Saving/Applying for a mortgage 2020-22 Edition

Creamy Goodness · 23-11-2020 1:08pm

klose wrote: »

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

the stock response I have for life insurance/mortgage protection... start looking yesterday.

whatever76 · 23-11-2020 1:24pm

no harm shopping around and start looking now. Esp for life insurance as it can have its delays if any health complications. They dont kick in until drawdown anyway so no harm having them complete and ready to go in the background.

23-11-2020 4:10pm

klose wrote: »

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

You can start looking, agree to the policy, and have it start on some arbitrary date in the future. If the sale is quicker or slower than expected just change the date. I'd start looking ASAP.

klose · 23-11-2020 6:18pm

Thanks lads, meeting with our mortgage advisor now set up in the bank to iron out the last few bits.

VonVix · 23-11-2020 10:16pm

I got the keys to my first home today.

I cannot stress enough the importance of having a good solicitor.
Read your solicitors reviews, that was a major reason why we chose the individual that we did. Ours was a joy to deal with and minimized the stress during the process as much as she could, she was on the ball and extremely good at communicating.

We tried (and failed, there was a plumbing issue with the house we weren't happy with that was undisclosed until we went sale agreed) in buying a home 3 years ago, the solicitor we were dealing with then was all about the money and made the process very stressful.

Markitron · 24-11-2020 9:13am

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

brisan · 24-11-2020 9:18am

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can request 3 months , 6 months 9 months statements whenever you want
Some banks may charge a fee
AIB have in bank machines for printing off statements
Quality is poor so I am not sure if banks will accept them
Have you tried AIB for a mortgage ?

thebiggestjim · 24-11-2020 9:26am

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can call them and they will create an up-to-date e-statement for you. It will be available through your AIB online account tomorrow.

Markitron · 24-11-2020 9:45am

brisan wrote: »

You can request 3 months , 6 months 9 months statements whenever you want
Some banks may charge a fee
AIB have in bank machines for printing off statements
Quality is poor so I am not sure if banks will accept them
Have you tried AIB for a mortgage ?

thebiggestjim wrote: »

You can call them and they will create an up-to-date e-statement for you. It will be available through your AIB online account tomorrow.

Thanks guys

Renjit · 24-11-2020 10:14pm

Markitron wrote: »

Starting to put my documents together now and have kind of a stupid question, need 6 months of bank statements but my last bank statement was issued in June. I will be issued one next month but can I request one from my bank if I want it now?

AIB FWIW

You can request new statement from mobile/internet banking for AIB. It will be available next day or so. No need to call them for this.

Apocalypse3 · 26-11-2020 7:58pm

I have similar question as one of the previous posters, but my bank is PTSB.

If I want exact 6 month bank statements for example from 26th of May until today 26th of November, do I need to call them? I don't see option to take exact 6 month statements on the online app

(( I need it cause I gambled and want to take mortgage as quickly as possible and want to avoid it being on the statements.

Thanks a lot folks

Exclamation Marc · 26-11-2020 8:01pm

Apocalypse3 wrote: »

I have similar question as one of the previous posters, but my bank is PTSB.

If I want exact 6 month bank statements for example from 26th of May until today 26th of November, do I need to call them? I don't see option to take exact 6 month statements on the online app (( I need it cause I gambled and want to take mortgage as quickly as possible and want to avoid it being on the statements.

Thanks a lot folks

On Open24 on a browser you can order a postal statement and it'll be from your last statement to the day prior to requesting it. Will come in post but appear as an estatement within two days if you have them enabled.

If you want specific dates, you need to call.

brisan · 26-11-2020 8:02pm

Apocalypse3 wrote: »

I have similar question as one of the previous posters, but my bank is PTSB.

If I want exact 6 month bank statements for example from 26th of May until today 26th of November, do I need to call them? I don't see option to take exact 6 month statements on the online app (( I need it cause I gambled and want to take mortgage as quickly as possible and want to avoid it being on the statements.

Thanks a lot folks

Did you gamble in May
Get a statement from 1st may till present or just wait till 1st Dec

Foodie2012 · 26-11-2020 11:30pm

Looking for advice from anyone who availed of the cashback offer from PTSB recently?
We're due to close in the next couple of weeks and wondering how long it would take to get the cashback? Has anyone recently been in this position and how long were you waiting to get it?
Hoping to have it in time to pay for all the balances on the furniture. Thanks!

mojesius · 26-11-2020 11:48pm

Foodie2012 wrote: »

Looking for advice from anyone who availed of the cashback offer from PTSB recently?
We're due to close in the next couple of weeks and wondering how long it would take to get the cashback? Has anyone recently been in this position and how long were you waiting to get it?
Hoping to have it in time to pay for all the balances on the furniture. Thanks!

We got the cashback from PTSB 1 month after drawdown, seemed to correlate with first mortgage payment paid.

bulmersgal · 27-11-2020 4:19am

Finally got approved from Finance Ireland for exception on Monday for a new build just waiting on them to do a valuation and send loan pack. Longest 7 weeks ever!

Waiting to hear from BOI/UB but my application only went in 2 weeks ago to them.

Solicitor won't let me sign until I have loan pack..so frustrating

Yyhhuuu · 27-11-2020 4:30am

bulmersgal wrote: »

Finally got approved from Finance Ireland for exception on Monday for a new build just waiting on them to do a valuation and send loan pack. Longest 7 weeks ever!

Waiting to hear from BOI/UB but my application only went in 2 weeks ago to them.

Solicitor won't let me sign until I have loan pack..so frustrating

Your solicitor is correct.

Why would you sign a contract unless finance is guaranteed. You could be sued for specific performance if you couldnt complete the contract as the finance fell through.

bulmersgal · 27-11-2020 4:39am

Yyhhuuu wrote: »

Your solicitor is correct.

Why would you sign a contract unless finance is guaranteed. You could be sued for specific performance if you couldnt complete the contract as the finance fell through.

Ah no I understand it's just the anxiety of wanting to sign to ensure the house is mine as naturally worried developer will be on wondering why I haven't signed yet.

Financesetc. · 27-11-2020 12:11pm

bulmersgal wrote: »

Ah no I understand it's just the anxiety of wanting to sign to ensure the house is mine as naturally worried developer will be on wondering why I haven't signed yet.

Buy what you can afford to repay or buy what the bank will give you. Tough one. Banks give yoi way more than you need. We were offered a mortgage on a purchase price up to 380k with 50k saving as a deposit. Madness

Whodanoob · 27-11-2020 1:50pm

Does anyone know, if I get a variable rate mortgage and I use the help to buy scheme, and put a 30% deposit down, including the 10% htb grant, can I then pay another chunk of money off the mortgage after that is all done?

antimatterx · 27-11-2020 3:28pm

Hi

Do banks give mortgage exemptions on a 1 bed apartment? I'm looking at one in Dublin, and I have a 20% deposit, along with stamp duty and legal fees.

However, I need an exemption. Are banks willing to use exemptions on 1 beds?

G_R · 27-11-2020 9:30pm

Whodanoob wrote: »

Does anyone know, if I get a variable rate mortgage and I use the help to buy scheme, and put a 30% deposit down, including the 10% htb grant, can I then pay another chunk of money off the mortgage after that is all done?

Yeah you can overpay without penalty on a variable rate mortgage

G_R · 27-11-2020 9:34pm

antimatterx wrote: »

Hi

Do banks give mortgage exemptions on a 1 bed apartment? I'm looking at one in Dublin, and I have a 20% deposit, along with stamp duty and legal fees.

However, I need an exemption. Are banks willing to use exemptions on 1 beds?

Thats not really a question anyone will be able to answer with certainty.

It really depends on the bank and your own circumstances. I will say though, the assessment for an exemption is done on the applicant, not the security.

You would really need to call the bank and see to be honest.

d00mk1n · 27-11-2020 11:03pm

antimatterx wrote: »

Hi

Do banks give mortgage exemptions on a 1 bed apartment? I'm looking at one in Dublin, and I have a 20% deposit, along with stamp duty and legal fees.

However, I need an exemption. Are banks willing to use exemptions on 1 beds?

They would rather it was a 2 bed

misstyc · 28-11-2020 12:12pm

Got told by BOI I could only borrow 85% ltv (first time buyer) on an apartment outside dubllin even though its 2 bed. Is this a thing across all the banks? discriminating by location in Ireland as i would have gotten 90% ltv if it ws dublin?

DubLad69 · 28-11-2020 12:29pm

misstyc wrote: »

Got told by BOI I could only borrow 85% ltv (first time buyer) on an apartment outside dubllin even though its 2 bed. Is this a thing across all the banks? discriminating by location in Ireland as i would have gotten 90% ltv if it ws dublin?

Yes, but in Dublin you would be paying double the price.

misstyc · 28-11-2020 12:49pm

DubLad69 wrote: »

Yes, but in Dublin you would be paying double the price.

its madness though, not sure i get the logic especially since i can also get 90% ltv if it was a house outside dublin.

GingerLily · 28-11-2020 1:51pm

misstyc wrote: »

its madness though, not sure i get the logic especially since i can also get 90% ltv if it was a house outside dublin.

They know how much they lose on these properties when there's a market crash, so they adjust the LTV requirements accordingly.

NewApproach · 28-11-2020 11:28pm

What sort of exemptions are the banks generally considering these days? For context, I would be looking for a 4.5x exemption whilst still taking 90% LTV - as far as I know BOI and AIB consider this, whereas PTSB will only allow an exemption above 3.5x where there the LTV is no more than 80%.

Any general views?

EO2019 · 29-11-2020 12:05am

Hard to know. I’m waiting for a decision on a LTV exemption. Second time buyer need 85% LTV but on looking for 3 times LTI

Yyhhuuu · 29-11-2020 12:59am

How much can you save a year? I expect a lot more with Covid. I have saved €20k over the last 12 months quite easily on about €26k net income. My income should increase to €34k net next year when I hope to save €28k per annum.

narodvale · 29-11-2020 1:10am

Yyhhuuu wrote: »

How much can you save a year? I expect a lot more with Covid. I have saved €20k over the last 12 months quite easily on about €26k net income. My income should increase to €34k net next year when I hope to save €28k per annum.

Didn’t you post about how much you save just the other day?
Are you asking again how much others save?

fin12 · 29-11-2020 1:22am

Yyhhuuu wrote: »

How much can you save a year? I expect a lot more with Covid. I have saved €20k over the last 12 months quite easily on about €26k net income. My income should increase to €34k net next year when I hope to save €28k per annum.

Ya U said that all ready, but haven’t said how exactly u make this saving? I asked before have u Netflix? Clothes? Do u literally deprived ur self of everything. I’m trying to save aswell so any tips is helpful.

GoldenSlumbers · 29-11-2020 1:45pm

hey guys. I know for mortgage approval they want to see you save money monthly. even if it's something like 300 (on top of what you're already paying for rent). But I was wondering, do you regular savings need to be at an Irish bank? Or can it be international?

Also does it make a difference if say I save the money at Bank Of Ireland and then apply for a mortgage with a different bank. Or would they rather you save at the bank that you want to get the mortgage at?

NewApproach · 29-11-2020 7:58pm

GoldenSlumbers wrote: »

hey guys. I know for mortgage approval they want to see you save money monthly. even if it's something like 300 (on top of what you're already paying for rent). But I was wondering, do you regular savings need to be at an Irish bank? Or can it be international?

Also does it make a difference if say I save the money at Bank Of Ireland and then apply for a mortgage with a different bank. Or would they rather you save at the bank that you want to get the mortgage at?

I wouldn't expect they would care what bank you are saving into, once you can demonstrate you are properly saving the funds and not dipping into them.

Marty1983 · 29-11-2020 10:10pm

We just got the mortgage loan offer, signed it this evening.

All they now require is valuation, house insurance and life insurance. I am going through BOI, what is the likely time frame here if i can get everything ASAP to the cheque being written?

Thanks

M

Yyhhuuu · 30-11-2020 2:05am

fin12 wrote: »

Ya U said that all ready, but haven’t said how exactly u make this saving? I asked before have u Netflix? Clothes? Do u literally deprived ur self of everything. I’m trying to save aswell so any tips is helpful.

Hi, it's easy when no rent and few outgoings. I appreciate not many in this fortunate position. I dont have netflix. I have so many clothes I stopped buying ages ago
My advice is to look at your bank statement to see where your money is going. Do you need gym membership if you rarely go. Etc etc.

Differenciate between needs and wants. Ask yourself do I need this? If it's an expensive item, and youre impulsive, dont buy straight away sit on it for 24 hours and you may be glad you didnt buy especially if expensive. shop around for bargains. All my food is reduced to clear.
Eating out / drinking regularly? That's a total waste of money plus the food is very unhealthy full of fat and salt. Only eat out occasionally as a treat. You will be amazed at the saving and cooking is very enjoyable. I can prepare a main course for about 60c. I had chicken today. Homemade soup about 10c. I avoid all processed foods, if possible. I dont drive as I live near the city. My outgoings per month are very limited e.g.. €9.99 for phone, no separate broadband.
I spend about €4 on average per day buying food, etc much of which is then frozen for the weeks ahead. Before Covid I used to travel abroad 3 or 4 times a year on budget European holidays.

I drip feed my savings into multiple regular savings accounts. I recommend Ulster Bank home saver, they pay 0.85% gross. I moved my banking to KBC as it's free if you lodge 2k per month. KBC regular saver pays 0.55% gross now so I'm getting money from them. ( I left Bank of Ireland as my fees increased from €20 per year to €72. So F.U. BOI! )EBS also have a FREE current account but POOR INTERNET BANKING. as regards Electricity I switched to SSE Airtricity and got €200 free credit welcome from them. I look for freebies a the time but very little in Ireland compared to the UK

Finally good luck to everyone saving for a deposit...

Renjit · 30-11-2020 2:36am

GoldenSlumbers wrote: »

hey guys. I know for mortgage approval they want to see you save money monthly. even if it's something like 300 (on top of what you're already paying for rent). But I was wondering, do you regular savings need to be at an Irish bank? Or can it be international?

Also does it make a difference if say I save the money at Bank Of Ireland and then apply for a mortgage with a different bank. Or would they rather you save at the bank that you want to get the mortgage at?

They may ask for credit report from international bank/country.

30-11-2020 2:57am

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?

Graham · 30-11-2020 3:26am

Where will 'herself' be resident for tax purposes/paying tax? My guess is; that will be the influencer.

Farrell D · 30-11-2020 3:32am

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 .

Renjit · 30-11-2020 4:01am

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.

sandman1212 · 30-11-2020 11:26pm

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.

donnaille · 30-11-2020 11:50pm

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.

BrentMused · 01-12-2020 4:11pm

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.

Starlord_01 · 01-12-2020 4:22pm

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.

jimmy86 · 01-12-2020 4:24pm

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!

L1011 · 01-12-2020 4:25pm

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

nerrad01 · 01-12-2020 4:54pm

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

clayfarm1234 · 01-12-2020 7:25pm

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

Saving/Applying for a mortgage 2020-22 Edition

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