Advice on Mortgages

observer2u

Hi there,

Would like to speak to someone regarding the pros and cons and options available for obtaining a mortage. Would it be best to speak to an independent mortage advisor or speak to a bank directly.

reilig

observer2u wrote: »

Hi there,

Would like to speak to someone regarding the pros and cons and options available for obtaining a mortage. Would it be best to speak to an independent mortage advisor or speak to a bank directly.

Speak to both. Talk to an advisor, let them get you quotes, find out who they contacted and then contact the ones that they didn't.

D3PO

speak to Killers1 on here. Hes a very knowledgable broker and he has recommendation's from other boardsies he's helped coming out of his ears there's so many of them.

syklops

Marie1307 wrote: »

Hi Guys,

My partner and I are first time buyers and sent off all applicable documents to AIB Mortgage Center in Naas. The advisor on the phone told us it would take 15 working days from date of receipt of the documents..In order for the documents/application to get there quickly i sent them by express post with a signature. They received the documents first thing on the 2nd of May 2013. I rang them yesterday evening to see if they had all the documents and the same advisor that I had been dealing with said that the documents hadnt even been looked at yet..and that it would be 15 working days from the time the lending assessors get there hands on our application...I asked her when that would be and she said that there are delays and that the assessors are more than a week behind...she couldnt give me any indication as to when the assessors will be in a position to review our application.

Its very frustrating as we've found a house we really like and we may miss out, if the application isnt assessed promptly..

Anyone else experiencing delays?

We're also thinking of trying PTSB and BOI...or should we go through a broker...will it speed up the process??

Any advice would be greatly appreciated..

Permanent TSB have an ad on at the moment that they will give you a decision in 15 minutes. I don't know how accurate that statement is, but its a lot quicker than AIB's 15 days. TBH in this game there is no such thing as loyalty. It doesn't matter if you have been with a bank for 20 years, the days of getting preferential treatment are gone. I would say go to both PTSB and BoI straight away, and see what they say.

Marie1307

Thanks Syklops..was so annoyed by AIB yesterday that I had already decided to try other banks..going to get on to PTSB and BOI asap

valleyoftheunos

Marie1307 wrote: »

Thanks Syklops..was so annoyed by AIB yesterday that I had already decided to try other banks..going to get on to PTSB and BOI asap

Do shop around but be aware that when it comes to buying property nothing happens fast, prepare to wait weeks rather than days.

D3PO

Marie1307 wrote: »

Thanks Syklops..was so annoyed by AIB yesterday that I had already decided to try other banks..going to get on to PTSB and BOI asap

Pure stupidity to go to other banks because your not happy with the application process. AIB are waaaayyy the best in terms of interest rates.

Going to PTSB will cost you a stupidly large amount of money extra over the term of the mortgage. Maybe rather than being pissed off at the bank over the length of their application process you should have thought about applying before you started looking at houses .....

pwurple

D3PO wrote: »

Pure stupidity to go to other banks because your not happy with the application process. AIB are waaaayyy the best in terms of interest rates.

Going to PTSB will cost you a stupidly large amount of money extra over the term of the mortgage. Maybe rather than being pissed off at the bank over the length of their application process you should have thought about applying before you started looking at houses .....

They should apply to every bank. Not just AIB.

AIB do have the lowest rates, but they also have the strictest criteria. The were the only bank who would not lend us the amount we were looking for, you need to be absoluetly cookie-cutter for them. We were approved by BOI, Danske, KBC and Ulster bank for the amount we wanted. (This was a <50% LTV non-first time buyer mortgage over a 15 year term)

syklops

D3PO wrote: »

Pure stupidity to go to other banks because your not happy with the application process. AIB are waaaayyy the best in terms of interest rates.

Going to PTSB will cost you a stupidly large amount of money extra over the term of the mortgage. Maybe rather than being pissed off at the bank over the length of their application process you should have thought about applying before you started looking at houses .....

Wow, thats really helpful advice. Well done.

D3PO

syklops wrote: »

Wow, thats really helpful advice. Well done.

yes it actually is. Fools and money easily part though ...

Marie1307

Thanks guys...As first time buyers this is all new and very daunting and any advice big or small is greatly appreciated...we just want to make sure we have everything covered to help make the process as smooth and pain-free as possible..:)

syklops

D3PO wrote: »

yes it actually is. Fools and money easily part though ...

So now your calling the OP a fool. Charming.

D3PO

syklops wrote: »

So now your calling the OP a fool. Charming.

that's not what I said. Go stir it up elsewhere.

Victor

Knock it off, both of you.

Moderator

loli

My husband and I are looking to get ready to purchase a property soon also. We are saving and paying rent totalling 1400 per month. Is it a possibility that the bank will take this into account when assessing us? What bank are the best for first time buyers? My husband works in the public sector but not permanent so will they even consider his income?

V123

Hi, I am new to boards.ie so I hope I am in the right place. I was wondering if I could have some advice on Mortgage approval.

I am married with one child. Stay at home mam and husband works permanent positon for 8 years earns about 31000 a year. We are looking to buy a house for 85000. We have 8000 deposit and 4000 gift.

My husband has a good credit history however I do not have any credit history (no loan, credit cards).

We are renting for 4 years paying 800 euro a month and saving 100 euro a week. We have no outstanding loans, credit card etc.

What do you think the chances are that we would be approved?

I have also heard that you need to have 2000 + 250 (for each child) left after mortgage repayment every month - my husband and I would have about 1900 after repayment!

Rhys Essien

V123 wrote: »

Hi, I am new to boards.ie so I hope I am in the right place. I was wondering if I could have some advice on Mortgage approval.

I am married with one child. Stay at home mam and husband works permanent positon for 8 years earns about 31000 a year. We are looking to buy a house for 85000. We have 8000 deposit and 4000 gift.

My husband has a good credit history however I do not have any credit history (no loan, credit cards).

We are renting for 4 years paying 800 euro a month and saving 100 euro a week. We have no outstanding loans, credit card etc.

What do you think the chances are that we would be approved?

I have also heard that you need to have 2000 + 250 (for each child) left after mortgage repayment every month - my husband and I would have about 1900 after repayment!

Is the asking price €85,000?.If so ye should offer 65/70k.

If ye will pay 85k then ye need a 73k mortgage and say over a 20 year term,then thats around 110k in total to pay.About €5,500 a year or €460 a month to pay back.

Ye have a 15% deposit of the value.

I cant see why ye should not get approved.
Best of luck.

The_Conductor

loli wrote: »

My husband and I are looking to get ready to purchase a property soon also. We are saving and paying rent totalling 1400 per month. Is it a possibility that the bank will take this into account when assessing us? What bank are the best for first time buyers? My husband works in the public sector but not permanent so will they even consider his income?

With respect of your husband's income- given he is not a permanent employee, a limited multiple of it would probably apply (e.g. 3 times the main income, and half the secondary income- his would be considered the secondary).

You need to sit down with lenders (and/or a broker) and get uptodate information from them

V123

Thanks smccarrick!

killers1

V123 wrote: »

Hi, I am new to boards.ie so I hope I am in the right place. I was wondering if I could have some advice on Mortgage approval.

I am married with one child. Stay at home mam and husband works permanent positon for 8 years earns about 31000 a year. We are looking to buy a house for 85000. We have 8000 deposit and 4000 gift.

My husband has a good credit history however I do not have any credit history (no loan, credit cards).

We are renting for 4 years paying 800 euro a month and saving 100 euro a week. We have no outstanding loans, credit card etc.

What do you think the chances are that we would be approved?

I have also heard that you need to have 2000 + 250 (for each child) left after mortgage repayment every month - my husband and I would have about 1900 after repayment!

What ages are you both?

V123

Hi Killers,

We are 28 and 29.

killers1

V123 wrote: »

Hi Killers,

We are 28 and 29.

Your incomes are sufficient to qualify for the amount you need and you have a proven repayment capacity by way of rent + savings well in excess of the stressed mortgage repayment. The €2050 + €250 needed to cover living expenses is the AIB policy so while it won't fit their criteria you will find a bank willing to lend the amount you need.

V123

thanks killers