Saving/Applying for a mortgage 2015/16/17/18/19

Santy2015 · 27-10-2015 9:36pm

Yeah thought as much. I want everything at hand to keep this as pain free as possible.

Ursus Horribilis · 27-10-2015 9:42pm

If you've held onto all your bank statements, credit card bills, payslips, P60s and utility bills, that's half the battle

Santy2015 · 27-10-2015 9:49pm

Yeah they're all online so all I need to is print off the bank statements, get the credit union to print off statements and I'll have my all my payslips online too so it's handy

27-10-2015 10:49pm

Do you even need statements printed off if you go through your own bank? I may be wrong but I thought a friend of mine mentioned something about it being very easy getting his mortgage through the bank that he always banked with as they already had all his info and could just look it up?

El_Dangeroso · 28-10-2015 10:23am

Azalea Screeching Padding wrote: »

Do you even need statements printed off if you go through your own bank? I may be wrong but I thought a friend of mine mentioned something about it being very easy getting his mortgage through the bank that he always banked with as they already had all his info and could just look it up?

No, my husband is with AIB and when we were applying with them they just needed my statements, not his.

Santy2015 · 28-10-2015 1:17pm

El_Dangeroso wrote:

No, my husband is with AIB and when we were applying with them they just needed my statements, not his.

that's perfect. Both with bank of Ireland so shouldn't be too bad. They seem to have the best rate that I've looked up so far. The house hunter and 2% back isn't bad either obviously that'll only compensate for the interest rates in the short term

MayBea · 30-10-2015 9:36am

Santy2015 wrote: »

that's perfect. Both with bank of Ireland so shouldn't be too bad. They seem to have the best rate that I've looked up so far. The house hunter and 2% back isn't bad either obviously that'll only compensate for the interest rates in the short term

For cashback offer, I think, BOI require the draw down before the 31st December 2015?
It also looks like they may seek refund of the payment if you moved you mortgage elsewhere within 5 years.

lainey316 · 30-10-2015 10:28am

I found BoI to be the worst rates - having got approval, the cost of credit with BoI is almost 100k more than the same loan amount from EBS (tho it is a slightly longer term).

However the process with BoI was so simple as they have all my accounts - I only had to fill the form and provide a salary cert. EBS process far more arduous.

the groutch · 30-10-2015 10:36am

are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???

Black_Knight · 30-10-2015 10:38am

the groutch wrote: »

are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???

Can always change provider away from BOI in 5 years time.

lainey316 · 30-10-2015 10:41am

the groutch wrote: »

are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???

No. I've already done the hard work with EBS. I'd go through it with another bank rather than pay BoI's extortionate rates.

My comment related to above posters querying ease of application / level of documentation required with applying to own bank.

Santy2015 · 30-10-2015 11:05am

I was only going by what was online, I will still probably go with Ebs but obviously going with bank of Ireland would be a lot easier as we are both with them

Alkers · 30-10-2015 10:45pm

Do the maths, with the cashback offer the BOI rate can become a lot more competitive, especially if you're willing to jump ship in 5 years.

Santy2015 · 31-10-2015 1:33am

I want people that have gone through with the new CB rules to give me the lowdown on what they had and who they found best to deal with? Even better if your in the cork/north cork area

Santy2015 · 08-11-2015 1:42am

Booking deposits, do you need to have full deposit amount to make a bid on a house?

L1011 · 08-11-2015 2:26am

Santy2015 wrote: »

Booking deposits, do you need to have full deposit amount to make a bid on a house?

Booking deposit is usually something similar to the fee the EA will charge the vendor rounded up. 2-3% would be normal. If you don't have this available, don't buy a house.

If you don't have the full (10-20%) deposit and associated costs available quickly when bidding you're probably not going to get a mortgage, though.

Lycoge · 08-11-2015 11:20am

Santy2015 wrote:

Booking deposits, do you need to have full deposit amount to make a bid on a house?

In our case, as we got the full approval before we had the full deposit & fees etc, our application included a "gift" of the shortfall. So for example, if you are say 5000 short, at the time you notify the bank if the property, you can tell the bank you are getting this amount gifted to you by a family member, and then continue to save until you no longer need the gift.

You need to be certain of what you will be able to save in a specific time frame for this to work and be clear that you won't actually close too early (before you have the full amount saved).

It worked for us as we agreed a closing date with the estate agent no earlier than end of October (on house we paid small deposit on early August). But this method does add pressure to the savings process. If you can hold off getting full approval before you inform the bank of the property details, you can avoid that pressure. If you do use this method, get that agreement of a "closing date no earlier than" in writing before you sign and exchange contracts. The builders solicitor wouldn't agree to that until we showed them the agreement that had been made on our behalf by the EA with the builder in writing.

Santy2015 · 08-11-2015 1:08pm

Ah I see, but hopefully we'll be ready come the start of match with our deposit, our plan is to go for mortgage approval in January and then start looking at houses, we do have our eye on an estate in the area we live already and with us saving 300euro a week plus, we should be fine, we'll keep saving that until we get the keys to whatever house we get. I'll be a sponge for information if anyone wants to keep adding to this thread. Thanks

Jen44 · 09-11-2015 9:25am

I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march

Black_Knight · 09-11-2015 10:12am

At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?

Santy2015 · 09-11-2015 11:23am

Jen44 wrote:

I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march

I know that with BOI you can get house hunters approval for 6 months as you around for a house, obviously you'll need your deposit if you want to draw down the mortgage and you get 6 more months then once you make a bid that's accepted

lainey316 · 09-11-2015 11:56am

Black_Knight wrote: »

At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?

Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.

Black_Knight · 09-11-2015 12:12pm

lainey316 wrote: »

Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.

Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner

09-11-2015 12:15pm

Jen44 wrote: »

I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march

Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.

Santy2015 · 09-11-2015 12:34pm

Armando Huge Bud wrote:

getting

Armando Huge Bud wrote:

Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.

Yeah I've heard of that too, so it'll probably be he way we'll go. But saying that we'd be roughly about 2.5k away from full deposit and stamp duty when we go for approval in January. That 2.5k will only take 8 weeks to save up with a bit extra if needed

abc_xyz · 09-11-2015 1:34pm

Black_Knight wrote: »

At what points do the bank look for proof of earnings?

I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?

Conditions of getting mortgage approval include (for permanent employees) being finished probation and in the job at least six months. I know some (TSB anyway), and I'd expect all banks (though maybe I'm wrong) will ask for proof your situation hasn't changed when it comes to actually getting the mortgage. If they see you changed jobs, as well as salary I don't think they'll give you the mortgage at that stage. I could be wrong of course but the banks are being more cautious/stringent on paperwork then they used to be back in 2008 (which is a good thing).

09-11-2015 1:59pm

Black_Knight wrote: »

Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner

If you could draw down the mortgage before changing jobs (and without telling the bank you are thinking of changing) I reckon that would be the easiest and fastest way to do things.

Once you have the house bought then there isn't anything stopping you changing jobs etc.

Santy2015 · 09-11-2015 11:11pm

This is fair whirlwind stuff we are going trough and at the same time not going too fast. Looking forward to it but absolutely scared sh**less by it at the same time. Anybody on the same boat as us? 26-30 FTB feel free to tell your experiences

Santy2015 · 24-11-2015 1:59pm

Just an update, herself and I have just come out of a meeting with our bank and will be applying for a mortgage the next few weeks. Got good news in terms of what we can borrow and that they'd help with finishing off a builders finish house, if we went that way. All in all very happy and they seemed very very positive

leelee77 · 24-11-2015 3:01pm

Great news Santy. You must be thrilled

leelee77 · 24-11-2015 3:04pm

Hi all,

I have a query and was wondering if someone could help me. We got approval in principle last week and currently bidding on a house. If we manage to go sale agreed do we need to provide the same information again for full approval (i.e. payslips, bank account statements, credit card statements etc) or can someone tell me what full approval entails.

Thanks in advance

Santy2015 · 24-11-2015 3:10pm

I have a query and was wondering if someone could help me. We got approval in principle last week and currently bidding on a house. If we manage to go sale agreed do we need to provide the same information again for full approval (i.e. payslips, bank account statements, credit card statements etc) or can someone tell me what full approval entails
I'm 90% you don't need to, bank told us we didn't even need to give p60's

Santy2015 · 24-11-2015 3:11pm

leelee77 wrote: »

Hi all,

I have a query and was wondering if someone could help me. We got approval in principle last week and currently bidding on a house. If we manage to go sale agreed do we need to provide the same information again for full approval (i.e. payslips, bank account statements, credit card statements etc) or can someone tell me what full approval entails.

Thanks in advance

Add your reply here, thanks leelee77

leelee77 · 24-11-2015 3:24pm

Santy2015 wrote: »

I have a query and was wondering if someone could help me. We got approval in principle last week and currently bidding on a house. If we manage to go sale agreed do we need to provide the same information again for full approval (i.e. payslips, bank account statements, credit card statements etc) or can someone tell me what full approval entails
I'm 90% you don't need to, bank told us we didn't even need to give p60's

So what do they look for with full approval then? If we go sale agreed do we just give them the house details then and that is that? Or will they look for other things?

Santy2015 · 24-11-2015 3:31pm

So what do they look for with full approval then? If we go sale agreed do we just give them the house details then and that is that? Or will they look for other things?[/quote]
You'll need to get a surveyors report done and they'll do a valuation of the house first before any funds are released, I know that you'll need to give w booking deposit to the EA. I think as long as you've approval in principle you've already given all your statements and such so I don't see why they'd need anything else. They'd probably want to see if you can pay the stamp duty and solicitor fees too

leelee77 · 24-11-2015 4:02pm

Santy2015 wrote: »

So what do they look for with full approval then? If we go sale agreed do we just give them the house details then and that is that? Or will they look for other things?

You'll need to get a surveyors report done and they'll do a valuation of the house first before any funds are released, I know that you'll need to give w booking deposit to the EA. I think as long as you've approval in principle you've already given all your statements and such so I don't see why they'd need anything else. They'd probably want to see if you can pay the stamp duty and solicitor fees too[/QUOTE]

Thanks Santy. That's great to know

Santy2015 · 24-11-2015 10:40pm

It's a good feeling, excited but bricking it at the same time haha

Flatzie_poo · 25-11-2015 12:01pm

Valuation (within 2 months of closing), surveyor's report, house & contents insurance and life assurance needed before funds released to name a few.

Jen44 · 25-11-2015 2:49pm

not all banks look for surveyors report. We just had to have a valuation done for the bank.

aka accounts 2010 · 25-11-2015 3:22pm

leelee77 wrote: »

Hi all,

I have a query and was wondering if someone could help me. We got approval in principle last week and currently bidding on a house. If we manage to go sale agreed do we need to provide the same information again for full approval (i.e. payslips, bank account statements, credit card statements etc) or can someone tell me what full approval entails.

Thanks in advance

If you're bid is successful, you will first need to pay a booking deposit to the EA, usually a certain % of the sale price. You must have these funds yourself and not be part of bank borrowings.

The EA will then issue correspondence to you, the seller, the solicitors on both sides and the bank confirming sale agreed price etc.

You will also need to provide details of the property to the bank to make sure all is correct, often over the phone (sale agreed price, address of property, EA details, Solicitor details etc etc etc).

The bank will then often review the property online and a valuation will be performed by a third party valuer and sent directly to the bank.

You should then arrange for a Engineer to review the property in detail and issue you with a report. Most banks don't request this but it's VITAL that you get this done for your own piece of mind. Its 200-500 Euro and is the best money you'll every spend. My report was 20 pages and had huge amounts of detail even though there wasn't one issue with the house/land.

If the banks checks on the property and valuation report are satisfactory, you will be requested to call into the bank or third party (depending on bank policy) to arrange various Life Assurance, House Insurance, Illness cover etc etc etc. Once this is all completed, a formal letter of offer will be issued to you detailing all the specific financial and legal aspects of the mortgage. Copies also go to your solicitor.

This document will usually cover a period of 3, 6 or 9 months from the date of issue and the sale must be closed in this time, otherwise it will be necessary to re-submit all documents (payslips, bank statements etc)

Separate documents are issued from the life assurance and insurance companies.

It is then up to the solicitors to do their work. Be prepared for this to take anywhere from 4 weeks and UPWARDS depending on how organised everyone else is! There is alot of work in this stage and be prepared for alot of hold-up's and unanswered phone calls/emails. It's the system and there is nothing you can do about it.

You will need to pay 10% of sale price (less deposit already paid to your solicitor in this period).

Once the solicitor is happy to sign off, they will set a closing date with all parties and then send an application to the bank for the loan cheque to be issued. (usually received a day or two before keys are handed over).

You will then be asked by the solicitor to sign contracts and other documents. These will then be given to the sellers solicitor who will arrange for the seller to sign. ONLY WHEN THIS HAPPENS IS THE SALE COMPLETE. Full balance due on the sale is then paid.

Keys are then handed over.

Solicitor then sends you a bill which usually includes Stamp Duty due. Solicitor pays SD to Revenue on your behalf and documents are filed with the relevant authorities.

lawred2 · 25-11-2015 3:24pm

Azalea Screeching Padding wrote: »

I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.

we waited 5 months for two sofas to come from Next

we ordered 3 months before moving in which lessened the wait time

our bed took 10 weeks from DFS

lawred2 · 25-11-2015 3:28pm

Santy2015 wrote: »

It's a good feeling, excited but bricking it at the same time haha

we bought our first place in May

It's a great time

Best of luck to you both

lawred2 · 25-11-2015 3:42pm

Jen44 wrote: »

not all banks look for surveyors report. We just had to have a valuation done for the bank.

was it a new build?

Jen44 · 25-11-2015 4:50pm

no its an old house built in the 60's but the lender didn't ask for surveyors report they just sent a valuer which we paid for. Our solicitor did advise us to get an additional surveyors report but we decided not to.

lawred2 · 25-11-2015 4:52pm

Jen44 wrote: »

no its an old house built in the 60's but the lender didn't ask for surveyors report they just sent a valuer which we paid for. Our solicitor did advise us to get an additional surveyors report but we decided not to.

yikes

that surveyor's report is more for your piece of mind than the bank's really

hope everything is ok

Jen44 · 25-11-2015 4:56pm

Yea we did uncover one or two small issues- an asbestos roof on a shed and water leaking into the garage so we've had to have that roof re felted. But nothing major that would have caused us to pull out of the sale. It would have took something pretty serious and obviously wrong with the house for us to pull out the location was too perfect for us, my parents live on the same road so I grew up on. But it was a risk to take no denying it!

lawred2 · 25-11-2015 4:58pm

Jen44 wrote: »

Yea we did uncover one or two small issues- an asbestos roof on a shed and water leaking into the garage so we've had to have that roof re felted. But nothing major that would have caused us to pull out of the sale. It would have took something pretty serious and obviously wrong with the house for us to pull out the location was too perfect for us, my parents live on the same road so I grew up on. But it was a risk to take no denying it!

good to hear

Santy2015 · 25-11-2015 6:38pm

lawred2 wrote: »

we bought our first place in May

It's a great time

Best of luck to you both

Thanks, it won't be long coming around

Logicost31 · 27-11-2015 12:01pm

A question about savings/deposit. We've been saving hard (first time buyers) and by payday the end of January we should have enough saved to cover the deposit and the stamp duty. At that point are we ready to go to the banks?
I'm working off the theory that applying, looking, buying etc will take multiple months from that point, which will give us time to save the rest of the money we'll need for solicitors fees, surveys, basic initial furnishing etc.
Does that sound reasonable, or should we continue to save for a few more months before officially starting the process?

Jen44 · 27-11-2015 1:41pm

sounds reasonable!

Saving/Applying for a mortgage 2015/16/17/18/19

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