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09-04-2020, 22:24   #46
TheSheriff
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When applying for a mortgage would it be normal for the bank to look for your employment contract. I have a permanent job and get paid a certain amount overtime which is mentioned in my contract but now the bank want to see my contract as proof. I wouldn't of thought this is something they typically look for.
Yes, I had to provide my employment contract.

I changed jobs within the company during the approval and they wanted my new contract also.

Would have thought this was fairly standard being honest.....
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10-04-2020, 08:52   #47
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Hi everyone, I went through the mortgage application on my own during the crash. It was a nightmare. Incredibly time consuming and stressful. In the end, we pulled out of the purchase late on due to the volatility of the market at the time.

We went on to buy our first house 3 years ago. I used a broker. I CANNOT stress strongly enough how much easier life was going through a broker. I know how difficult the process is and I went through it alone during the last crash. Don't make the same mistake I did. <SNIP A BROKER>. I highly recommend.

Best of luck to you all going forward. I wish you well.

Last edited by Graham; 10-04-2020 at 09:35. Reason: No recommendations on thread please
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10-04-2020, 09:00   #48
lomb
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Heres hsbc approach in UK. Seems reasonable https://www.mortgagestrategy.co.uk/n...me-assessment/
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10-04-2020, 15:44   #49
fifth
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Hi everyone, I went through the mortgage application on my own during the crash. It was a nightmare. Incredibly time consuming and stressful. In the end, we pulled out of the purchase late on due to the volatility of the market at the time.

We went on to buy our first house 3 years ago. I used a broker. I CANNOT stress strongly enough how much easier life was going through a broker. I know how difficult the process is and I went through it alone during the last crash. Don't make the same mistake I did. <SNIP A BROKER>. I highly recommend.

Best of luck to you all going forward. I wish you well.

+1 on using a broker. The broker I am using came highly recommended and has been amazing through all of this. Super quick to get responses from the bank and very patient with me as I changed my mind on houses, changed jobs etc etc.

Last edited by fifth; 10-04-2020 at 15:45. Reason: quoted wrong post
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10-04-2020, 17:33   #50
 
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Are banks such as BOI, PTSB accepting mortgages applications at this time or they have stopped doing so because of covid?

Is it legal to take mortgage at this time since we are in a lock down?

Last edited by iQuestion; 10-04-2020 at 19:57.
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10-04-2020, 21:35   #51
Creamy Goodness
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Is it legal to take mortgage at this time since we are in a lock down?
Banks are deemed an essential service. As long as they’re happy to give you the money and you’re happy with the loan terms then I don’t see anything illegal.

The only real snag will be signing contracts but we’ll hopefully be out of lockdown by the time it comes to that.
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11-04-2020, 08:21   #52
Pivot Eoin
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Wonder if somebody could give some tips as to Applying for a Mortgage without knowing the exact house you want yet?

- We know roughly what area we want.
- We know we're generally open to anything from 380k-500k depending on the house/area (predominately looking in South Dublin)
- Looking for a relatively turn key 3Bed with a Big Attic or a 4bed (our budget prob wont get us turnkey)
- We'll have 100k saved up by time we're buying (Potentially going to hang onto 20-30k of this incase of loss of earnings)
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11-04-2020, 14:27   #53
zuhuraswa
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Wonder if somebody could give some tips as to Applying for a Mortgage without knowing the exact house you want yet?
Just apply for the maximum amount you can get. You don't have to drawdown that amount in the end.
That's what I did and know my maximum limit based on the amount I was approved by a couple of banks.
Also if you can get a broker, the better. They'll apply to different banks, all which usually have different approval criteria e.g. some add bonuses to salary, some don't etc
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11-04-2020, 15:00   #54
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Can anyone give me some advice on the following. Me and my partner applied for a mortage in january and got approval and paid a deposit on a house in a new development. The house was due to be ready in May so that would have been within bank of Irelands 6 month from the approval date of Januaey this year. Now with construction sites closed its unlikely to be finnished before the June cut off so we wont get the valuation done in time as its not finnished. Is this something they would extend for another 6 months?
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11-04-2020, 16:52   #55
lomb
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Can anyone give me some advice on the following. Me and my partner applied for a mortage in january and got approval and paid a deposit on a house in a new development. The house was due to be ready in May so that would have been within bank of Irelands 6 month from the approval date of Januaey this year. Now with construction sites closed its unlikely to be finnished before the June cut off so we wont get the valuation done in time as its not finnished. Is this something they would extend for another 6 months?
Likely but they will probablyask for proof of current earnings.
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11-04-2020, 17:20   #56
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Can anyone give me some advice on the following. Me and my partner applied for a mortage in january and got approval and paid a deposit on a house in a new development. The house was due to be ready in May so that would have been within bank of Irelands 6 month from the approval date of Januaey this year. Now with construction sites closed its unlikely to be finnished before the June cut off so we wont get the valuation done in time as its not finnished. Is this something they would extend for another 6 months?
I'm going through something similar at the moment. You will have to resubmit some fresh account statements and documentation, but it's not a problem to do this.
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11-04-2020, 19:15   #57
IanVW
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I'm going through something similar at the moment. You will have to resubmit some fresh account statements and documentation, but it's not a problem to do this.
Ok thanks ill get onto them next week and resubmit them
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11-04-2020, 19:43   #58
The Phantom Jipper
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This query has probably been done to death, but I was curious if anyone has any insights into what a bank's tolerance is of applicants having betting accounts?

I have years of evidence of regular, decent savings, but my bank statements would have a lot of online bookie transactions going through them. The bets are profitable, and in a niche area of interest. Does any of that matter or is the existence of betting accounts an automatic red flag?
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11-04-2020, 19:49   #59
PCeeeee
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This query has probably been done to death, but I was curious if anyone has any insights into what a bank's tolerance is of applicants having betting accounts?

I have years of evidence of regular, decent savings, but my bank statements would have a lot of online bookie transactions going through them. The bets are profitable, and in a niche area of interest. Does any of that matter or is the existence of betting accounts an automatic red flag?
Im not sure how I would quantify their tolerance. 'A lot' of transactions is going to be an issue. Also anecdotally, whether you're in profit or not is immaterial.
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11-04-2020, 21:58   #60
 
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I am slightly confused, I am a first time buyer - do I need 20% deposit for 2 bed apartment or 10% or what is the story with this.
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