Mortgage Process really difficult and off putting

matrim

Chemical Byrne wrote: »

What the hell would they want with CV's. Sure some of the most successful businessmen in the country wouldn't have a single qualification more than a group/junior cert to put on it! Sean Quinn, Bill Cullen etc.

CV can do more than just list your qualifications. I'm pretty sure Sean Quinn and Bill Cullen could put together a pretty impressive CV without mentioning education.

LookingFor

Kind of curious, but for people who got a flat 'no' from BoI or found them strict, what was the issue?

Deposit rules?

Or were they picky about something outside the Central Bank rules?

I'll be organising a chat with them soon. I know about the deposit rules, the LTV ratios etc. but curious if there are hidden gotchas with BoI in particular.

Thestones

Yes the process is a pain, we bought in 2006 and got a 300k mortgage back then, now with 1 salary and 2 kids trying to move up is impossible, the amount we got offered we couldn't even buy back our own house, luckily my family is helping out financially or we'd never be able to move. I can't understand with such strict rules how so many people are getting approved and buying all these houses!

NIMAN

I have done it twice, and don't fancy doing it again in the near future.

It's frustratingly slow. All the red tape to tick all the boxes of course has to be done, but I found the communication between solicitors awful. And them and the bank.

During my last mortgage approx 5yr ago, both solicitors and the bank were all in the same small donegal town, yet it was taking a week to send a letter and get a reply. Everything seemed to be posted, instead of hand delivered.

mel123

LookingFor wrote: »

Kind of curious, but for people who got a flat 'no' from BoI or found them strict, what was the issue?

Deposit rules?

Or were they picky about something outside the Central Bank rules?

I'll be organising a chat with them soon. I know about the deposit rules, the LTV ratios etc. but curious if there are hidden gotchas with BoI in particular.

I got approval with BOI so I cant comment on getting refused, however they are very thorough - where did that money come from and all this. What I didn't like about them was they gave me approval. Another bank gave me more money, BOI matched it. Then I got more money, BOI matched it again. Like why not just give the max you are looking for from the get go and stop messing around.

EBS on the other hand, messed me around completely, ill never go to them for my banking needs again.

BabyBirch

Chemical Byrne wrote: »

What the hell would they want with CV's. Sure some of the most successful businessmen in the country wouldn't have a single qualification more than a group/junior cert to put on it! Sean Quinn, Bill Cullen etc.

I had a meeting with a mortgage advisor in AIB a couple of weeks ago. I told her I was in a permanent job but was likely to move soon. She said that in that case I would need to finish my probation in the new job and provide my CV - I guess to see what kind of career progression I've had and any gaps in employment? Not sure if they'd go so far as checking references :eek:

Also I am in the middle of a part-time PhD and the only difference it made was that they would knock my fees off my gross earnings (eg. the amount AIB would be willing to offer went down, not up).

Ursus Horribilis

If you think applying for a mortgage is bad, try switching banks! Now that was painful.

If you are the sort of person who keeps their documentation safe and doesn't throw out your bills very quickly, then I'm not seeing what the problem is. I had to send off a form to HR to fill in but everything else was either in my filing cabinet or was available electronically.

The applying for a mortgage is the least painful part of the process. I hope I don't need to house hunt again any time soon. Hated that so much.

Pac2015

It's good to see everyone's opinions on the mortgage process it seems EBS are a no go, BOI are very strict and AIB and KBC seen okay.

We originally were using a broker who was recommended to us and he turned out to be rubbish gave bad advice wasn't realistic and dragged things out so now with the new rules we have to save more anyway so are just powering away saving but its proving hard even getting anywhere near what we need now to buy a house seen as I am not a first time buyer.

I have also noticed the price of houses in Dublin has shot up I just seen one house which is tiny in the D24 area for 280K and before it was on at 230K its in Kilnamanagh and not even the nicest part of the area.

LookingFor

Pac2015 wrote: »

It's good to see everyone's opinions on the mortgage process it seems EBS are a no go, BOI are very strict and AIB and KBC seen okay.

We originally were using a broker who was recommended to us and he turned out to be rubbish gave bad advice wasn't realistic and dragged things out so now with the new rules we have to save more anyway so are just powering away saving but its proving hard even getting anywhere near what we need now to buy a house seen as I am not a first time buyer.

I have also noticed the price of houses in Dublin has shot up I just seen one house which is tiny in the D24 area for 280K and before it was on at 230K its in Kilnamanagh and not even the nicest part of the area.

House price inflation in Dublin eased off in the last quarter IIRC. That quarter was the first where the new rules might have been having an effect. I believe there was even one Dublin area (6 or 6W) where prices dipped slightly. Overall, though, prices still growing, but not as fast as before. Inflation is accelerating in other parts of the country though, possibly the beginning of a reverse in the situation to date where Dublin was outpacing the rest of the country as more people look outside Dublin because of the new requirements.

It'll be interesting to see the statistics for the current quarter, to see if the effect of the new rules strengthens or not.

Evil-p

Yep i'm finding it a nightmare. I'm dealing with AIB emortgages. Slow to answer phones, sometimes don't answer at all. Took weeks to get approval. Pedantic about strange things. Never being able to speak to a lender. Just an all around difficult experience.

And yes we had all paperwork in place, sought a mortgage within our means and had a deposit.

Pac2015

LookingFor wrote: »

House price inflation in Dublin eased off in the last quarter IIRC. That quarter was the first where the new rules might have been having an effect. I believe there was even one Dublin area (6 or 6W) where prices dipped slightly. Overall, though, prices still growing, but not as fast as before. Inflation is accelerating in other parts of the country though, possibly the beginning of a reverse in the situation to date where Dublin was outpacing the rest of the country as more people look outside Dublin because of the new requirements.

It'll be interesting to see the statistics for the current quarter, to see if the effect of the new rules strengthens or not.

I live in the D24 area and want to buy in that area too most of the houses in the nice or sought after areas as they are called are rising by 20-50K each time

Calhoun

Mortgage application shouldn't be too easy, we got approved this year in February but planning wise we spent at least a year getting deposit and finances in order.

In the end the mortgage was small enough and affordable if one of us lost our job ect we could maintain it.

The whole process though got us to realistically look at it and be sure we wouldn't bite off more than we could chew. We did go with a broker who really focused us.

castle2012

We bought in may of this year with ub. Yes there meticulous with looking for documents. But I suppose they have to cover themselves. The reason the country got in such a mess in 08-11 was because banks where not doing there job properly. At least the mistakes of the past won't happen again

Pac2015

Banks were lending way too much sure I was offered double what I could afford on 28K back in 2008 I being sensible refused and this time dont way more then we can afford either the new rules with all 2nd buyers needing 20% have not been thought out properly because whereas people had say the 10% deposit plus fees and stamp duty etc and were ready to go with borrowing a sensible amount now they are put back 2 years or more but it seems there are loads of younger first time buyers with alot of savings buying up houses and cash buyers.

Jen44

We just got a mortgage and husband had to provide a cv, he is an accountant.

Pac2015

Jen44 wrote: »

We just got a mortgage and husband had to provide a cv, he is an accountant.

I work full time and have done so for 3 years in a permanent job but if I am asked for a CV I will tell them straight out no.

Senecio

The banks wouldn't touch me if they saw my CV. It hasn't been updated in 15 years!

Electrician

I applied with AIB last December. Got approval within two weeks. No issues at all. Got the Max they said I could have. Got keys in April.
Once all is in order the banks are the easiest part in my experience.
One the other hand I was always chasing up my solicitor. That was the stressful part for me.

Pac2015

Someone mentioned at the weekend there will be a change in rules for people trying to buy now did anyone hear about that ?

jpboard1

Pac2015 wrote: »

Is it just me or does anyone else find that the mortgage process now in Ireland in 2015 is really difficult or simply put a pain in the back side?

Speaking to some people over the weekend just casually as they were asking me had I bought a house yet they said they know loads of people who are finding it really stressful and some have like me decided to hold off till 2016 as they just cant be bothered with the process and stress of it all?

If you can't be bothered with the process, you have no business buying a house. It is a decision that will more than likely effect you for the next 30(ish) years. If you enter into it lightly you have not thought it through.

Pac2015

jpboard1 wrote: »

If you can't be bothered with the process, you have no business buying a house. It is a decision that will more than likely effect you for the next 30(ish) years. If you enter into it lightly you have not thought it through.

If you have nothing positive or constructive to say don't add to this thread the point of this being posted was to get people's views on the process and the system now not for negative and useless comments like you have posted, have you even read back over the thread ??

I already own a property which I purchased in 2009 so in fact I am very capable of owning and managing a property.
I like many other have every right to own a home but being sensible like alot of other people posted on here looking to see how everyone feels the process has changed over the years and what way different banks are dealing with people !!

Thank you for your needless input

Pac2015

Pac2015 wrote: »

I like many other have every right to own a home but being sensible like alot of other people posted on here looking to see how everyone feels the process has changed over the years and what way different banks are dealing with people !

OP nobody has the right to own a home.

I feel sorry that you are finding the process difficult but from your other posts in this forum you seem to be struggling to meet the requirements for a mortgage for the house you want.

I will be applying for a mortgage next year - my first interactions with a bank have been positive - I will report back how I find the process.

Pac2015

Deleted User wrote: »

OP nobody has the right to own a home.

I feel sorry that you are finding the process difficult but from your other posts in this forum you seem to be struggling to meet the requirements for a mortgage for the house you want.

I will be applying for a mortgage next year - my first interactions with a bank have been positive - I will report back how I find the process.

Thank you for your remarks I think as the thread has gone on people are getting confused, I originally posted because I found the process alot different to when I purchased my apartment in 2009 back then it was alot quicker and banks seemed to be easier to deal with, I am in a great position to purchase a house this time around with my husband as soon as we have the full deposit needed which should be early next year. We both have full time permanent jobs, good credit history, no kids, no debt other the mortgage on the apartment which is low and are not looking for more then the 3.5 of our salaries I just wanted people's different points of view as other friends and family had also said they found the house buying process long winded but as we have also discussed in this thread banks have to be so careful now and not make the mistakes they did before and people have to do the same.

Dublin21

I have to say I also found the bank (AIB) part of the process the easiest.

There was a a bit of a delay when a query went back to them from our solicitor but it was cleared up in about a week.

Ive been dealing with them regularly now as our mortgage approval is up next week (and we are still in the process of trying to purchase our house!). I have to say they couldn't be nicer or more on the ball.

The major delays for us seem to be with the vendors solicitor.. no urgency at all from them.
The last time our solicitor called them for an update they apparently accused her of harassing them..........

hairyslug

I'm in the early stages of a NE mortgage, it's no more difficult I think, still the same forms to fill out but they are all straight forward, what is definitely different is that this time all the I's have to be dotted and t's crossed and the money on offer obviously is a he'll of a lot less so your choice of house is severely limited (for us it is anyway, suppose it all depends on circumstances)
But no, don't think it's any harder, I'm sure I'll notice a difference when I comes to chasing the solicitors though.

If I can hijack for a minute, is there still a big difference in what brokers are offering, same forms need to be signed but are they offering the same money as the banks.

Flatzie_poo

hairyslug wrote: »

If I can hijack for a minute, is there still a big difference in what brokers are offering, same forms need to be signed but are they offering the same money as the banks.

For me, AIB blew the competition out of the water. Broker nor competitor couldn't half match their package!

TheBigGreen

Found it an easy enough process.

hairyslug

Op, if you are having difficulty with the process go in with what they need, payslips, p60, letter from employer and 3/6 months of statements. Also bring in a notepad. They will be able to give you a breakdown of what you can get depending on the basic factors (income, outgoings,savings)
Take a note of anything else they need from you, of any figures they call out (max loan etc)

The forms itself are not to difficult, no easier or harder than a social welfare claim and there is always the helpline to help you out.

Worst case, go to a broker, they will fill the form out for you in front of you (this is a presumption on my behalf, this is what they did for me for my last mortgage)

But remember it's not a race, take your time.

BoatMad

Pac2015 wrote: »

Is it just me or does anyone else find that the mortgage process now in Ireland in 2015 is really difficult or simply put a pain in the back side?

Speaking to some people over the weekend just casually as they were asking me had I bought a house yet they said they know loads of people who are finding it really stressful and some have like me decided to hold off till 2016 as they just cant be bothered with the process and stress of it all?

recently got one, yes its a pain and yes getting rejections can be off putting, but unless you are stretching things very far financially , you will get an offer, even if not the most competitive.

if you are on the edge financially with a given mortgage, you may have to take a realistic look at what is do-able. reduce the cost by looking elsewhere etc. whats clear is banks are evaluating LTV very carefully and matching up repayment ability.

athtrasna

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