Saving/Applying for a mortgage 2020-22 Edition

Anyone here that is on a carers payment or their spouse?

PTSB asking an awful lot of pointless questions imo.

We sent in my gov statements in the beginning , detailing my partners payments and frequency.

Now they have come back wanting to know the nature of my childs illness, the term of the payment, and that my partner is allowed work 18 hours ( anyone that claims carers is allowed work 18.5 hrs , this is common knowledge or can be easily found out without looking for a letter from the social welfare confirming same) . They also want to know what payments she is on and amounts ( already sent this).

Just seems like a lot of hassle considering they made it clear they DONT take her carers allowance into account when doing the figures.

Exactly. They are literally getting us to jump through hoops for something that wont impact the mortgage.

The broker cannot shed any light as to why they are looking for so much info either.

Its extremely difficult to even get through to Social welfare on the phone, and then to ask them to write a bespoke letter detailing the different points they want addressed.

I'm open to correction here but that doesn't make sense to me. You can only be classed as a second time buyer if you have already taken out a mortgage for a property in the past.

LTV is always higher for second time borrower surely unless things have changed recently

Has anyone experience in a refusal due to overdraft? It is the only thing i'm worried about and although we have AIP with AIB (both our primary bank), I understand that their AIP is based on nothing really.

I regularly use my overdraft but it is cleared bi-weekly and the small loan I do have (3k as things stand) has never seen a payment missed. Jointly we have about 20k in savings and 30k htb, plus we pay rent monthly without fail that amounts to more than our mortgage monthly at the current highest rate.

We're all good I think other than my overdraft. Overdraft has been pre-arranged, i'm not overdrawing without the facility.

We are in a similar boat, we were hit with the last hike and really hoping not to be hit with this one. We are buying a second hand property so as far as I can see we have everything in order. Contracts signed, mortgage protection and home insurance are now in place, all mortgage documentation signed and our solicitor has requested the drawdown yesterday. They advised it can take up to 14 days for receipt of funds to their client account. With Good Friday and Easter Monday Im a bit worried, but hopefully will be in time. Was in touch with our BoI mortgage advisor and he has said he doesnt need anything additional from us at the moment, we were expected to be asked for recent payslips so will have them at the ready.

Friends of ours are in the same position, and their request went in last week so they are a few days ahead of us, so once their funds come through will be hopefully ours wont be too far after all going well.

At the 11th hour on the last increase other friends of ours were drawing down and bank said they were missing a document, which their solicitor has said was sent in, so they had to have it re-signed and resubmitted, thankfully they got it in just in time, so really hoping the same doesnt happen in our case.

Will keep you posted! Would love to hear from others in same position and how long it took

It's stressful. The house isn't finished yet, but we're told it should be ready in 2 weeks. We have everything submitted also and our solicitor has requested funds on May 2.

Hopefully we make the deadline now. It's the uncertainty that's a killer.

Hi Guys,

Looking into moving home and selling our current home. Anyone any insight on the whole buying/selling at the same time thing - do the banks require the deposit again or do they agree to let you use the money from the sale of current house? I know all the stars need to align but we won’t have any trouble selling current home as it’s a new build and it’s worth more than the mortgage that’s on it

Currently saving for deposit (post divorce), just checked my credit report and twice during past 5 years I exceeded €700 agreed overdraft (closed in October 2022), I have otherwise clean report of mortgage payments (no longer on mortgage) l. Will this overdraft issues prevent me getting loan approval?

After our docs seemingly going missing, they are finally on the BoI system, 1.5 weeks after posting. Hopefully process will be swift from here now

I would do 5 years fixed it I was you. My 2c

We are going 5 year fixed also. I guess its very hard to know, but for us the certainly of the repayment amount over a 5 year period gives some kind of comfort, with the hope that after the 5 years the interest rates will hopefully be on the way down, but who can tell really

Really? - Higher than their fixed rates?? Care to name one of the banks you're taking about?

AIB have the worst fixed rates currently for 4 years fixed. Green rate is 3.95 and general rate is 4.3%. BOI in comparison is 3.4 and 3.7 respectively. Haven, PTSB, Avant and EBS also lower than AIB rates.