Saving/Applying for a mortgage 2020-22 Edition

Aurelian · 31-07-2020 12:34pm

MacronvFrugals wrote: »

I'm not certain tbh but everyone is our place was removed off it over the hassle it caused.

According to my boss you can't cherry pick who is on the scheme and Revenue are doing spot checks. Apparently.

lcarrol3 · 31-07-2020 1:18pm

DubLad69 wrote: »

I'm hoping to apply for a mortgage this year and I have everything that I need in terms of secure public sector employment, savings and proving repayment capacity. My issue is that as we are in Dublin we were really hoping for an exemption.

If we were to apply now and not be given an exemption would this reduce the chances of us being able to get an exemption once they become widely avaliable again?

Will it be as simple and just contacting the bank and asking them to review it again?

We had an exemption with PTSB and had it pulled at the start of the pandemic. Our advisor has told us it will be a case of going back for further approval. I really, really hope that's the case!

I was also advised by a broker to make it abundantly clear to the bank that you will not be drawing down on a mortgage without an exemption - gives the impression they could lose you as a customer.

Ikozma · 31-07-2020 1:22pm

OK, we currently have a mortgage for last 15 yrs, if I sold the house in the morn I should have at least €50,000 left over after repaying the mortgage, I have been saving €1000 per month in credit union for last 12 mths plus another €600 a month off car loan and credit card, these will then be cleared by Xmas as well as obviously paying €700 per month mortgage in that time,I also have €8000 in savings. We will be looking for a mortgage of around 120,000 for a house we can do up with the money we get from selling our current home. Now here is the interesting part, even though I can obviously prove I can pay a mortgage of 120000 my work situation is a little different because I'm in the retained fire brigade my job is classed as part time even though I'm on call 24 hrs a day, my pay consists of a retainer which is guaranteed plus whatever calls we get these differ every year but I imagine the bank would take the average, I also get a full weekly social welfare payment which is a guaranteed payment and which is a stipulation of working as retained firefighter in ireland as we pay prsi and are allowed to claim benefit payments.
Question is would the bank even entertain us, wife works full time, our combined wage including my social welfare is about €45, 000 a year.
Sorry for long postðŸ˜

ahnoyouregrand · 31-07-2020 2:03pm

megabomberman wrote: »

The delays with AIB are now getting ridiculous. I've got AIP and genuinely think it might be quicker to start from scratch with a new bank.

So I take it that you're also finding the promised response within "2 business days" to be rubbish?

The lack of communication from them is actually difficult to comprehend.......

combat14 · 31-07-2020 2:43pm

anyone thinking of waiting for the avantcard 2% mortgages

WeeCuppaCha · 31-07-2020 3:09pm

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

I have AIP with ICS currently at a competitive (for Ireland) 2.45%. But with the dearth of available properties in my area to bid on, I reckon I’ll still be sitting waiting. I fully intend to watch how their interest rates look. 1.9-something% would be a game changer.

Duke of Url · 31-07-2020 3:17pm

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

bulmersgal · 31-07-2020 3:20pm

Duke of Url wrote: »

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

Congrats doesn't seem that long ago we were waiting for bank to approve mortgage.

I was sale agreed on property but pulled out. Hopefully I'll have the keys to my house soon.

Exciting times for you to be home owner and not a renter ðŸ˜

Ikozma · 31-07-2020 3:25pm

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offeringðŸ€£

MacronvFrugals · 31-07-2020 4:02pm

Duke of Url wrote: »

Just an Update:

Got the keys to my new home today.

Now to start a new chapter in my life as a home owner instead of a renter.

Great news!

Congrats Duke

soc · 31-07-2020 6:01pm

brisan wrote: »

So can a company take some employees off the TWSS and leave others on it ,or is it all or nothing.

Under the twss yes you can take people on and off the scheme prior to payroll being submitted to revenue. I was told this by our payroll software support. I do not know what the story is when it is replaced by EWWS in next few weeks...

If employer is availing of the scheme I would be surprised if they would take employee off the scheme at the request of the employee...

klose · 31-07-2020 6:12pm

awec wrote: »

Her basic, guaranteed pay should be her minimum hours per her contract, multiplied by her basic hourly rate I'd have thought.

Did the employer make a mistake?

That was my thinking too but her payroll (whom are situated in England which is just super handy :rolleyes:) think it's correct.

Is a salary cert what you are expected to earn in a year or what you've earned in the previous 52 weeks?

combat14 · 31-07-2020 6:38pm

Ikozma wrote: »

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offering&#55356;&#56355;

alot of articles in the news that they will start mortgages in the autumn potentially below 2% to shake up the market.... we will have to wait and see

combat14 · 31-07-2020 6:42pm

WeeCuppaCha wrote: »

I have AIP with ICS currently at a competitive (for Ireland) 2.45%. But with the dearth of available properties in my area to bid on, I reckon I’ll still be sitting waiting. I fully intend to watch how their interest rates look. 1.9-something% would be a game changer.

just curious how u got them to 2.45 on website seem to be showing 3.15%

any help appreciated!

JohnnyChimpo · 31-07-2020 10:02pm

combat14 wrote: »

anyone thinking of waiting for the avantcard 2% mortgages

why would you bother waiting? you can get a 2.9% 1 year fix off BOI (less effective rate with cashback factored in), and then switch to avantcard, if available, surely?

thekingof60 · 01-08-2020 10:26am

JohnnyChimpo wrote: »

why would you bother waiting? you can get a 2.9% 1 year fix off BOI (less effective rate with cashback factored in), and then switch to avantcard, if available, surely?

From talking to a broker involved in the avantcard trial it sounds like their trial will commence in about 4 months. Although given the current enviroment could see them delay.

Has anyone any recent experience with applying to PTSB and the timeline its taken to get approval?

WeeCuppaCha · 01-08-2020 10:29am

combat14 wrote: »

just curious how u got them to 2.45 on website seem to be showing 3.15%

any help appreciated!

I’m a second time buyer. I think it’s because my intended LTV is 70/30. Not fully sure though, it’s just the rate they quoted me.

ebayissues · 01-08-2020 10:31am

Did Ptsb not come out and say they're reducing mortgage rates as well? I've an AIP for 250k at a APRC rate of 2.9%

pooch90 · 01-08-2020 11:23am

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

01-08-2020 11:40am

Ikozma wrote: »

Are they gonna be doing mortgages? They rang me during the week ad offered me a €10,000 loan which I don't need but I'd take a mortgage if they are offering&#55356;&#56355;

I thought that practice had to stop.

I'm AIP (switcher) with KBC, but will be waiting for Avant Money. As to why wait, it would cost approx €1,400 to get the conveyancing done. Plus the bloody hassle.

DubLad69 · 01-08-2020 1:28pm

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

I found them great so far, did you let them know that you aren't happy with them? I'd say let your broker know and if it doesn't improve then find another broker or let a manager know.

pooch90 · 01-08-2020 1:46pm

DubLad69 wrote: »

I found them great so far, did you let them know that you aren't happy with them? I'd say let your broker know and if it doesn't improve then find another broker or let a manager know.

If I haven't heard anything by close of business Tuesday then I'll do that i think.
Like all I've had of substance from them is a ten minute phone call after two weeks of feck all.

Monitor1985 · 01-08-2020 2:29pm

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

I'm going through them at the moment, there is 2 ladies working there that are fantastic, but the lad I got lumped with is unenthusiastic.

My main issue with him(one of many) is, since March I've told him I've no passport or driving licence, will my garda ID do?

He said yes as I'm a secondary applicant, which was great.

Sent all the final paperwork over on the 17th of July, which was a Friday. Left it go Monday, Tuesday and I said I'd message on Wednesday for an update.

He emailed me back as calm as can be saying, as stated before the bank will need a copy of your passport in order to move forward.

I was livid. I applied for one that day, Luckily it arrived Tuesday just gone,I sent it over, he acknowledged it, I asked some questions, haven't heard from him since, I've been emailing him every day.

into_the_wild · 01-08-2020 2:32pm

pooch90 wrote: »

Is anybody using Mortgage 123 as a broker?
After initial contact with them at the start of July I've been very disappointed. A week to reply to emails, questions left unanswered. I sent in our documentation and application form for AIP 3 days ago and not even an acknowledgement of receipt.
I dunno if I'm being unreasonable but its just disheartening to not hear back from the people who are meant to advocate for you

They've been great for us so far. Prompt quick replies and quite professional actually

pooch90 · 01-08-2020 2:39pm

Thanks for the replies, seems to be a variety of recent experiences. Like the lady we are dealing with seems very nice but God a quick "got your application, will have a look and get back to you" wouldn't kill her!

gman112 · 01-08-2020 5:32pm

Any first time buyers struggling with application on covid subsidy ?
I got approval in principal as a single applicant but because my partners salary was subsides it was not counted. We are now 14.5k (or 4.2k income) short from reaching the 70% LVT and can't qualify for help to buy.
Interested in hearing if there's any applicants in similar situations that got approved and what bank / broker did you deal with?

Aurelian · 02-08-2020 12:35pm

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

BaguMka · 02-08-2020 1:16pm

Aurelian wrote: »

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

No the banks dont carry out this check and if they were they wouldn't be able to get this info due data protection.

The only way they can see something on your current bank statement if you have any linked transactions between the accounts

02-08-2020 2:25pm

Aurelian wrote: »

Can a bank find out if you have another account elsewhere that you dont mention during your mortgage application?

This was covered on the forum somewhere recently. The bank should be asking you to declare all your accounts. There's no case of just 'don't mention'. It's either telling the truth or lying.

greengrass88 · 02-08-2020 2:40pm

gman112 wrote: »

Any first time buyers struggling with application on covid subsidy ?
I got approval in principal as a single applicant but because my partners salary was subsides it was not counted. We are now 14.5k (or 4.2k income) short from reaching the 70% LVT and can't qualify for help to buy.
Interested in hearing if there's any applicants in similar situations that got approved and what bank / broker did you deal with?

Spoke with a broker recently who reckoned we would not be able to drawdown while I was on the wage subsidy scheme. That was a few weeks ago when we thought the scheme would end sooner....i'm not sure if banks will change their stance on this as the scheme is now extended to April. I've read articles recently about people on the wage subsidy scheme being able to draw down, not sure what bank they are with but there seems to be some hope anyway.

Darren 83 · 02-08-2020 5:37pm

Spent this year so far clearing loans and cutting down bills, credit Union was the big one. I’m currently paying €750 rent what should I realistically save each month could. I could save a min of €500 a month or should I try to save more.

Danger781 · 02-08-2020 10:07pm

Darren 83 wrote: »

Spent this year so far clearing loans and cutting down bills, credit Union was the big one. I’m currently paying €750 rent what should I realistically save each month could. I could save a min of €500 a month or should I try to save more.

You should be demonstrating for 6 months or more that you can cover the costs of the mortgage repayments. That will include rent and savings. So if €750 rent + €500 (€1250) will cover the mortgage repayments you should be OK.

Ikozma · 03-08-2020 12:03am

If applying for a mortgage can you just ask the bank what's the most you can give me,
or do you have to have a specific figure

IvoryTower · 03-08-2020 12:24am

Ikozma wrote: »

If applying for a mortgage can you just ask the bank what's the most you can give me,
or do you have to have a specific figure

The online calculators are accurate, if you fill them in honestly they will tell you what you can borrow. Otherwise just ring them and ask, you don't need to be applying for a mortgage to find out where you stand

Darren 83 · 03-08-2020 6:37am

How do banks treat commission? I get this monthly plus bonus (variable) usually and do 24 hours over time a month this is guaranteed and could do more if I wanted.

Duke of Url · 03-08-2020 9:30am

Darren 83 wrote: »

How do banks treat commission? I get this monthly plus bonus (variable) usually and do 24 hours over time a month this is guaranteed and could do more if I wanted.

Commission is taken into account on the BOI Salary Cert form. But it will be based on the last 3 years and not projected future commission as it need to be filled out by your employer.

Commission and Bonus will be filled out separately.

zweton · 03-08-2020 9:46pm

greengrass88 wrote: »

Spoke with a broker recently who reckoned we would not be able to drawdown while I was on the wage subsidy scheme. That was a few weeks ago when we thought the scheme would end sooner....i'm not sure if banks will change their stance on this as the scheme is now extended to April. I've read articles recently about people on the wage subsidy scheme being able to draw down, not sure what bank they are with but there seems to be some hope anyway.

Can you link to the articles? Very doubtful anyone can draw down while on wage subsidy scheme.

greengrass88 · 03-08-2020 10:50pm

https://www.rte.ie/amp/1153013/

thewheel2.0 · 04-08-2020 12:25pm

Is the Help to Buy system updated yet to offer the new cap of 30K?

When I login my application is only approved for 20K. (Have not progressed to claim stage). I'm guessing I have to cancel the application and start again to get 30K?

(Surely have to cancel and reapply considering you had to fund the balance by selecting which tax years to include?).

Aron722 · 04-08-2020 12:40pm

Hi so I'm just qualified in my trade and have 20k saved as only started to save in my last two years of apprenticeship looking to apply for a mortgage with my parnter.

My parents want to give me 30k as a gift , will I be able to put that into my savings and then apply for a mortgage?

C575 · 04-08-2020 1:05pm

Aron722 wrote: »

Hi so I'm just qualified in my trade and have 20k saved as only started to save in my last two years of apprenticeship looking to apply for a mortgage with my parnter.

My parents want to give me 30k as a gift , will I be able to put that into my savings and then apply for a mortgage?

You need to make up 10% of your deposit, the remaining can be gifted, or so our broker told us.
You'll just be asked to account for where the money came from and you'll probably need a letter from your parents to state they gifted it to you.

Jasna1982 · 04-08-2020 1:15pm

C575 wrote: »

You need to make up 10% of your deposit, the remaining can be gifted, or so our broker told us.
You'll just be asked to account for where the money came from and you'll probably need a letter from your parents to state they gifted it to you.

I think that depends what bank you're with.
PTSB told me they accept 5% saved by yourself and 5% as a gift.

C575 · 04-08-2020 1:17pm

Jasna1982 wrote: »

I think that depends what bank you're with.
PTSB told me they accept 5% saved by yourself and 5% as a gift.

Could be! Probably best off asking broker or bank directly

Aron722 · 04-08-2020 1:19pm

C575 wrote: »

You need to make up 10% of your deposit, the remaining can be gifted, or so our broker told us.
You'll just be asked to account for where the money came from and you'll probably need a letter from your parents to state they gifted it to you.

Thanks for the help, that's grand were looking for around 250k - 280k and will build what we can for that , I have land already

C575 · 04-08-2020 1:30pm

combat14 wrote: »

just curious how u got them to 2.45 on website seem to be showing 3.15%

any help appreciated!

Public sector workers can get as low as 2.40% with ICS.
icsmortgages.ie/public-sector-mortgages

C575 · 04-08-2020 1:37pm

greengrass88 wrote: »

Spoke with a broker recently who reckoned we would not be able to drawdown while I was on the wage subsidy scheme. That was a few weeks ago when we thought the scheme would end sooner....i'm not sure if banks will change their stance on this as the scheme is now extended to April. I've read articles recently about people on the wage subsidy scheme being able to draw down, not sure what bank they are with but there seems to be some hope anyway.

Our broker told us that the new Wage Subsidy Scheme could potentially be paid differently to how it is now, so it won't show up on your payslip. Basically the employer gets the payment, and they just pay you as normal. It may be a case that banks will ask for proof (a letter) from your employer to say they're not on the Subsidy Scheme because it won't show on your payslip, but it's all a guessing game at the moment. May just be a wait and see until September when it goes live.

wassie · 04-08-2020 3:28pm

C575 wrote: »

Public sector workers can get as low as 2.40% with ICS.
icsmortgages.ie/public-sector-mortgages

Those ICS rates do not appear to be exclusive to public sector employees. The link goes to ICS's Owner Occupier mortgage rates page that applies to all.

brisan · 04-08-2020 5:15pm

lcarrol3 wrote: »

We had an exemption with PTSB and had it pulled at the start of the pandemic. Our advisor has told us it will be a case of going back for further approval. I really, really hope that's the case!

I was also advised by a broker to make it abundantly clear to the bank that you will not be drawing down on a mortgage without an exemption - gives the impression they could lose you as a customer.

Also gives the impression you will not be buying a house anytime soon

brisan · 04-08-2020 5:22pm

greengrass88 wrote: »

https://www.rte.ie/amp/1153013/

I noticed he never mentioned the lenders by name
Glorified advert to me .

Noah G · 04-08-2020 7:53pm

Hi thinking about doing an apprenticeship in my late 20s
And have been saving for a mortgage with partner. But If i get one now I will be stuck in my job and wont be able to do an apprenticeship.

I'm still young no kids yet and want something I will like and have a better salary in the future with more opportunities.

Money will be bad for first year or 2 but once in 3rd year of it will be getting over 500 a week is if possible to apply for a mortgage when I'm In my 3rd year ? I also get rent from a granny flat I have rented out ,

We both will be getting a gift from parents when we do go for a mortgage that would pretty much cover the deposit.

Saving/Applying for a mortgage 2020-22 Edition

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