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

Utah · 18-04-2016 2:31pm

When presenting bank account statements and payslips to the bank, do they need to be originals? Or would print outs suffice?

Bradz213 · 18-04-2016 2:40pm

We used e-statements and print outs of payslips

Sleepy · 18-04-2016 2:48pm

Utah wrote: »

When presenting bank account statements and payslips to the bank, do they need to be originals? Or would print outs suffice?

e-statement print outs are fine but they have to include your name / address and the Bank's heading, exports of transaction listings don't contain these. Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

Utah · 18-04-2016 2:51pm

Sleepy wrote: »

e-statement print outs are fine but they have to include your name / address and the Bank's heading, exports of transaction listings don't contain these. Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

Yeah was thinking the same.
PTSB allow you to print a transaction list between two dates, but when ordering a statement it only allows you to have have one from the date of the last statement. Hopefully that will be 6 months!

18-04-2016 3:17pm

Sleepy wrote: »

Something I've recently taken issue with Bank of Ireland about as they no longer seem to have the ability to produce a statement of all activity on a customer's account between two dates.

This is something that's quite annoying. I was recently getting a credit card from another bank and the statements I gave weren't up to date enough but I couldn't actually get another one until the next official BOI statement issue date. Luckily this meant waiting a week but they only come every 3 months so if it was only half way through the period you could have a wait.

That said I was told that a print off of your transactions along with your most recent statement may also be accepted though I didn't have to try this at the time. It may happen now though if I try a mortgage application in the next few weeks as I can't get another BOI statement until the end of May. There really should be a statement available to print each month same as a credit card.

PhoenixParker · 18-04-2016 3:43pm

Azalea Screeching Padding wrote: »

That said I was told that a print off of your transactions along with your most recent statement may also be accepted though I didn't have to try this at the time. It may happen now though if I try a mortgage application in the next few weeks as I can't get another BOI statement until the end of May. There really should be a statement available to print each month same as a credit card.

This is what I did and it was fine. A print out of the transactions + a screenshot of the online account showing same.

Sleepy · 18-04-2016 4:21pm

You can phone Banking 365 to order an up-to-date statement and one will be available in your e-Statements in a day or two.

The problem I have is that I want a statement from Date A to Date B in order to furnish a mortgage lender with 3 months worth of statements without including details from before that date (a missed DD I wanted to hide).

Bradz213 · 18-04-2016 4:26pm

You can put in start and end dates on Bank365 and get statements for those dates.

Also with AIB you can print recent transactions in branch that will have the correct headers. Assume its the same for all banks

Sleepy · 18-04-2016 4:38pm

You can get transaction listings, not statements.

Oddly, date-from and date-to statements could be done in branch in the late 90's but that's not available now either....

Bradz213 · 18-04-2016 4:46pm

Transactions were accepted for me to fill in the gaps left out by the statements

REFLINE1 · 19-04-2016 2:24pm

Sleepy wrote: »

You can phone Banking 365 to order an up-to-date statement and one will be available in your e-Statements in a day or two.

The problem I have is that I want a statement from Date A to Date B in order to furnish a mortgage lender with 3 months worth of statements without including details from before that date (a missed DD I wanted to hide).

Don't all lenders require 6 months statements?

REFLINE1 · 19-04-2016 2:25pm

mirrorwall14 wrote: »

Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?

http://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954

A decent read on the topic of exemptions to the lending rules.

Flatzie_poo · 19-04-2016 5:41pm

REFLINE1 wrote: »

Don't all lenders require 6 months statements?

Nope - some allow 3 months statements, although generally it's when the applicant banks with them.

James Forde · 19-04-2016 6:48pm

How strict are lenders on this rule?

Current gross salary is e35k - which by the calculations I've done online would allow me to borrow e122k.

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

No loans, credit cards.

Meeting with Ulster Bank on Friday - don't want to get my hopes up!

BailMeOut · 19-04-2016 6:54pm

there is a lot more to it than that. They will also want to make sure you can afford the repayments with some level of stress testing applied, that your income is secure, you are saving regularly and you have good clean credit.

Villa05 · 19-04-2016 6:55pm

James Forde wrote:

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

With that deposit you could be in the 15% for whom the rules could be tweaked

James Forde · 19-04-2016 7:26pm

Villa05 wrote: »

With that deposit you could be in the 15% for whom the rules could be tweaked

Interesting, I haven't heard about this.
Any more detail?

James Forde · 19-04-2016 7:27pm

BailMeOut wrote: »

there is a lot more to it than that. They will also want to make sure you can afford the repayments with some level of stress testing applied, that your income is secure, you are saving regularly and you have good clean credit.

Yup credit history is excellent.
I've been putting away 900 quid into credit union for the past 6 months too.

uberwolf · 19-04-2016 7:28pm

Go talk to the bank, you'll get a straighter answer quick enough!

Article today in the Irish Times which talks about it better than I can.
http://www.irishtimes.com/business/financial-services/mortgages-how-to-get-around-the-central-bank-s-borrowing-rules-1.2614954

athtrasna · 19-04-2016 7:30pm

Threads merged to avoid duplication of posts

Mod

James Forde · 19-04-2016 7:33pm

athtrasna wrote: »

Threads merged to avoid duplication of posts

Mod

I'm not saving for a mortgage?

My post will now get lost in a mega thread, can you unmerge please.

SB_Part2 · 19-04-2016 7:36pm

My valuation report has come back saying that the house needs to be rewired/re-plastered/new flooring. We were aware of this and were planning on doing a quick fix of the house (my dad is a builder) and doing it up properly in a few years time after we've saved some more money.

The bank are looking for funds to ensure that what's outlined in the valuation report is fixed. They aren't being very clear with this. It definitely needs to be re-wired but the rest is fine. I could tip away at it. They haven't outlined how much funds they want to see and they said it's irrelevant that my dad is a builder (Which is the complete opposite of what they said initially).

Anyone any experience of this?

Villa05 · 19-04-2016 8:24pm

James Forde wrote:

Interesting, I haven't heard about this. Any more detail?

A quick Google
It's at banks discretion
"Yes, the banks have been given some leeway. They can exceed loan-to-income rules in 20% of cases, exceed home loan-to-value rules in 15% of cases, and exceed investment property loan-to-value rules in 10% of cases. How this will work in practice is anybodyâ€™s guess as the banks will have discretion. Letâ€™s just hope that this â€˜authorised rule-breakingâ€™ is applied fairly across the board."

James Forde · 19-04-2016 8:56pm

Villa05 wrote: »

A quick Google
It's at banks discretion
"Yes, the banks have been given some leeway. They can exceed loan-to-income rules in 20% of cases, exceed home loan-to-value rules in 15% of cases, and exceed investment property loan-to-value rules in 10% of cases. How this will work in practice is anybodyâ€™s guess as the banks will have discretion. Letâ€™s just hope that this â€˜authorised rule-breakingâ€™ is applied fairly across the board."

Thanks for that I'll see how Friday goes.

athtrasna · 19-04-2016 10:54pm

James Forde wrote: »

I'm not saving for a mortgage?

My post will now get lost in a mega thread, can you unmerge please.

The issue of mortgages, exemptions to deposits and salary rules are all discussed on this thread, a search could have answered your query.

hawkeye_bmr · 20-04-2016 9:32am

Viewed a house yesterday evening, we both got a really good feeling, so we have made an offer.

Sleepy · 20-04-2016 9:43am

Our survey is happening right now. On absolute tenter-hooks as we've not found anything that compares to the property we're sale-agreed on. Not expecting any major issues but dreading getting a report telling us the roof is about to cave in or similar!

angeldelight · 20-04-2016 12:19pm

Sleepy wrote: »

Our survey is happening right now. On absolute tenter-hooks as we've not found anything that compares to the property we're sale-agreed on. Not expecting any major issues but dreading getting a report telling us the roof is about to cave in or similar!

All good?

Black_Knight · 20-04-2016 12:49pm

James Forde wrote: »

How strict are lenders on this rule?

Current gross salary is e35k - which by the calculations I've done online would allow me to borrow e122k.

I have a deposit of e120k ready to go - but would the house I am looking at is e260k, leaving me a bit short.

No loans, credit cards.

Meeting with Ulster Bank on Friday - don't want to get my hopes up!

I remember reading in some paper (independant maybe) that you may be able to get a exception for one of the clauses, but not both (3.5x salary, or the 10+20% rule). So you're ok in that aspect.

I actually took a picture of the article, you can read it for yourself.

James Forde · 20-04-2016 1:01pm

^ That's great - thanks I really appreciate the picture!
Even if I get knocked back by Ulster Bank - I'll try alternatives.

hawkeye_bmr · 20-04-2016 4:11pm

Just gone sale agreed!!

Utah · 20-04-2016 4:18pm

hawkeye_bmr wrote: »

Just gone sale agreed!!

Congratulations! Very quick!

SarahMollie · 20-04-2016 4:19pm

Well done!

Slight note of caution - don't get emotionally invested until the ink is try on your contracts and you have the keys in hand - you've still a few weeks/months to go yet!

Santy2015 · 20-04-2016 5:52pm

Builder informed me today through the estate agent that he wouldn't let my engineer into the house as they had a previous falling out. Survey was to be done tomorrow, I've appointed another engineer from another reccommedation from an owner in the same estate so this should work out, this engineer had no falling out with the developer. Jaysus and I thought everything was going smoothly haha

Sleepy · 20-04-2016 10:34pm

angeldelight wrote: »

All good?

Will be a few days before I get the report. I'm hoping that the fact I didn't get a phone call to tell me the house is falling in on itself is a good thing!

Stheno · 21-04-2016 1:47am

noanoa wrote: »

I know we are lucky.

The only thing is I'm self employed which is only fairly recent, thats part I'm worried about and also saving till the month of the wedding taking most out then starting saving again.

If it's less than a year and at least one full set of tax compliant accounts, then being self employed will be a barrier for you.

noanoa · 21-04-2016 10:08am

It is less then a year alright only since March so very new.

Iv more so taken over a business then a start up. Its been trading for 7 years with profit not sure if that makes a difference or not?

Irish_rat · 21-04-2016 2:02pm

I've signed the contracts and handed over the 10% lately, can't wait!

It's a new build so will be waiting two more months.

Just wondering can the approval be extended very easily by the bank? The completion date may run over the 6 month deadline.

Also guys the money going to be pumped in is unreal especially with a new build. New fridge, sofa, beds, curtains, lights etc. Plus the fees to close it out too.

Santy2015 · 21-04-2016 2:12pm

Has anyone any experience with the 2% cash back offer from BOI? Is it taxable?

SarahMollie · 21-04-2016 2:24pm

I don't think that you would have a problem getting your approval extended, provided your circumstances have not changed (ie, job, number of dependents etc.)

Does your new build not include a finished kitchen and white goods?

SarahMollie · 21-04-2016 2:26pm

Santy2015 wrote: »

Has anyone any experience with the 2% cash back offer from BOI? Is it taxable?

I got it last year. Can take up to 9 weeks to come through, but i got it in about 4 i think.

Never remotely occurred to me that it would be taxable.... its not really income, its a cash back offer on buying something (a loan).

Open to correction on that one.

angeldelight · 21-04-2016 2:28pm

You know the initial 5k or whatever paid to the estate agent? Is that refundable if something changes?

SarahMollie · 21-04-2016 2:31pm

angeldelight wrote: »

You know the initial 5k or whatever paid to the estate agent? Is that refundable if something changes?

Yes, your deposit is always refundable, no matter why a sale might fall through.

Professional fees however are not, ie if your solicitor/surveyor/valuer etc has already done their work and you/vendor pull out, then you still have to pay for services rendered.

PhoenixParker · 21-04-2016 2:32pm

angeldelight wrote: »

You know the initial 5k or whatever paid to the estate agent? Is that refundable if something changes?

Yes, but include "subject to contract/contract denied" in all correspondence as warned by our solicitor.

Flatzie_poo · 21-04-2016 2:39pm

PhoenixParker wrote: »

Yes, but include "subject to contract/contract denied" in all correspondence as warned by our solicitor.

No need - the booking deposit is refundable up until you sign the contracts and enter a legally binding agreement.

You're a protected buyer up until signing.

Irish_rat · 21-04-2016 3:09pm

SarahMollie wrote: »

Does your new build not include a finished kitchen and white goods?

It includes finished kitchen and appliances with that but no refrigerator. Thanks I hope it will be done on time regardless!

hawkeye_bmr · 21-04-2016 4:58pm

Santy2015 wrote: »

Has anyone any experience with the 2% cash back offer from BOI? Is it taxable?

Did you see the fine print about having to pay it back if you switch mortgage providers within 5 years?

Sleepy · 21-04-2016 5:42pm

So, surveyor couldn't access the attic. The access hatch is apparently in "the most dangerous location.... [he's] ever see" for one. Right over the stairwell, his ladder was about 2 foot short of the access hatch!

Leaves me rather a lot of unanswered questions about the state of the roof.

Santy2015 · 21-04-2016 5:45pm

hawkeye_bmr wrote: »

Did you see the fine print about having to pay it back if you switch mortgage providers within 5 years?

Yeah I saw that. Just a family member mentioned that they thought that the cash back was taxable, but I've read up and it says nothing in the terms and conditions

Santy2015 · 21-04-2016 5:47pm

Sleepy wrote: »

So, surveyor couldn't access the attic. The access hatch is apparently in "the most dangerous location.... [he's] ever see" for one. Right over the stairwell, his ladder was about 2 foot short of the access hatch!

Leaves me rather a lot of unanswered questions about the state of the roof.

My engineer did our survey this morning, said report will be ready by tomorrow evening. Seems fast, said there was no major problems just that he had to write down that the kitchen wasn't there, toilets & plumbing not turned on or finished. But that's all to be done as its a new build

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

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