Saving/Applying for a mortgage 2020-22 Edition

Have loan offer, waiting for contracts to come in, vendors are taking an age and a half! Car is dying and needs to be upgraded, I can't afford a car and a mortgage deposit so thinking about a credit union loan...

Will the bank be looking for us to keep away from loans until our mortgage has been drawn down or can they refuse drawdown at this stage?

Know a couple who were building a house in blessington last year. The morgage gets released in three payments. She went on maternity after the second. Bank found out and wouldn't release the third payment. The house had to be put on hold for 9 moths

It's not just the fact that she was on maternity it's the fact they now had a kid which changes their monthly outgoings and the bank need to reassess

Each application takes about 8-12 weeks. If there is anything wrong with the application (typos etc.) then you have to reapply and go to the end of the queue again and it's another 8-12 weeks.

Probate was lodged for a friend of mine in mid Jan this year. It finally cleared at the end of August.

Just received our loan offer today. We put in our application 3 and a half weeks ago. Received AIP 1 week after that. Received loan offer today. All in all took ~26 days from application to loan offer. This was with PTSB

Fair play… I’m still waiting on an offer letter from Haven almost 6 weeks after the application going in for the second time after the first one expired… I have to say it bothers me having to go through a broker, don’t think I would use one again only for the €5k cashback

Took about a week for me.

Where at that stage now but with a second hand property. Solicitor send the bank the information to the bank and then the bank responds so it depends on how long it takes both parties, if its a small issue and the bank accepts then it should be a couple of weeks. If the bank does not accept the issue then how long is a piece of string.

Im both buying and selling a property, both have issues and my solicitor expects to close in about 6 weeks all going well.

Sorry I said “new” house but it’s second hand. New to us!

An issue with planning certs and docs for an extension. Planning in place but not all docs. Can’t be fixed so needs to be qualified.

Closing has already been delayed two and a half months for various issues and now this has come to light so very frustrating. Would love if banks were more transparent with timelines!

Hi all, I have a tracker mortgage and am looking to switch property. With AIB I can keep my tracker rate plus 1% in addition.

My new house (2nd hand property) will require more money. Is it possible to keep the tracker plus 1% with AIB and to use someone else like ICS Mortgages (cheapest variable on switcher.ie)?

If so where would my house deeds be kept?

No, you can’t have mortgages with two separate companies.

so your choice is AIB with the current tracker +1 for what’s left of your mortgage and a top up of ‘new’ mortgage from AIB at whatever rate they offer for that portion of the mortgage

or

new mortgage from different company at whatever rate you can get

1. Correct, the contract will include the full address and likely a map indicating which house/plot
2. Generally the bank will have no issue if you show a good track record of saving and show you can manage your money - as long as you can show you have the affordability there’s no issue spending money - you’ll find you’ll need to put down deposits for things etc

Thank you for the reply Dodge, AIB has confirmed the same with me. It makes sense.

It probably varies, but I would expect a certain amount or percentage upfront and then the balance upon drawdown or some variation of that - I wouldn’t pay them the whole lot upfront because then there’s no motivation for them to respond to your queries etc, no different than any other service you would hire. Not that they will be any quicker without paying them - many solicitors will give you the bare minimum either way.

In our case I think €200 up front and then the balance upon drawdown.

My partner and I are in the very early stages of applying for a mortgage, and if the process wasnt complicated enough as it is, my partner is a German national who lives and works in Germany. Our plan if we manage to buy a home is for her to continue working in her job and commute back and forth to Germany until her contract expires. The commute isnt an issue life style wise as her job is very flexible remote working etc but I am wondering what kind of impact or issue this could cause in our joint morgage application.

My thinking is that these sorts of issues must occur across the EU where citizens work in one state but live and draw down a mortgage in another and surely it must even hapen here around the border with the North. I reckon the best way forward is to talk to a mortgage broker but I just wanted to see if anyone else has been through similar and what their experience was.

Thanks!

Thank Oscar, good to hear that at the very least it can be done. I had a feeling that there would be a lot more documentation needed, was even wondering whos respobsibility it would be to have that translated. I think the contract thing may just be how the Germans opperate with lecturers in universities as she tells me that she is actually classified as a public sector worker and has quite a long contract compared length to the standard for most lecturers.

I agree that probably laying everything out clearly to a mortgage broker and letting them do the explaining each time is probably the easiest way to go! Thanks again