Saving/Applying for a mortgage 2015/16/17/18/19

Ayuntamiento · 14-10-2016 3:04pm

I know it's very frustrating (and absolutely ludicrous considering the fact that you probably would have applied for the credit card straight after draw down anyway) but those are the rules and you really can't take any chances before the money is in your account.

highgiant1985 · 15-10-2016 5:32pm

dar_cool wrote: »

Was talking to my solicitor today and he told me they have got the contracts, anyone any idea how long it will take from here ?
Thanks

I'm in a similar position.
- Bank Mortgage offer Letter signed & Direct Debit mandate signed & both returned to bank.
- House Survey Completed
- House Insurance lined up
- Life Insurance lined up
- Solicitor has received mortgage pack from the bank and selling solicitors documents.
- I'm meeting my Solicitor Tuesday next week to go through the contracts and pay over the remaining booking deposit.

After that I think its a matter of signing contracts, drawing down the funds from the bank and agreeing a closing date.

wazzer1 · 15-10-2016 6:39pm

Any recommendations for home/life insurance??

Santy2015 · 16-10-2016 9:03am

wazzer1 wrote: »

Any recommendations for home/life insurance??

Hi wazzer, I went with Zurich for my life insurance(mortgage protection) and stuck with BOI for my home insurance they gave us a very competitive rate

Sono · 16-10-2016 9:12am

wazzer1 wrote: »

Any recommendations for home/life insurance??

Aviva came in the cheapest for our life insurance by a mile, about €22 a month!

myshirt · 16-10-2016 9:13am

How long did it take to get the life insurance sorted?

Sono · 16-10-2016 9:19am

myshirt wrote: »

How long did it take to get the life insurance sorted?

Took me weeks as the doctor disclosed that I was a smoker but I'm not(anymore) and it really dragged on and on but if no issues it should only take a couple of days.

Mink · 16-10-2016 11:06am

We've seen a property that we like and plan to put offer in Monday. We feel we'll get it as the other offer in is from a guy who doesn't have mortgage approval and the EA said it's ours in so many words.

It's an ex rental and is empty so there is no chain issue. Although I'm eager to get going, I also don't want to have to move just before Xmas. There's various bits and bobs that have to be done to make it liveable and I highly doubt I'd be able to get tradesmen before or during Xmas/ny holidays!

Plus it's an hour from where we live now so it's a lot of hassle to get my son minded and then travel down to get anything done. Husband will be working a lot over Xmas "break".

However I also need to have the sale closed before 1st wk of Jan so can register my sons for schools.

On a stress scale of 1-10 I envision this move will be a 15

SB_Part2 · 16-10-2016 6:58pm

Mink wrote: »

We've seen a property that we like and plan to put offer in Monday. We feel we'll get it as the other offer in is from a guy who doesn't have mortgage approval and the EA said it's ours in so many words.

It's an ex rental and is empty so there is no chain issue. Although I'm eager to get going, I also don't want to have to move just before Xmas. There's various bits and bobs that have to be done to make it liveable and I highly doubt I'd be able to get tradesmen before or during Xmas/ny holidays!

Liveable in general or just by your standards? I had huge issues with one bank because they didn't think my house was habitable and wouldn't give me a mortgage on it.

whiskeyman · 16-10-2016 9:18pm

Sono wrote: »

Aviva came in the cheapest for our life insurance by a mile, about €22 a month!

Low.ie came in cheapest for me.
Only heard of them on boards.ie

Mink · 16-10-2016 10:21pm

SB_Part2 wrote: »

Liveable in general or just by your standards? I had huge issues with one bank because they didn't think my house was habitable and wouldn't give me a mortgage on it.

No just by my standards. Just grubby as f@ck. Nothing major that a bank would deny mortgage over.

Wesser · 16-10-2016 10:29pm

Mink wrote: »

No just by my standards. Just grubby as f@ck. Nothing major that a bank would deny mortgage over.

If it just that it is grubby or needs ' bits and bobs' then I would inclined to just bid and take it. Otherwise you might miss out. The house does not need to be perfect for you to live in it. Don't risk your house it your child's child care place for some grubbiness..

StiffOldMan · 17-10-2016 10:51am

Arsen5 wrote: »

Got a letter of offer 4weeks ago every thing was ok till solicitor try to drawdown, for some reason they decided to do another credit check they found that I applied for credit card after my approval, they asked for that to be cleared from my account which we did two days ago& submit a proof of that. Two days still no sign of the fund sooo frustrating that your whole life is disturbed just because you want to finally buy a house & settle down(keep giving landlord notice after notice that we are moving & changing it again, family is another city paying two rent since July, daughter is going to loose her place in the school near the house if we didn't move quickly) it just fills you with rage that someone sitting at a desk in bank building is controlling your whole life & future.

I understand your frustration but you really shouldn't have changed your financial circumstances between approval in principle and drawdown. That is the most sensitive time when applying for a mortgage. If a bank sees any big changes in your circumstances, they will not play ball

MrStuffins · 17-10-2016 12:22pm

Guys, when should I seek to see a broker?

We have the vast majority of our deposit saved up. In fact, we'd have enough if we wanted to buy a house on the lower end of the scale.

We're not entirely sure exactly where we want to live yet, so we only have a general idea of how much we actually want to borrow.

Is it advisable to wait until you have an exact figure in mind and the relevant deposit before seeing a broker?

Michael D Not Higgins · 17-10-2016 12:59pm

MrStuffins wrote: »

Guys, when should I seek to see a broker?

We have the vast majority of our deposit saved up. In fact, we'd have enough if we wanted to buy a house on the lower end of the scale.

We're not entirely sure exactly where we want to live yet, so we only have a general idea of how much we actually want to borrow.

Is it advisable to wait until you have an exact figure in mind and the relevant deposit before seeing a broker?

Go whenever you're ready. The approval will be for an amount related to your salary and expenses. The conditions of drawing down will be meeting the LTV criteria for a deposit which you can continue to save for while you're looking.

Keep in mind approval in principle lasts 6 months (IIRC) and you'll need to reapply after that. So if your deposit looks like it's going to take longer than that to save I'd wait a bit yet.

wersal gummage · 17-10-2016 2:17pm

Is there a general rule of thumb as to what impact children have on the amount a bank will lend? I presume it is significant as the costs of childcare and so on are probably deducted from your earnings and thus lower the amount that you can afford to repay??

The 3.5x salary confuses me as I presume it is only 3.5 times salary subject to having a minimum net, disposable income per month?

Also, does anyone know knowing at what point (in age of customer terms) the banks stop give 30 year mortgages? Eg, is there a general maximum age that you can have a mortgage until?

Thanks!

Ayuntamiento · 17-10-2016 2:24pm

@Michael D Not Higgnins, my experience with one bank was that they would literally only approve us for the amount that correlated with the deposit that we had saved at the point of the application going to the underwriters. That same amount was roughly half what we'd be entitled to based on the '3.5 times your income' rule. It was massively frustrating as we save €2k every month and have gone back to them a few times seeking a larger amount as our deposit has increased. They've always granted us the larger amount but it's a bit of a charade having to submit the same paperwork all over again. Not to mention the fact that they're creating so much extra work for their underwriters.

Is there a particular bank that you have come across who will give AIP on the basis that you will have the deposit for a set amount within the 6mths that it remains valid?

Michael D Not Higgins · 17-10-2016 2:30pm

wersal gummage wrote: »

Is there a general rule of thumb as to what impact children have on the amount a bank will lend? I presume it is significant as the costs of childcare and so on are probably deducted from your earnings and thus lower the amount that you can afford to repay??

The 3.5x salary confuses me as I presume it is only 3.5 times salary subject to having a minimum net, disposable income per month?

Also, does anyone know knowing at what point (in age of customer terms) the banks stop give 30 year mortgages? Eg, is there a general maximum age that you can have a mortgage until?

Thanks!

The 3.5 LTI is the max they can lend (without the exceptions). The bank will have its own underwriting which will also take into account your expenses and lower the amount you can borrow accordingly.

Therefore, a couple with no children compared to a couple with 2 children in full time childcare with equivalent salaries will qualify for very different mortgage amounts.

Generally, the bank won't lend more than you can afford after the usual expenses. For children, they subtract ~€250 per month per child as the basic amount and add any childcare costs on that as well.

The bank won't grant a mortgage beyond your expected retirement age, this is in the range of 65-70 depending on the bank.

SB_Part2 · 17-10-2016 2:31pm

Ayuntamiento wrote: »

Is there a particular bank that you have come across who will give AIP on the basis that you will have the deposit for a set amount within the 6mths that it remains valid?

I got my AIP minus the money I was getting as a gift. I assume that's the same?

wersal gummage · 17-10-2016 2:36pm

Michael D Not Higgins wrote: »

Therefore, a couple with no children compared to a couple with 2 children in full time childcare with equivalent salaries will qualify for very different mortgage amounts.

Generally, the bank won't lend more than you can afford after the usual expenses. For children, they subtract ~ 250 per month per child as the basic amount and add any childcare costs on that as well..

That's what I thought, thank you for that.

Is there any point at which the 3.5x is more likely to be the limiting factor than the disposable income? I mean, with only two kids as expenses above and beyond the usual day to day?

Eg, combined income of 50k is likely to be hard hit by 2x1000 cr che plus 2x 250 (as above example). Whereas combined income of say 140k would be more likely to absorb the childcare costs and still be limited by the 3.5 multiple??

Michael D Not Higgins · 17-10-2016 2:37pm

Ayuntamiento wrote: »

@Michael D Not Higgnins, my experience with one bank was that they would literally only approve us for the amount that correlated with the deposit that we had saved at the point of the application going to the underwriters. That same amount was roughly half what we'd be entitled to based on the '3.5 times your income' rule. It was massively frustrating as we save €2k every month and have gone back to them a few times seeking a larger amount as our deposit has increased. They've always granted us the larger amount but it's a bit of a charade having to submit the same paperwork all over again. Not to mention the fact that they're creating so much extra work for their underwriters.

Is there a particular bank that you have come across who will give AIP on the basis that you will have the deposit for a set amount within the 6mths that it remains valid?

Perhaps I am considering a case where someone has said they will be getting the rest of the deposit as a gift from parents. I haven't undergone the mortgage approval process in Ireland so I don't know how the different banks do their process.

Michael D Not Higgins · 17-10-2016 2:46pm

wersal gummage wrote: »

That's what I thought, thank you for that.

Is there any point at which the 3.5x is more likely to be the limiting factor than the disposable income? I mean, with only two kids as expenses above and beyond the usual day to day?

Eg, combined income of 50k is likely to be hard hit by 2x1000 cr che plus 2x 250 (as above example). Whereas combined income of say 140k would be more likely to absorb the childcare costs and still be limited by the 3.5 multiple??

What they do is they take your net income and take away the expenses. So say you're on 50k with expenses above. They'll take ~2000/month for two adults to live on and with 2500 in child costs, there's no residual for a mortgage. In that situation, they would be likely to deny a mortgage.

For the 140k family, there's a net income of ~7k per month minus 4500 leaves 2500 for a mortgage. The underwriting usually also limits the max percentage of net income for a mortgage to ~40%, so in this case the 2500 is below that and can be fully used for the mortgage. Working out the 3.5 LTI and stress testing to 2% above market interest rates shows they'll just about scrape max mortgage amount.

Arsen5 · 17-10-2016 3:03pm

Still waiting for the bank to wire money to solicitor,(waiting since last Thursday after issue with credit card that supposed to be sorted according to my broker) whole thing is dragging on for ever!, anyone think it will be a good idea to give the bank a deadline & move on to other bank that we got AIP (should still be valid)?.

Ayuntamiento · 17-10-2016 3:51pm

Will the other bank that gave you AIP not also perform credit checks, realize that you took out a credit card after they gave you AIP and then delay your drawdown too?
Unless you're a seriously high net-worth individual, I don't imagine the bank will respond to an ultimatum.

ThisRegard · 17-10-2016 4:32pm

Quick question, at what point does the bank send out the valuer to the home they're loaning for, presumably they won't do this until after they've done their credit checks etc and the mortgage is basically a done deal once, pending the valuation?

angeldelight · 17-10-2016 4:35pm

You arrange the valuation not the bank. You can do it as soon as you're sale agreed but the valuation needs to be within 2 months of drawdown so be careful doing it too early

Zzippy · 17-10-2016 4:38pm

angeldelight wrote: »

You arrange the valuation not the bank. You can do it as soon as you're sale agreed but the valuation needs to be within 2 months of drawdown so be careful doing it too early

Some banks arrange their own valuer or choose from a panel of valuers, and also pay for the valuation. Ulster Bank, for instance, do this, while KBC appoint a valuer but expect the purchaser to pay their fee.

TJ Mackie · 17-10-2016 4:52pm

Hi, just looking for some advice.

My fiancé and I have started saving for a house. We’re in our late 20s. Don’t have any substantial savings as it is but we reckon we can save between €50-€60k in 3 years if we are disciplined. The whole notion of getting a mortgage and what’s involved is alien to me, but I guess my main questions are:

1. What are some crucial things you wish you knew at the start of your process – i.e. anything that I should know now rather than find out the hard way?

2. If we are able to save €1500 a month for 3 years in addition to paying rent of €1400 a month for 3 years, how favourable would that look on a mortgage application? Do they even acknowledge what you have been paying in rent or is it purely what you’ve been able to save?

3. I’m not confident I have a great credit history – I got deep into my credit card about 2 years ago (I was always flirting with my max €4k limit) and though I never missed a payment, it was often a case of making my payment then spending straight away. I got the balance a little bit under control, and was able to pay off the lump sum balance thanks to a cash gift from my parents. I closed my Credit Card account as soon as it was cleared. I’ve been in my overdraft for about 18 months at this stage (max €2.8k) and will have it cleared by my PayDay at the end of the month (i.e. I expect to have my balance back to zero before my wages hit my account, so I don’t expect to have to use my overdraft again – indeed my first port of call will be to give myself a far lower limit). How big of a deal is all this? And would it be a big deal in 3 years time, assuming we’ve evidenced the above mentioned 3 years’ worth of saving? i.e. would 3 years perfect credit go any great way to helping me?

Really appreciate any advice!

Thanks

ThisRegard · 17-10-2016 4:59pm

angeldelight wrote: »

You arrange the valuation not the bank. You can do it as soon as you're sale agreed but the valuation needs to be within 2 months of drawdown so be careful doing it too early

As said above, the bank's often arrange it.

Anyway, so in the case of a bank arranged valuation imagine it's the very last t to be crossed, no point arranging a valuation if they don't otherwise qualify?

sadie1502 · 17-10-2016 8:22pm

ThisRegard wrote: »

As said above, the bank's often arrange it.

Anyway, so in the case of a bank arranged valuation imagine it's the very last t to be crossed, no point arranging a valuation if they don't otherwise qualify?

Yeah they wouldn't send out a valuer unless you have passed the credit checks. I wouldn't imagine so anyway. Well in our case that's what happened.

SB_Part2 · 17-10-2016 8:48pm

TJ Mackie wrote: »

Hi, just looking for some advice.

My fiancé and I have started saving for a house. We’re in our late 20s. Don’t have any substantial savings as it is but we reckon we can save between €50-€60k in 3 years if we are disciplined. The whole notion of getting a mortgage and what’s involved is alien to me, but I guess my main questions are:

1. What are some crucial things you wish you knew at the start of your process – i.e. anything that I should know now rather than find out the hard way?

2. If we are able to save €1500 a month for 3 years in addition to paying rent of €1400 a month for 3 years, how favourable would that look on a mortgage application? Do they even acknowledge what you have been paying in rent or is it purely what you’ve been able to save?

3. I’m not confident I have a great credit history – I got deep into my credit card about 2 years ago (I was always flirting with my max €4k limit) and though I never missed a payment, it was often a case of making my payment then spending straight away. I got the balance a little bit under control, and was able to pay off the lump sum balance thanks to a cash gift from my parents. I closed my Credit Card account as soon as it was cleared. I’ve been in my overdraft for about 18 months at this stage (max €2.8k) and will have it cleared by my PayDay at the end of the month (i.e. I expect to have my balance back to zero before my wages hit my account, so I don’t expect to have to use my overdraft again – indeed my first port of call will be to give myself a far lower limit). How big of a deal is all this? And would it be a big deal in 3 years time, assuming we’ve evidenced the above mentioned 3 years’ worth of saving? i.e. would 3 years perfect credit go any great way to helping me?

Really appreciate any advice!

Thanks

If you are constantly in your overdraft you haven't a hope of getting a mortgage.

Be overdraft free, paying rent and saving consistently for 12 months and you won't have an issue getting a mortgage.

Lumen · 17-10-2016 9:47pm

SB_Part2 wrote: »

If you are constantly in your overdraft you haven't a hope of getting a mortgage.

You don't get a bad credit rating from using credit facilities like overdrafts and credit cards.

Banks only ask for a six months of statements so you just need to keep things looking tidy for six months and avoid obvious red flags like online gambling.

Arsen5 · 17-10-2016 10:42pm

1. What are some crucial things you wish you knew at the start of your process – i.e. anything that I should know now rather than find out the hard way?

2. If we are able to save €1500 a month for 3 years in addition to paying rent of €1400 a month for 3 years, how favourable would that look on a mortgage application?

3. I’m not confident I have a great credit history – I got deep into my credit card about 2 years ago (I was always flirting with my max €4k limit) and though I never missed a payment, it was often a case of making my payment then spending straight away. I got the balance a little bit under control, and was able to pay off the lump sum balance thanks to a cash gift from my parents. I closed my Credit Card account as soon as it was cleared. I’ve been in my overdraft for about 18 months at this stage (max €2.8k).
Thanks[/quote]
1. Avoid betting/late night out payment using your card as it will show on your statement & banks don't like gamblers or unresponsible people. Also from my experience avoid transfers which can't be explained i.e. money from/to friends or family. Banks like people who are more monotonous i.e. regular salary income regular normal expenses like bills saving rent etc. I learned this the hard way after couple of refusals.
2. Avoid erratic transfers.
3. When you pay rent write clearly the word (rent) as this will show in your bank statement & will be counted as a regular saving.
4. Do a credit check on your self (it's easy you just need your previous addresses & doesn't cost much, if it showed any problem try to clear it with any outstanding payments).

Ayuntamiento · 17-10-2016 11:00pm

We've always used our overdraft and we use the credit card all the time. We still got approved for a mortgage with no issues. However by the end of the month we have the credit card cleared and are out of the overdraft by a few thousand. It's how you use your credit facilities that counts.

Shelga · 18-10-2016 3:06am

Is it necessary to have been paying rent for a while in order to be granted a mortgage? I'm hoping to move home from the UK early next year and would have a medium amount of savings by then. I would then hope to live at home for 6-12 months and save loads more. I want to totally avoid having to rent in Dublin as obviously it's a horrendous market right now.

Would this affect whether banks will lend to me? I've been renting in England for 5 years, both house shares and alone. Thanks!

68 lost souls · 18-10-2016 8:16am

Shelga wrote: »

Is it necessary to have been paying rent for a while in order to be granted a mortgage? I'm hoping to move home from the UK early next year and would have a medium amount of savings by then. I would then hope to live at home for 6-12 months and save loads more. I want to totally avoid having to rent in Dublin as obviously it's a horrendous market right now.

Would this affect whether banks will lend to me? I've been renting in England for 5 years, both house shares and alone. Thanks!

I dont see why it would? There are plenty of people that move from their family home to their own home. YOu will need to show that you are saving more each month than the stressed repayments would be though.

SB_Part2 · 18-10-2016 9:38am

Lumen wrote: »

You don't get a bad credit rating from using credit facilities like overdrafts and credit cards.

Banks only ask for a six months of statements so you just need to keep things looking tidy for six months and avoid obvious red flags like online gambling.

I never said it would affect their credit rating but living in an overdraft is not healthy. And banks can ask for 12 months. KBC and Ulster did when I was applying.

Bored Accountant · 18-10-2016 11:15am

Shelga wrote: »

Is it necessary to have been paying rent for a while in order to be granted a mortgage? I'm hoping to move home from the UK early next year and would have a medium amount of savings by then. I would then hope to live at home for 6-12 months and save loads more. I want to totally avoid having to rent in Dublin as obviously it's a horrendous market right now.

Would this affect whether banks will lend to me? I've been renting in England for 5 years, both house shares and alone. Thanks!

I heard, some banks don't take your rent payments into account at all. They only look at your savings.

Our broker told us at the end of the day what the bank looks at, If you take out a mortgage of 200,000 with monthly repayments of 1000, if interest rates were to rise by 2% (worst case) could you still afford to meet the repayments. So if your savings well exceed what the max payment will be, you have shown you can meet the max payments and so that should keep banks happy in regard to that.

When I applied for my mortgage, I had 800 on my credit card (I try clear every month), my OH has personal loan and money owed on CC and there was no issues what so ever, as between the 2 of us we were probably saving 2 grand a month plus paying rent.

Ayuntamiento · 18-10-2016 11:28am

It makes no sense that banks wouldn't take your rent payments into account. Any bank that I've been took rent into account.
Essentially they see it as: what you pay in rent + what you save = the amount of money you would have available to put into your mortgage repayments. Then they stress test at rates higher than what's currently out there and if you could still pay a mortgage at those rates, you're a good candidate for borrowing.

It's all the same to the bank whether you live at home and save 3k per month or you rent and pay 1.5k to a landlord and save 1.5k. In both scenarios they've determined that you have 3k available every month to put into a mortgage.

Michael D Not Higgins · 18-10-2016 11:35am

Ayuntamiento wrote: »

It makes no sense that banks wouldn't take your rent payments into account. Any bank that I've been took rent into account.
Essentially they see it as: what you pay in rent + what you save = the amount of money you would have available to put into your mortgage repayments. Then they stress test at rates higher than what's currently out there and if you could still pay a mortgage at those rates, you're a good candidate for borrowing.

It's all the same to the bank whether you live at home and save 3k per month or you rent and pay 1.5k to a landlord and save 1.5k. In both scenarios they've determined that you have 3k available every month to put into a mortgage.

But that's not how they do it. It's easier to make sacrifices and go without in the short term to save for a deposit. Banks know this and the amount of rent paid plus savings isn't indicative of sustainable payments over the term of the mortgage.

Sure, paying a level of rent and making savings shows you're a better bet than someone who hasn't done that but the underwriting criteria is not based on this.

Ayuntamiento · 18-10-2016 11:46am

I imagine rent and savings are taken into account, but then they deduct a certain percentage from that to represent how much you'll have available when you go back to living/spending like a normal person.

The main point I'm trying to make is that people seem to get themselves into knots about getting a mortgage. We're mortgage approved and it was a really simple process.
Nobody combed through my bank statements and interrogated me about the fact that I spend on my credit card, have an overdraft, make late night purchases, go out to restaurants a few times a week, spend stupid amounts on clothes/make-up, etc. They basically measured my capacity to repay the amount that I would be entitled to under CB rules and that was it.

Utah · 18-10-2016 11:58am

When we applied I was very worried about spending habits and I even had a paddy power lodgement which I thought would be questioned. Had AIP in 5 days. Loan offer soon after. We weren't asked one question regarding anything on our accounts.

We simply had proof of monthly savings + rent paid and that was more than our probable mortgage payments when stress tested.

Konata · 18-10-2016 12:44pm

Has anyone had experience applying for a mortgage with their rental payments being in cash? I'm gathering up all the paperwork and this only occurred to me when reading this thread last night. My statements show regular withdrawals around the same time each month (for the rent) but the amount is almost always different - some months I need pay bills as well, or maybe I'm just taking out cash while at the machine. Essentially, I'm just thinking how will the bank know how much I pay in rent every month and as a result will this pose a problem?

Lumen · 18-10-2016 12:48pm

SB_Part2 wrote: »

I never said it would affect their credit rating but living in an overdraft is not healthy. And banks can ask for 12 months. KBC and Ulster did when I was applying.

That's interesting. KBC (2015 and 2016) and Ulsterbank (2016) both required only 6 months from us, with both applicants self-employed. They did ask for years worth of company accounts though - I guess for self-employed sustained revenue is more important than income.

whiskeyman · 18-10-2016 1:18pm

Does anyone have any experience of finding issues on the structural survey that need remediation?

For some things I guess you can let slide, for those that need work in the short term,
Did you go to your solicitor first or just go straight to the vendors EA with something along the lines of:
'we need this fixed as we didn't account for this.... we have a quote for €x to fix it, so we are only willing to close on sale if it's our sale agreed price minus that €x'.

thanks

Laghan · 18-10-2016 1:57pm

+1
I cleaned up my account in January, ie. Showing regular rent and savings. I had the odd drunken night out using my bank card to pay for rounds, I transferred money to friends and family and sometimes at the end of the month I had very little left.
Added to this, I had a credit union loan the year before with some missed payments that showed up on my ICB. However, I had a really valid reason which I was able to explain and prove to the bank and they approved me the mortgage when I applied in June.
I'm not saying if you have bad credit you'll be fine, but it's not all black and white and my experience in dealing with the bank has been great.

MaudL · 18-10-2016 3:08pm

Hiya, first post in this thread and I'm already sale agreed

Of course there's a hiccup though. Before starting to look I went to my bank (Ulster Bank) to get an idea of how much mortgage I could get, gave the banker all my numbers including a car loan I had to take on recently, based my hunt on what he said plus savings, and went sale agreed right on budget.

Had to wait for a week for the banker to deign meeting with me to put together the official mortgage application, which is when he told me he made a mistake last time, forgot to take into account my car loan, and could only get me 20K less that the original number! I was so fuming!!!

Anyway, I have no hope to save that much on short notice and my parent can't help.
I can however get the 20K I need from a relative of my ex-husband (don't ask!) but she lives in the US.
Would that be acceptable to the bank do you think? I can only find information relating to gifts from parents that live in Ireland...

Arsen5 · 18-10-2016 3:31pm

MaudL wrote: »

Hiya, first post in this thread and I'm already sale agreed
I can however get the 20K I need from a relative of my ex-husband (don't ask!) but she lives in the US.
Would that be acceptable to the bank do you think? I can only find information relating to gifts from parents that live in Ireland...

We got 10k gift from brother in law in Saudi Arabia!!! No issue what so ever

MaudL · 18-10-2016 3:35pm

Arsen5 wrote: »

We got 10k gift from brother in law in Saudi Arabia!!! No issue what so ever

Ah that's good, thanks!
Can I ask you a few questions? Please feel free to not answer

- Did you receive the money from your brother-in-law as a bank transfer?
- Did anybody (bank, solicitor, revenue) ask any questions?
- Did you have to pay some sort of tax on it?
- How did you go about legitimizing the gift letter? Did he just write it and send it or did it have to be drafted by his local solicitor?

Thanks!!!

Ayuntamiento · 18-10-2016 3:37pm

@konata we also made the mistake of paying landlord in cash.

I'd advise you to immediately set up a direct debit to him with 'Rent' featuring in the reference. We showed the bank our lease agreements dating back a few yrs and said that he'd probably write a letter vouching same but they didn't seem to require much proof.

Saving/Applying for a mortgage 2015/16/17/18/19

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