Saving/Applying for a mortgage 2020-22 Edition

I wouldn’t worry about it. The banks can be difficult but they’re not Scrooge level difficult. They know these things happen. Did you save much in the same month? If so then I doubt they’ll have an issue

I did my mortgage with AIB. When we went sale agreed it was about 3 weeks later before the letter of offer was received.

Just to advise everyone applying for a mortgage or planning to soon: get your mortgage protection insurance sorted very early in the process. It's tempting to just put it off and wait until you have a house sorted, but it can be a very slow procedure and not something you want to be rushing to do at the last minute if there's anything wrong with you at all; and if you can't get it, you'd want to start working on a possible waiver ASAP. Even if you're still probably months away from finding anything or closing, you can always take out a policy that won't start until you actually draw down, or cancel it if the whole thing goes belly up. It's just not worth the stress of trying to get it done at the last minute, especially if you only then find out you can't get it.

Thanks! Just wanted to share so others can learn from our mistakes😅 And to maybe give a bit more clarity on the waiver process too, because it's very opaque. I had been sifting through many old posts about it, but none of them followed through with their successes or failures. I still don't really know much about it or how likely they are to give them out, but just wanted to at least give some example of things working out for others to see.

Can I ask a basic mortgage question in relation to paying off early?

For simplicity sake, say I borrow €100,000 over ten years. A fixed-rate loan and the interest works out at €20,000. So €120,000 in total to pay off over 10 years.

After five years, I manage to save enough to pay it off.

Q1. Assuming the bank doesn't want to charge me a fee, how much would it take to pay off the loan half-way through?

Q2. Are the banks enforcing penalties these days for this sort of thing? BoI in particular.

Thanks for the response G_R. Just one correction, in this scenario the loan is ten year fixed so I don't think it rolls back to a variable rate.

I will check the loan amortisation calendar as you suggested.

Where did you set this up and do you have to be married? We're also in the final stage of sale agreed and are looking to set this up as well. Thanks!

Do all banks start giving out exemptions from early January?

Anyone know if you're better off waiting until then to apply, or could you apply in December for one?

Finally, do Haven and Avast also offer exemptions beyond 3.5?

Anyone know if Haven and Avant offer exemptions beyond 3.5x?

What is exactly the process when someone is selling one house and buying another.

Who runs the show if they have two different estate agents.

Is it run by the solicitors or the estate agent.

Eg who gives you the go-ahead to get survey done (assuming the solicitor has to be on possession of maps etc to pass to the surveyor).

Can anyone tell me, hypothetically. When applying for a mortgage, say you earned 40000 this year, for example, but you are due to earn 45000 next year, can your employer say you will earn 45000, which you can give as proof to the bank?

Exactly. Things change and the company might not be able to give you the pay rise.

Had the bank of given you the mortgage on this basis and you could no longer pay and it went down the repossession route they would be up against it for breaking Central Bank rules by giving you more than your CURRENT earnings.

The 10% is a little misleading IMO. Yes, you need 10% before you apply for a mortgage or go sale agreed on a property. If you go Sale agreed, the EA will look for a deposit between €5,000 and €6,000. This is deducted from the 10% deposit on the property by the solicitor. The solicitor fees will include stamp duty, anywhere up to €6,000. You will need to factor in money for the survey ( €700 ), the valuation of the property ( €120 ) of the property which the bank will request. Then you need to take into account if you buy new or second hand, flooring, tiles, carpets and furniture, appliances to get you set up for the new few weeks. I would advise anybody who is currently saving to save, save and try to get upwards of 15% and if you have 10% apply now to a Broker as it can be a long process.

Hi all,

I have been offered to buy a house unexpectedly, I have a 25% deposit and the mortgage would be less that two times my salary. However I am still in my probation period of a new job, under a one year contract. Has anyone any any advice or experience where I could start to try and get a mortgage? Thank you.