Saving/Applying for a mortgage 2020-22 Edition

Yyhhuuu · 19-11-2020 2:24am

I expect all outgoing are factored in calculations.

I personally manage to save over 19k per annum pre covid, now post covid approx. 20k
Saved per annum on net after tax income of over 25k. My income should be increasing so I hope to save more. Delighted with what I've saved so far and really enjoy it.

I dont drive, dont drink and dont smoke and dont eat out as it's usually unhealthy salt and fat laden food. I entertain my friends at home.

I hope everyone else achieves their goals. Best of luck

Pelezico · 19-11-2020 9:43am

Yyhhuuu wrote: »

I expect all outgoing are factored in calculations.

I personally manage to save over 19k per annum pre covid, now post covid approx. 20k
Saved per annum on net after tax income of over 25k. My income should be increasing so I hope to save more. Delighted with what I've saved so far and really enjoy it.

I dont drive, dont drink and dont smoke and dont eat out as it's usually unhealthy salt and fat laden food. I entertain my friends at home.

I hope everyone else achieves their goals. Best of luck

Fair play to you. Those savings are remarkable.

Cows Go µ · 19-11-2020 9:56am

Tar.Aldarion wrote: »

Do they factor in pension payments for that stress testing, as they can be stopped any time? Seems rather stupid to stop them for a few months.

When we were talking to AIB they said they wouldn't include my pension as it is optional.

brisan · 19-11-2020 11:40am

Yyhhuuu wrote: »

I expect all outgoing are factored in calculations.

I personally manage to save over 19k per annum pre covid, now post covid approx. 20k
Saved per annum on net after tax income of over 25k. My income should be increasing so I hope to save more. Delighted with what I've saved so far and really enjoy it.

I dont drive, dont drink and dont smoke and dont eat out as it's usually unhealthy salt and fat laden food. I entertain my friends at home.

I hope everyone else achieves their goals. Best of luck

If you can live on 100euro a week including rent food transport bills etc you are a better person than most I know with regards to saving

fin12 · 19-11-2020 12:39pm

Pelezico wrote: »

Fair play to you. Those savings are remarkable.

I find trying to save 10 grand tough enough. But I drink and have a car loan atm.

Creamy Goodness · 19-11-2020 1:05pm

fin12 wrote: »

I find trying to save 10 grand tough enough. But I drink and have a car loan atm.

It's no shame in having a life and living it. Every one is different, keep on it!

Pelezico · 19-11-2020 1:21pm

fin12 wrote: »

I find trying to save 10 grand tough enough. But I drink and have a car loan atm.

He is the best saver I have come across. Must have enormous discipline.

Repaying a loan is the equivalent if saving.

DubLad69 · 19-11-2020 1:46pm

Does anyone know how long harvey Norman click and collect takes?

fin12 · 19-11-2020 1:49pm

Pelezico wrote: »

He is the best saver I have come across. Must have enormous discipline.

Repaying a loan is the equivalent if saving.

I have heard of that kind of saving before, I have the book how to be good with money by Eoin Magee and one of his examples some guy definitely earned under 20 grand a year but managed to save like 13 k or something, they lived at home but to be honest it seemed to be me he must have had a pretty miserable life to save all that money.

Pelezico · 19-11-2020 2:07pm

fin12 wrote: »

I have heard of that kind of saving before, I have the book how to be good with money by Eoin Magee and one of his examples some guy definitely earned under 20 grand a year but managed to save like 13 k or something, they lived at home but to be honest it seemed to be me he must have had a pretty miserable life to save all that money.

Maybe he felt that he was in control of his life and enjoyed that feeling. Either way, the previous poster is a remarkable saver.

In the long run, one has to be careful not to be a servant of money, either as a saver or spender. Money is a very hard master.

narodvale · 19-11-2020 2:43pm

Heading into our fourth week waiting for word/AIP from KBC.

We are Sale Agreed on a house with holding deposit paid, survey done, and contracts with our solicitor. We have a combined income of 150k, with job security, not looking to take our maximum mortgage.

I thought banks wanted to lend money? What can possible be the delay aside from just trotting out the ‘being processed slower then usual’ line. We are using a broker which makes it trickier.

Are many others going through the same at the moment?

HannahR31 · 19-11-2020 3:10pm

narodvale wrote: »

Heading into our fourth week waiting for word/AIP from KBC.

We are Sale Agreed on a house with holding deposit paid, survey done, and contracts with our solicitor. We have a combined income of 150k, with job security, not looking to take our maximum mortgage.

I thought banks wanted to lend money? What can possible be the delay aside from just trotting out the ‘being processed slower then usual’ line. We are using a broker which makes it trickier.

Are many others going through the same at the moment?

Are you waiting for AIP or loan offer? I don't know about KBC but BoI and PTSB have both been super quick with AIP. Days not weeks.

narodvale · 19-11-2020 3:12pm

HannahR31 wrote: »

Are you waiting for AIP or loan offer? I don't know about KBC but BoI and PTSB have both been super quick with AIP. Days not weeks.

Waiting on AIP, looking to move straight to valuation, and then to loan offer as soon as we can. Application has been with KBC 3 weeks

Bubbaclaus · 19-11-2020 3:58pm

I'm seeing very little mention of Ulster Bank on here or elsewhere in terms of people applying to them. Anybody have any indications of their timelines?

wally79 · 19-11-2020 4:08pm

Bubbaclaus wrote: »

I'm seeing very little mention of Ulster Bank on here or elsewhere in terms of people applying to them. Anybody have any indications of their timelines?

There was talk of them pulling out of Ireland so perhaps people are being wary

jimmy86 · 19-11-2020 4:39pm

narodvale wrote: »

Heading into our fourth week waiting for word/AIP from KBC.

We are Sale Agreed on a house with holding deposit paid, survey done, and contracts with our solicitor. We have a combined income of 150k, with job security, not looking to take our maximum mortgage.

I thought banks wanted to lend money? What can possible be the delay aside from just trotting out the ‘being processed slower then usual’ line. We are using a broker which makes it trickier.

Are many others going through the same at the moment?

Most agents won't even let you view a property without AIP! We went through a broker with KBC, took 3 weeks to the day to get AIP, hopefully you hear back soon.

narodvale · 19-11-2020 6:25pm

Thanks @jimmy86,

Great to hear you were around the 3 week mark with KBC!

It's a unique situation where the property was Sale Agreed twice previously but the prospective buyer had issues so it fell through twice. The seller is looking to buy themselves, and I think we were next in line, unsure if others had bid. We're also not in a chain, and were able to show proof of funds for much of the property cost.

Though none of that will matter if the bank doesn't get moving

Adt1989 · 19-11-2020 7:13pm

Bubbaclaus wrote: »

I'm seeing very little mention of Ulster Bank on here or elsewhere in terms of people applying to them. Anybody have any indications of their timelines?

We applied for AIP with Ulster Bank 4 weeks ago and received it today. Went ahead 2 weeks ago and applied for the mortgage on the portal and are still awaiting a loan offer. The advisor has come back multiple times looking for more paperwork prior to submitting it to the underwriters.

Bubbaclaus · 19-11-2020 7:20pm

Adt1989 wrote: »

We applied for AIP with Ulster Bank 4 weeks ago and received it today. Went ahead 2 weeks ago and applied for the mortgage on the portal and are still awaiting a loan offer. The advisor has come back multiple times looking for more paperwork prior to submitting it to the underwriters.

Thanks. At what stage do you get access to a portal? There's been no mention of a portal from the UB person we are dealing with and I shared all the docs via email.

td2008 · 19-11-2020 9:18pm

HannahR31 wrote: »

Are you waiting for AIP or loan offer? I don't know about KBC but BoI and PTSB have both been super quick with AIP. Days not weeks.

We're also sale agreed with AIP - BOI are taking forever with the loan offer, 3 weeks now

klose · 19-11-2020 9:46pm

Would banks mind you starting to pick up things now before you've gotten your letter of offer? Thinking of picking up a new telly with the black Friday deals coming up. Booking deposit paid, engineering report sent for just waiting on banks and solicitors now to thrash out the formalities. Would they be questioning big purchases for house bits basically what I'm asking

Yyhhuuu · 20-11-2020 1:05am

Pelezico wrote: »

He is the best saver I have come across. Must have enormous discipline.

Repaying a loan is the equivalent if saving.

I am able to save so much as I have no rent to pay, it also helps that I walk everywhere ( about 15km per day) which really makes me feel good. I dont go to a gym but swim in the sea which is far more invigorating than a pool.

My expenses are literally only Electricity and phone (9.99 a month). I buy all my food reduced to clear. I can make a main course for about €1 no processed food and certainly not beans on toast. I used to treat myself to about four foreign holidays pre-covid usually London which I love. These cost very little as great value accommodation.

If saving, my advice is to differentiate between needs and wants. Ask yourself do you need this, will you use it? Before buying anything think twice especially if buying on impulse.

It's amazing how cutting back on small things adds up to savings like daily coffees or especially eating out. The best things in life are usually free. Look through your bank statements and see what you can cut back on or identify waste such as gym membership rarely used, expensive phone plans when 48.ie or go mo would be better. Satellite dish instead of cable tv etc etc.

Adt1989 · 20-11-2020 8:43am

Bubbaclaus wrote: »

Thanks. At what stage do you get access to a portal? There's been no mention of a portal from the UB person we are dealing with and I shared all the docs via email.

We got access within 2 days of deciding to do full application over just AIP. The mortgage advisor just needs to set you up and sends a link to log in to your email.

Starlord_01 · 20-11-2020 9:39am

klose wrote: »

Would banks mind you starting to pick up things now before you've gotten your letter of offer? Thinking of picking up a new telly with the black Friday deals coming up. Booking deposit paid, engineering report sent for just waiting on banks and solicitors now to thrash out the formalities. Would they be questioning big purchases for house bits basically what I'm asking

We are in the same boat and decided to ask our advisor in EBS and she said it wouldn't be a problem in her eyes.

fin12 · 20-11-2020 11:52am

Yyhhuuu wrote: »

I am able to save so much as I have no rent to pay, it also helps that I walk everywhere ( about 15km per day) which really makes me feel good. I dont go to a gym but swim in the sea which is far more invigorating than a pool.

My expenses are literally only Electricity and phone (9.99 a month). I buy all my food reduced to clear. I can make a main course for about €1 no processed food and certainly not beans on toast. I used to treat myself to about four foreign holidays pre-covid usually London which I love. These cost very little as great value accommodation.

If saving, my advice is to differentiate between needs and wants. Ask yourself do you need this, will you use it? Before buying anything think twice especially if buying on impulse.

It's amazing how cutting back on small things adds up to savings like daily coffees or especially eating out. The best things in life are usually free. Look through your bank statements and see what you can cut back on or identify waste such as gym membership rarely used, expensive phone plans when 48.ie or go mo would be better. Satellite dish instead of cable tv etc etc.

Would u pay for Netflix or any subscription like that? What about clothes?

awec · 20-11-2020 11:55am

Yyhhuuu wrote: »

I am able to save so much as I have no rent to pay, it also helps that I walk everywhere ( about 15km per day) which really makes me feel good. I dont go to a gym but swim in the sea which is far more invigorating than a pool.

My expenses are literally only Electricity and phone (9.99 a month). I buy all my food reduced to clear. I can make a main course for about €1 no processed food and certainly not beans on toast. I used to treat myself to about four foreign holidays pre-covid usually London which I love. These cost very little as great value accommodation.

If saving, my advice is to differentiate between needs and wants. Ask yourself do you need this, will you use it? Before buying anything think twice especially if buying on impulse.

It's amazing how cutting back on small things adds up to savings like daily coffees or especially eating out. The best things in life are usually free. Look through your bank statements and see what you can cut back on or identify waste such as gym membership rarely used, expensive phone plans when 48.ie or go mo would be better. Satellite dish instead of cable tv etc etc.

This sounds absolutely miserable, to be honest.

I would not recommend this approach to anyone, instead I'd recommend finding a more appropriate balance between saving and having some sort of a life.

brisan · 20-11-2020 12:22pm

fin12 wrote: »

Would u pay for Netflix or any subscription like that? What about clothes?

He is obviously a naturist
Spends that much time in Garda custody for indecent exposure that it's no wonder his living expenses are so low

brisan · 20-11-2020 12:24pm

awec wrote: »

This sounds absolutely miserable, to be honest.

I would not recommend this approach to anyone, instead I'd recommend finding a more appropriate balance between saving and having some sort of a life.

I have a BIL who lives somewhat like this
He does drink and smoke and gets a takeaway once a week
However he scrimps and saves
Cheap drink ,cheap tobacco
Its an illness in my opinion

fin12 · 20-11-2020 12:29pm

Sorry off topic but it is actually to do with saving money?

Anyone with an post mobile? I’m currently with Vodafone and pay €30 a month but I see an post have a €15 a month plan.

jimmy86 · 20-11-2020 1:19pm

fin12 wrote: »

Sorry off topic but it is actually to do with saving money?

Anyone with an post mobile? I’m currently with Vodafone and pay €30 a month but I see an post have a €15 a month plan.

Gomo is 12.99pm
48 is 7.99pm

I'm using 48 myself, no issues at all. There are threads on both if you look them up.

clayfarm1234 · 20-11-2020 3:53pm

I have an AIP from KBC, but have requested for a Loan Offer to sign the contracts...How much time does it normally take for Loan Offer? the AIP took almost 5 weeks - even though KBC said it would take 2-3 weeks.

theintern · 20-11-2020 4:02pm

Bubbaclaus wrote: »

I'm seeing very little mention of Ulster Bank on here or elsewhere in terms of people applying to them. Anybody have any indications of their timelines?

We're going with UB. The advisor was pretty quick to validate docs, but did come back multiple times for lots of little things. I think she was being extra careful before going to the underwriters.

Once it went to the UWs, AIP was back as promised within 5 working days, so I was very pleased with that. Loan offer & valuation has taken about 2 weeks and we're expecting it to release today.

Pretty pleased with the process, bar the pain in the head of random little letters and forms needed, but I think that's the same with everywhere. We also applied with AIB and it was the same sort of questions. The UB portal online is grand, and the fixed rates are excellent. Not too worried about them pulling out of Ireland, if they do we'll just move when our fixed rate ends.

bulmersgal · 20-11-2020 4:51pm

So fed up at the moment put deposit down on new build and went back to broker for exception. 5 weeks waiting on Finance Ireland even though i already had mortgage approval. Application went into BOI and UB last week, found out today they have gone to underwriter today as BOI requested another document. Hopefully will hear back from all 3 next week. The stress is fierce at the moment and worse is probably have to do all this again as house won't be ready till March/April

HannahR31 · 20-11-2020 5:17pm

bulmersgal wrote: »

So fed up at the moment put deposit down on new build and went back to broker for exception. 5 weeks waiting on Finance Ireland even though i already had mortgage approval. Application went into BOI and UB last week, found out today they have gone to underwriter today as BOI requested another document. Hopefully will hear back from all 3 next week. The stress is fierce at the moment and worse is probably have to do all this again as house won't be ready till March/April

I was looking at a new build today, and have sent away to BoI for an exception - I thought I'd have to wait for them to say yay or nay before I could reserve it? I thought to book I have to show them I have funds ready for the full amount. Is this not the case? Or would it depend on the developer do you think?

bulmersgal · 20-11-2020 5:21pm

I was able to book mine without showing what my AIP amount was. They were happy enough with that. I got told by broker you need address of house to get exception so I presume you would have to put deposit down to get a number

pooch90 · 20-11-2020 6:45pm

Got UW AIP from Finance Ireland today. I'm applying in just my name without my husband. FI asked for a Deed of Confirmation from him. Anyone know what this is?

bulmersgal · 20-11-2020 6:51pm

pooch90 wrote: »

Got UW AIP from Finance Ireland today. I'm applying in just my name without my husband. FI asked for a Deed of Confirmation from him. Anyone know what this is?

I had to fill one out cause my parents gave me gift.

When did you apply to Finance Ireland. I applied 21st October and still waiting

pooch90 · 20-11-2020 6:54pm

Few weeks before you I'd say. We got inital AIP a month ago and the underwriting took since then.
He hasn't gifted me anything and all cash is in my bank accounts.

20-11-2020 11:01pm

Is 3.75% APRC a good rate for a 30Y mortgage? 2 FTBs so not much experience! 5 years fixed then variable

td2008 · 20-11-2020 11:14pm

td2008 wrote: »

We're also sale agreed with AIP - BOI are taking forever with the loan offer, 3 weeks now

So it's taken them another week to come back looking for more stuff :mad:

Financesetc. · 21-11-2020 9:44am

HungryRepair54 wrote: »

Is 3.75% APRC a good rate for a 30Y mortgage? 2 FTBs so not much experience! 5 years fixed then variable

Its high compared to fixed rates. The APRC would be the follow on rate after your fixed rate is up, this is a variable rate set by the bank. Each bank differs. You can stay on this and pay high interest rates or switch to a lower fixed rate with the same bank or shop around. At the moment the only advantage of being on a variable rate is if you intend on overpaying your mortgage by a large amount each month or paying off a lump sum. No penalties for doing this while on a variable but the interests rates are higher. You are not locked into variable, so say your one month into your variable after your 5year fixed is up and you wanna pay off 20grand to reduce the term of the mortgage, you can do that then sign back up for a fixed rate. Hope this helps.

21-11-2020 3:18pm

Financesetc. wrote: »

Its high compared to fixed rates. The APRC would be the follow on rate after your fixed rate is up, this is a variable rate set by the bank. Each bank differs. You can stay on this and pay high interest rates or switch to a lower fixed rate with the same bank or shop around. At the moment the only advantage of being on a variable rate is if you intend on overpaying your mortgage by a large amount each month or paying off a lump sum. No penalties for doing this while on a variable but the interests rates are higher. You are not locked into variable, so say your one month into your variable after your 5year fixed is up and you wanna pay off 20grand to reduce the term of the mortgage, you can do that then sign back up for a fixed rate. Hope this helps.

Thanks! Are there any costs involved with opting for another fixed rate once the initial fixed period is up?

Financesetc. · 21-11-2020 5:10pm

HungryRepair54 wrote: »

Thanks! Are there any costs involved with opting for another fixed rate once the initial fixed period is up?

No there isnt, this is how the bank basically get you to sign back up toa another fixed rate with them. They know you wont want to stay on the variable rate due to the higher rate so you fix again hence they get your business for another few years. Unless you intend in paying a very large sum of money off the mortgage id fix again with them or shop around 3months before with another bank or banks there are great ryes out there for switches. May i ask how big your mortgage is, ours is 290k 30yr mortgage, we are both in our 30s but buying secondhand so no help to buy for us.

DubLad69 · 22-11-2020 2:12am

Do the banks tend to honour their AIP?

We both have solid jobs and savings, and I have full AIP with AIB. I was initially concerned that I wouldn't get a mortgage due to a problem with a loan from last year that I messed up with and didn't pay for a while due to changing banks and not noticing that I didn't pay while I was away travelling for a while (I know, very stupid) and there are a few months late payment on my credit report.

I explained it to AIB and have them proof that I was travelling and they gave full AIP. We think we have a house now and are still panicking that when it comes to full Loan they will turn us down when it goes to underwriters.

Is this likely of nothing has changed in our circumstances? The only condition on our AIP is that we are not on any covid subsidy.

klose · 22-11-2020 11:16am

DubLad69 wrote: »

Do the banks tend to honour their AIP?

We both have solid jobs and savings, and I have full AIP with AIB. I was initially concerned that I wouldn't get a mortgage due to a problem with a loan from last year that I messed up with and didn't pay for a while due to changing banks and not noticing that I didn't pay while I was away travelling for a while (I know, very stupid) and there are a few months late payment on my credit report.

I explained it to AIB and have them proof that I was travelling and they gave full AIP. We think we have a house now and are still panicking that when it comes to full Loan they will turn us down when it goes to underwriters.

Is this likely of nothing has changed in our circumstances? The only condition on our AIP is that we are not on any covid subsidy.

Seeing as getting AIP is the longest stage I assume this is when the bank is auditing you and your application the most? For us to to receive a letter of offer all they're looking for is a recent payslip, updated salary cert and a bank statement from a bank account not linked to the bank we are applying with.

So unlees anything major hasn't happened financially or you're on covid payment I don't see why there would be any issues?

Exclamation Marc · 22-11-2020 2:34pm

klose wrote: »

Seeing as getting AIP is the longest stage I assume this is when the bank is auditing you and your application the most? For us to to receive a letter of offer all they're looking for is a recent payslip, updated salary cert and a bank statement from a bank account not linked to the bank we are applying with.

So unlees anything major hasn't happened financially or you're on covid payment I don't see why there would be any issues?

That's sort of true. One or two providers knock up AIPs on the spot without much investigation or documentation to back it up. So if you've gone through a long back and forth process with information and documentation prior to AIP, then absolutely this is true that moving to offer is relatively confirmation that nothing has changed.

If its one of the lenders that give a quick AIP, it's different.

Probably stating the obvious somewhat but worth pointing out.

DubLad69 · 22-11-2020 2:58pm

Exclamation Marc wrote: »

That's sort of true. One or two providers knock up AIPs on the spot without much investigation or documentation to back it up. So if you've gone through a long back and forth process with information and documentation prior to AIP, then absolutely this is true that moving to offer is relatively confirmation that nothing has changed.

If its one of the lenders that give a quick AIP, it's different.

Probably stating the obvious somewhat but worth pointing out.

Thanks,

In my case it was the long back and forth looking for more documents. Hopeful it will work out now

misstyc · 22-11-2020 3:06pm

DubLad69 wrote: »

Thanks,

In my case it was the long back and forth looking for more documents. Hopeful it will work out now

The underwriters would have already looked at and approved your application if so

brisan · 23-11-2020 11:13am

https://www.independent.ie/business/personal-finance/property-mortgages/banks-tighten-up-mortgage-lending-for-at-risk-sectors-39772106.html

Just a note that banks are beginning to tighten up on mortgage approval on areas even if employee or employer is getting EWSS or PUP

klose · 23-11-2020 12:53pm

At what stage should you go about getting mortgage protection and life insurance during the process? We are not fully sale a green yet but only a pending document away from letter of offer from the bank where we then hope to go sale agreed, should we go about it now or wait till we are sale agreed?

Saving/Applying for a mortgage 2020-22 Edition

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