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

tony1980 · 22-12-2016 11:22am

lbyrne121 wrote: »

But is there any point in wasting a brokers time when I read on all banks websites that they will not give a mortgage to someone on probation period?

A quick phone call to a broker will get you your answer. They won't mind you ringing and explaining your situation and will give you advice then on the best course of action.

Flatzie_poo · 22-12-2016 2:17pm

lbyrne121 wrote: »

can someone please give me any advice..

My husband has been in employment for over 7 years but left his job for a better job 6 months ago, went from lecturer (public sector) to sales in science (private sector).. He went into get his salary certificate completed and his probation is actually 12 months! for some stupid reason he thought it was 6 months.. We have seen a house that we really want but I was wondering what are the chances of getting a mortgage if I am in permanent job for 6 years and he is on probation (they stated on the salary certificate that he will be made permanent at the end of his probation).

Can someone tell me is there any point in going to the banks or will it be a definite no?

I would really appreciate any advice

I'm getting serious deja vu here... I know you're worried - but it has been answered previously.

lbyrne121 wrote: »

my husband is out of his probation at the start of next month and we are considering going for a mortgage. He has been in continuous employment for 8 years in the public sector (science lecturer), however he left that job for a better paid job as a Science sales Specialist (private sector)... What are the chance of getting a mortgage if you are just out of probation given these circumstances? Any advice would be greatly appreciated

listermint wrote: »

have you not asked this question before this week several times ? it looks seriously familiar...

Michael D Not Higgins wrote: »

MOD: lbyrne, I'll ask you to please not post the same question over and over again. You have had the same question repeatedly posted numerous times in this forum and others with the same advice. We will not be able to give you any more guidance than what has already been posted. You will have to talk to a bank or broker about your specific circumstances.

sadie1502 · 22-12-2016 2:27pm

Really you need to speak with a broker. Just ring one. You will get the correct information and will then be able to decide what to do.

witzky · 22-12-2016 2:54pm

lbyrne121 wrote: »

But is there any point in wasting a brokers time when I read on all banks websites that they will not give a mortgage to someone on probation period?

Hi，we got mortgage approval with my wife six months in to a 12 month probation period.

tony1980 · 22-12-2016 3:55pm

Got final confirmation of all documents received by the bank from the Solicitor. There was a small issue with the Life Protection missing the Original Policy schedule sheet in the form I handed in to our broker but that is sorted now. Broker says solicitor requested draw-down for the 30th and that won't be a problem as they have everything now. Closing date is Jan 6th

youcancallmeal · 22-12-2016 3:56pm

lbyrne121 wrote: »

But is there any point in wasting a brokers time when I read on all banks websites that they will not give a mortgage to someone on probation period?

My understanding is you can get mortgage approval from some banks like AIB while on probation on the basis that you will be out of probation by time you go to draw down. As others have said a quick call to a broker will very quickly answer your question for sure

09_09_09 · 23-12-2016 10:08am

I just received my ICB report but, I'm not sure/confused about one column, it says Scheduled Removal Date - 27 February 2020.

I closed this credit card and I paid all the outstanding balances on time, if there was any. It does say 'completed account' at the end but, why the above date? Is it a normal procedure or my report is negative?

I'm saving for deposit at the moment and I don't wish to have negative ICB report. If this is an error so I can get the bank to rectify this.

Any wise boardie might enlighten me. Thanks.

Michael D Not Higgins · 23-12-2016 10:32am

09_09_09 wrote: »

I just received my ICB report but, I'm not sure/confused about one column, it says Scheduled Removal Date - 27 February 2020.

I closed this credit card and I paid all the outstanding balances on time, if there was any. It does say 'completed account' at the end but, why the above date? Is it a normal procedure or my report is negative?

I'm saving for deposit at the moment and I don't wish to have negative ICB report. If this is an error so I can get the bank to rectify this.

Any wise boardie might enlighten me. Thanks.

It looks like the length of time it stays on your credit report. I wouldn't worry about it, it says all payments were up to date and the account is closed.

Col_30 · 23-12-2016 10:58am

09_09_09 wrote: »

I just received my ICB report but, I'm not sure/confused about one column, it says Scheduled Removal Date - 27 February 2020.

I closed this credit card and I paid all the outstanding balances on time, if there was any. It does say 'completed account' at the end but, why the above date? Is it a normal procedure or my report is negative?

I'm saving for deposit at the moment and I don't wish to have negative ICB report. If this is an error so I can get the bank to rectify this.

Any wise boardie might enlighten me. Thanks.

Once the account is completed, it stays on your ICB report for 5 years from the date of completion.

Vesper · 29-12-2016 4:53am

If I apply for a mortgage and dont get approved does that go against me?!

I earn 28k but would like to apply, just to see if I can get a small mortgage for a property abroad. If I dont get approved will that go against me at a later date?!

The_Conductor · 29-12-2016 9:11am

Vesper wrote: »

If I apply for a mortgage and dont get approved does that go against me?!

I earn 28k but would like to apply, just to see if I can get a small mortgage for a property abroad. If I dont get approved will that go against me at a later date?!

If you apply for any type of a loan a record of a check against your ICB record is made, and any future checks reveal historical checks (I think for a period of 5 years).

Col_30 · 29-12-2016 11:09am

The_Conductor wrote: »

If you apply for any type of a loan a record of a check against your ICB record is made, and any future checks reveal historical checks (I think for a period of 5 years).

I could be wrong, but I think only credit agreements remain for five years from the date the loan is cleared. I recently got a credit report and applications I made for credit more than a year ago no longer appeared. I think it could be 6 months.

athtrasna · 29-12-2016 11:21am

Mod note

Vesper please don't bump threads that are years old when a current relevant thread is open, thanks. Posts moved to this thread.

hooch-85 · 30-12-2016 1:25pm

What would be the best way for one to treat a gift sum from a family member that isnt to be shown as part of the deposit? Instead they would want to use it to clear an overdraft, increase savings and put current accounts into a healthier position over the next few months with a view to reapplying after receiving a decline?

Zenify · 30-12-2016 4:57pm

hooch-85 wrote: »

What would be the best way for one to treat a gift sum from a family member that isnt to be shown as part of the deposit? Instead they would want to use it to clear an overdraft, increase savings and put current accounts into a healthier position over the next few months with a view to reapplying after receiving a decline?

How much are we talking here?

hooch-85 · 30-12-2016 4:59pm

5 grand

31-12-2016 4:43pm

Quick question, does anyone know if your pension contributions will reduce the amount we can borrow? I'm currently paying 15% of my wages into an occupational pension. Would I be better off suspend this for six months until we get approved?

lbyrne121 · 31-12-2016 8:15pm

Yes it is taken into account.. I suspended mine until so it didn't shoe in 3 months salary certs.. The bank said it did reduce how much you can get as pension is deducted..

myshirt · 31-12-2016 9:44pm

lbyrne121 wrote: »

Yes it is taken into account.. I suspended mine until so it didn't shoe in 3 months salary certs.. The bank said it did reduce how much you can get as pension is deducted..

Is it not clear that you are artificially "circumventing the system" so to speak?

How can a lender (and you yourself) get a true view on your capacity to take on and service a loan if you are to do things like this? Just wondering how effective a strategy it is and how one gets on afterwards etc

benjamin d · 01-01-2017 2:29am

myshirt wrote: »

Is it not clear that you are artificially "circumventing the system" so to speak?

How can a lender (and you yourself) get a true view on your capacity to take on and service a loan if you are to do things like this? Just wondering how effective a strategy it is and how one gets on afterwards etc

I suppose it's because if the sh1t hits the fan he can stop paying the high % on the pension, so it still technically means the stress test passes.

Gael23 · 01-01-2017 2:58pm

What is the minimum salary a Bank will entertain for a mortgage application? Regardless of your savings.

myshirt · 01-01-2017 3:00pm

Gael23 wrote: »

What is the minimum salary a Bank will entertain for a mortgage application? Regardless of your savings.

It is about €35k.

Zenify · 01-01-2017 6:13pm

myshirt wrote: »

It is about €35k.

Is it the same for a couple?

Blingy · 01-01-2017 9:01pm

Hope it's ok to post this question here. We are hoping to get everything in order soon and start the process of applying for a mortgage. So what's the first step? Can I just go and meet a mortgage advisor in any bank? Or Is it better to fill out an application form and have relevant bank statements with me at the first meeting. Thank you.

Utah · 02-01-2017 11:57am

Blingy wrote: »

Hope it's ok to post this question here. We are hoping to get everything in order soon and start the process of applying for a mortgage. So what's the first step? Can I just go and meet a mortgage advisor in any bank? Or Is it better to fill out an application form and have relevant bank statements with me at the first meeting. Thank you.

Yep. Easy as.
Make an appointment with some banks. Some you go in to, others will send an advisor to wherever you want to meet them. They'll go through the process with you, ask you your details (personal, employment, financial) and then probably give you an idea of how much you can borrow, if you are eligible.

We met with KBC in their branch.
We met with BOI in a coffee shop (they paid

).
Went with a broker in the end.

If you know yourself that you should be eligible, start gathering your documentation!

Gman213 · 03-01-2017 12:33am

First time poster, long time lurker.

We're hoping to submit an application this month. We're applying for a mortgage on a €320k new build house, and have the old €42k deposit requirement saved.

We've also got about €15k paid in PAYE, and will look to claim that refund this month too, in addition to the €42k deposit.

Working now on the "furniture fund" and this is where my questions comes in.

1. Should we increase the deposit being paid, will a 20% deposit be more favourable when applying, over a 15% deposit? Or should we pull it back to the new 10% requirement, and fit out the house?

2. With me having a base, and variable income. What figure is considered as my total income for the LTI calculation? E.g base of €40k, variable of €40k salary package?

3. We're saving since April, but not knowing how much we needed to save until August, we ramped up to way over required stress test amount. We had a wedding, and one off expenses paid for from savings in the last 6 months. Is this likely to be looked upon negatively?

Thanks for the help

kala85 · 03-01-2017 1:19am

For a single person its 3.5 times their income for borrowing but what is it for two people applying as a couple.

syndrome777 · 03-01-2017 1:31am

it's 3.5 x their income for single,
and
3.5 x for their combined income for a couple.

q85dw7osi4lebg · 03-01-2017 1:41am

Gman213 wrote: »

First time poster, long time lurker.

We're hoping to submit an application this month. We're applying for a mortgage on a €320k new build house, and have the old €42k deposit requirement saved.

We've also got about €15k paid in PAYE, and will look to claim that refund this month too, in addition to the €42k deposit.

Working now on the "furniture fund" and this is where my questions comes in.

1. Should we increase the deposit being paid, will a 20% deposit be more favourable when applying, over a 15% deposit? Or should we pull it back to the new 10% requirement, and fit out the house?

2. With me having a base, and variable income. What figure is considered as my total income for the LTI calculation? E.g base of €40k, variable of €40k salary package?

3. We're saving since April, but not knowing how much we needed to save until August, we ramped up to way over required stress test amount. We had a wedding, and one off expenses paid for from savings in the last 6 months. Is this likely to be looked upon negatively?

Thanks for the help

BOI used 100% of my base + 50% of my variable.

Eadaoin L · 03-01-2017 11:27pm

Gman213 wrote: »

First time poster, long time lurker.

We're hoping to submit an application this month. We're applying for a mortgage on a €320k new build house, and have the old €42k deposit requirement saved.

We've also got about €15k paid in PAYE, and will look to claim that refund this month too, in addition to the €42k deposit.

Working now on the "furniture fund" and this is where my questions comes in.

1. Should we increase the deposit being paid, will a 20% deposit be more favourable when applying, over a 15% deposit? Or should we pull it back to the new 10% requirement, and fit out the house?

2. With me having a base, and variable income. What figure is considered as my total income for the LTI calculation? E.g base of €40k, variable of €40k salary package?

3. We're saving since April, but not knowing how much we needed to save until August, we ramped up to way over required stress test amount. We had a wedding, and one off expenses paid for from savings in the last 6 months. Is this likely to be looked upon negatively?

Thanks for the help

Well done on saving 20% deposit. My other half and I received mortgage approval today with EBS. The process was surprisingly smooth. We applied mid December. We also got approval from KBC however the principal they offered was €90k lower than what EBS offered.

We got married last summer and we were also worried that the costs of such would negatively impact against mortgage approval however thankfully it didnt. We explained all large payments out of our accounts when we were submitting our bank statements and EBS were fine with this.

Bonuses and overtime were not taken into consideration for LTI calculation in our case.

You potentially will be able to avail of better mortgage rates if LTV is 80% however it is likely that house prices will increase if you wait and continue to save for furniture fund. By all accounts the buying process is slow so you can always work on saving for fit out/furniture while your waiting for sale to be finalised.

tony1980 · 04-01-2017 11:20am

Our Mortgage was drawn down yesterday and we were expecting closing and keys this Friday, in time for the weekend to start getting some jobs done while off over the weekend but just received an email from my solicitor saying they received a bank draft from our Bank so it won't clear until at least Tuesday now, so closing some time next week now instead :-(

Mink · 04-01-2017 2:25pm

hooch-85 wrote: »

What would be the best way for one to treat a gift sum from a family member that isnt to be shown as part of the deposit? Instead they would want to use it to clear an overdraft, increase savings and put current accounts into a healthier position over the next few months with a view to reapplying after receiving a decline?

We got a gift from family to help clear a loan and we had to get a gift letter signed by them. Any large chunks would need a gift letter so that the bank has it in writing that the family member will not come back later looking to cash-in on their investment :pac:

Gman213 wrote: »

1. Should we increase the deposit being paid, will a 20% deposit be more favourable when applying, over a 15% deposit? Or should we pull it back to the new 10% requirement, and fit out the house?

I'd be inclined to put as much as you can towards the deposit. An 80% LTV is a fair bit cheaper then 90%. I'd say you'd need to be in the house a while to really know what style/colours you want to go for.

tony1980 wrote: »

Our Mortgage was drawn down yesterday and we were expecting closing and keys this Friday, in time for the weekend to start getting some jobs done while off over the weekend but just received an email from my solicitor saying they received a bank draft from our Bank so it won't clear until at least Tuesday now, so closing some time next week now instead :-(

That's so frustrating. I thought banks just did electronic transfers!

Mink · 04-01-2017 2:45pm

Contracts signed yesterday and rest of deposit paid.

I emailed and rang property agent for our current rental as wanted to get notice in today so we are covered and can get out by end of Feb.

She was very quick to say "oh well you've been there since May 2013 so you'll need to give more notice than that!" Eh no actually I'm giving you exactly 56 days notice.

Long story short, we've selected a closing date whereby if loan is drawn down around then or after, then the 1st mortgage payment will come out approx 4 weeks after last rent payment... in other words, if all the planets align we won't have to do a rent and mortgage payment out of the same wages packet!

myshirt · 04-01-2017 8:47pm

Mink wrote: »

.... in other words, if all the planets align we won't have to do a rent and mortgage payment out of the same wages packet!

And so it was meant to be.... according to the prophecy.

Well done on your new home Mink!

tony1980 · 04-01-2017 9:32pm

Mink wrote: »

That's so frustrating. I thought banks just did electronic transfers!

That was my understanding! Can't complain too much I suppose, as long as we have the keys by Thursday or Friday next week, that will be under 2 months since we went sale agreed so all in all, we have to be pretty pleased with how quickly it has gone!

lbyrne121 · 05-01-2017 11:46am

we applied to EBS for a mortgage on the 29th of Dec, I was wondering how do you find out if you got approval is it letter in post or does the bank person contact you?

sadie1502 · 05-01-2017 2:57pm

lbyrne121 wrote: »

we applied to EBS for a mortgage on the 29th of Dec, I was wondering how do you find out if you got approval is it letter in post or does the bank person contact you?

After Christmas I would expect a couple of weeks wait.

morrga · 05-01-2017 9:52pm

Gman213 wrote: »

First time poster, long time lurker.

We're hoping to submit an application this month. We're applying for a mortgage on a €320k new build house, and have the old €42k deposit requirement saved.

We've also got about €15k paid in PAYE, and will look to claim that refund this month too, in addition to the €42k deposit.

Working now on the "furniture fund" and this is where my questions comes in.

1. Should we increase the deposit being paid, will a 20% deposit be more favourable when applying, over a 15% deposit? Or should we pull it back to the new 10% requirement, and fit out the house?

2. With me having a base, and variable income. What figure is considered as my total income for the LTI calculation? E.g base of €40k, variable of €40k salary package?

3. We're saving since April, but not knowing how much we needed to save until August, we ramped up to way over required stress test amount. We had a wedding, and one off expenses paid for from savings in the last 6 months. Is this likely to be looked upon negatively?

Thanks for the help

Put as much of your deposit to the house as possible. You will be glad of it in years to come and borrowing rates get significantly cheaper as your ltv falls.

morrga · 05-01-2017 9:53pm

lbyrne121 wrote: »

we applied to EBS for a mortgage on the 29th of Dec, I was wondering how do you find out if you got approval is it letter in post or does the bank person contact you?

By letter is how we found out.

lbyrne121 · 06-01-2017 9:49am

morrga wrote: »

lbyrne121 wrote: »

we applied to EBS for a mortgage on the 29th of Dec, I was wondering how do you find out if you got approval is it letter in post or does the bank person contact you?

By letter is how we found out.

How long did it take you to find out if you don't mind me asking?

morrga · 06-01-2017 10:17am

lbyrne121 wrote: »

How long did it take you to find out if you don't mind me asking?

I think about two weeks. We received it on the 9th August and it was the last week of July when I went into the back to apply.

Bradz213 · 07-01-2017 7:27pm

Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?

kala85 · 07-01-2017 8:25pm

Bradz213 wrote: »

Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?

Was wondering this myself as well.

listermint · 07-01-2017 8:29pm

Bradz213 wrote: »

Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?

You will need to abide by the current rules at that time. No one here knows the future. Currently you would need 20% deposit.

the notion of starter homes needs to be abolished somewhat.

ThisRegard · 07-01-2017 8:37pm

You won't always need the deposit, the bank will take into account any equity in the property you're selling and count that at your contribution.

Monife · 07-01-2017 8:38pm

listermint wrote: »

You will need to abide by the current rules at that time. No one here knows the future. Currently you would need 20% deposit.

the notion of starter homes needs to be abolished somewhat.

Would equity in the current house not count towards deposit?

listermint · 07-01-2017 8:39pm

Monife wrote: »

Would equity in the current house not count towards deposit?

depends on the equity and house.

ThisRegard · 07-01-2017 8:39pm

Monife wrote: »

Would equity in the current house not count towards deposit?

It will.

Bradz213 · 07-01-2017 11:05pm

I would never have went for a "starter home" before but the fact that I have enough a deposit for a smaller home and in the current market mortgages seem to be approx 60% of what rent is in a similar property. I just wasn't exactly sure if equity went towards a deposit. Better to be paying off a house than me paying dead rent money. Obviously its a risk but prices seem to be going one way for the next while

kala85 · 07-01-2017 11:17pm

Say if you had a house worth 150k and 90k outstanding on the mortgage, I presume you would be able to trade up and get a mortgage.as a second time buyer.

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

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