Saving/Applying for a mortgage 2020-22 Edition

Yes it is Irish Mortgage Corporation.

I have actually found them very straight forward. The website is very good for uploading the documents and they have explained the process and presented me with a plethora of options. Its just making the right choice which is stumping me.

I am a first time buyer with no dependent's or other loans etc so I guess I am a straight forward case.

What sort of problems are you having if you don't mind me asking?

Just a quick note, we applied to BoI on 30/11, advisor put application through on 15/12, and we got approval through yesterday 05/01. Our application was straightforward, but I couldnt believe it was so quick as was expecting to be waiting until the end of January for an answer, esp with Xmas in the middle

Oh wow thanks for letting me know. Any of that sort of messing and I will tell them to feck off.

I only went with them because I got a recommendation from a friend who got sorted with them with I think minimal hassle earlier in the year.

PTSB to raise rates again

https://www.rte.ie/news/business/2023/0113/1346557-permanent-tsb-to-raise-new-fixed-mortgage-rates-again/

They'll probably all follow. We're currently highest bidder but we'll definitely see at least this rise from PTSB, trying to move quick and avoid another

Yeah waiting on AIP, but will ask to go for offer straight away after it because house is going to be ready before end of March.

Then again need to ask my broker what he applied for, not sure if it is possible to skip AIP

Tell me about it! I was going for PTSB, got offer from them and all last year, but house wasn't ready. Now BOI works out better for us than them, but if BOI decides to hike rates again it will be an endless cycle 🤣

Anybody know roughly how long it takes for contracts to issue to my solicitor? Buying a new build house and it will be ready at end of February.

Aso, how long does it take to get loan offer from PTSB. I have my AIP.

Don't know about this year, but last year (Oct) my AIP to loan offer took ~4 days. I used a broker. We already had the AIP, he put me in the loan offer queue 24th Oct, I had letter from PTSB via solicitor with full offer 27th.

For anyone else, I'm curious on timelines of offer with BOI from Dec if anyone applied to them. I'm hoping to skip AIP with them, but it seems they are running at 4 - 5 weeks?

just looking to see has anyone had issues with their mortgage provider when it came to having previous loans? All going well if we sell our house this year we’ll be able to clear a €40,000 loan and obviously clear our mortgage with again all going well profit plus savings of around €85,000 once all expenses are taken care of.

the plan is to either move in with the in laws(they’ve approved the move😂)for 6/12 months or rent depending if a property is available.

do banks look unkindly at the clearing of loans from the proceeds of a house sale? Even though all payments are up to date no arrears whatsoever etc.

and another question with the new mortgage rules of a 10% deposit for second time buyers and with the cash we hopefully will have will we need to save for the usual 6/12 months to prove we can pay the new mortgage? Approx €1000-€1300 a month…..

heads wrecked

That’s more then likely what will happen, but how long we stay is a different story, if it’s a case that we can go gung ho once the house is sold with the proceeds of the sale and whatever savings we have that would be ideal instead of waiting that 6/12 months of hard saving. We can’t do that hard saving atm due the loan and mortgage and car loan at the moment. Now all 3 together are around €1700 a month so well above what is needed to get a new mortgage for our price range.

Hi there,

We are in the process of drawing down our mortgage (next week fingers crossed). I have loans that were about €40k at the time of application, and will be using the proceeds of sale of my house to pay them. The bank made it a condition of our new mortgage that the loans have to be cleared in order to drawdown. So no problem there for us at least.

We went with a broker because I was concerned about the loans and also the fact that we hadn't been saving solidly (we saved something each month but not as much the new mortgage repayment amount as we got married last year). Bank basically took our loan payments into account instead as proof of affordability as we had never missed a payment.

So I would recommend speaking with a broker/bank and going through it all now to see if you get approval in principle, and if not you will know what you need to do/how long to save for if not.

No problem. Yes we're also using the proceeds for the bulk of our 20% deposit. We had enough for the booking deposit, survey, valuation and a bit extra in the bank but nowhere near enough for our 20%.

Edited to add, we got lucky in that we weren't in a bidding war for our new house, and the owners accepted our offer subject to sale of our house. It would definitely serve you better to sell your current house first and stay with in-laws - leaves you without a chain to worry about and makes you a better buyer for the sellers of your new house. But I would say go for your AIP now anyway in case you get lucky like us!

Poor Brad, he even wants to buy in Ireland 😂

Application sent to PTSB there today- 3% 4 year fixed rate. Hopefully a quick turnaround. Figured we would not get a response from Bank of Ireland before they also upped their rates.