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30-06-2020, 11:48   #571
Springy Turf
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We're bidding with no approval. your man doesn't care because we're not impacted by covid and have been approved before.
suspect from reading posts on here we got fortunate though.
i was anxious about it but real life friends' experiences also said they bid then approval was after

It depends on the estate agent - some do require an AIP letter to allow bidding. To be honest, as a bidder its good to know that the people you are bidding against have at least some evidence that they can actually follow through with a deal.
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30-06-2020, 11:51   #572
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It depends on the estate agent - some do require an AIP letter to allow bidding. To be honest, as a bidder its good to know that the people you are bidding against have at least some evidence that they can actually follow through with a deal.
This is mad to me. Most EAs around here won't even let me view a property without mortgage approval!


For what it is worth, it seems banks are becoming much more strict on any disqualifying criteria. I work in a start up that is less than a year old, but is a subsidiary of a larger company that is very well capitalized. I am a professional that hasn't been out of work since graduating 5+ years ago and I work in insurance. Broker called me yesterday to say he didn't think he'd be able to get it across the line right now because the banks kept asking about my job security.
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30-06-2020, 19:16   #573
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Quick one, for those who were having wages topped up by covid payments, (I believe my partners workplace were still paying 80% of her wages while they were forced close during the height of the pandemic), and has since returned to work, are we looking at being told to wait another while to re-apply?
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30-06-2020, 19:40   #574
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I'm not sure how accurate this is but multiple friends who have been through the process have said a viewing cycle is the normal time frame. So 4ish weeks. Anecdotally we have two bids from the same day. Heard back from both vendors within a week, both rejecting for being too low (4-5% under asking each). The cheaper of the two said we are highest bidders but vendors holding out for more and they would get back to us. Almost 2 weeks later we followed up by email.... No update to give. The other are rejecting outright and want another very close to asking which is too tight for us.

I would love to know eg if you pay another 10k we would go sale agreed but they just aren't giving anything away. I hoping to close a sale very very quickly. And rapidly losing hope in this whole process

Last edited by Queenio; 30-06-2020 at 19:41. Reason: Quote missing
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30-06-2020, 20:49   #575
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Quick one, for those who were having wages topped up by covid payments, (I believe my partners workplace were still paying 80% of her wages while they were forced close during the height of the pandemic), and has since returned to work, are we looking at being told to wait another while to re-apply?
I think as long as the Covid payment is gone off the wage slip you are ok.
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01-07-2020, 12:50   #576
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Hi,

I have seen the news about aib refusing applicants with covid payments but have they stopped exceptions also? I thought I saw a poster here saying they got an exception for LTI? I have AIP with PTSB and BOI but if AIB still are doing exceptions I might apply there also.

Thanks
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01-07-2020, 13:26   #577
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The bank says they'll have confirmed my mortgage by Friday, and I've just put a bid in for a house that I'd love. Crossing my fingers this goes smoothly, but we all know how likely that is!
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01-07-2020, 13:33   #578
lir6777
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Hi,

I have seen the news about aib refusing applicants with covid payments but have they stopped exceptions also? I thought I saw a poster here saying they got an exception for LTI? I have AIP with PTSB and BOI but if AIB still are doing exceptions I might apply there also.

Thanks
AIB are still doing LTI exemptions yeah
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01-07-2020, 14:31   #579
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AIB are still doing LTI exemptions yeah
EBS are also doing exceptions. Minimum income needed is €84,000 and are willing to give x4.5 income.
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01-07-2020, 14:42   #580
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EBS are also doing exceptions. Minimum income needed is €84,000 and are willing to give x4.5 income.
You may well be correct but just to note someone in EBS told me you need about 70k income to qualify- that seemed to be from playing around with the calculator though so your higher number might be what the underwriters actually look for
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01-07-2020, 15:13   #581
Astro127
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Well that really depends on the house!

30k would be a 10% deposit on a 300k house, which is a 270k mortgage. The repayments on that are in excess of 1000 euro per month.

As most of the deposit is not your own savings, there would need to be other ways of showing a consistent ability to service this mortgage. They stress test it so you would need to show that between rent and monthly savings, you are able to afford well in excess of the mortgage repayment amount.

If you talk to a mortgage provider they will look at your financial situation and give you a better idea of where you need to be in terms of deposit, savings and demonstrating your ability to repay.

Also, you might know this already, but be careful with the tax implications of such a gift. You are allowed a maximum of 3k per parent per year tax free in gifts. Anything more will have tax implications.


Thanks for the help. We are also thinking of waiting a year or two as we are not in a rush so to speak .

I have been thinking of buying a house now for around 200k just to rent If out . I still live at home so I see it as a long term investment which i will be looking into .

The rent from the house will pay off the mortgage and still make profit each month which can be used for saving for the house we will live in which will most likely be built on family land in kildare .

I know you need a 20% deposit for a second property
Again I see it as a long term investment.
Is it a stupid idea or would it be actually possible?

Any advice is welcome.
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01-07-2020, 15:27   #582
cant26
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You may well be correct but just to note someone in EBS told me you need about 70k income to qualify- that seemed to be from playing around with the calculator though so your higher number might be what the underwriters actually look for
Do you know if that is single or joint income? Seems very low for joint.
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01-07-2020, 15:31   #583
ELM327
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Do you know if that is single or joint income? Seems very low for joint.
70-80 for joint is the minimum you need for an exception.
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01-07-2020, 15:33   #584
Draco
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Originally Posted by Astro127 View Post
Thanks for the help. We are also thinking of waiting a year or two as we are not in a rush so to speak .

I have been thinking of buying a house now for around 200k just to rent If out . I still live at home so I see it as a long term investment which i will be looking into .

The rent from the house will pay off the mortgage and still make profit each month which can be used for saving for the house we will live in which will most likely be built on family land in kildare .

I know you need a 20% deposit for a second property
Again I see it as a long term investment.
Is it a stupid idea or would it be actually possible?

Any advice is welcome.
Have you factored in income tax on the rent (remembering that it is on the gross rent not rent less the mortgage)?
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01-07-2020, 16:07   #585
lir6777
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Do you know if that is single or joint income? Seems very low for joint.
That was single
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