Saving/Applying for a mortgage 2015/16/17/18/19

testicles wrote: »

This post has been deleted.

I'm in your exact position and I first applied direct to AIB bank and they were a pain to deal with and asked for a CV and documents that revenue no longer actually supplied. When that 6 months ran out I went with the broker mentioned here on boards and it was much better, All of the banks appear to need 2 years notice of assessments (2 years previous tax returns, so you'll need to contracting for at least 2 years, some may possibly look at 1 year but a good broker will know) I even got an exemption through my broker also and I'm almost 1 year in my house now. I wasn't asked to show my contract of upcoming work at all.

CWF wrote: »

Renting for the last 5 years in different places paying rent through online banking so it shows up on my statements. The owner occupier of the new place I'm moving into is looking for cash in hand every month. Would this effect me when I go to apply for a mortgage in two years? I plan on staying here until I get a mortgage. Would the bank need to see rent outgoing every month, i.e a paper trail of sorts. Thanks.

Get a rent book and ask them to sign it, that'll be sufficient for when you go to the banks.

shamrock55 wrote: »

Can any monies gained from the sale of a house be used towards the 20% deposit for a new home or does that have to be from savings?

The whole deposit doesn't need to come from savings.


But you need to show consistent savings similar to the repayment of the size you're looking for.


So in short. Yes it can.

Thanks for the response guys

jaffa20 wrote: »

I hope so. i only have around 6-8% deposit saved but hoping to use equity as deposit. I'm just waiting to hear back from BOI after AIP. Hate all this waiting and don't want to put house on market or go to viewings until i'm sure that i'm approved.

I'm in same boat as yourself,let me know how you get on and good luck

Anybody else's head wrecked with the constantly moving goalposts - originally started saving towards 20k for deposit - now looking at needing circa 30k...all the while the rent going up 4% per year. So disheartening.

TheShow wrote: »

I'd say so, but sometimes you need to put a rocket under the solicitors to get things moving along. If you don't push it from your end, particularly given as its an Estate sale, you could be waiting a long time.

Solicitor got back to us and said we are on track for keys this day next week!

optogirl wrote: »

Anybody else's head wrecked with the constantly moving goalposts - originally started saving towards 20k for deposit - now looking at needing circa 30k...all the while the rent going up 4% per year. So disheartening.

Saving way longer than planned.

2005 How I missed you.

z0oT wrote: »

Anyone else have this issue?

My experience with all the banks I applied to was they all had a specific salary cert.
Is there any reason why your employer won't fill it out, they are standard enough forms, would only take few min to fill out.

cruizer101 wrote: »

My experience with all the banks I applied to was they all had a specific salary cert.
Is there any reason why your employer won't fill it out, they are standard enough forms, would only take few min to fill out.

What's the best way to get these forms in advance of applying for AIP? Are they available online or do you need to request copies?

z0oT wrote: »

I know they used to fill out those forms but now it's just an automated letter they do. Don't know why.



Still though, I can't see a bank walking away from how much they'll make in interest off us over the lifetime of the mortgage just because of a technicality such as a letter on headed paper vs Salary Certificate form. :pac:



After I contacted the Bank initially they emailed it to me.

You have a long hard road ahead of you. Every document is probed. If it doesnt match exactly you'll be refused.


Worse than refused, the agent will tell you its grand and then the underwriters will refuse it.

z0oT wrote: »

Are you both talking about the approval in principle?


I couldn't see much of an issue with us, we have enough earning power to be nowhere near the 3.5x salary limit with what we want, no debt, and a deposit of close to 20% even though we're first time buyers.

Was there something weird about both of your applications if the process was so much hassle to you both? Unusual income sources hard to prove or something?

Anyway, if they're a huge pain to deal with as you both are saying, thankfully there are plenty of other banks in the country.

I got approval from BoI and AIB in a matter of days after submitting the application. I spoke to them and made sure I had all the necessary paperwork. I highlighted transactions on statements and provided receipts.

z0oT wrote: »

We're going for AIP with BOI now, and they awkwardly want a specific Salary Certificate filled out. My employer doesn't actually provide this anymore, they'll give me a letter on headed paper signed and stamped saying pretty much everything that's on that form, is that good enough for the bank? I'll email them today to find out.

Anyone else have this issue?

cruizer101 wrote: »

My experience with all the banks I applied to was they all had a specific salary cert.
Is there any reason why your employer won't fill it out, they are standard enough forms, would only take few min to fill out.

dudara wrote: »

My employer has a standard letter, they won't fill in anything else. Bank accepted it without concerns.

awec wrote: »

You'll be fine.

My wife's employer was the same, only provided their own salary forms and wouldn't fill out the bank one, made no difference to us and bank were happy enough (we are with AIB).

Actually, just to follow up in case anyone is wondering - They since replied to my email query and said it's not an issue. The letter from my employer is ok.