Saving/Applying for a mortgage 2020-22 Edition

If I trade across or trade up to a new home with an existing mortgage, what will be owed to the current mortgage provider upon sale? I know it depends on the provider but just wondering in general is it the balance of the home value only or the full mortgage amount to term including interest?

Sorry for the stupid question, but is the balance in my account the value of the home mortgage or is it the value of the home mortgage plus the full term of interest?

Hi, have a question.

I'm currently looking and aware of a house that might be coming up for sale (right next to family home and parents so aware in advance), and I'm considering making an offer on it but I'm aware it's not in the best condition and would need some updating (it's been rented out for 15 years or so and house hasnt had anything really done to it since it was built in the 90s) so chances are I'll need to remodel most of it and get new kitchen, wardrobes etc.

What I'm thinking would be buying and just renting it out for 2 years or so in order to afford the remodelling, so just wondering how fine banks are with that?

I can likely afford the house (unless bidding goes insane) based on house purchases in the area recently but cant afford purchasing it and remodelling in one go, so I'd be either leaving it empty or renting out.

Would a bank look unfavourably on that or is that a bit normal?

Alternatively, I could do rent a room although probably need to work out exactly what constitutes a qualifying residence for that.

The bank will not be slowest part. I turned my AIP into full approval with bank within couple weeks. It took much longer for vendors solicitor to get contracts across to be reviewed. The legals was the slow part.

Similar situation as you are. All we’re waiting on is valuation report to be done with EBS. Everything else seems like a formality really. We’re in a triple chain so it’ll take a long time legal wise!

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.