Saving/Applying for a mortgage 2020-22 Edition

conor05 · 07-07-2020 11:02am

mayota wrote: »

If the family land is farmland I’d be looking to get the ball rolling on PP sooner rather than later, one off housing is under threat from environmentalists.

Big time.

All new county development plans are going to make one-off houses in Rural Ireland difficult to get PP granted.

They want people living in village settlements to avail of services already in place.

IRtax · 08-07-2020 12:18am

ELM327 wrote: »

I found AIB a right pain in the hole to deal with. Went with BOI last time and now PTSB a couple of years later.

AIB wanted a ream of documents, including tax clearance certs (which cannot be obtained by PAYE employees)

Tax clearance certificates can be obtained for paye workers through my account

jenno86 · 08-07-2020 11:43pm

Anyone apply with BOI lately ? Just wondering how long it took.

frank730 · 09-07-2020 12:19am

jenno86 wrote: »

Anyone apply with BOI lately ? Just wondering how long it took.

got AIP a few weeks ago, took 2 weeks, they say normally 7-10 working days

LoonyLovegood · 09-07-2020 8:57am

Got full approval yesterday! Actually such a relief, now to spend way too much time on Daft

Duke of Url · 09-07-2020 9:44am

LoonyLovegood wrote: »

Got full approval yesterday! Actually such a relief, now to spend way too much time on Daft

Congrats : )

I signed contracts yesterday so hopefully the end is near....

The Wordress · 09-07-2020 3:43pm

The paperwork for our mortgage was sent to ICS 3 weeks ago and not a peep since. Would like to hear back by tomorrow :cool:

WeeCuppaCha · 10-07-2020 9:29am

The Wordress wrote: »

The paperwork for our mortgage was sent to ICS 3 weeks ago and not a peep since. Would like to hear back by tomorrow :cool:

It’s almost 2 weeks since I submitted my application to ICS. I received notification through ID Pal yesterday that the due diligence report was now complete and that they would be ‘in touch soon’.

Does this mean that approval has been granted I wonder? Would they give information over the phone?

The waiting is a killer. There is a property I would like to view, but I’m loath to do so until I know exactly my position.

10-07-2020 11:54am

Hi, I am about to begin the process of applying for a mortgage, I have the deposit and I earn more than enough to meet the requirement for my target price.

However, 8 years ago I found myself out of work and as a consequence I had a credit card revoked. All of that is clear and paid off about 7 years ago and it no longer shows up on my ICB report. My current record on ICB is clean and I have no recent arrears history nor do I have any other debt other than a credit card which I don't use very often.

How do I approach this issue when applying for a mortgage now?

Thanks

Creamy Goodness · 10-07-2020 11:58am

Deleted User wrote: »

Hi, I am about to begin the process of applying for a mortgage, I have the deposit and I earn more than enough to meet the requirement for my target price.

However, 8 years ago I found myself out of work and as a consequence I had a credit card revoked. All of that is clear and paid off about 7 years ago and it no longer shows up on my ICB report. My current record on ICB is clean and I have no recent arrears history nor do I have any other debt other than a credit card which I don't use very often.

How do I approach this issue when applying for a mortgage now?

Thanks

If you're up front with it if they ask you, you shouldn't have any issues.

If you apply to the same bank that issued their credit card in question they will know about it from their internal records so don't try deny it, it'll be a huge red flag.

Bluefoam · 10-07-2020 11:58am

WeeCuppaCha wrote: »

It’s almost 2 weeks since I submitted my application to ICS. I received notification through ID Pal yesterday that the due diligence report was now complete and that they would be ‘in touch soon’.

Does this mean that approval has been granted I wonder? Would they give information over the phone?

The waiting is a killer. There is a property I would like to view, but I’m loath to do so until I know exactly my position.

They will let you know if it's been approved or not, or whether there might be other conditions. You'll just have to wait for them to let you know.

Regarding viewings... this is a process you'll have to engage with, if you get this mortgage application or have to go to the wider market... I recommend that you go to see as many houses as possible and build up your own knowledge of the market and what value is generally available, so go to see as many properties as possible, so that when you have approval, you can make the most informed decisions.

10-07-2020 12:01pm

Creamy Goodness wrote: »

If you're up front with it if they ask you, you shouldn't have any issues.

If you apply to the same bank that issued their credit card in question they will know about it from their internal records so don't try deny it, it'll be a huge red flag.

Ok thanks, will do.

Bluefoam · 10-07-2020 12:02pm

Deleted User wrote: »

Hi, I am about to begin the process of applying for a mortgage, I have the deposit and I earn more than enough to meet the requirement for my target price.

However, 8 years ago I found myself out of work and as a consequence I had a credit card revoked. All of that is clear and paid off about 7 years ago and it no longer shows up on my ICB report. My current record on ICB is clean and I have no recent arrears history nor do I have any other debt other than a credit card which I don't use very often.

How do I approach this issue when applying for a mortgage now?

Thanks

I had a similar situation over a tiny amount of money... Credit Ratings expire after 5 years & they shouldn't be able to see any record of that. In my scenario they knew of the CR and queried me on it. I was able to explain it easily and they didn't consider it against my application.

Markitron · 10-07-2020 12:47pm

Bluefoam wrote: »

I had a similar situation over a tiny amount of money... Credit Ratings expire after 5 years & they shouldn't be able to see any record of that. In my scenario they knew of the CR and queried me on it. I was able to explain it easily and they didn't consider it against my application.

I will be applying a few months from now and I'm worried about a few loan payments I missed last year. The amounts were not large and I paid the loan off almost a year early but I'm pretty worried about it

random_banter · 10-07-2020 1:07pm

Our application is being reviewed at the moment. I am anxious about it - but I'm a worrier.

We both have good savings history, income, job security, deposit status etc.

I tried to get an ICB report a few weeks back but the website wouldn't work for me.

There is one niggly worry I have about a credit card payment from last year - simple enough - I usually pay off on the same day each month when I get paid and I was distracted in the middle of the process - ended up forgetting as was stressed with work. Anyway by the time I'd discovered the overdue payment reminder it was close to the 30 day limit the bank says they have before reporting you to the ICB. So I paid it within the 30 days. But of course, these tiny worries now keep me awake at night. Couldn't get the report out of the ICB to check it myself, as I noted above. The credit card is now in a negative balance anyway so no debt on it.

Should this be queried, does anyone have advice on what is the best approach in answering - brutal honesty as in "I literally forgot."? I clearly had the money to get it paid, so wondering what the best explanation is.

Did a check two years ago and it was clear at that point. Fingers crossed anyway.

Duke of Url · 10-07-2020 1:11pm

random_banter wrote: »

Our application is being reviewed at the moment. I am anxious about it - but I'm a worrier.

We both have good savings history, income, job security, deposit status etc.

I tried to get an ICB report a few weeks back but the website wouldn't work for me.

There is one niggly worry I have about a credit card payment from last year - simple enough - I usually pay off on the same day each month when I get paid and I was distracted in the middle of the process - ended up forgetting as was stressed with work. Anyway by the time I'd discovered the overdue payment reminder it was close to the 30 day limit the bank says they have before reporting you to the ICB. So I paid it within the 30 days. But of course, these tiny worries now keep me awake at night. Couldn't get the report out of the ICB to check it myself, as I noted above. The credit card is now in a negative balance anyway so no debt on it.

Should this be queried, does anyone have advice on what is the best approach in answering - brutal honesty as in "I literally forgot."? I clearly had the money to get it paid, so wondering what the best explanation is.

Did a check two years ago and it was clear at that point. Fingers crossed anyway.

Based on my experience it wont be an issue.

bulmersgal · 10-07-2020 1:57pm

Got my valuation done two weeks ago, Finance Ireland rang last week to pay for valuation and said that loan offer letter would be sent to myself and solicitor. Rang on Wednesday and they said I should get it end of week. No letter yet and my solicitor said in previous email that when they get that letter they will start their review of contracts.

It just seems so slow at the moment. I don't want to hassle solicitor either but I don't even know when closing date is expected or what contents they are including in the sale. Like do I need to buy fridge and washing machine.

frank730 · 10-07-2020 3:13pm

Deleted User wrote: »

Hi, I am about to begin the process of applying for a mortgage, I have the deposit and I earn more than enough to meet the requirement for my target price.

However, 8 years ago I found myself out of work and as a consequence I had a credit card revoked. All of that is clear and paid off about 7 years ago and it no longer shows up on my ICB report. My current record on ICB is clean and I have no recent arrears history nor do I have any other debt other than a credit card which I don't use very often.

How do I approach this issue when applying for a mortgage now?

Thanks

ICB wont have the record now so only the bank who revoked your card might have internal record, others can't find out if it's not on your icb report, they see what you see on icb

The Wordress · 10-07-2020 3:55pm

WeeCuppaCha wrote: »

It’s almost 2 weeks since I submitted my application to ICS. I received notification through ID Pal yesterday that the due diligence report was now complete and that they would be ‘in touch soon’.

Does this mean that approval has been granted I wonder? Would they give information over the phone?

The waiting is a killer. There is a property I would like to view, but I’m loath to do so until I know exactly my position.

Can I ask if you applied through a broker for ICS? I applied through a broker but ICS did come back to us last week looking for an updated ID. Our broker told us expect a 12 day wait and it is now day 16 :eek:. Just annoying as we have found a house we really like and would like to proceed with an offer. I already had to badger my broker about something else and I'm reluctant to do it again

Duke of Url · 10-07-2020 4:51pm

bulmersgal wrote: »

Got my valuation done two weeks ago, Finance Ireland rang last week to pay for valuation and said that loan offer letter would be sent to myself and solicitor. Rang on Wednesday and they said I should get it end of week. No letter yet and my solicitor said in previous email that when they get that letter they will start their review of contracts.

It just seems so slow at the moment. I don't want to hassle solicitor either but I don't even know when closing date is expected or what contents they are including in the sale. Like do I need to buy fridge and washing machine.

Are you buying a new build?

bulmersgal · 10-07-2020 4:54pm

Duke of Url wrote: »

Are you buying a new build?

No a second hand house. I've got the survey done the week before. 3 weeks sale agreed now. Just waiting on the loan offer before the solicitor will start doing their review.

KilOit · 10-07-2020 5:43pm

Took us 4 months to fully switch mortgage from AIB to UB during covid, initial request end of Feb and everything sorted end of June, even when i thought it was all completed, it wasn't :mad:

Astro127 · 10-07-2020 9:55pm

Hi If I I'm getting rent payed into my bank every month can I claim it as income being saved for a mortgage or do they just look at your job salary .

I'm saving 1k a month but would like to put the rent I am receiving aswell.

I'm also getting a gift from parent so is it better to put it in now or near the end of applying for a mortgage.

ebayissues · 10-07-2020 10:03pm

How're you guyings deciding what mortgage provider to choose from?

For a mortgage of approx 250k, the lowest interest rate seems to be KBC.

edit...

PTSB offers 2% cashback on drawdown as well as on mortgage payments each month.

pooch90 · 10-07-2020 11:36pm

random_banter wrote: »

Our application is being reviewed at the moment. I am anxious about it - but I'm a worrier.

We both have good savings history, income, job security, deposit status etc.

I tried to get an ICB report a few weeks back but the website wouldn't work for me.

There is one niggly worry I have about a credit card payment from last year - simple enough - I usually pay off on the same day each month when I get paid and I was distracted in the middle of the process - ended up forgetting as was stressed with work. Anyway by the time I'd discovered the overdue payment reminder it was close to the 30 day limit the bank says they have before reporting you to the ICB. So I paid it within the 30 days. But of course, these tiny worries now keep me awake at night. Couldn't get the report out of the ICB to check it myself, as I noted above. The credit card is now in a negative balance anyway so no debt on it.

Should this be queried, does anyone have advice on what is the best approach in answering - brutal honesty as in "I literally forgot."? I clearly had the money to get it paid, so wondering what the best explanation is.

Did a check two years ago and it was clear at that point. Fingers crossed anyway.

I applied to ICB & CCR last week and have gotten my ccr one back already. Not sure
If ICB one is back because they post it out and im not home.
Ccr a lot more hassle than the ICB application though.

Astro127 · 11-07-2020 10:54am

How does the credit history work when applying for a mortgage do they only care if you didnt pay a loan back on time or currently have a loan out ?

I took two loans out a few years ago nothing big and where paid off on time

Also after you get approved for a mortgage do they care where the money comes from when you are paying it back or just once you have the money in the back every month to pay it off .

Graham · 11-07-2020 11:17am

A current loan may reduce your borrowing capacity.
Previous loans paid off on time will not harm your application. Personally I'd expect them to demonstrate you're able to meet your financial commitments as agreed.
You will need to demonstrate capacity to repay (your income) before a mortgage is granted. Afterwards I doubt they care where the money comes from unless the source of funds looks suspicious.

WeeCuppaCha · 11-07-2020 11:19am

The Wordress wrote: »

Can I ask if you applied through a broker for ICS? I applied through a broker but ICS did come back to us last week looking for an updated ID. Our broker told us expect a 12 day wait and it is now day 16 :eek:. Just annoying as we have found a house we really like and would like to proceed with an offer. I already had to badger my broker about something else and I'm reluctant to do it again

Hi, I went through a broker. I’m public service so figured I needed a bit of assistance in respect of allowances and unsocial hours being included as earnings. Anyway, I got a verbal confirmation from my broker yesterday. He said that the letter should be with me mid next week. Call me a pessimist (realist?), but I’ll feel the true pressure release when the AIP letter is in my hands.

Hope you hear something back soon.

Astro127 · 11-07-2020 12:30pm

Graham wrote: »

A current loan may reduce your borrowing capacity.
Previous loans paid off on time will not harm your application. Personally I'd expect them to demonstrate you're able to meet your financial commitments as agreed.
You will need to demonstrate capacity to repay (your income) before a mortgage is granted. Afterwards I doubt they care where the money comes from unless the source of funds looks suspicious.

Thanks for the help , what would look suspicious?
I do cash in hand jobs sometimes and could get a couple of hundred so I would probably use that aswell as income .

pooch90 · 11-07-2020 12:38pm

Astro127 wrote: »

Thanks for the help , what would look suspicious?
I do cash in hand jobs sometimes and could get a couple of hundred so I would probably use that aswell as income .

Are you declaring it for tax etc?

Saving/Applying for a mortgage 2020-22 Edition

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