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

kippy · 03-02-2018 11:11pm

goofy141 wrote: »

The bank seems to think he will qualify as my income is not being taken into account and deeds will be solely in his name

Best of luck with that.

goofy141 · 03-02-2018 11:14pm

kippy wrote: »

Best of luck with that.

Sure it’s worth a try

vmb · 04-02-2018 12:01am

Even if you are not take part into the LTI valuation, if you are married your name has to be included in the mortgage. Im 99% sure that you can't apply as first time buyer.

FTB applies only when all mortgage members are FTBs

ELM327 · 04-02-2018 8:50am

You will not be able to do that.
Married - means both names must be on the title and as such the bank won't allow a mortgage in one name.

theboringfox · 04-02-2018 9:09am

goofy141 wrote: »

The bank seems to think he will qualify as my income is not being taken into account and deeds will be solely in his name

Yes you should be absolutely fine. However I would suspect everything from mortgage to asset will just be in that persons name to qualify so make sure you get proper legal advice.

ELM327 · 04-02-2018 9:26am

theboringfox wrote: »

Yes you should be absolutely fine. However I would suspect everything from mortgage to asset will just be in that persons name to qualify so make sure you get proper legal advice.

Not possible due to marriage....
(Of course.. if not married then it is perfectly feasible)

Bubbaclaus · 04-02-2018 9:28am

theboringfox wrote: »

Yes you should be absolutely fine.

What are you basing this comment on? Fairly straightforward they won't qualify as a FTB.

goofy141 · 04-02-2018 11:47am

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

sightband · 04-02-2018 12:37pm

goofy141 wrote: »

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

https://touch.daft.ie/discussions.daft?dcn%5Bdiscussion_id%5D=205202

might be of some use, seems like a grey area...

one serious concern would be your only option to not have you on the application would be having to select ‘single’ which would be a false declaration. your bank manager or mortgage advisor may be bending rules for you.

ELM327 · 04-02-2018 12:40pm

sightband wrote: »

https://touch.daft.ie/discussions.daft?dcn%5Bdiscussion_id%5D=205202

might be of some use, seems like a grey area...

one serious concern would be your only option to not have you on the application would be having to select ‘single’ which would be a false declaration. your bank manager or mortgage advisor may be bending rules for you.

It;s not a grey area, it's straight up not allowed. As I said below. I wouldn't want to be making false declarations... and even so it's not going to work as the bank will find out you are married and disallow the application.

ELM327 wrote: »

Not possible due to marriage....
(Of course.. if not married then it is perfectly feasible)

sightband · 04-02-2018 12:45pm

ELM327 wrote: »

It;s not a grey area, it's straight up not allowed. As I said below. I wouldn't want to be making false declarations... and even so it's not going to work as the bank will find out you are married and disallow the application.

that’s what i thought also...did you read the last poster on the thread?

My understanding is that banks cannot require married applicants to make joint applications. There is in fact a fairly recent decision from the Equality Tribunal on this very point. See Adrian D\'Arcy v AIB, decision DEC-S2013-001, 11 March 2013. (The easiest way to find this decision is to go to the Workplace relations website and search by the decision reference as given above). Mr D\'arcy (god bless his cotton socks for bringing the claim) got a tidy sum from the Equality Tribunal for this breach of his rights.

So if the bank did refuse to consider a single application from you because you are married I would highly recommend going back to them and putting them on notice. Do this soon - you only have TWO MONTHS from the date of the act of discrimination (the day they refused your single application) to bring a claim - and you first have to give the banks one month to try to deal with the problem.[\i]

ELM327 · 04-02-2018 12:57pm

That's all well and good but it's not going to get you a mortgage.
And - since this is a self confessed fudge by the OP to get a FTB exemption - I doubt they will be interested in pursuing it legally.

sightband · 04-02-2018 1:04pm

ELM327 wrote: »

That's all well and good but it's not going to get you a mortgage.
And - since this is a self confessed fudge by the OP to get a FTB exemption - I doubt they will be interested in pursuing it legally.

I agree, I just found it interesting that legally it doesn’t look like they can enforce it.

http://opac.oireachtas.ie/AWData/Library3/JUQdoclaid24072014_144313.pdf

The Equality Officer found that the Complainant was discriminated against on the civil status ground. The Complainant was awarded €6,300 for the effects of the discrimination, the maximum award available under the Acts. The Respondent was also ordered to amend it’s procedures in order to ensure that applications
for mortgages secured on the family home in the sole name of married persons were given appropriate consideration regardless of the marital status of the applicants and in accordance with the provisions of the Equal Status Acts

it’s on page 38 if interested.

I totally accept the bank will just tell the applicant to sling their hook elsewhere but i’m more interested in knowing how the bank manager told her she could do this, surely not out of blind ignorance to the rules? frightening if that’s the case as this is pretty standard stuff.

The_Causeway · 04-02-2018 4:43pm

goofy141 wrote: »

Has anyone applied as a sole applicant even though married and spouse also has an income?

This is allowed. They will however assess you as a married applicant (with dependants if applicable). They will also be questioning why your partner is not going on the application. It’s fine if it’s for the HTB, I’ve seen people do it. The bank certainly don’t like doing it but they cannot decline you based on that reason. Affordability would have to be strong for it to be considered.

myshirt · 04-02-2018 4:47pm

You are married. It will be the family home. You're wife already has a dog in the game, so the bank will have to have her details.

What exactly are you trying to achieve? You might just be going about it the wrong way.

ELM327 · 04-02-2018 4:54pm

The_Causeway wrote: »

This is allowed. They will however assess you as a married applicant (with dependants if applicable). They will also be questioning why your partner is not going on the application. It’s fine if it’s for the HTB, I’ve seen people do it. The bank certainly don’t like doing it but they cannot decline you based on that reason. Affordability would have to be strong for it to be considered.

And if you divorce and the wife has a right to 50% of the home, with no name on the mortgage? It's for this reason that in reality this is not allowed.

The_Causeway · 04-02-2018 5:06pm

It will be up to the solicitor to ensure nobody else has a beneficial interest in the property. It will more than likely be a condition on the loan. The spouse may have to sign something. It will also be a condition for legal advice to be sought. It’s difficult to get but it does get done.

GingerLily · 04-02-2018 5:13pm

The_Causeway wrote: »

It will be up to the solicitor to ensure nobody else has a beneficial interest in the property. It will more than likely be a condition on the loan. The spouse may have to sign something. It will also be a condition for legal advice to be sought. It’s difficult to get but it does get done.

Does that mean the wife doesn't get the house if the husband dies and there's still a mortgage?

The_Causeway · 04-02-2018 5:16pm

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

GingerLily · 04-02-2018 5:20pm

The_Causeway wrote: »

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

But the bank can kick out the family and then give she would receive the profits from the sale? The bank would be entitled to do that and not have to consider any of tenancy rights of the wife?

Sorry I'm just trying to figure out the worst case scenario

The_Causeway · 04-02-2018 5:31pm

I am not sure why they wouldn’t have the right to do that. She’s no right to the house at all and waived all rights to it. It’s for your reasons the banks don’t like doing it, it can get messy for all involved. The husband should have life cover anyway so the mortgage would be cleared should he die. They definitely wouldn’t allow it without mortgage Protection.

ELM327 · 04-02-2018 5:39pm

GingerLily wrote: »

But the bank can kick out the family and then give she would receive the profits from the sale? The bank would be entitled to do that and not have to consider any of tenancy rights of the wife?

Sorry I'm just trying to figure out the worst case scenario

Without adequate legal protection (ie an on paper agreement for the wife to live there as a tenant) they could absolutely do that
Such a paper agreement would not be workable in reality as they are a married couple.

There's a reason banks do not offer this facility, if they do it's a minefield.

TheShow · 05-02-2018 10:50am

goofy141 wrote: »

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

from my experience, it wouldnt be possible. the family home protection act will give the unmortgaged party a right of residence in the property, so whether you are on the deeds or not you will have an interest in the property, thus you will need to be on the mortgage.

TheShow · 05-02-2018 11:38am

The_Causeway wrote: »

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

a solicitor should not let you waive your rights to your family home.

Bargain_Hound · 05-02-2018 2:16pm

JDD wrote: »

We had to ask. There was a separate section of the application form we had to fill out for BOI as well. I don't think we would have got it with any of the banks had we not asked for it.

How long did it take to get the exception approved? Was it with BOI?

Currently waiting to hear back from them.

TheShow · 05-02-2018 2:58pm

Asked about the exception with EBS and was approved for the exception before I got approval for the mortgage!

Got the exception in about 2 days, approval took about 2 weeks, and a long two weeks it was.

JDD · 05-02-2018 2:58pm

Not that long Bargain Hound. We submitted documents on 10 January, they came back with questions on the 12th and 19th, and then we got our approval on the 24th. Though it did seem like the longest two weeks of my life. And I count the first two weeks with a newborn into that.

Hoochiemama · 05-02-2018 3:08pm

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

TheShow · 05-02-2018 3:18pm

Hoochiemama wrote: »

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

doesnt really matter either way. the bank will request that your parent complete a deed of waiver, waiving any rights in the property on foot of the gift.
Also just to be aware, if you have no savings at all and cannot demonstrate a capacity to save, the bank may not look favourably on your application.

sightband · 05-02-2018 3:26pm

TheShow wrote: »

doesnt really matter either way. the bank will request that your parent complete a deed of waiver, waiving any rights in the property on foot of the gift.
Also just to be aware, if you have no savings at all and cannot demonstrate a capacity to save, the bank may not look favourably on your application.

of course it matters, there will have to be proof of funds and that parents are willing to go ahead with it.

if you've no savings history you've little hope. if this is the case get the gift lump sum transferred now and save as much as possible for 6 months (same amount) and apply to a different bank then where your account is held. it will appear that the total is savings and will remove any need for a gift letter from your parents stating they've no interest in the property.

Hoochiemama · 05-02-2018 3:30pm

Thanks! I actually have been saving consistently for the past 4 years. The problem is Ive been doing a 4 years masters (just finished) so have been paying 5.5k for that per year. This now all paid off and I have receipts from the college for all the fee's I've paid.

bri007 · 05-02-2018 8:44pm

We are in same position, we have a deposit already, and we went to a broker who informed us that even though we have a large deposit, the bank wants to see continuous monthly saving.

He told us to come back in 6 months after hard savings in the meantime. Only way bank will consider us, no matter how much we have currently. They need to see ability to repay and of interest rates were to increase.

Hoochiemama wrote: »

Hi Guys

Just wondering, if Im applying for AIP and my deposit is going to be from my parents, do I need to have that money in my account or will a gift cert be sufficient?

Thanks :-)

GingerLily · 05-02-2018 9:39pm

Hoochiemama wrote: »

Thanks! I actually have been saving consistently for the past 4 years. The problem is Ive been doing a 4 years masters (just finished) so have been paying 5.5k for that per year. This now all paid off and I have receipts from the college for all the fee's I've paid.

I think you could talk to a bank, if you were saving and paying off your education they may consider that the same as saving for a mortgage when calculating your ability to save.

They definitely allow for wedding expenses so I think they would allow for education too.

Losty Dublin · 06-02-2018 12:09am

Just a wee update, if only to vent the stress. EA got back to me via text last Monday to tell me that they'd hope to conclude bidding this week and that he'll be in touch with me with an update/details. I noticed today that the house is now marked Sale Agreed but I've not had word back yet. I've resigned myself to losing this one at this stage. My form was made no better when my housemate decided to give me a months notice on the pretext that she can put up her friend for a few nights in March. I was looking forward to leaving but on my own terms and with something to look forwards to :rolleyes:

Losty Dublin wrote: »

I've a pain my my hoop with an apathetic agent.

Viewed a house in mid December, with the EA telling me that he expected it to be wrapped up the Friday before Christmas. Made my bid and a day later I got word back that bidding had gone up €12,500. I increased my bid but got no acknowledgement of same. After a few calls to the office to ask re same, I got word back to say it had gone up and to bid ASAP. Again. I increased my bid once more but again, no word back.

I left it over the Christmas and got back to the EA after New Years only to find that the agent dealing with the sale was AWOL and that the office had no idea on what the state of play was, nor when he was due back. After several more calls to the office for updates of any sort, I finally got an email back on 10th Jan at 1:20AM (Yes, AM) to say that bidding had increased yet again. By this stage I was viewing and bidding on a second property so I needed to know how I stood as regards my bids.

I raised my bid, again with no word or acknowledgement until the 15th, up again and asking ASAP for my intentions. I raised a little more and again I get no word back in spite of calls until Monday, when I got the agents mobile (Thank you, office.). At this stage he informed me that he e mailed me back, which he did after I got off the phone to him I was the highest bidder and that he was talking to the sellers later on that day and that he'd be back to me.

Guess what? No word since. I'm sick to my teeth of calling him and still no word. In the meanwhile, the other EA for the second property was excellent and bending over backwards to facilitate me, while being acutely aware that he too needed to wrap up his sale with or without me. Doubtless I've lost property 2 now, partially due to the pissing around, but to not even know for sure if I can formally approach to buy property 1 is really stressful, chiefly due to an EA's inability to return the odd text, call or e mail.

sightband · 06-02-2018 12:46am

Losty Dublin wrote: »

Just a wee update, if only to vent the stress. EA got back to me via text last Monday to tell me that they'd hope to conclude bidding this week and that he'll be in touch with me with an update/details. I noticed today that the house is now marked Sale Agreed but I've not had word back yet. I've resigned myself to losing this one at this stage. My form was made no better when my housemate decided to give me a months notice on the pretext that she can put up her friend for a few nights in March. I was looking forward to leaving but on my own terms and with something to look forwards to :rolleyes:

Might not feel like it right now but I think you might’ve dodged a bullet on this one, sounds like a complete mess with zero transparency on what’s potentially the biggest purchase of your life...run a mile.

Powerfairy · 06-02-2018 12:13pm

Hi Guys

Does anyone have experience on how long it takes to get the mortgage cheque issued to the solicitor? (BOI) we need our sale to close next week as per contracts, and our solicitor hasn't been issued our funds yet.

The solicitor told us to get on to the bank (to whom we are getting our home insurance from) as this is delaying it. Its a bit of a disaster because the banks departments don't talk to each other, the completions team don't deal with the home insurance crowd etc. So I am basically stuck on hold ringing and ringing trying to get someone in the house insurance department to activate that policy so we can drawdown.
I had originally been told that our house insurance was on ready status and would activate once the cheque had been issued, but that seems to not be true at all.

TheShow · 06-02-2018 12:34pm

bri007 wrote: »

We are in same position, we have a deposit already, and we went to a broker who informed us that even though we have a large deposit, the bank wants to see continuous monthly saving.

He told us to come back in 6 months after hard savings in the meantime. Only way bank will consider us, no matter how much we have currently. They need to see ability to repay and of interest rates were to increase.

I would go directly to a bank, brokers are jokers!
One recently tried to charge me €500 to take my mortgage application, despite the fact that they get paid commission from the banks of c1% of the value of the mortgage.

I went direct instead and saved myself €500.

gezz36 · 06-02-2018 2:28pm

Powerfairy wrote: »

Hi Guys

Does anyone have experience on how long it takes to get the mortgage cheque issued to the solicitor? (BOI) we need our sale to close next week as per contracts, and our solicitor hasn't been issued our funds yet.

The solicitor told us to get on to the bank (to whom we are getting our home insurance from) as this is delaying it. Its a bit of a disaster because the banks departments don't talk to each other, the completions team don't deal with the home insurance crowd etc. So I am basically stuck on hold ringing and ringing trying to get someone in the house insurance department to activate that policy so we can drawdown.
I had originally been told that our house insurance was on ready status and would activate once the cheque had been issued, but that seems to not be true at all.

We just done drawdown with BOI. Local branch scanned all our policy documents to mortgage department and made follow up calls for us. Had confirmation next day that they were ready to transfer funds to solicitor and our solicitor had funds that afternoon. Our solicitor was also BOI and we checked bank had there details before drawdown. Closed 3 days later but wanted funds in before so no delays on day..

Powerfairy · 06-02-2018 2:47pm

gezz36 wrote: »

We just done drawdown with BOI. Local branch scanned all our policy documents to mortgage department and made follow up calls for us. Had confirmation next day that they were ready to transfer funds to solicitor and our solicitor had funds that afternoon. Our solicitor was also BOI and we checked bank had there details before drawdown. Closed 3 days later but wanted funds in before so no delays on day..

Thanks for the info. I have got on to my mortgage advisor there, (all online had to email her) and she is passing my query re drawdown and home insurance on to the "mortgage makers" assuming they are the same as the completions team? god knows. so hopefully we hear back this week, about when the cheque will be issued. fingers crossed.

Thanks again

bri007 · 06-02-2018 3:13pm

Thanks for the reply.

Our situation is kind of tricky, my emolument is contracts so I was unsure if the banks would be as helpful.

The broker said he would be able to explain and negotiate it better for us, am I totally being fed a load of bull?

I see the deals the banks are doing and was considering applying but just felt the broker would take care of all the applying and it wouldn't be to much explaining then about my employment.

TheShow wrote: »

I would go directly to a bank, brokers are jokers!
One recently tried to charge me €500 to take my mortgage application, despite the fact that they get paid commission from the banks of c1% of the value of the mortgage.

I went direct instead and saved myself €500.

izzyflusky · 06-02-2018 4:00pm

Just gone sale agreed on a property. Feeling extremely anxious now! Things are moving quicker than I thought!

keane2097 · 06-02-2018 4:06pm

izzyflusky wrote: »

Just gone sale agreed on a property. Feeling extremely anxious now! Things are moving quicker than I thought!

It will probably slow down soon!

fg1406 · 06-02-2018 4:24pm

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May ðŸ˜¡

Powerfairy · 06-02-2018 4:54pm

fg1406 wrote: »

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May &#55357;&#56865;

That's awful

I have no advice but I am so sorry to hear that. I am hoping that doesn't happen to us when we eventually get our keys. Poor behaviour on the vendors behalf.

whatever76 · 06-02-2018 5:00pm

Im loosing the will to live in these bidding wars !
6th property the last 8 months that just goes out of my budget which ~ 300k i think is quite good - tell me the house for me hasnt passed .. <sorry rant over and feeling sorry for myself >

izzyflusky · 06-02-2018 5:27pm

keane2097 wrote: »

It will probably slow down soon!

And I'll probably complain then lol but I received news of approval while away on holidays and didnt think we'd go sale agreed while half away across the world. Trying to coordinate things, etc. Also after reading all these stories gone wrong it's hard to get excited.

izzyflusky · 06-02-2018 5:29pm

fg1406 wrote: »

Has anyone ever bought a house where the vendors have left the property in a disgusting condition? We got our keys 2 weeks ago and I’ve spent the past 2 weeks scrubbing each room as they were encrusted with filth. Not the lovely gleaming spotless property we viewed last May ðŸ˜¡

Happened to my parents. Broken banister, door glass cracked, rubbish everywhere... The solicitor was onto them though and they ended up having to issue a check to cover some of the costs. Very unpleasant.

123Katie · 06-02-2018 5:32pm

Sorry if this sounds like a silly question,

Lets say I have been loan approved and paid my deposit on a new home,

When do my actual mortgage payments begin?

Thank you

gezz36 · 06-02-2018 5:33pm

Powerfairy wrote: »

Thanks for the info. I have got on to my mortgage advisor there, (all online had to email her) and she is passing my query re drawdown and home insurance on to the "mortgage makers" assuming they are the same as the completions team? god knows. so hopefully we hear back this week, about when the cheque will be issued. fingers crossed.

Thanks again

We did have to tell them date to issue funds, give them a date for 3 days before closing so no hold ups. I was happy when funds were with my solicitor, no hold on our end then. I did end up ringing mortgages direct to see what stage they were at when all documents went in. Ring every morning and afternoon if you have to. Also contact home insurance to have your policy emailed to you so you can email directly to mortgages if they have not received it. Double check they have everything else outstanding and they have solicitor bank details to transfer, much quicker than a cheque. Best of luck!

Bargain_Hound · 06-02-2018 5:41pm

whatever76 wrote: »

Im loosing the will to live in these bidding wars !
6th property the last 8 months that just goes out of my budget which ~ 300k i think is quite good - tell me the house for me hasnt passed .. <sorry rant over and feeling sorry for myself >

I was in the same boat, I feel your pain. many many sleepless nights lost, and bidding just continued to go up and up.

We decided to go new build on a new development and just put a booking deposit down on a far better (IMO) A rated home compared to what we had been looking at. We had to push out of Dublin a little but its been easy sailing .. so far as as the purchasing process.

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

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