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Saving/Applying for a mortgage 2020-22 Edition

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    #2792
    ELM327
    Registered Users Posts: 21,358 ✭✭✭✭ELM327


    Avoid PTSB, they are really slow. We got approved with them. AIB were one of the fastest - we're just approved with them too and waiting on feedback for LTV exception.

    BOI was who I used last time (3+ years ago) and they were very quick.


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    #2793
    pooch90
    Registered Users Posts: 2,369 ✭✭✭pooch90


    We got AIP with PTSB in November within 3 days! When other lenders were taking up to 6 weeks


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    #2794
    recyclebin
    Registered Users Posts: 3,501 ✭✭✭recyclebin


    PTSB and KBC no longer giving LTI exemptions according to Indo article today.


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    #2795
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    We have AIP from PTSB and have picked a house with 5,000 euro deposit paid. Broker is now saying that they might not pay out because my current employer is still on the EWSS.

    I am starting a new job on the 14th of June (no probation period). This new company are not on the list of companies who availed of the EWSS as far as I can see on the Revenue site.

    I have asked my current employer for a letter explaining my job is not affected by EWSS (last month I got a raise).

    Getting a bit anxious now tbh. As soon as the developers receive the 5,000 there will only be 21 days to sign the contract.

    Is there anything else I can do apart from getting that letter from my current employer?


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    #2796
    EO2019
    Registered Users Posts: 161 ✭✭EO2019


    Sale agreed on 13th of this month. Valuation done and loan pack issued yesterday. Our solicitor has received contract form vendors solicitor. Hoping to be in by the end of July 🤞🏻


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    #2797
    dkav9
    Registered Users Posts: 46 ✭dkav9


    dkav9 wrote: »
    Has anyone had to verify remote work capabilities for a mortgage? What kind of questions are asked and how did it go?

    Anyone have any info on this? Thanks

    Also I've heard that some banks require a higher deposit for a house that's not based in one of the cities, can anyone confirm this?


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    #2798
    thegreatescape
    Registered Users Posts: 420 ✭✭thegreatescape


    EO2019 wrote: »
    Sale agreed on 13th of this month. Valuation done and loan pack issued yesterday. Our solicitor has received contract form vendors solicitor. Hoping to be in by the end of July 🤞🏻

    Wow, this is so quick! Can I ask which bank this is with? I've been sale agreed since April 23rd, valuation was only completed last week and I'd say I'll be waiting on the loan offer for a good while yet. My solicitor has also received contracts from the vendor's solicitor so I'm hoping once I get my loan offer that things can move quickly after this.


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    #2799
    EO2019
    Registered Users Posts: 161 ✭✭EO2019


    ICS have to say they’ve been on the ball from initial query all the way through.


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    #2800
    thegreatescape
    Registered Users Posts: 420 ✭✭thegreatescape


    EO2019 wrote: »
    ICS have to say they’ve been on the ball from initial query all the way through.

    Fair play, I'm with Finance Ireland and initially they were very quick but seems to have slowed the pace since I've gone sale agreed (quite frustrating). Congratulations!


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    #2801
    EO2019
    Registered Users Posts: 161 ✭✭EO2019


    We didn’t go through a broker went direct to them so that may have made things a bit faster.


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    #2802
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    dkav9 wrote: »
    Anyone have any info on this? Thanks

    Also I've heard that some banks require a higher deposit for a house that's not based in one of the cities, can anyone confirm this?

    Haven't done it myself but have seen people say they were required to get a letter from their employer to say they would be able to work from home permanently. From memory it was an over 2 hour commute.

    I have also heard of someone being required to give a 20% deposit for somewhere in Cavan I think, but no idea of the details I'm afraid.

    I think once you're not out in the absolute sticks and your commute is something someone sane would consider you'll be fine.


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    #2803
    dkav9
    Registered Users Posts: 46 ✭dkav9


    Emma2019 wrote: »
    Haven't done it myself but have seen people say they were required to get a letter from their employer to say they would be able to work from home permanently. From memory it was an over 2 hour commute.

    I have also heard of someone being required to give a 20% deposit for somewhere in Cavan I think, but no idea of the details I'm afraid.

    I think once you're not out in the absolute sticks and your commute is something someone sane would consider you'll be fine.

    Thanks for this!

    I would be looking at a > 2 hour commute myself, but it's in a rural town. Did they mean permanently as in 5 days a week? Or just indefinitely going forward?

    The 20% deposit might be tough to get around though...


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    #2804
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    Just apply to lots of different institutions, they all have different rules and preferences so not all will care about distance or want a higher deposit

    Not sure on the wfh but they definitely needed it to be on a formal basis and not just for covid times.

    Basically they think that people will be used to working from home and buy houses based on that and then get called back to the office and not be able to hack a 5 hour round commute every day so they'll end up leaving their jobs and try get something local which may affect repayment ability


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    #2805
    dkav9
    Registered Users Posts: 46 ✭dkav9


    Thanks for the info Emma. Applying through a broker so hopefully they'll be able to swing something for me.


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    #2806
    Pinsnbushings
    Registered Users Posts: 772 ✭✭✭Pinsnbushings


    ELM327 wrote: »
    Avoid PTSB, they are really slow. We got approved with them. AIB were one of the fastest - we're just approved with them too and waiting on feedback for LTV exception.

    BOI was who I used last time (3+ years ago) and they were very quick.

    +1 on BOI to be fair to them, I had approval in principal from them and went sale agreed last week, got all my documentation across to them on Thursday and have a letter of offer by email from them this evening..couldn't believe it to be honest, was expecting at least some queries or other. I hope there won't be any snags before drawing down now.


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    #2807
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    EO2019 wrote: »
    Sale agreed on 13th of this month. Valuation done and loan pack issued yesterday. Our solicitor has received contract form vendors solicitor. Hoping to be in by the end of July 🀞ðŸ»

    Congratulations :)


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    #2808
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    Has anyone skipped over formal AIP and gone straight to full loan offer succesfully?

    We have "Househunters AIP" (which they give you after a detailed phone consultation and review of some, but not all, documents). All the info we gave them is accurate so we would like to push on straight to full loan offer due to time constraints. Any feedback on this much appreciated!


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    #2809
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Ash3011 wrote: »
    Has anyone skipped over formal AIP and gone straight to full loan offer succesfully?

    We have "Househunters AIP" (which they give you after a detailed phone consultation and review of some, but not all, documents). All the info we gave them is accurate so we would like to push on straight to full loan offer due to time constraints. Any feedback on this much appreciated!

    They'll do it as soon as you give them an address of a property you wish to purchase, but you may need contracts in place with seller first (I can't remember exactly).


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    #2810
    klose
    Registered Users Posts: 11,483 ✭✭✭✭klose


    Ash3011 wrote: »
    Has anyone skipped over formal AIP and gone straight to full loan offer succesfully?

    We have "Househunters AIP" (which they give you after a detailed phone consultation and review of some, but not all, documents). All the info we gave them is accurate so we would like to push on straight to full loan offer due to time constraints. Any feedback on this much appreciated!

    AIP is to bid on houses with, full loan offer is only given after a bid is accepted and the solicitor has done all this work, I don't see how you can skip the AIP stage?


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    #2811
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    If you're sale agreed you can go straight to loan offer rather than apply for AIP at all, but I'm not sure if all institutions will do that.

    Your house hunters AIP is fine to go to loan offer with, they will ask for the same documents anyway


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    #2812
    Dodge
    Registered Users Posts: 10,153 ✭✭✭✭Dodge


    A friend watched this and found it informative. It may help some. A webinar from ICS mortgages on public service mortgages. They have someone from Sherry Fitzgerald on too

    https://youtu.be/U4D_qhlyDaM


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    #2813
    coil1985
    Registered Users Posts: 225 ✭✭coil1985


    How long does it usually take from the time the property developer receives your initial deposit and the time your solicitor receives the contract?

    Also is it possible to delay the signing of the contracts or will the property developer move onto someone else if there is any delay?


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    #2814
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    I’m surprised not many people are mentioning Avant Mortgages. They have the lowest rates so I wonder why there’s not much mentioned, maybe they’re useless/hard to deal with or take weeks to get AIP?


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    #2815
    Milena009
    Registered Users Posts: 133 ✭✭Milena009


    Green Mile wrote: »
    I’m surprised not many people are mentioning Avant Mortgages. They have the lowest rates so I wonder why there’s not much mentioned, maybe they’re useless/hard to deal with or take weeks to get AIP?

    Correct me if I am wrong but as far as I remember they do not do 90 LTV for example, so for me ( first time buyer) they weren't an option


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    #2816
    Green Mile
    Registered Users Posts: 494 ✭✭Green Mile


    They do the 90 LTV too
    https://www.avantmoney.ie/mortgages/rates


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    #2817
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Milena009 wrote: »
    Correct me if I am wrong but as far as I remember they do not do 90 LTV for example, so for me ( first time buyer) they weren't an option

    They do. But they only work with select brokers, they’re not available in every county and they don’t offer exemptions

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



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    #2818
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Green Mile wrote: »
    They do the 90 LTV too
    https://www.avantmoney.ie/mortgages/rates

    KBC offer the same rate and give cashback.

    Avant only helps people who already bought a cheaper home years ago. Buyers entering the market ****ed over even more.


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    #2819
    Ash3011
    Registered Users Posts: 8 ✭Ash3011


    Thanks all.

    Anyone waiting on the Title Deeds to be sent to solicitor? Does it really take 5 weeks?!?


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    #2820
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    Ash3011 wrote: »
    Thanks all.

    Anyone waiting on the Title Deeds to be sent to solicitor? Does it really take 5 weeks?!?

    Banks are taking 6-8 weeks to release them at the mo. Covid and them being off site is the excuse.


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    #2821
    Red Silurian
    Registered Users Posts: 8,368 ✭✭✭Red Silurian


    We have mortgage approval in principle on the condition that we pay off a personal loan costing us €290 a month

    We are saving €1500 a month and mortgage repayments on their current rate is less than €1000... I get that there's a stress test but are we really expecting a 1k a month mortgage to eventually rise to €1790?


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