AIB have also started giving them out again too

    What is the requirement for exemption?


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    #1908
    recyclebin
    Registered Users Posts: 3,501 ✭✭✭recyclebin


    Renjit wrote: »
    What is the requirement for exemption?

    For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

    First Time Buyer
    Single - €2,400 NDI
    Joint - €3,650 NDI

    Second Time Buyer
    Single - €2,200 NDI
    Joint - €3,500 NDI


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    #1909
    TaDa
    Registered Users Posts: 21 ✭TaDa


    recyclebin wrote: »
    For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

    First Time Buyer
    Single - €2,400 NDI
    Joint - €3,650 NDI

    Second Time Buyer
    Single - €2,200 NDI
    Joint - €3,500 NDI

    What is this exemption in relation to if you mind me asking? Apologies if already explained but I couldn’t see it


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    #1910
    fin12
    Registered Users Posts: 10,934 ✭✭✭✭fin12


    recyclebin wrote: »
    For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

    First Time Buyer
    Single - €2,400 NDI
    Joint - €3,650 NDI

    Second Time Buyer
    Single - €2,200 NDI
    Joint - €3,500 NDI

    Is 2,400 a month?

    What’s the disposable income for the stress test?


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    #1911
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    TaDa wrote: »
    What is this exemption in relation to if you mind me asking? Apologies if already explained but I couldn’t see it

    In terms of getting more than 3.5x your salary, BOI seemed the most flexible in terms assessing an application.

    Its such a pain though, as you can be verbal approval for it, but they will only give you final approval AFTER you have gone sale agreed on a property.

    So leaves the buyer in a difficult position as most estate agents wont accept a bid until you show proof of mortgage/ funds. a real catch 22


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  • Options
    #1912
    narodvale
    Registered Users Posts: 56 ✭✭narodvale


    Quick one for someone who might be in the know. We are awaiting loan offer with a view to signing contracts before Christmas. We're also due to be married on Dec 23rd (Though I've said that twice before this year and Covid has proven me wrong).

    My question is, are we better to wait and sign the contracts after we're married on Dec 23rd/24th, or does it make any difference? The mortgage will be in both our names.

    Thanks


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    #1913
    misstyc
    Registered Users Posts: 40 ✭misstyc


    narodvale wrote: »
    Quick one for someone who might be in the know. We are awaiting loan offer with a view to signing contracts before Christmas. We're also due to be married on Dec 23rd (Though I've said that twice before this year and Covid has proven me wrong).

    My question is, are we better to wait and sign the contracts after we're married on Dec 23rd/24th, or does it make any difference? The mortgage will be in both our names.

    Thanks

    i think this might be better to ask your solicitor tbh given the potential ramifications...


  • Options
    #1914
    narodvale
    Registered Users Posts: 56 ✭✭narodvale


    Fair point, and I have asked them as well, just awaiting a response so thought I would raise it here in the interim.


  • Options
    #1915
    brendanjkeegan
    Registered Users Posts: 1 ✭brendanjkeegan


    Kalico92 wrote: »
    Myself and herself are back from living in the UK and I've secured a permanent role here.

    My better half has agreed a remote arrangement with some back and forth travel with her company so will still be paid a UK salary. When we're applying would we still be able to submit a joint application with my Irish and her UK salary combined to be considered for the borrowing amount? Or would only my Irish salary be eligible?

    Thanks for adding this post - I will find myself in the same position in the new year, except I'm the one doing the commute and herself is the one resident and employed in Ireland.
    Can you let me know how you got on? Any tips or advice would be helpful.


  • Options
    #1916
    recyclebin
    Registered Users Posts: 3,501 ✭✭✭recyclebin


    recyclebin wrote: »
    For AIB, I was told you need the following net disposable income after mortgage, loans and childcare are paid for:

    First Time Buyer
    Single - €2,400 NDI
    Joint - €3,650 NDI

    Second Time Buyer
    Single - €2,200 NDI
    Joint - €3,500 NDI

    Sorry should have been clearer, this is on a Loan to Income exemption of 3.5.
    Figures are per month.


  • Options
    #1917
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    clayfarm1234 wrote: »
    based on the other people's experience here - how soon have KBC responded with the Letter of Offer after property valuation? They had promised us 2 weeks - but it is already past 2 weeks now.....They promised 3 weeks for AIP, but took 7 weeks!!! I need to sign my contracts within 28 days, and I just have 1 week left now :(

    Did KBC issue you with a letter of offer yet?


  • Options
    #1918
    clayfarm1234
    Registered Users Posts: 47 ✭clayfarm1234


    jimmy86 wrote: »
    Did KBC issue you with a letter of offer yet?

    They did..had to do lot of pushing...did you get?


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    #1919
    Milena009
    Registered Users Posts: 133 ✭✭Milena009


    Hey guys,
    General question
    Partner and I are looking at housing estate that has next phase launching Early 2021

    Now, for mortgage
    How are banks looking at 1) if bonus is paid each year yet not guaranteed? - him
    2) mine is a 5% of salary annually however 2021 would be my first year receiving it

    Otherwise might need to a small exception on LTI

    Thank you :)


  • Options
    #1920
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    Milena009 wrote: »
    Hey guys,
    General question
    Partner and I are looking at housing estate that has next phase launching Early 2021

    Now, for mortgage
    How are banks looking at 1) if bonus is paid each year yet not guaranteed? - him
    2) mine is a 5% of salary annually however 2021 would be my first year receiving it

    Otherwise might need to a small exception on LTI

    Thank you :)

    I'm in the same boat as your mister, get it every year but it is not guaranteed. Pretty sure it wasn't included (AIB) but i think each bank differs...


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    #1921
    jimmy86
    Registered Users Posts: 131 ✭✭jimmy86


    clayfarm1234 wrote: »
    They did..had to do lot of pushing...did you get?

    Nice one! Nope, but still within the two weeks so not getting impatient just yet!


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