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Saving/Applying for a mortgage 2020-22 Edition

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Comments

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    #4232
    Bluefox556
    Registered Users Posts: 20 ✭Bluefox556


    https://www.boards.ie/discussion/comment/120657350#Comment_120657350

    In the same position, was told Friday that the final checks are being done for our approval letter..still waiting.

    Here's hoping we both hear back by the end of the week



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    #4233
    Bluefox556
    Registered Users Posts: 20 ✭Bluefox556


    Just an update - just checked my aib online portal and our letter of offer came in yesterday! (4 June)


    Interesting to know these things can come in on a weekend and a long one at that



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    #4234
    gaming_needs90
    Registered Users Posts: 224 ✭✭gaming_needs90


    Currently in the process of sorting out mortgage for a sale agreed house. Only have the approval with AIB so I guess thats that.

    What have people done in regards to deposit vs savings? Do people generally put in all of their savings into the mortgage to reduce interest?

    Trying to calculate doing that vs investing savings and trying to beat mortgage rate.



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    #4235
    drogon.
    Registered Users Posts: 716 ✭✭✭drogon.


    We have approval from both AIB and BOI - we are looking for a 4 year fixed, BOI is giving us 3.7% APR and AIB is giving is 3.85. So both are identical, if you would have to pick BOI vs AIB, which one would you go for ?



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    #4236
    whatawaster
    Registered Users Posts: 12,906 ✭✭✭✭whatawaster


    https://www.boards.ie/discussion/comment/120695716#Comment_120695716

    They aren't identical, BOI is lower. So go with BOI all else being equal.



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    #4237
    drogon.
    Registered Users Posts: 716 ✭✭✭drogon.


    https://www.boards.ie/discussion/comment/120699914#Comment_120699914

    Thanks - one additional benefit I found with AIB is that you don't have to pay current account fees if you have a mortgage with them.

    https://aib.ie/our-products/mortgages/mortgage-benefits

    Albeit doing maths. AIB being 0.15% more expensive but still giving me free banking doesn't make it cheaper than paying BOI the extra 6 euro a month.



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    #4238
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    just an update.


    Got our keys last tuesday!

    approval on friday14/04/23

    sale agreed on monday 17/04/23

    house keys on tuesday 06/06/23.


    not bad going!!



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    #4239
    Mazzy Star
    Registered Users Posts: 382 ✭✭Mazzy Star


    https://www.boards.ie/discussion/comment/120703876#Comment_120703876

    Congratulations more great news!



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    #4240
    Bluefox556
    Registered Users Posts: 20 ✭Bluefox556


    https://www.boards.ie/discussion/comment/120703876#Comment_120703876

    Congrats!



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    #4241
    huggy15
    Registered Users Posts: 221 ✭✭huggy15


    Been going through the whole mortgage process this past 7/8 months. My partner and I applied through a broker. We had originally started the application with PTSB but they were then unable to offer the money we needed so we went with haven instead.

    We are currently at drawdown stage and are (i think!) nearing the end. There was a bit of to and froing between the bank and our solicitor over a discrepancy in an address but thats all been resolved now. We spoke to our broker today and they've told us the bank has said the cheque requisition has been signed off but they still need to review one document, the deed of assignment. Which we had to resign actually because haven made an update to there deed of assignment doc apparently.

    Anyway at this stage does anyone have any idea how much longer we may be waiting until funds are released? Has anyone else any firsthand experience with haven? I've come to realise never assume the banks can't come back and look for something else because it seems they always do when you think your nearly at the end.



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    #4242
    Lyra Fangs
    Registered Users Posts: 630 ✭✭✭Lyra Fangs


    Does anyone have any experience with regards to qualification of title and positive outcomes?



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    #4243
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Does anyone have any experience of a self-build mortgage with BOI? And if they ask for any documentation (other than an engineer's report) before each drawdown? Thanks



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    #4244
    iwantopinion
    Registered Users Posts: 24 ✭iwantopinion


    Hi,

    I am looking for anyone's experience with getting approved for higher mortgage with boi after getting underwritten approval.

    We had our house hunter approval and shortly after I got a payrise. I told boi and was advised no need to resubmit before I had a house identified. Which we now have done and all new docs submitted through the hub. Have spoke to few mortage advisors in boi and we still meet the repayment capacity and they have said it won't be an problem getting higher amount. Its now with the credit committee and I'm just nervous now that they may come back and say no and stick with the initial lower amount. We have paid booking deposit have engaged solicitor/ survey booked etc.

    Any experiences welcome!

    Thanks



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    #4245
    theboringfox
    Registered Users Posts: 507 ✭✭✭theboringfox


    https://www.boards.ie/discussion/comment/120723992#Comment_120723992

    Sounds like you will be fine. They know pretty well in advance I would say what will get through. Really the full approval is just verifying everything. It is not in their interest to bring cases through for full approval only to get rejected. But totally understand anxiety as I have same thoughts going in for full approval. You will probably feel like that until offer letter issues



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    #4246
    iwantopinion
    Registered Users Posts: 24 ✭iwantopinion


    Thank you @theboringfox I am living on my nerves till I see the revised amount! But I know it should all be OK.

    What stage are you at? Are you applying through boi yourself?



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    #4247
    Letitallout
    Registered Users Posts: 1 ✭Letitallout


    Hi all,

    Has anyone experienced this message post underwriter review for BOI. I am worried now…. All green ticks beside documents and repayment capacity. But this popped up today:

    Our review of your mortgage application is complete. Your mortgage specialist will contact you in the next 24 hours to discuss the outcome of it with you.


    I am assuming that this is bad!!???



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    #4248
    iwantopinion
    Registered Users Posts: 24 ✭iwantopinion


    Have you called for update ? I find them all v helpful when you speak to them.

    Can I ask is this property identified approval?

    When did you send that in?



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    #4249
    Mimonew
    Registered Users Posts: 10 ✭Mimonew


    Hi @ iwantopinion

    I think you will be fine. The only draw back is that your application has to go back to the underwriter stage to get approval on the newly asked borrowing prices.


    Best,



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    #4250
    iwantopinion
    Registered Users Posts: 24 ✭iwantopinion


    Thank you I'm at day 6 at moment checking app constantly to see if moved along!



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    #4251
    Rothmans
    Registered Users Posts: 1,805 ✭✭✭Rothmans


    Does anybody here have any experience applying for a mortgage as a public sector worker who earns unsociable hours allowances and overtime?


    How have the banks treated these payments? Will they consider them when calculating how much they will lend?


    Google is giving me mixed responses. I'm taking about any bank, broker etc.



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    #4252
    G_R
    Moderators, Education Moderators Posts: 5,022 Mod ✭✭✭✭G_R


    https://www.boards.ie/discussion/comment/120757714#Comment_120757714

    The overtime will be treated as variable pay. The unsociable hours will be taken into account but depending on whether or not they're guaranteed will depend on how much of it they take.



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    #4253
    WoolyJumper
    Registered Users Posts: 847 ✭✭✭WoolyJumper


    I had an engineers report carried out recently and as part of this it was recommended that I carry out a drainage survey (Nothing particularly urgent, just an old house). My broker has advised the bank will probably want to see this, however the person who when to carry it out advised there was no access on the property. Is this game over no?. Will the bank refuse to draw down if I can't get a drainage report done. Anyone experience something similar?



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    #4254
    This is it
    Registered Users Posts: 5,185 ✭✭✭This is it


    https://www.boards.ie/discussion/comment/120759459#Comment_120759459

    We were advised to get the drains surveyed, and an electrician and plumber to check out the wiring/plumbing. I spoke to the surveyor and he said there was nothing standing out to him but that he always advises these things should be done.

    We didn't bother, no issues with the bank or anything.

    Our broker actually told us not to bother with any survey, just get a valuation... I know it's not required by the banks but I still found it a strange comment, and one we ignored.



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    #4255
    Bluefox556
    Registered Users Posts: 20 ✭Bluefox556


    Hi all , so I'm aware that I should avoid getting the mortgage protection from my mortgage bank.

    (people have told me if i want to switch mortgage in the future they will cancel it and my premium will be more expensive with new insurer)

    Does this also apply with the House Insurance? Should I avoid getting house insurance from my mortgage bank?



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    #4256
    Bluefoam
    Registered Users Posts: 7,711 ✭✭✭Bluefoam


    https://www.boards.ie/discussion/comment/120760566#Comment_120760566

    Your surveyor would say that... he gets to take the fee & then put any responsibility for his work onto someone else at your expense... Now if you don't do it he can still claim that he recommended further action but you refused his advice. It's a win, win for him...



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    #4257
    Rothmans
    Registered Users Posts: 1,805 ✭✭✭Rothmans


    https://www.boards.ie/discussion/comment/120758055#Comment_120758055

    Thanks for the reply. My concern is the word guaranteed. My concern is that my employer will be very hesitant to use the word guaranteed, even though the shift pay has been at the same rate for decades.



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    #4258
    mayo londoner
    Registered Users Posts: 162 ✭✭mayo londoner


    Hi all,

    Just looking for an opinion. Gone sale agreed and have a mortgage of approx 225k. Going to avail of the Green Rate BOI offer of 4.2% and will get 2% Cashback initially on that and with potential another 1% at the end of of a 5yr fixed term.

    Anyone have any idea of what an approximate breakage fee would be for example if I were to switch providers 3yrs (for a lower rate) into the 5yr fixed term? Kind of thinking that the 1% Cashback after 5years (€2250) might be roughly equivalent to a breakage fee I'd be charged if I switched after the 3yrs and rates went down by 1% for example.

    Any guidance would be welcome

    Thanks



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    #4259
    Bluefoam
    Registered Users Posts: 7,711 ✭✭✭Bluefoam


    Variable rates are currently lower than fixed... How long do you think they'll continue to rise before they begin to come back down? My short term plan is to stay on variable.



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    #4260
    theboringfox
    Registered Users Posts: 507 ✭✭✭theboringfox


    https://www.boards.ie/discussion/comment/120774064#Comment_120774064

    I thought there was no cash back with green rates?



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    #4261
    This is it
    Registered Users Posts: 5,185 ✭✭✭This is it


    https://www.boards.ie/discussion/comment/120773861#Comment_120773861

    It just means that it's guaranteed, like your basic pay is guaranteed, but unlike overtime where sometimes you do overtime and sometimes you don't.

    I get an on call allowance separate to my basic pay, this is the same amount every month so it's guaranteed, but that's not to say that it won't ever stop, it's not a guarantee that I'll have an on call allowance forever. If that makes sense...



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