Saving/Applying for a mortgage 2020-22 Edition

mrbrightside11 · 22-01-2021 2:31pm

liam7831 wrote: »

From what I know yes it would affect your application as your company is being supported by the EWSS.

We are just at loan offer stage. PTSB asking for a letter from our employers that they are not claiming any wage subsidy.

My letter is fine but my partners company are availing of EWSS. We had no idea and nothing shows on my partners payslip however as the company are claiming we may not be able to draw down.

So frustrating to get this far and fall at the last hurdle.

Anyone know if banks are taking case by case?

My partners director is willing to guarantee job or company is in noway at risk but don’t know if that will make any difference.

TheMilkyPirate · 22-01-2021 3:54pm

mrbrightside11 wrote: »

My partners director is willing to guarantee job or company is in noway at risk but don’t know if that will make any difference.

I don't think that will help as the fact that they are utilizing EWSS shows that the company is at least in some way at risk.

ownsbows · 22-01-2021 5:01pm

We are going to be in the same situation. We have approval but not loan offer yet. We really like the house we have went sale agreed and will be gutted if cant get the mortgage. I wonder will it be lifted in March or could we postpone things

mrbrightside11 · 22-01-2021 5:49pm

TheMilkyPirate wrote: »

I don't think that will help as the fact that they are utilizing EWSS shows that the company is at least in some way at risk.

Yes the company has to have a 30% reduction in turnover or customer orders to avail of the subsidy. But this is a very large company and unlikely to go under.

Just frustrating as I am sure other companies are at risk in normal circumstances but this has never been a criteria to check the company health before allowing drawdown.

mrbrightside11 · 22-01-2021 5:52pm

ownsbows wrote: »

We are going to be in the same situation. We have approval but not loan offer yet. We really like the house we have went sale agreed and will be gutted if cant get the mortgage. I wonder will it be lifted in March or could we postpone things

Fingers crossed! We are stuck at the loan offer stage now and don't want to miss out on this property either, took us a long time to get here. The thoughts of losing out on this and having to start all over again.

Sd2011 · 22-01-2021 10:28pm

L1011 wrote: »

For you to submit that salary cert would be fraud; and the bank can find out easily enough if they care to - recipient firms are (or will be, if a recent applicant) public.

Thanks for all the replies, have sent back the very asking for it to be updated with the EWSS scheme declaration on it so everything is above board! Basically a thanks but no thanks I know he genuinely was trying to help but don’t want anyone to get into trouble!

Yyhhuuu · 23-01-2021 1:07am

Haraldkare wrote: »

If its very easily, you are not saving enough ðŸ˜„

Saving €20k per annum isn't a good amount for a single person on moderate income?

Antares35 · 23-01-2021 11:21am

Yyhhuuu wrote: »

Saving €20k per annum isn't a good amount for a single person on moderate income?

I thought the same, surely whether you're saving "enough" is determined by how much you save relative to what your repayments will be when stress testing is factored in? It's to show repayability. It's not like they're going to say "you've been earning X but you only saved Y, why is that". OH and I are saving but we don't plan on maxing out on the multiples allowed by our wages.

Masala · 23-01-2021 12:42pm

TheMilkyPirate wrote: »

I don't think that will help as the fact that they are utilizing EWSS shows that the company is at least in some way at risk.

To claim the EWSS a company has only to show a fall in turnover. It can still have €100m++ in bank. So it’s not a sign of going under

Am sure Ryanair is claiming it..

Looptheloop30 · 23-01-2021 4:04pm

The BOI or Ulster Bank mortgage saver money back on drawdown offers.... Are they the best out there?

I've a decent sized deposit saved but with little construction happening in the immediate future and no suitable houses up for sale in my desired area, I'm looking to see if I can maximize what I get back for my money.
I use the term best loosely as well as I haven't crunched the numbers yet but I assume they have higher rates that ultimately negate the benefit.

Pete123456 · 23-01-2021 5:08pm

Looptheloop30 wrote: »

The BOI or Ulster Bank mortgage saver money back on drawdown offers.... Are they the best out there?

I've a decent sized deposit saved but with little construction happening in the immediate future and no suitable houses up for sale in my desired area, I'm looking to see if I can maximize what I get back for my money.
I use the term best loosely as well as I haven't crunched the numbers yet but I assume they have higher rates that ultimately negate the benefit.

Haven (through a broker only) will give €5k cash back on mortgages over 300k at the moment. 5 year or 3 year fixed is 2.55% which is very good compared to others

Dolbhad · 25-01-2021 7:27am

Looptheloop30 wrote: »

The BOI or Ulster Bank mortgage saver money back on drawdown offers.... Are they the best out there?

I've a decent sized deposit saved but with little construction happening in the immediate future and no suitable houses up for sale in my desired area, I'm looking to see if I can maximize what I get back for my money.
I use the term best loosely as well as I haven't crunched the numbers yet but I assume they have higher rates that ultimately negate the benefit.

We originally wanted to go within BOI over cashback. We didn’t set up the BOI saving account but if you know your going with BOI, I would set it up. Think you get about €1300 back after DIRT. We decided to go with Ulster Bank as their interest rate was lower and they were giving us about 10k more as they took bonuses more into account.

We did fix for 4 years at 2.65% on a second hand house. Our LTV was about 75% so we did have a big deposit as our 3.5 salary wasn’t a massive amount so it was live with family and save. We used to be eligible for exemption until COVID.

Just for others, we had applied to all the banks as we originally wanted an exemption. We were living with parents so no rent and had no loans. Never did a bank question our repayment capacity as long as we were able to show over 6 months we could save what we needed.

Plum Pud · 25-01-2021 10:58pm

Pete123456 wrote: »

Haven (through a broker only) will give €5k cash back on mortgages over 300k at the moment. 5 year or 3 year fixed is 2.55% which is very good compared to others

By any chance would you know, do you need to go back to a broker to remortgage with haven or can it be done directly with them? Have my mortgage with them but awaiting mortgage approval with other institutions, I just never thought to apply to haven because the broker we used 11 years ago is no more...

Pete123456 · 25-01-2021 11:39pm

Plum Pud wrote: »

By any chance would you know, do you need to go back to a broker to remortgage with haven or can it be done directly with them? Have my mortgage with them but awaiting mortgage approval with other institutions, I just never thought to apply to haven because the broker we used 11 years ago is no more...

My guess is you would need to go back to a broker to remortgage with them, although you could try calling their call centre. I rang with a number of basic questions about cash back and overpayments and they wouldn’t answer with specifics, telling me it’s dependent on the broker. Sorry can’t be of more help!

TheMilkyPirate · 26-01-2021 6:33am

Me and my partner had hoped to buy this year we have been saving 1600 a month for nearly two years now. She's a hairdresser so is obviously out of work and was also out a good bit last year. Hopefully she will be back at the start of March.

Just wondering if we have any hope at all now, what will they base what they can lend us on??

I've been in full time employment the entire time.

Dolbhad · 26-01-2021 7:05am

TheMilkyPirate wrote: »

Me and my partner had hoped to buy this year we have been saving 1600 a month for nearly two years now. She's a hairdresser so is obviously out of work and was also out a good bit last year. Hopefully she will be back at the start of March.

Just wondering if we have any hope at all now, what will they base what they can lend us on??

I've been in full time employment the entire time.

Is she employed or self employed? As it may effect self employed more. Our situation was a little different as it was not the PUP. We were both on the subsidy payment after we got AIP. Once we showed one payslip both off the subsidy payment, we were able to drawn down on the loan offer.

TheMilkyPirate · 26-01-2021 7:28am

Dolbhad wrote: »

Is she employed or self employed? As it may effect self employed more. Our situation was a little different as it was not the PUP. We were both on the subsidy payment after we got AIP. Once we showed one payslip both off the subsidy payment, we were able to drawn down on the loan offer.

She's employed. Yeah she was on PUP for a good portion of last year and obviously now this year as well. Just worried now we will be offered pittance

LittleMissRed · 26-01-2021 8:58am

EO2019 wrote: »

Has anyone got AIP from ICS lately? How long was the wait?

My husband and I sent our application to them on 11th December and followed up Christmas week to see if they had received it. I got an acknowledgement then and was told they would be in touch with a decision in the new year. On 5th January we got a request to resubmit our ID as one of the photos wasn't clear enough, and my husband's passport wasn't signed. So 3 weeks today from that and we haven't heard yet.
Hopeful we'll hear soon, although there isn't much on the market in our price range/area so I guess there's no real hurry just yet. Would just like to know how much we can get

klose · 26-01-2021 10:54am

TheMilkyPirate wrote: »

She's employed. Yeah she was on PUP for a good portion of last year and obviously now this year as well. Just worried now we will be offered pittance

I don't think they reduce your mortgage amount if on any PUP payments, I think they just freeze it completely (open to correction) I've seen posts here recently saying AIB take it case by case however if you're with them you might be in luck.

EO2019 · 26-01-2021 11:47am

LittleMissRed wrote: »

My husband and I sent our application to them on 11th December and followed up Christmas week to see if they had received it. I got an acknowledgement then and was told they would be in touch with a decision in the new year. On 5th January we got a request to resubmit our ID as one of the photos wasn't clear enough, and my husband's passport wasn't signed. So 3 weeks today from that and we haven't heard yet.
Hopeful we'll hear soon, although there isn't much on the market in our price range/area so I guess there's no real hurry just yet. Would just like to know how much we can get

Thanks we are the same, no much around either. I’d feel better knowing I had the approval in case anything pops up! I can see previously that waiting times were around 8 weeks so we could holding on another while yet.

DubLad69 · 26-01-2021 11:52am

I've applied to all of the banks (except ulster bank) over a week ago. Still haven't heard anything back, its stressing me out that its taking so long.

Makes it worse that I had a missed loan payment 2 years ago when I switched banks and forgot the change the direct debit. So I'm worried that I won't get an exception.

Has anyone heard back recently?

Markitron · 26-01-2021 12:31pm

DubLad69 wrote: »

Makes it worse that I had a missed loan payment 2 years ago when I switched banks and forgot the change the direct debit. So I'm worried that I won't get an exception.

If it is a simple mistake that you can explain, and prove that you didn't miss it because of financial reasons, then you should be fine. If it was going to affect you it would be before the stage where they would consider an exemption anyway. Either way I wouldn't worry too much about it.

Corkgirl20 · 26-01-2021 1:31pm

We’ve had our mortgage in principle approved, once we’ve all the relevant documents and going to upload (site is down now) does anybody know how long it’ll take for the “clean” mortgage to be approved ? We’re with AIB. Thanks

Granadino · 26-01-2021 1:50pm

First post here. Saving at the moment. God knows when I'll be able to take the plunge and I saw that RTE article earlier on the avg earnings required for an apartment in Dublin. (Crazy IMO)
I had a look at the report but couldn't see it broken out by region? Are there any stats by county?
If I buy in Ireland, I have no intention of going near Dublin.

26-01-2021 4:38pm

Corkgirl20 wrote: »

We’ve had our mortgage in principle approved, once we’ve all the relevant documents and going to upload (site is down now) does anybody know how long it’ll take for the “clean” mortgage to be approved ? We’re with AIB. Thanks

You're probably talking in terms of weeks, and you can almost certainly expect a bit of back-and-forth about items on your statements, wondering what certain expenditure was, etc.

Corkgirl20 · 26-01-2021 4:47pm

Brian Melodic Lineman wrote: »

You're probably talking in terms of weeks, and you can almost certainly expect a bit of back-and-forth about items on your statements, wondering what certain expenditure was, etc.

Thank you, the houses in the estate were looking at won’t be release for 4 weeks so should be ok with approval in principle in the mean time.

redsteveireland · 26-01-2021 6:08pm

Hi all, I have a question about the reason behind declaring dependants on an application. Does anyone know is this for the purpose of calculating childcare costs only, or does a bank consider the possible costs of sending the children to college? I have heard this in passing but couldn't see any evidence of it.

Pete123456 · 26-01-2021 6:25pm

redsteveireland wrote: »

Hi all, I have a question about the reason behind declaring dependants on an application. Does anyone know is this for the purpose of calculating childcare costs only, or does a bank consider the possible costs of sending the children to college? I have heard this in passing but couldn't see any evidence of it.

They will just remove a certain amount for each dependent from your affordability - I have seen this to be 250 a month but probably varies between banks. Basically because they know a child costs money. They don’t differentiate between college going age and young in terms of costs

redsteveireland · 26-01-2021 7:57pm

Pete123456 wrote: »

They will just remove a certain amount for each dependent from your affordability - I have seen this to be 250 a month but probably varies between banks. Basically because they know a child costs money. They don’t differentiate between college going age and young in terms of costs

Thanks, I wasn't aware of this as I had no kids 1st time around and was wondering why they were offering me so little.

27-01-2021 12:05pm

Hi all. Has anyone recently drawn down with ICS? How long did it take for them to release the funds?

TIA!

LittleMissRed · 27-01-2021 4:00pm

EO2019 wrote: »

Thanks we are the same, no much around either. I’d feel better knowing I had the approval in case anything pops up! I can see previously that waiting times were around 8 weeks so we could holding on another while yet.

Well that's a good point too, it would be good to have in the event that something pops up. 8 weeks though? I'm not in a rush but janey mac, that's torture! I know a lot of the people involved would be working remotely, but that's still a long time. Here's hoping it won't be 8 weeks!

Stars03827 · 27-01-2021 4:07pm

Hi all. What do you think of the new Shared Equity Scheme? I didn't think Id be able to buy something decent but with this it is now a possibility

Milena009 · 27-01-2021 4:09pm

Stars03827 wrote: »

Hi all. What do you think of the new Shared Equity Scheme? I didn't think Id be able to buy something decent but with this it is now a possibility

I'm following the developments on this but I am not quite sure if they specified how to apply etc?
I am already HTB approved and in midst of mortgage process so it would be handy enough!
Of course i take correction that everything in Housing is delayed due to prolonged lockdown

Stars03827 · 27-01-2021 4:18pm

Milena009 wrote: »

I'm following the developments on this but I am not quite sure if they specified how to apply etc?
I am already HTB approved and in midst of mortgage process so it would be handy enough!
Of course i take correction that everything in Housing is delayed due to prolonged lockdown

From my understanding it should be announced over the next month or so how to apply. It sounds like such a great idea. so fingers crossed it all works out

L1011 · 28-01-2021 10:09am

KBC decided they needed further confirmation my employer was off subsidy at 5pm the day before drawdown. I was actually able to get it to them by 7pm, but maybe check this with them a few days in advance if anyone else is in a similar situation

Due to the quirk of a missed month during changeover and how long it all took my new mortgage is the same as the old one, but I'll get about 2k excess plus the 3k cashback like some form of accidental equity release

And I don't think I'll bother changing again!

Ivefoundgod · 28-01-2021 11:05am

Not sure if anyone knows or has experience of this situation. My wife and I had approval in principle in late 2019 but needed an extra month or so savings to cover solicitors fees. Just as we had that together in February 2020 we went back to bank and were in process of completing the application when the pandemic hit. My wife has been on the PUP more or less ever since barring the odd month or two during summer where she was back working at reduced capacity. She is self employed. We are now looking to re-apply when she comes off the PUP hopefully later this year. I've contacted the bank and they said she will need to prove her income capacity once back in work. She won't have accounts for 2021 so just wondering does anyone know what we need to do to show this? Apart from the obvious of statements but would she need something from her accountant or anything like that?

Antares35 · 28-01-2021 1:38pm

Is there an ideal institution to save with or does it make little difference? OH and I will be saving 2500 per month, some of the savings accounts have a limit of 1000, so even if we open one each we'd exceed the limit. Trying to open one with BOI is a nightmare. They keep coming back saying certain documents are not valid (corners missing, too bright etc.) but each time they specify only one document, and the link they provide for submitting a new one prompts the entire application to start again.

I've an online saver attached to my current account - can OH just transfer his share to my account each month and I save for both of us in that?

redsteveireland · 28-01-2021 1:46pm

Antares35 wrote: »

Is there an ideal institution to save with or does it make little difference? OH and I will be saving 2500 per month, some of the savings accounts have a limit of 1000, so even if we open one each we'd exceed the limit. Trying to open one with BOI is a nightmare. They keep coming back saying certain documents are not valid (corners missing, too bright etc.) but each time they specify only one document, and the link they provide for submitting a new one prompts the entire application to start again.

I've an online saver attached to my current account - can OH just transfer his share to my account each month and I save for both of us in that?

I found that Bank of Ireland process annoying, ended up getting in contact with them on here and then they got in touch with me, same story though issues with document clarity etc. I think I'll save elsewhere.

Busi_Girl08 · 28-01-2021 1:55pm

For those of you who were asked for a letter from your employer confirming they aren't and won't be in the future on the WSS or other supports, is that asked for at the AIP application stage? What kind of format is it in? - Company headed/stamped letter, or is it a form/template specific to the company like the salary certificate?

We haven't applied for ours and haven't decided on a lender/broker as yet but I'm wondering would it be worth asking my employer now for a letter to have it ready to go, or should I wait and see what I'm actually asked for?

Just thinking ahead to what I should have in place in advance.

itsusuallyjazz · 28-01-2021 2:07pm

Busi_Girl08 wrote: »

For those of you who were asked for a letter from your employer confirming they aren't and won't be in the future on the WSS or other supports, is that asked for at the AIP application stage? What kind of format is it in? - Company headed/stamped letter, or is it a form/template specific to the company like the salary certificate?

We haven't applied for ours and haven't decided on a lender/broker as yet but I'm wondering would it be worth asking my employer now for a letter to have it ready to go, or should I wait and see what I'm actually asked for?

Just thinking ahead to what I should have in place in advance.

My company have a generic one on our intranet now for us to request, I was asked when getting AIP and Loan offer and expect to be asked again when I draw down - my broker thinks it is hilarious them asking as the company I work for would absolutely not be claiming it

Busi_Girl08 · 28-01-2021 2:16pm

itsusuallyjazz wrote: »

My company have a generic one on our intranet now for us to request, I was asked when getting AIP and Loan offer and expect to be asked again when I draw down - my broker thinks it is hilarious them asking as the company I work for would absolutely not be claiming it

Thanks

We were on the WSS for a couple of months last summer so don't know if that will have to be declared? Wording wise I'm guessing they just want the employer to say that they are not currently on any supports, and have no plans to go on any in the future?

itsusuallyjazz · 28-01-2021 2:24pm

Busi_Girl08 wrote: »

Thanks We were on the WSS for a couple of months last summer so don't know if that will have to be declared? Wording wise I'm guessing they just want the employer to say that they are not currently on any supports, and have no plans to go on any in the future?

This is what mine said back in Nov

This is to confirm that *****'s employment has not been affected by COVID-19 and their income is not being supported by the Government COVID-19 subsidy scheme. A***** is still in Full time employment, and there has been no reduction or a need to stop salary as a result of COVID-19. ***** will continue to be paid salary and benefits as normal.
Should you require any further information, please do not hesitate to contact me.

cb123 · 28-01-2021 10:00pm

pooch90 wrote: »

As do Finance Ireland.
I am a public sector worker and applied by myself as my husband is raising the kids. Both FI and PTSB looked very favourably on my application. Lady in PTSB was very confident about my application due to being PSW. I doubt it would have been the same if I was public sector with same salary. Especially with Covid and everything.
My application to FI was my name only. PTSB was a joint application.

Just got AIP from Finance Ireland today (single applicant) taking into account my pay scale (PSW). Process was quick, can't complain.

How did you get on with PTSB, did they take your payscale into account?

Danger781 · 28-01-2021 11:23pm

Are banks being flexible at all regards to Covid PUP? Herself is a hairdresser so out of work at the moment but my salary will cover the cost of the mortgage repayments. I am not on any subsidies or PUP.

We had talked to a Broker and he told us no dice because of PUP. Would it be worthwhile talking to a bank directly?

ongarite · 28-01-2021 11:29pm

PUP is a no-go for mortgage approval, drawdown at the moment.
Even if you are on full pay but your employer is on EWSS you can be refused.

Danger781 · 28-01-2021 11:34pm

ongarite wrote: »

PUP is a no-go for mortgage approval, drawdown at the moment.
Even if you are on full pay but your employer is on EWSS you can be refused.

That is so frustrating. Even if herself wasn't working at all I could cover the monthly repayments for the Mortgage we're looking for. We have more than enough saved to cover the deposit and then some. Yet we can't apply because she's on PUP unless I go apply on my own, in which case I would have no problem being approved.

None of this makes sense.

G_R · 28-01-2021 11:58pm

Danger781 wrote: »

That is so frustrating. Even if herself wasn't working at all I could cover the monthly repayments for the Mortgage we're looking for. We have more than enough saved to cover the deposit and then some. Yet we can't apply because she's on PUP unless I go apply on my own, in which case I would have no problem being approved.

None of this makes sense.

If you qualify on your own income alone, and can prove repayment ability on your own (ie, you're not reliant on the 350 a week to cover the proposed repayment), then you can still apply and just ask for your partner's income not to get taken into account and for her to be treated as a homemaker.

LittleMissRed · 29-01-2021 10:03am

EO2019 wrote: »

Thanks we are the same, no much around either. I’d feel better knowing I had the approval in case anything pops up! I can see previously that waiting times were around 8 weeks so we could holding on another while yet.

Just got AIP yesterday from ICS!

So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

Plum Pud · 29-01-2021 11:00am

LittleMissRed wrote: »

Just got AIP yesterday from ICS!
So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

Oh this is great news, congratulations

we applied on the 4th (or 5th) and they called to clarify something on the 7th but we've heard nothing since... Wonder should we call them today..

EO2019 · 29-01-2021 3:43pm

LittleMissRed wrote: »

Just got AIP yesterday from ICS!
So if I consider 5th January as the start of the process (as they didn't look at it until then with Christmas holidays etc), it was just over 3 weeks to get it. Fingers crossed you hear soon.

That’s brilliant thanks for the update. Fingers crossed we get good news soon too!

Saving/Applying for a mortgage 2020-22 Edition

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