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Saving/Applying for a mortgage 2020-22 Edition

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Comments

  • #962
    Time
    Registered Users Posts: 993 ✭✭✭Time


    Are any lenders offering exemptions at the moment, i have a good deposit so the LTV should be about 80% and my salary is high well over what would usually be needed for one but UB are saying it'll be next year before they'd look at offering one again.


  • #963
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Time wrote: »
    Are any lenders offering exemptions at the moment, i have a good deposit so the LTV should be about 80% and my salary is high well over what would usually be needed for one but UB are saying it'll be next year before they'd look at offering one again.

    Spoke to PTSB and EBS, they said no.
    Spoke to a broker, she said none are doing them at the moment.
    Both she and EBS told me maybe September. But it'll highly depend on the development of Covid I think

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



  • #964
    Time
    Registered Users Posts: 993 ✭✭✭Time


    Jasna1982 wrote: »
    Spoke to PTSB and EBS, they said no.
    Spoke to a broker, she said none are doing them at the moment.
    Both she and EBS told me maybe September. But it'll highly depend on the development of Covid I think

    Thanks, it's annoying because my salary is secure so there's no issue there at all.


  • #965
    Conrad83
    Registered Users Posts: 155 ✭✭Conrad83


    Time wrote: »
    Are any lenders offering exemptions at the moment, i have a good deposit so the LTV should be about 80% and my salary is high well over what would usually be needed for one but UB are saying it'll be next year before they'd look at offering one again.

    Not sure if it's still the case but we got an exception from AIB about a month ago. Both in secure jobs. At that time no other bank were offering them and AIB said they still had a small number left. Might be worth giving them a call.


  • #966
    Aron722
    Banned (with Prison Access) Posts: 50 ✭✭Aron722


    Hi asking for a friend who is not on here .

    Himself and his girlfriend are having there first child .
    He lives in an apartment in city centre will be moving into his girlfriends parents house in south dublin while they build a house on her parents side garden.

    Is it better to keep the apartment and rent it out ?
    Or sell and use the money to pay back the mortgage and start on new build ?

    Also would he need 20% deposit now as it will be his second property.


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  • #967
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Time wrote: »
    Thanks, it's annoying because my salary is secure so there's no issue there at all.

    Super annoying! I'm in the same boat. Secure income. Very obvious repayment ability and unable to get an exception

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



  • #968
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Not so good news
    Bank of Ireland set to cut 1,400 jobs after devastating €669 million losses

    Hopefully it doesn’t have a knock on effect for mortgage applications


  • #969
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Jasna1982 wrote: »
    Spoke to PTSB and EBS, they said no.
    Spoke to a broker, she said none are doing them at the moment.
    Both she and EBS told me maybe September. But it'll highly depend on the development of Covid I think

    I spoke to BOI, Ulster Bank and PTSB and they said no. Would be New Year before they expect any movement in this. Not sure about KBC. Didn’t check with AIB as I wasn’t eligible for an exemption there anyway. We had an exemption with UB but that’s now paused. Was worth around 47-50k, depending on property, so a real kick to us to lose.


  • #970
    RedXIV
    Registered Users Posts: 8,405 ✭✭✭RedXIV


    Hey folks,

    Hoping someone can help me with an annoying part of our mortgage application. We're in pretty good shape for most of it but our broker is looking for one more piece we're having trouble with.

    We pay rent to the council via the post office using a card issued by the council. My wife normally does this while picking up the child allowance and for the last while to simplify the process, she simply picks up the child benefit, tops it up to the required amount for rent and pays it all off in the same visit.

    Brokers issue is that he wants to see proof of payments being made to my wife for child benefit from the post office/state. He's adamant that there needs to be an account for this that can see X for child benefit per month being allocated to my wife. When my wife asked, the post office said they don't offer this functionality. I found this site offered by welfare.ie which allows you to get a statement but when it arrived, it just showed the entitlements for the year, not a breakdown of transactions by date which the broker says is not sufficient.

    Any one come across this before or any tips on who or where to look next would be very much appreciated!


  • #971
    soc
    Registered Users Posts: 488 ✭✭soc


    RedXIV wrote: »
    Hey folks,

    Hoping someone can help me with an annoying part of our mortgage application. We're in pretty good shape for most of it but our broker is looking for one more piece we're having trouble with.

    We pay rent to the council via the post office using a card issued by the council. My wife normally does this while picking up the child allowance and for the last while to simplify the process, she simply picks up the child benefit, tops it up to the required amount for rent and pays it all off in the same visit.

    Brokers issue is that he wants to see proof of payments being made to my wife for child benefit from the post office/state. He's adamant that there needs to be an account for this that can see X for child benefit per month being allocated to my wife. When my wife asked, the post office said they don't offer this functionality. I found this site offered by welfare.ie which allows you to get a statement but when it arrived, it just showed the entitlements for the year, not a breakdown of transactions by date which the broker says is not sufficient.

    Any one come across this before or any tips on who or where to look next would be very much appreciated!

    Get your wife to log into https://services.mywelfare.ie and she can get statement of all welfare payments from there


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  • #972
    Jog501
    Registered Users Posts: 200 ✭✭Jog501


    Is anybody else finding it very difficult to get a response through the AIB mortgage app lately? I've tried calling also but they seem to have stopped answering calls also since last week. Very frustrating considering this is the only thing holding up the sale at this stage.


  • #973
    ELM327
    Registered Users Posts: 21,345 ✭✭✭✭ELM327


    Duke of Url wrote: »
    Not so good news



    Hopefully it doesn’t have a knock on effect for mortgage applications
    FYI The losses are false, due to increased bad debt provision, not actual

    losses.


    " Bank of Ireland reported a loss of €669 million before tax for the first six months of the year, after putting aside €937m, mainly to cover losses related to Covid-19 loan repayment breaks."


    https://www.rte.ie/news/business/2020/0805/1157391-boi-sets-aside-937m-for-potential-loan-losses/


  • #974
    errlloyd
    Registered Users Posts: 12,599 ✭✭✭✭errlloyd


    AIB just denied a friend of mine a mortgage at the last hurdle this week. After giving AIP and him getting an offer accepted etc.

    They'd given him AIP back in Feb, not sure if they didn't look hard enough then or they've just moved the goal posts.


  • #975
    Jog501
    Registered Users Posts: 200 ✭✭Jog501


    errlloyd wrote: »
    AIB just denied a friend of mine a mortgage at the last hurdle this week. After giving AIP and him getting an offer accepted etc.

    They'd given him AIP back in Feb, not sure if they didn't look hard enough then or they've just moved the goal posts.
    Was it due to Covid payment being on his salary?


  • #976
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    errlloyd wrote: »
    AIB just denied a friend of mine a mortgage at the last hurdle this week. After giving AIP and him getting an offer accepted etc.

    They'd given him AIP back in Feb, not sure if they didn't look hard enough then or they've just moved the goal posts.

    Is either him or his partner on a PUP or TWSS payment
    This could affect their payment.


  • #977
    errlloyd
    Registered Users Posts: 12,599 ✭✭✭✭errlloyd


    Jog501 wrote: »
    Was it due to Covid payment being on his salary?
    brisan wrote: »
    Is either him or his partner on a PUP or TWSS payment
    This could affect their payment.

    Nope, it was due to circumstances that haven't changed at all. He's employed in a start-up that is very well capitalised and in a secure industry, but the company itself is quite young so AIB backed out.

    It is frustrating. The company was even younger when they gave him AIP.


  • #978
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Quick question here. Do I need to submit a valuation report for new development to the bank before getting approval for mortgage? Bank is Bank of Ireland.

    Some of my colleagues have received approval without asking for valuation report by BOI.


  • #979
    greengrass88
    Registered Users Posts: 87 ✭✭greengrass88


    https://www.thejournal.ie/mortgage-wage-subsidy-5170246-Aug2020/


  • #980
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    greengrass88 if you're going to post a link, a bit of context/commentary/opinion would be appreciated please.

    Thanks


  • #981
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Renjit wrote: »
    Quick question here. Do I need to submit a valuation report for new development to the bank before getting approval for mortgage? Bank is Bank of Ireland.

    Some of my colleagues have received approval without asking for valuation report by BOI.
    For New Builds with BOI yes. They provided me with a list valuers I could use and I choose one


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  • #982
    DianeMc2018
    Registered Users Posts: 21 ✭DianeMc2018


    Ok so I'm looking for some input from anyone here who is also struggling to get a mortgage. A bit of background to our situation: Both my husband and I are self-employed. We also earn some PAYE income (contract-for-services work, not employees). Neither of our businesses were too badly affected by COVID but we were in receipt of the PUP for about 8 weeks from March as we were not sure how it would all play out. Both since off the PUP about 2/3 months. Pre-COVID we had met with a broker who was happy to try to make an application to KBC on our behalf as he said KBC look more favourably on the self-employed. Everything went on pause as we all know in March when lockdown happened. Broker then asked us to submit more statements so he could proceed with our application in June. We have since heard nothing back from him (not returning our calls or emails). We have decided now to approach the banks ourselves to see if we have any hope. I'm not sure with any evidence of PUP payment in the accounts - alongside us both being self-employed -that we will get anywhere tbh but the complete lack of response from our broker is driving us up the walls. Would anyone have any idea why the broker has gone AWOL on us? Does this happen? Does it mean he thinks we're a lost cause?
    And are the banks completely against giving mortgages to people who were temporarily on the PUP?
    We have a 20% deposit saved, both First time buyers, paying monthly rent of €1300 for years and have also been saving €1300 per month for the last 12 months (€800 per month before that). No loans. 2 dependents. No childcare costs etc. In other wordss, we tick the box for affordability no problem but I think the sustainability factor of our work might be questioned as the banks seem to view the self-employed in such a negative light.
    Any views?


  • #983
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    DianeMc2018 wrote: »
    And are the banks completely against giving mortgages to people who were temporarily on the PUP?

    In a nutshell if you are in receipt of any covid payment, banks won’t touch you. If you had a loan offer issued before you were on payments, there appears to be a slight more lee way on a case by case basis but both applicants generally need a payslip or two off the payment.

    Any new applications for loan offers need to be off the payments. The banks don’t seem to be willing to issue a loan offer with a condition you are off it for drawdown. Since payments will be around in some from until April, it’s a wait and see if banks change policy but I wouldn’t hold by breathe.

    I was told I had to be off the subsidy payment to get to a loan offer stage and we were lucky our companies came off it.


  • #984
    DianeMc2018
    Registered Users Posts: 21 ✭DianeMc2018


    Dolbhad wrote: »
    In a nutshell if you are in receipt of any covid payment, banks won’t touch you. If you had a loan offer issued before you were on payments, there appears to be a slight more lee way on a case by case basis but both applicants generally need a payslip or two off the payment.

    Any new applications for loan offers need to be off the payments. The banks don’t seem to be willing to issue a loan offer with a condition you are off it for drawdown. Since payments will be around in some from until April, it’s a wait and see if banks change policy but I wouldn’t hold by breathe.

    I was told I had to be off the subsidy payment to get to a loan offer stage and we were lucky our companies came off it.

    Thanks Dolbhad. We're both off the COVID payments for the last few months but they obviously show up in our past bank statements. But I do think as you said that the banks are taking a very strict approach to lending to anyone who availed of it - past or present. I just wonder why they bother asking people to submit all the documentation etc. I approached AIB last week, being honest about any COVID payments, and they still asked me to submit all my documentation. Bit of a farce?
    :confused:


  • #985
    soc
    Registered Users Posts: 488 ✭✭soc


    My OH is self employed and I an employee of his company. We were recently grant AIP but the hoops we had to jump because we were self employed was insane. One thing in particular they wanted was that the business had in no way been affected by covid and that we had to get letter from accountants signing off on this too. So unfortunately I would doubt you would have much luck with getting approval as its hard enough when self employed but if you have been covid affected (even if you are no longer receive the payment) they will be even harder on you because you are self employed. Unfortunately self employed are put through more stringent stress checks etc than paye


  • #986
    Ktefitz
    Registered Users Posts: 2 ✭Ktefitz


    Hi, currently trying to get AIP. We found the house, new build and won't be built until at the earliest Feb. One of us is on the TWSS and other is not. Applied over 2 weeks ago and nothing back yet. Meant to be signing contract next Tuesday, need to get sorted asap. Panicking! Has anyone got approval recently in this suitation? And if so, what bank? TIA


  • #987
    Ikozma
    Registered Users Posts: 1,041 ✭✭✭Ikozma


    Would buying a site be classed as the same as a 20% deposit by the bank or would you have to have the site AND your 20%,for self build obviously


  • #988
    RedXIV
    Registered Users Posts: 8,405 ✭✭✭RedXIV


    Ikozma wrote: »
    Would buying a site be classed as the same as a 20% deposit by the bank or would you have to have the site AND your 20%,for self build obviously

    Depends who you talk to, ulster bank told us this was the case but our broker said that we'll get site costs included in mortgage amount


  • #989
    Noah G
    Banned (with Prison Access) Posts: 35 ✭Noah G


    Hi just wondering a friend wants to get a mortgage but doesnt have a savings account, they just get there weekly pay from there job. I said you need to save for 6 months with money going into a savings account.

    But they seem to think that a gift from parents is enough to get a mortgage with them just getting weekly pay but not having a savings account.

    There in there early 20s and just cant get them to understand.


  • #990
    Ikozma
    Registered Users Posts: 1,041 ✭✭✭Ikozma


    RedXIV wrote: »
    Depends who you talk to, ulster bank told us this was the case but our broker said that we'll get site costs included in mortgage amount

    I was thinking of buying a site with cash instead of using it as a depisit for a mortgage and then apply for a mortgage to build


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  • #991
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    Does anyone know whether there is any downsides to applying for AIP and then potentially not using it? Would banks see it as a negative if I reapplied at a later point again and saw the unused approval?


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