Saving/Applying for a mortgage 2020-22 Edition

Creamy Goodness · 05-05-2021 5:47pm

Antares35 wrote: »

Which bank was that? Interesting that they all seem to be using different criteria. We had to show 1025 each. Plus 245 for a dependent. But others had frightened the life out of my before that saying they'd deduct 1000 for a baby!

Different banks will have different calculations with regards to your affordability to service the loan. The only thing the bank has to make sure of is you fall into the 3.5x - 4x (exemption) bracket and that you have 20% deposit (10% if FTB).

raze_them_all_ · 05-05-2021 6:00pm

Antares35 wrote: »

Which bank was that? Interesting that they all seem to be using different criteria. We had to show 1025 each. Plus 245 for a dependent. But others had frightened the life out of my before that saying they'd deduct 1000 for a baby!

Ebs

Antares35 · 05-05-2021 6:11pm

raze_them_all_ wrote: »

Ebs

That's funny, we were EBS too!

Green Mile · 09-05-2021 12:38pm

I’ve a ptsb bank account that I get my salary paid into, I have consistent savings and the account looks really nice and clean for applying for a mortgage.
I then have an N26 bank account, I do nixer work and get paid into that account, I also recklessly gamble a bit from that account.
I haven’t transferred money between ptsb and N26 in over 14 months.

I plan to supply only 12 months statements of the ptsb current and savings account details when applying for a mortgage with Avant Mortgages. I know “I’m meant to” disclose all my account details on a mortgage application but the N26 is all over the place and want to keep that private.
Should I be concerned with my mortgage application or will I be fine?

Jasna1982 · 09-05-2021 4:47pm

Green Mile wrote: »

I’ve a ptsb bank account that I get my salary paid into, I have consistent savings and the account looks really nice and clean for applying for a mortgage.
I then have an N26 bank account, I do nixer work and get paid into that account, I also recklessly gamble a bit from that account.
I haven’t transferred money between ptsb and N26 in over 14 months.

I plan to supply only 12 months statements of the ptsb current and savings account details when applying for a mortgage with Avant Mortgages. I know “I’m meant to” disclose all my account details on a mortgage application but the N26 is all over the place and want to keep that private.
Should I be concerned with my mortgage application or will I be fine?

I wouldn’t hold anything back. If they find out you have an account you didn’t disclose, you won’t get the mortgage.

Sheep Shagger · 09-05-2021 5:00pm

Jasna1982 wrote: »

I wouldn’t hold anything back. If they find out you have an account you didn’t disclose, you won’t get the mortgage.

Thats not true - worst case you'll be asked to provide the n26 accounts, you could say you forgot or didn't think it was relevant. Just be prepared to provide them.

What you could do is provide the n26 statements for the same period as the PTSB ones....there won't be any gambling on them. As for the nixers they won't take them into your income calculation anyway.

coolbeans21 · 10-05-2021 2:00pm

Hi guys, fairly rookie question here. We have AIP with Bank A, and put booking deposit down on New build but house wont be ready for 9 months. If we get contracts and sign and transfer help to buy deposit to builders, do we have to draw down with Bank A or can we reapply for the mortgage with another bank closer to the time the house will be ready? Thanks for your help,

IamTheWalrus95 · 10-05-2021 2:48pm

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

BronsonTB · 10-05-2021 3:04pm

IamTheWalrus95 wrote: »

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

Took us 3 weeks with PTSB recently (through a broker).
I believe each bank's timeframe to AIP is different.

IamTheWalrus95 · 10-05-2021 3:15pm

Was there much back and forth with questions etc?

Creamy Goodness · 10-05-2021 3:16pm

IamTheWalrus95 wrote: »

Was there much back and forth with questions etc?

It's completely unique to each application.

BronsonTB · 10-05-2021 3:24pm

IamTheWalrus95 wrote: »

Was there much back and forth with questions etc?

Will all depend on what transactions are on your statements & if any questions arise about your finances / background credit checks but yes, we had a few back & forth with the broker & bank before API was issued.

10-05-2021 3:34pm

IamTheWalrus95 wrote: »

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

There's no real answer to this unfortunately, it's not even different per bank it's different for each case within each bank. I'd be counting on weeks and if you get it earlier that's a bonus.

I bought about 2 years ago and can't remember the exact reason now but it had to be reissued for us after being granted which delayed things too.

Red Silurian · 10-05-2021 3:38pm

Finally found a place we are both interested in so asked for a viewing, auctioneer only does office hours Monday to Friday, is this normal? Who would be able to buy a house while being unemployed?

BronsonTB · 10-05-2021 3:52pm

Red Silurian wrote: »

Finally found a place we are both interested in so asked for a viewing, auctioneer only does office hours Monday to Friday, is this normal? Who would be able to buy a house while being unemployed?

With the high demand they can do this. Usually I'd take the time off work to view if it's during office hours & I was very keen. (It'll prob be snapped up otherwise in the current market)

Red Silurian · 10-05-2021 4:32pm

BronsonTB wrote: »

With the high demand they can do this. Usually I'd take the time off work to view if it's during office hours & I was very keen. (It'll prob be snapped up otherwise in the current market)

With the way the current market is there's very little chance of us actually being the winning bidders and we only have 20 days Annual Leave each to take so that's 20 viewings we can do this year

I'd rather not use up the entirety of my leave on house viewings though

Creamy Goodness · 10-05-2021 5:04pm

Red Silurian wrote: »

With the way the current market is there's very little chance of us actually being the winning bidders and we only have 20 days Annual Leave each to take so that's 20 viewings we can do this year

I'd rather not use up the entirety of my leave on house viewings though

It'd be very rare that you'd do 20 viewings with the same auctioneer (others would do Saturday/out of hours viewings I assume). You also don't need a full day for a viewing, they are usually an hour or two at the absolute max. Hopefully your employer would be understanding and just give you the hour off.

xElDeeX · 12-05-2021 6:46am

xElDeeX wrote: »

A positive update here. The note on the restructure is going to be removed. Hopefully within the next couple of weeks so my broker wants me to let them know once that is done. She seems to think the refusal decision can be appealed with the underwriters. Anyone know if this is a thing? I've already contacted a bank directly (just general inquiry and a chat about the situation) as I'm considering going that route instead but if the existing application can be resuscitated I won't bother.

Don't lose hope if you have a rejection. I got AIP yesterday from Avant after being rejected by them previously. Once the ccr report was amended my broker appealed the rejection. They wanted a few more updates on bank statements etc and some clarifications re my previous loans but then came back with acceptance within 24 hrs of all data being submitted. Delighted!

DubLad69 · 12-05-2021 7:09am

Has anyone went for a letter of offer with EBS recently? How long did it take?

We are very anxious now waiting for the final approval.

GingerLily · 12-05-2021 9:54am

Red Silurian wrote: »

With the way the current market is there's very little chance of us actually being the winning bidders and we only have 20 days Annual Leave each to take so that's 20 viewings we can do this year

I'd rather not use up the entirety of my leave on house viewings though

Can you arrange to go on your lunch break etc?

With everything that's happened the last 18 months, you'd think must employers would be flexible.

Antares35 · 12-05-2021 12:55pm

We have a joint mortgage saver account that we both pay into each month (1k each) and obviously we never touch that so it's our "record of savings" as required. However we both also have personal savings. Mine is an online account saver that I've just put a grand into here and there when I had it to spare. It's more of a rainy day fund than something I would use to show consistency of savings. Anyway, had a fairly large vet bill last week and need a few hundred tide me over. Should I transfer this across from my personal savings? In hindsight, I should have transferred the full vet bill amount and then paid it, as then I could say, if asked, yea the fund was for an unexpected bill and then that's what it was used for. I'm worried that dipping in a few hundred will just make it look like I can't budget. I have a credit card too but I try to keep the balance at zero or just use for occasional once off for payment protection and then clear it in full. I don't want grocery shopping appearing on my credit card statement. Or am I over- thinking?

kev_s88 · 12-05-2021 2:13pm

IamTheWalrus95 wrote: »

Well folks, on average how long is it taking the banks to come back with AIP? We have applied for mortgage (trading up) and all documentation went in last week to the broker. Are we talking a matter of days/weeks?

took us 2 weeks with Finance Ireland through a broker. I guess a lot of the wait time will depend on how thorough a job the broker has done in advance. We had no back and forth. One day our application was in, and 2 weeks later we got our AIP

Monsieur Folie · 13-05-2021 9:21am

So like what has happened to many people - we have gone sale agreed and are preparing documentation to move to full loan offer and it appears as though my company might be claiming under a covid scheme.

Am I screwed?

My job wasn't affected by Covid, in fact we were busier than ever and I even secured a small raise recently due to my increased workload. But it is a large company and other parts of the business had taken a hit so I think that's how they were able to claim.

My understanding is we simply won't be able to drawdown while the company is claiming? Is there any way around this - would the banks look at it case by case for example? My partner is on good money in a company not claiming anything, so it is just me. The clause in our AIP is asking for a headed letter specifically saying the company isn't claiming anything - it's PTSB.

Anastasia_ · 13-05-2021 9:29am

Monsieur Folie wrote: »

So like what has happened to many people - we have gone sale agreed and are preparing documentation to move to full loan offer and it appears as though my company might be claiming under a covid scheme.

Am I screwed?

My job wasn't affected by Covid, in fact we were busier than ever and I even secured a small raise recently due to my increased workload. But it is a large company and other parts of the business had taken a hit so I think that's how they were able to claim.

My understanding is we simply won't be able to drawdown while the company is claiming? Is there any way around this - would the banks look at it case by case for example? My partner is on good money in a company not claiming anything, so it is just me. The clause in our AIP is asking for a headed letter specifically saying the company isn't claiming anything - it's PTSB.

My brother had the exact same situation with PTSB and got first drawdown yesterday - he just got a letter from his employer to say that it was the company claiming the EWSS and had nothing to do with my brother or his job security etc

Monsieur Folie · 13-05-2021 9:30am

Anastasia_ wrote: »

My brother had the exact same situation with PTSB and got first drawdown yesterday - he just got a letter from his employer to say that it was the company claiming the EWSS and had nothing to do with my brother or his job security etc

Okay, that's actually very reassuring to hear that thank you. Hopefully we can do similar in my case!

Hanaolosdad · 13-05-2021 10:42am

Anyone know the lenght of time for BOI to assess a self build mortgage?

Went in monday and im very anxious over it, its with a broker, broker said 5-7 working days

Rhythmics · 13-05-2021 7:49pm

Does anyone know if an application would be affected by putting money into "meme stocks"? (GME, AMC etc)

I put a few hundred into them on Revolut in the past few months, slightly up overall but would they be looked at the same as gambling since they're so volatile? Just wondering if I should wait until they've been off my statements for 6 months before applying.

tobsey · 13-05-2021 8:41pm

Antares35 wrote: »

We have a joint mortgage saver account that we both pay into each month (1k each) and obviously we never touch that so it's our "record of savings" as required. However we both also have personal savings. Mine is an online account saver that I've just put a grand into here and there when I had it to spare. It's more of a rainy day fund than something I would use to show consistency of savings. Anyway, had a fairly large vet bill last week and need a few hundred tide me over. Should I transfer this across from my personal savings? In hindsight, I should have transferred the full vet bill amount and then paid it, as then I could say, if asked, yea the fund was for an unexpected bill and then that's what it was used for. I'm worried that dipping in a few hundred will just make it look like I can't budget. I have a credit card too but I try to keep the balance at zero or just use for occasional once off for payment protection and then clear it in full. I don't want grocery shopping appearing on my credit card statement. Or am I over- thinking?

You’re massively over-thinking. You’re allowed to spend your own money. They might query it but you can say it was for the vet bill. Managing to pay for that while still saving 1k a month shows very good financial management

Antares35 · 14-05-2021 12:08am

tobsey wrote: »

You’re massively over-thinking. You’re allowed to spend your own money. They might query it but you can say it was for the vet bill. Managing to pay for that while still saving 1k a month shows very good financial management

Thanks Tobsey

Renjit · 14-05-2021 5:22pm

Rhythmics wrote: »

Does anyone know if an application would be affected by putting money into "meme stocks"? (GME, AMC etc)

I put a few hundred into them on Revolut in the past few months, slightly up overall but would they be looked at the same as gambling since they're so volatile? Just wondering if I should wait until they've been off my statements for 6 months before applying.

I provided revolut statements but they didn't ask where I invested. As long as your investment amount is low monthly this should not matter. I invested 500 per month or so. But also have good regular savings in place to the mortgage saver account.

raze_them_all_ · 14-05-2021 8:49pm

Went to banks myself and got a rough total what I can be offered, do brokers somehow get you offered more?

A guy on the same pay scale as me got offered an extra 27k through a broker

thegreatescape · 15-05-2021 10:41am

raze_them_all_ wrote: »

Went to banks myself and got a rough total what I can be offered, do brokers somehow get you offered more?

A guy on the same pay scale as me got offered an extra 27k through a broker

Are you public sector? If so you should try ICS and Finance Ireland, both will give you AIP 2 points up the payscale. Finance Ireland operate only through brokers.

theboringfox · 15-05-2021 11:33am

Myself and wife going for approval again to buy. Current house too small and not sure if extension realistic.

We are being offered 4.5x. But my view is that feels too much. We both have decent stable jobs but past our mid30s and I would say room for wage / career growth is modest.

4.5x would obviously open up lot more buying power and make big difference but am I right in thinking its mad to borrow at 4.5x unless ur at early stage and ur confident future income will be lot higher?

Our current mortgage is under 1.5x for context.

Maybe Im too conservative as Im often told but whilst I could afford 4.5x now if interest rates rise I could see trouble down the line. But then the banks offering it so on other hand they believe its affordable.

Creamy Goodness · 15-05-2021 12:15pm

What are the repayments like? If they offered you 4.5x you must have passed the stress tests with relative ease, have secure jobs etc.

If the monthly repayments are comfortable I’d say go for it but remember you don’t have to take all of it either. If you find something cheaper and you love it then go for it.

Pussyhands · 15-05-2021 9:48pm

I got AIP.

I'm not excited though, with the current market I don't think I'll be buying.

Antares35 · 15-05-2021 10:12pm

Pussyhands wrote: »

I got AIP.

I'm not excited though, with the current market I don't think I'll be buying.

Same. We plan to wait a few months at least. I have no desire to buy something I haven't actually seen in person yet

although a part of me is concerned in case the prices keep going up.

Pussyhands · 15-05-2021 10:21pm

Antares35 wrote: »

Same. We plan to wait a few months at least. I have no desire to buy something I haven't actually seen in person yet although a part of me is concerned in case the prices keep going up.

I wouldn't worry.

I think there's a mania in the market at the moment. A lot of FOMO going on I think.

The same thing happened in the stock market the last few months where it felt like prices just kept going up and up, but these mad prices took a major hit the last couple months.

I even think all the discussion in the media doesn't help things. ESRI saying shared equity scheme will drive up prices, constant talk how not enough houses being built to satisfy demand. People desperate to buy now so they're not left behind.

Antares35 · 15-05-2021 10:24pm

Pussyhands wrote: »

I wouldn't worry.

I think there's a mania in the market at the moment. A lot of FOMO going on I think.

The same thing happened in the stock market the last few months where it felt like prices just kept going up and up, but these mad prices took a major hit the last couple months.

I even think all the discussion in the media doesn't help things. ESRI saying shared equity scheme will drive up prices, constant talk how not enough houses being built to satisfy demand. People desperate to buy now so they're not left behind.

That's what I'm hoping. I had kind of set my heart on being in our own place by Christmas but if we need to wait then so be it. Also need to see what the plan is with work in terms of remote working options! We'd both prefer somewhere outside Dublin but obviously need to factor in how many days commuting etc.

dkav9 · 22-05-2021 7:54pm

Has anyone had to verify remote work capabilities for a mortgage? What kind of questions are asked and how did it go?

DubLad69 · 25-05-2021 10:01am

Does anyone know what the fastest bank is to get approval from? We had a last minute issue with AIB, and need to get full approval as quick as possible.

ELM327 · 25-05-2021 10:04am

Avoid PTSB, they are really slow. We got approved with them. AIB were one of the fastest - we're just approved with them too and waiting on feedback for LTV exception.

BOI was who I used last time (3+ years ago) and they were very quick.

pooch90 · 25-05-2021 10:06am

We got AIP with PTSB in November within 3 days! When other lenders were taking up to 6 weeks

recyclebin · 25-05-2021 11:33am

PTSB and KBC no longer giving LTI exemptions according to Indo article today.

coil1985 · 25-05-2021 1:22pm

We have AIP from PTSB and have picked a house with 5,000 euro deposit paid. Broker is now saying that they might not pay out because my current employer is still on the EWSS.

I am starting a new job on the 14th of June (no probation period). This new company are not on the list of companies who availed of the EWSS as far as I can see on the Revenue site.

I have asked my current employer for a letter explaining my job is not affected by EWSS (last month I got a raise).

Getting a bit anxious now tbh. As soon as the developers receive the 5,000 there will only be 21 days to sign the contract.

Is there anything else I can do apart from getting that letter from my current employer?

EO2019 · 25-05-2021 2:06pm

Sale agreed on 13th of this month. Valuation done and loan pack issued yesterday. Our solicitor has received contract form vendors solicitor. Hoping to be in by the end of July 🤞🏻

dkav9 · 25-05-2021 2:58pm

dkav9 wrote: »

Has anyone had to verify remote work capabilities for a mortgage? What kind of questions are asked and how did it go?

Anyone have any info on this? Thanks

Also I've heard that some banks require a higher deposit for a house that's not based in one of the cities, can anyone confirm this?

thegreatescape · 25-05-2021 6:06pm

EO2019 wrote: »

Sale agreed on 13th of this month. Valuation done and loan pack issued yesterday. Our solicitor has received contract form vendors solicitor. Hoping to be in by the end of July 🤞🏻

Wow, this is so quick! Can I ask which bank this is with? I've been sale agreed since April 23rd, valuation was only completed last week and I'd say I'll be waiting on the loan offer for a good while yet. My solicitor has also received contracts from the vendor's solicitor so I'm hoping once I get my loan offer that things can move quickly after this.

EO2019 · 25-05-2021 6:35pm

ICS have to say they’ve been on the ball from initial query all the way through.

thegreatescape · 25-05-2021 6:45pm

EO2019 wrote: »

ICS have to say they’ve been on the ball from initial query all the way through.

Fair play, I'm with Finance Ireland and initially they were very quick but seems to have slowed the pace since I've gone sale agreed (quite frustrating). Congratulations!

EO2019 · 25-05-2021 7:09pm

We didn’t go through a broker went direct to them so that may have made things a bit faster.

Saving/Applying for a mortgage 2020-22 Edition

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