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

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Comments

  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah thought as much. I want everything at hand to keep this as pain free as possible.


  • Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    If you've held onto all your bank statements, credit card bills, payslips, P60s and utility bills, that's half the battle :)


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah they're all online so all I need to is print off the bank statements, get the credit union to print off statements and I'll have my all my payslips online too so it's handy


  • Posts: 0 Cash Spicy Banana


    Do you even need statements printed off if you go through your own bank? I may be wrong but I thought a friend of mine mentioned something about it being very easy getting his mortgage through the bank that he always banked with as they already had all his info and could just look it up?


  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    Do you even need statements printed off if you go through your own bank? I may be wrong but I thought a friend of mine mentioned something about it being very easy getting his mortgage through the bank that he always banked with as they already had all his info and could just look it up?

    No, my husband is with AIB and when we were applying with them they just needed my statements, not his.


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    No, my husband is with AIB and when we were applying with them they just needed my statements, not his.
    that's perfect. Both with bank of Ireland so shouldn't be too bad. They seem to have the best rate that I've looked up so far. The house hunter and 2% back isn't bad either obviously that'll only compensate for the interest rates in the short term


  • Registered Users Posts: 207 ✭✭MayBea


    Santy2015 wrote: »
    that's perfect. Both with bank of Ireland so shouldn't be too bad. They seem to have the best rate that I've looked up so far. The house hunter and 2% back isn't bad either obviously that'll only compensate for the interest rates in the short term

    For cashback offer, I think, BOI require the draw down before the 31st December 2015?
    It also looks like they may seek refund of the payment if you moved you mortgage elsewhere within 5 years.


  • Registered Users Posts: 902 ✭✭✭lainey316


    I found BoI to be the worst rates - having got approval, the cost of credit with BoI is almost 100k more than the same loan amount from EBS (tho it is a slightly longer term).

    However the process with BoI was so simple as they have all my accounts - I only had to fill the form and provide a salary cert. EBS process far more arduous.


  • Closed Accounts Posts: 16,096 ✭✭✭✭the groutch


    are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???

    Can always change provider away from BOI in 5 years time.


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  • Registered Users Posts: 902 ✭✭✭lainey316


    are you actually going to pay 100k more over the term of the mortgage just to make the application process a bit easier???

    No. I've already done the hard work with EBS. I'd go through it with another bank rather than pay BoI's extortionate rates.

    My comment related to above posters querying ease of application / level of documentation required with applying to own bank.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    I was only going by what was online, I will still probably go with Ebs but obviously going with bank of Ireland would be a lot easier as we are both with them


  • Registered Users Posts: 6,784 ✭✭✭Alkers


    Do the maths, with the cashback offer the BOI rate can become a lot more competitive, especially if you're willing to jump ship in 5 years.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    I want people that have gone through with the new CB rules to give me the lowdown on what they had and who they found best to deal with? Even better if your in the cork/north cork area :)


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Booking deposits, do you need to have full deposit amount to make a bid on a house?


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,056 Mod ✭✭✭✭L1011


    Santy2015 wrote: »
    Booking deposits, do you need to have full deposit amount to make a bid on a house?

    Booking deposit is usually something similar to the fee the EA will charge the vendor rounded up. 2-3% would be normal. If you don't have this available, don't buy a house.

    If you don't have the full (10-20%) deposit and associated costs available quickly when bidding you're probably not going to get a mortgage, though.


  • Registered Users Posts: 59 ✭✭Lycoge


    Santy2015 wrote:
    Booking deposits, do you need to have full deposit amount to make a bid on a house?


    In our case, as we got the full approval before we had the full deposit & fees etc, our application included a "gift" of the shortfall. So for example, if you are say 5000 short, at the time you notify the bank if the property, you can tell the bank you are getting this amount gifted to you by a family member, and then continue to save until you no longer need the gift.

    You need to be certain of what you will be able to save in a specific time frame for this to work and be clear that you won't actually close too early (before you have the full amount saved).

    It worked for us as we agreed a closing date with the estate agent no earlier than end of October (on house we paid small deposit on early August). But this method does add pressure to the savings process. If you can hold off getting full approval before you inform the bank of the property details, you can avoid that pressure. If you do use this method, get that agreement of a "closing date no earlier than" in writing before you sign and exchange contracts. The builders solicitor wouldn't agree to that until we showed them the agreement that had been made on our behalf by the EA with the builder in writing.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Ah I see, but hopefully we'll be ready come the start of match with our deposit, our plan is to go for mortgage approval in January and then start looking at houses, we do have our eye on an estate in the area we live already and with us saving 300euro a week plus, we should be fine, we'll keep saving that until we get the keys to whatever house we get. I'll be a sponge for information if anyone wants to keep adding to this thread. Thanks :)


  • Registered Users Posts: 455 ✭✭Jen44


    I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    At what points do the bank look for proof of earnings?

    I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Jen44 wrote:
    I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march

    I know that with BOI you can get house hunters approval for 6 months as you around for a house, obviously you'll need your deposit if you want to draw down the mortgage and you get 6 more months then once you make a bid that's accepted


  • Registered Users Posts: 902 ✭✭✭lainey316


    At what points do the bank look for proof of earnings?

    I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?

    Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    lainey316 wrote: »
    Both banks I applied with required salary certs, P60 and payslips (3) during approval, and indicated I would need to inform of a change in job if that happened. People I know had to provide new payslips at drawdown to prove they still had same salary as they applied with.

    Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner :D


  • Posts: 0 Cash Spicy Banana


    Jen44 wrote: »
    I would imagine you wont get approval in January unless you have your full deposit ready they wont give you approval on the basis that you will be ready in march

    Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    getting
    Not so sure about that, I know someone who got approval based on a gift making up the rest of their deposit, they were never getting one but said this to get approval and then saved the difference between getting approval and deciding on a house.
    Yeah I've heard of that too, so it'll probably be he way we'll go. But saying that we'd be roughly about 2.5k away from full deposit and stamp duty when we go for approval in January. That 2.5k will only take 8 weeks to save up with a bit extra if needed


  • Registered Users Posts: 58 ✭✭abc_xyz


    At what points do the bank look for proof of earnings?

    I'm in a situation now where im working in Dublin, but we plans to move down the country. My salary will take at hit (10-15% I guess) as a result. Would I be able to get approval on my Dublin salary, hold onto this approval, take a job down the country and use my Dublin salary based approval to buy? Or are the bank going to look for salary certs as the bid is closing?


    Conditions of getting mortgage approval include (for permanent employees) being finished probation and in the job at least six months. I know some (TSB anyway), and I'd expect all banks (though maybe I'm wrong) will ask for proof your situation hasn't changed when it comes to actually getting the mortgage. If they see you changed jobs, as well as salary I don't think they'll give you the mortgage at that stage. I could be wrong of course but the banks are being more cautious/stringent on paperwork then they used to be back in 2008 (which is a good thing).


  • Posts: 0 Cash Spicy Banana


    Yeah. Possibly wont be an issue for us, just conscious of it. Guess its not worth the heart ache of potentially screwing up your "dream house" purchase. Better face up to reality sooner :D

    If you could draw down the mortgage before changing jobs (and without telling the bank you are thinking of changing) I reckon that would be the easiest and fastest way to do things.

    Once you have the house bought then there isn't anything stopping you changing jobs etc.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    This is fair whirlwind stuff we are going trough and at the same time not going too fast. Looking forward to it but absolutely scared sh**less by it at the same time. Anybody on the same boat as us? 26-30 FTB feel free to tell your experiences :)


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Just an update, herself and I have just come out of a meeting with our bank and will be applying for a mortgage the next few weeks. Got good news in terms of what we can borrow and that they'd help with finishing off a builders finish house, if we went that way. All in all very happy and they seemed very very positive


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  • Registered Users Posts: 140 ✭✭leelee77


    Great news Santy. You must be thrilled :)


This discussion has been closed.
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