Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

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

11011131516198

Comments

  • Closed Accounts Posts: 426 ✭✭Utah


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


  • Registered Users Posts: 235 ✭✭Bradz213


    We used e-statements and print outs of payslips


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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.


  • Closed Accounts Posts: 426 ✭✭Utah


    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!


  • Posts: 24,714 [Deleted User]


    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.


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,677 ✭✭✭PhoenixParker


    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.


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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).


  • Registered Users Posts: 235 ✭✭Bradz213


    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


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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....


  • Registered Users Posts: 235 ✭✭Bradz213


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


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 413 ✭✭REFLINE1


    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?


  • Registered Users, Registered Users 2 Posts: 413 ✭✭REFLINE1


    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.


  • Registered Users, Registered Users 2 Posts: 562 ✭✭✭Flatzie_poo


    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.


  • Registered Users Posts: 1,785 ✭✭✭James Forde


    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!


  • Registered Users, Registered Users 2 Posts: 2,995 ✭✭✭BailMeOut


    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.


  • Registered Users, Registered Users 2 Posts: 4,723 ✭✭✭Villa05


    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


  • Registered Users Posts: 1,785 ✭✭✭James Forde


    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?


  • Registered Users Posts: 1,785 ✭✭✭James Forde


    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.


  • Registered Users, Registered Users 2 Posts: 7,580 ✭✭✭uberwolf


    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


  • Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Threads merged to avoid duplication of posts

    Mod


  • Advertisement
  • Registered Users Posts: 1,785 ✭✭✭James Forde


    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.


  • Closed Accounts Posts: 1,951 ✭✭✭SB_Part2


    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?


  • Registered Users, Registered Users 2 Posts: 4,723 ✭✭✭Villa05


    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 anybody’s guess as the banks will have discretion. Let’s just hope that this ‘authorised rule-breaking’ is applied fairly across the board."


  • Registered Users Posts: 1,785 ✭✭✭James Forde


    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 anybody’s guess as the banks will have discretion. Let’s just hope that this ‘authorised rule-breaking’ is applied fairly across the board."

    Thanks for that I'll see how Friday goes.


  • Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    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.


  • Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


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


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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!


  • Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭angeldelight


    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?


  • Moderators Posts: 12,381 ✭✭✭✭Black_Knight


    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.
    2016-01-24.jpg


  • Advertisement
  • Registered Users Posts: 1,785 ✭✭✭James Forde


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


  • Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    Just gone sale agreed!!


  • Closed Accounts Posts: 426 ✭✭Utah


    Just gone sale agreed!!

    Congratulations! Very quick!


  • Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    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!


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    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


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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!


  • Advertisement
  • Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    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.


  • Registered Users Posts: 83 ✭✭noanoa


    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?


  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    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.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


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


  • Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    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?


  • Advertisement
  • Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    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.


  • Registered Users, Registered Users 2 Posts: 5,175 ✭✭✭angeldelight


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


  • Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    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.


  • Registered Users, Registered Users 2 Posts: 2,677 ✭✭✭PhoenixParker


    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.


  • Registered Users, Registered Users 2 Posts: 562 ✭✭✭Flatzie_poo


    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.


  • Registered Users, Registered Users 2 Posts: 2,567 ✭✭✭Irish_rat


    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!


  • Registered Users, Registered Users 2 Posts: 403 ✭✭hawkeye_bmr


    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?


  • Registered Users, Registered Users 2 Posts: 24,268 ✭✭✭✭Sleepy


    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.


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    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


  • Registered Users, Registered Users 2 Posts: 1,065 ✭✭✭Santy2015


    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


  • Advertisement
This discussion has been closed.
Advertisement