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Saving/Applying for a mortgage 2020-22 Edition

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    #1952
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    BOI will also only process/ grant an exemption once you have gone sale agreed, its a bit of a crazy system as most estate agents wont accept an offer without proof of funds! So leaves most people in a catch 22 situation


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    #1953
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Markitron wrote: »
    Yea I had been going back and forth with him for weeks putting everything together, they should have everything they need. I'm kinda hoping its the kind of scenario where the broker wouldn't bother applying unless they knew I had a reasonable chance of being approved. I assume they don't just apply and hope for the best.

    Well a good broker should know weather you are going to get approval or not and for how much


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    #1954
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    brisan wrote: »
    Well a good broker should know weather you are going to get approval or not and for how much

    Been pretty on the ball so far so hopefully this is the case.


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    #1955
    Steb87
    Registered Users Posts: 4 ✭Steb87


    I recently changed banks to KBC and have not gambled on this account so I should be all good in that regard. Old account is shut down. In terms of PUP I'm all good. We're all good, I'm in the emergency services and herself is in private healthcare.

    brisan wrote: »
    Apply to all the banks
    Your own bank will have access to your accounts going back to when the gambling accounts were there
    Most banks just want to see 6 months clean accounts with regular savings and
    net income that will cover the mortgage repayments
    You do not need an account with a bank to get a mortgage from them
    Clear any loans you have if possible
    If either of your employers are on a government Covid subsidy that may be an issue


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    #1956
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Why dont you guys use cash for gambling?


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    #1957
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Renjit wrote: »
    Why dont you guys use cash for gambling?

    You cant use cash online. Nice easier to gamble online than go to a store, more dangerous though.


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    #1958
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    also a sure fire way of screwing up your application, get a mate to put your bets on. They do a credit search so will see any bank accounts you have and want statements including revolut. If they find a separate account purely for gambling its not going to do you any favours


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    #1959
    klose
    Registered Users Posts: 11,533 ✭✭✭✭klose


    nerrad01 wrote: »
    also a sure fire way of screwing up your application, get a mate to put your bets on. They do a credit search so will see any bank accounts you have and want statements including revolut. If they find a separate account purely for gambling its not going to do you any favours


    Not sure if they all have it but the paddy Power cash card is a handy way to circumnavigate the banks with regards to a bit of gambling, can lodge money onto the card in a shop and it goes onto your online account and can withdraw any winnings in cash. No paper trail for the banks, of course you still have to go to the shop once a week to top it up if you're sensible and stick to your budget it's handy.


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    #1960
    mariaalice
    Registered Users Posts: 12,382 ✭✭✭✭mariaalice


    klose wrote: »
    Not sure if they all have it but the paddy Power cash card is a handy way to circumnavigate the banks with regards to a bit of gambling, can lodge money onto the card in a shop and it goes onto your online account and can withdraw any winnings in cash. No paper trail for the banks, of course you still have to go to the shop once a week to top it up if you're sensible and stick to your budget it's handy.

    Bar the fact that you can be asked do you have such a card, don't lie, or try to cover anything in a mortgage application.

    Those who work in underwriting mortgages know who is likely to default and any propensity to gamble is a big red flag more so when someone tries to be devious and hid their gambling.


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    #1961
    wally79
    Registered Users Posts: 2,932 ✭✭✭wally79


    klose wrote: »
    Not sure if they all have it but the paddy Power cash card is a handy way to circumnavigate the banks with regards to a bit of gambling, can lodge money onto the card in a shop and it goes onto your online account and can withdraw any winnings in cash. No paper trail for the banks, of course you still have to go to the shop once a week to top it up if you're sensible and stick to your budget it's handy.

    If you have to go to the shop every week to top it up maybe it’s not for you :D


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    #1962
    klose
    Registered Users Posts: 11,533 ✭✭✭✭klose


    wally79 wrote: »
    If you have to go to the shop every week to top it up maybe it’s not for you :D

    Haha yes, my 5 euro hail Mary acca of a Saturday rarely lands but when it does... :D


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    #1963
    G_R
    Moderators, Education Moderators Posts: 5,025 Mod ✭✭✭✭G_R


    nerrad01 wrote: »
    also a sure fire way of screwing up your application, get a mate to put your bets on. They do a credit search so will see any bank accounts you have and want statements including revolut. If they find a separate account purely for gambling its not going to do you any favours

    Just to point out, the CCR will only show an account if it has a facility of €500 or greater. If you have a current account with no overdraft on it, or an overdraft of less than €500, it won't show on the CCR.

    ICB does not report overdrafts at all.


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    #1964
    Jea
    Registered Users Posts: 6 ✭Jea


    I am in receipt of invalidity pension due to chronic
    illness . My husband is a permanent full time public servant (approx 18years). His base salary is 50k and earns approx 2-3k in OT. We have no car loans , credit card is clear , no child care costs etc . Regular savings of 1000 per month. Paying current mortgage of 845 .

    We have a mortgage on our current home but would like to trade up as this home no longer suits our needs .

    I have read on some mortgage brokers webpages that SW is not acceptable towards a mortgage . Does anyone have experience of this ?

    The payment is not means tested however it is subjected to tax . It is a long standing payment as my condition is highly unlikely to change . Including child benefit I receive approx 12,500 PA.

    Sorry if the post is in the wrong forum , first time poster


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    #1965
    DubLad69
    Registered Users Posts: 479 ✭✭DubLad69


    Any idea when we can expect banks to start offering exemptions again?


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    #1966
    G_R
    Moderators, Education Moderators Posts: 5,025 Mod ✭✭✭✭G_R


    Limit resets on 1st of Jan so that would be a good shout.


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    #1967
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    DubLad69 wrote: »
    Any idea when we can expect banks to start offering exemptions again?

    I don't believe they stopped. I was offered one from AIB back in August, hadn't even asked for it.


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    #1968
    DubLad69
    Registered Users Posts: 479 ✭✭DubLad69


    Bubbaclaus wrote: »
    I don't believe they stopped. I was offered one from AIB back in August, hadn't even asked for it.

    Yeah I know that AIB and EBS kept giving them out and I was offered one with UlsterBank (with a 25% deposit) thinking about the other banks though.

    I had wanted PTSB or BOI.


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    #1969
    nerrad01
    Registered Users Posts: 237 ✭✭nerrad01


    DubLad69 wrote: »
    Yeah I know that AIB and EBS kept giving them out and I was offered one with UlsterBank (with a 25% deposit) thinking about the other banks though.

    I had wanted PTSB or BOI.

    BOI are still doing them, i closed my sale 2 weeks ago with one


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    #1970
    Kevhog1988
    Registered Users Posts: 3,968 ✭✭✭Kevhog1988


    For a first time buyer on a second hand home is the deposit 10%?


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    #1971
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    Kevhog1988 wrote: »
    For a first time buyer on a second hand home is the deposit 10%?

    We were told we could get one (a second time buyer at 10%) by our BOI advisor end of November, then the underwriters came back and said they’re not available, ask again in January. But I’m starting to think they looked at our application and just didn’t want to give it to us at that time. Maybe they gave them to other people.


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    #1972
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Kevhog1988 wrote: »
    For a first time buyer on a second hand home is the deposit 10%?

    Yes, unless you are buying a 1-bed apartment, in which case it is 20%.


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    #1973
    errlloyd
    Registered Users Posts: 12,601 ✭✭✭✭errlloyd


    Markitron wrote: »
    Yes, unless you are buying a 1-bed apartment, in which case it is 20%.

    Is there any exceptions to this? Or is it a pretty hard and fast rule?


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    #1974
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    errlloyd wrote: »
    Is there any exceptions to this? Or is it a pretty hard and fast rule?

    I honestly don't know but I would imagine lenders are open to bending a little bit depending on the person applying for it.


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    #1975
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Very much doubt it. There’s more risk involved (for the bank) in giving out huge sums of money on a 1-bed apt. If you get into financial difficulty you can’t avail of rent a room and majority of renters would be looking at 2-beds at the very least (whilst the majority continues to work from home).


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    #1976
    TM2015
    Registered Users Posts: 55 ✭✭TM2015


    We recently were told by AIB we needed to have 3,900 left over after stress test and childcare (1 kid) in order to qualify for an LTI.


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    #1977
    Kevhog1988
    Registered Users Posts: 3,968 ✭✭✭Kevhog1988


    TM2015 wrote: »
    We recently were told by AIB we needed to have 3,900 left over after stress test and childcare (1 kid) in order to qualify for an LTI.

    Sorry whats an LTI?


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    #1978
    TM2015
    Registered Users Posts: 55 ✭✭TM2015


    Loan to income exemption.


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    #1979
    lcarrol3
    Registered Users Posts: 82 ✭✭lcarrol3


    DubLad69 wrote: »
    Yeah I know that AIB and EBS kept giving them out and I was offered one with UlsterBank (with a 25% deposit) thinking about the other banks though.

    I had wanted PTSB or BOI.

    PTSB offered us one before Christmas. We drew down on one with Ulster Bank.


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    #1980
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Have signed up to doddl so hoping to get my process started this week. Would be looking as a first time buyer, have just over ten percent deposit and purchasing on my own. I'd be classified as a high earner, over 70k a year and healthy savings each month. What are the odds of me being able to get an exemption to borrow a bit more? Eg 4 times salary.


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    #1981
    HannahR31
    Registered Users Posts: 157 ✭✭HannahR31


    Deleted User wrote: »
    Have signed up to doddl so hoping to get my process started this week. Would be looking as a first time buyer, have just over ten percent deposit and purchasing on my own. I'd be classified as a high earner, over 70k a year and healthy savings each month. What are the odds of me being able to get an exemption to borrow a bit more? Eg 4 times salary.

    V good chance. Exactly comparable to my own circumstances and I just got 4.2x from BoI.


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