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Saving/Applying for a mortgage 2020-22 Edition

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    #3272
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    ICS will lend to you before your probation is up, and will take your salary in 2 increments time. They make the most sense for CS borrowers, unless you need a big exception.

    Depending on the role, some other banks might lend because its CS, but far less likely.

    Edit: you only have to be finished probation by drawdown so if you're only starting to look at houses now its unlikely you'd be eve ready to draw down within 6 months, depending on your circumstances so you can get AIP from any of them. They'll usually put passing probation in as a condition.



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    #3273
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    In general when you're on probation you can get AIP so can look to start bidding etc, but they let you draw down (on a house you have gone SA on) until you're off probation.

    However if it's a promotion, that sounds a bit muddled... it would be best to perhaps ask the bank directly.



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    #3274
    HairySalmon
    Registered Users Posts: 509 ✭✭✭HairySalmon


    https://www.boards.ie/discussion/comment/118420944#Comment_118420944

    I was mortgage approved while 3 months into probation with AIB.

    To waive my probation, they took my position, company, work history (had to give them my CV) and my industry into consideration. I had a good 3 month review done at that point which definitely helped, too.

    My mortgage advisor then took all that information and made a case with the underwriters and they then agreed to waive it.

    Since you’ve been promoted internally I doubt there would be an issue at all.



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    #3275
    Dodge
    Registered Users Posts: 10,155 ✭✭✭✭Dodge


    https://www.boards.ie/discussion/comment/118420944#Comment_118420944

    That’s not probation as the banks see it. You’re still a full time permanent employee to them. Worst case scenario (and the banks know it’s hugely unlikely) is you’ll revert to your previous grade

    congrats on the promotion and good luck with the house hunting



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    #3276
    BobCat123
    Registered Users Posts: 146 ✭✭BobCat123


    Thanks everyone for the feedback, very helpful!



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    #3277
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    https://www.boards.ie/discussion/comment/118422335#Comment_118422335

    It is though as banks wont take the higher salary as the base for the 3.5 times, as the individual can fail probation and go back to lower pay.

    Everything depends on the banks preferences though, so ask your bank.



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    #3278
    KaisceComoly
    Registered Users Posts: 27 ✭KaisceComoly


    FTB here applying with my partner. Joint income of €137K looking for a mortgage of €324K. We have a holding deposit on a new build and have €30K HTB.

    While we have been saving and paying rent consistently over the last 12 months, we stopped saving in Oct (foolishly) and were going to pick it back up this month. Do you think we will need to wait another 6 months before applying?

    Is it possible that we could sign contracts with a view to applying for our mortgage in June (house won't be ready until Nov 2022)?

    I feel the fly in the ointment may be that I neglected and old PTSB current account when I moved to KBC a few years back. It has an approved overdraft of €1K and when I moved to KBC I didn't clear it so it's been sat in overdraft unused. Is this going to be a huge red flag? I plan on clearing it over the next 2 months and closing the account.



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    #3279
    DopeTech
    Registered Users Posts: 6,754 ✭✭✭DopeTech


    .

    Post edited by DopeTech on


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    #3280
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    https://www.boards.ie/discussion/comment/118427508#Comment_118427508

    have u requested a credit history? It’s free as far as I can remember



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    #3281
    KaisceComoly
    Registered Users Posts: 27 ✭KaisceComoly


    https://www.boards.ie/discussion/comment/118428112#Comment_118428112

    Yeah I've sent away for it but can take up to two weeks. May need to apply for the mortgage sooner as contracts are due soon and I've been told that I can't sign them until the loan offer is approved?



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    #3282
    houseyhouse
    Registered Users Posts: 686 ✭✭✭houseyhouse


    We got our mortgage through ICS in 2020. I’m in the public sector and was more than 6 months into the job but there was a longer probationary period. They let me draw down while still on probation. As far as I know, no other bank would have allowed it. I rang them all except Avant and Finance Ireland.



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    #3283
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    I've contacted ICS weeks ago (possibly 6 weeks ago) and heard nothing back. Are they usually slow or have i been lost among the applications?



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    #3284
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,082 Mod ✭✭✭✭Tar.Aldarion


    They seem very slow, they quote 20 working days and then there was xmas plus new years now too.



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    #3285
    The Phantom Jipper
    Registered Users Posts: 879 ✭✭✭The Phantom Jipper


    https://www.boards.ie/discussion/comment/118428847#Comment_118428847

    Sorry, what part of the process is the 20 working days in relation to? I've an application in with them so good to know when to expect the delays.



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    #3286
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,082 Mod ✭✭✭✭Tar.Aldarion


    Yes, just getting AIP.



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    #3287
    bleaks
    Registered Users Posts: 150 ✭✭bleaks


    Curious as to whether everyone uses bonkers to compare current mortgage offers?

    Is it the most reliable and up to date aggregator of mortgage deals or is there any other options for comparisons?

    Post edited by bleaks on


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    #3288
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,082 Mod ✭✭✭✭Tar.Aldarion


    Seemed pretty uptodate when I looked



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    #3289
    Emma2019
    Registered Users Posts: 414 ✭✭Emma2019


    https://www.boards.ie/discussion/comment/118427508#Comment_118427508

    Savings is fine. They take the total and divide by X months to get your average. Obviously the more consistent the better.

    On your overdraft, just cancel it before applying to make things go smoother. But you don't owe any money so it shouldn't reduce the amount you can borrow or anything.



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    #3290
    Taylor365
    Registered Users Posts: 2,994 ✭✭✭Taylor365


    https://www.boards.ie/discussion/comment/118430583#Comment_118430583

    The CCPC has a good comparison tool too.



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    #3291
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    Many single people getting mortgages these days successfully? I got approval for a second mortgage via ICS through a broker. Have a small mortgage on existing place, plan to hold onto it and move to new place. Hasn’t been easy- I look with envy at the amounts some couples here seem to be able to borrow and buy! Have a fairly decent salary €60k plus benefits but multiplied by 3.5 and our property market it won’t exactly get a mansion. Part of the country I live in (Kilkenny) is very expensive. Again I look with envy at prices in other parts of the country. Also it is 80% loan to value with ICS so need a big whack saved. Not moaning but again not easy when buying as a single!



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    #3292
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    https://www.boards.ie/discussion/comment/118443277#Comment_118443277

    I’m on 60k too in Dublin,I’ve gotten a exemption for the mortgage. Have u tried that?



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    #3293
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    https://www.boards.ie/discussion/comment/118443394#Comment_118443394

    Thanks ciara, no I didn’t bother. With keeping my existing property I’m a good bit more constrained. Was happy enough to get approval for what I did to be honest. They won’t go above the 80% ltv either. How are you getting on looking for property in Dublin with that budget?



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    #3294
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    Broker said re the ltv % as a second time buyer that would be an exception request and they are just not entertaining them at this time. Probably the same score with the 3.5 times salary



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    #3295
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    https://www.boards.ie/discussion/comment/118443415#Comment_118443415

    I got a 2 bed home in Tallaght, nice little area. Waiting for contacts so wont be popping the champagne jut yet lol. boards has been a godsend re advice. ive been so lost during it all



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    #3296
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    https://www.boards.ie/discussion/comment/118444073#Comment_118444073

    That’s great congratulations- did you have to go up against many bids? Did it go much over the asking price for you?



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    #3297
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,082 Mod ✭✭✭✭Tar.Aldarion


    https://www.boards.ie/discussion/comment/118443394#Comment_118443394

    Was that with ICS recently?



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    #3298
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    I got a new build so thankfully I didn’t need to outbid. I was nearly stalking the agents though😀 got the HTB and used my savings to cover the full cost. Not sure what is meant by ics mortgage. Got mine through ptsb



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    #3299
    bleaks
    Registered Users Posts: 150 ✭✭bleaks


    https://www.boards.ie/discussion/comment/118443277#Comment_118443277

    Sorry, but I don't have much sympathy for you already owning a property with your small mortgage.

    Sell it if you want to buy a nicer house.

    Most of us are struggling to buy our first home during this ridiculous crisis and facing massive mortgage loans until we're 70.



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    #3300
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    https://www.boards.ie/discussion/comment/118445977#Comment_118445977

    Never asked for sympathy, why would I? I don’t have a fancy property by any means- hence the small mortgage. By the same token I am entitled to do with my money what I see fit



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    #3301
    road_high
    Registered Users Posts: 19,386 ✭✭✭✭road_high


    https://www.boards.ie/discussion/comment/118445161#Comment_118445161

    Ics= Irish civil service mortgages



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