Saving/Applying for a mortgage 2015/16/17/18/19

Col_30

From their website you need:

• Your Pay-slips for the last 2 months.
• Your most recent P60.
• Salary Certificate (a standard form provided by the Bank for completion by your employer).
• Last 6 months personal current account statements (if account is not with Bank of Ireland).
• Last 12 months savings account statements showing build-up of funds (if account is not with Bank of Ireland).
• Statements showing your last 12 repayments for any existing mortgage held with another financial institution
• Statements for recent loans that are now closed (if not with Bank of Ireland).

If you have submitted these already, my guess is you just need to give them the property details to get full approval.

If you have not submitted the above, your application did not get underwritten.

Parchment

sabinalee wrote: »

I know we cant get too excited yet, but month after we got AIP we have Sale Agreed on a house from Saturday.

Despite paid.
Houee marked online Sale Agreed
Solicitor contacted
Surveyour planned for this Thursday
Life insurance organised since last year

and now...
Our approval in principle and whole application process was organised online and over the phone with BOI representative. Usually the girl was fast with replying to all our questions.
Yesterday I sent email with all details about property we sale agreed and that we want go further for full mortgage approval, but no answer yet. 2 days quiet and we would like to move on with sending documents.
Tomorrow I will make a call, instead of sending another email.

Does anyone knows what kind of documents we will need to get a full mortgage approval ?

Do I have to contact already our broker about adding mortgage protection to our life insurance?
When is the best time to get a home insurance? I can really imagine paying for this even we did not get a mortgage yet.

All replies will be much appreciated.

Thank you

Phone tomorrow.

It will say on the website what documents are required - make sure they are the dates they need eg. 6 months statements etc.

We got home insurance about two weeks before we had the house - we got it organised through a broker and then gave them the nod a few days before we were taking possession of the house. You are way off it at this stage. Your solicitor will tell you when its getting close to closing then you will need the house insurance but dont leave it all to the last minute - get some quotes closer to closing.

sabinalee

Col_30 wrote: »

From their website you need:

• Your Pay-slips for the last 2 months.
• Your most recent P60.
• Salary Certificate (a standard form provided by the Bank for completion by your employer).
• Last 6 months personal current account statements (if account is not with Bank of Ireland).
• Last 12 months savings account statements showing build-up of funds (if account is not with Bank of Ireland).
• Statements showing your last 12 repayments for any existing mortgage held with another financial institution
• Statements for recent loans that are now closed (if not with Bank of Ireland).

If you have submitted these already, my guess is you just need to give them the property details to get full approval.

If you have not submitted the above, your application did not get underwritten.

Thank you.

No, never had so send p60s or salary certificates. Only payslips, statements.
I presume we have to resubmit all and more again, but for now on no replly from our BOI representative.

Our EA suggested to push them more as they can slow down the buying process.
What else I can do.

sabinalee

Parchment wrote: »

Phone tomorrow.

It will say on the website what documents are required - make sure they are the dates they need eg. 6 months statements etc.

We got home insurance about two weeks before we had the house - we got it organised through a broker and then gave them the nod a few days before we were taking possession of the house. You are way off it at this stage. Your solicitor will tell you when its getting close to closing then you will need the house insurance but dont leave it all to the last minute - get some quotes closer to closing.

Great. My life insurance broker will have a look at adding mortgage protection and I will organize house insurance.

For now the biggest thing is to get in touch with bank and start to organize all needed for final financial approval.

Thank you.

lfc200

sabinalee wrote: »

Thank you.

No, never had so send p60s or salary certificates. Only payslips, statements.
I presume we have to resubmit all and more again, but for now on no replly from our BOI representative.

Our EA suggested to push them more as they can slow down the buying process.
What else I can do.

I went with BOI originally for my mortgage and I've got to say that at no point were they the ones to hold up any bit of the process. Everything was done and completed very quickly.
I would suggest ringing the people in the bank first and then confirming details by email etc. You never know you're emails could end up in a junk folder that they never see!

Bradz213

Hi, does anyone know the turnaround time for the HTB scheme as in from the time you submit the 4 years of Form 12's to the time you get the code?

Thanks

ec18

Bradz213 wrote: »

Hi, does anyone know the turnaround time for the HTB scheme as in from the time you submit the 4 years of Form 12's to the time you get the code?

Thanks

To being approved 1/2 days

Bradz213

I submitted the last on the 4 years over a week ago and got my P21 last week but haven't heard anything else yet. You sure its this quick a turnaround? How do they contact you?

EDIT: I see you get no correspondence when the application is approved. You have to dig around yourself and find the numbers! Cheers

Blingy

We are approved for a mortgage with 2 banks. Letter of offer received for both.
We are buying a new build which won't be ready till the end of the year. Contracts signed. When do we need to decide which mortgage provider to go with?
And how do you decide?
Thanks.

Ms Doubtfire1

The mortgage offers usually have an expiration date on them...check for it.

BBMcQ

"Contracts must be returned signed within 21 days" ...

In people's experiences how strict is this? If the surveyors report threw up some questions, surely wouldn't be expected to sign anything until you get the answers? Also I assume you pay the remainder of the deposit on closing only and when the mortgage is being drawn down?

ILikeBoats

Not strict in our case. We got 3 months. In fairness, we bought off plans so were allowed to wait until the shell of the house was up so we could have a walk around and make sure we were happy

sabinalee

I know now why there was no answer to my emailsb from BOI - our mortgage representative is on holidays.
Other guy would able you help and send me the list of documents to complete:

Salary Certificate (attached)
· Payslips x 2
· P60 (only required when relying on element of variable pay)
· Personal Current Account Statements
· Savings Statements

BUT
there is no period time given on documents, so what would be the most relevant you think to send?

- two recent payslips from me and my husband,

- P60, as my husband is variable pay - basic plus offten overtime

- Personal Current Account Statements- my husband has an account in AIB and his next statement will be avaliable online at the end of April.
Can we make a screenshots from his account recent ttransactions you think? He can download original statementwo up to Feb.

Any idea how to manage all documents in a clear way?

Bradz213

sabinalee wrote: »

I know now why there was no answer to my emailsb from BOI - our mortgage representative is on holidays.
Other guy would able you help and send me the list of documents to complete:

Salary Certificate (attached)
· Payslips x 2
· P60 (only required when relying on element of variable pay)
· Personal Current Account Statements
· Savings Statements

BUT
there is no period time given on documents, so what would be the most relevant you think to send?

- two recent payslips from me and my husband,

- P60, as my husband is variable pay - basic plus offten overtime

- Personal Current Account Statements- my husband has an account in AIB and his next statement will be avaliable online at the end of April.
Can we make a screenshots from his account recent ttransactions you think? He can download original statementwo up to Feb.

Any idea how to manage all documents in a clear way?

You usually need'
- 6 months current, savings and credit card statements (with most recent being in late month)
- P60's
- 3 months latest payslips
- salary certs stamped by employer

As regards the statements, you can order a more recent one online or go into the bank branch and print off recent transactions which has name, address and account number on them

mloc123

I have searched for this already but cannot find information. With the current lending rules I understand that banks are able to make a certain % of exceptions. We currently own a house with some equity and are saving for a deposit.. which would need to be 20%.

Are there criteria that banks work off for deposit exception? 20% deposit is ~100k which although we can save will take a number of years. Ideally we would have much more equity in our current house but... we bought in 2006. Does being well within the 3.5x gross criteria work in your favour for lower deposit?

purpleisafruit

Can I apply for AIP before having the full deposit amount? We're currently saving hard for deposit and will have our deposit by end of June. I'd like to be in a position where we can start making offers on properties soon as I know how long and drawn out a sale can be.

tobdom

mloc123 wrote: »

I have searched for this already but cannot find information. With the current lending rules I understand that banks are able to make a certain % of exceptions. We currently own a house with some equity and are saving for a deposit.. which would need to be 20%.

Are there criteria that banks work off for deposit exception? 20% deposit is ~100k which although we can save will take a number of years. Ideally we would have much more equity in our current house but... we bought in 2006. Does being well within the 3.5x gross criteria work in your favour for lower deposit?

My understanding is that the exceptions the bank can apply relate to the salary rule (3.5x salary) and not the deposit required. Perhaps some have other experience, but from what I know, you still need the required deposit % or amount.

Bella86

So we have gone sale agreed, have contacted EBS and informed them,.. They are currently conducting the valuation and they need according to our AIP letter, up to date statement showing a balance of funds.. I supplied all yesterday EBS are to conduct the valuation.. My questions is how long does it take to get Final Approval?

whiskeyman

Bella86 wrote: »

So we have gone sale agreed, have contacted EBS and informed them,.. They are currently conducting the valuation and they need according to our AIP letter, up to date statement showing a balance of funds.. I supplied all yesterday EBS are to conduct the valuation.. My questions is how long does it take to get Final Approval?

Should only take a week or 2 to get the docs over to your solicitor.
Ask your contact in the bank to confirm.

Most of the work is done through your solicitor now.

Lekrub

Went to view this place today:
http://www.daft.ie/cork/houses-for-sale/douglas/30-the-green-greenvalley-donnybrook-douglas-cork-1403479/

If I understood the EA right who seemed sick of this property.. the bank own it and will only sell to a cash buyer...as no other bank will approve a mortgage on it. Is this common? Now it was a wrec and the attic nowhere near code

pilly

Lekrub wrote:

If I understood the EA right who seemed sick of this property.. the bank own it and will only sell to a cash buyer...as no other bank will approve a mortgage on it. Is this common? Now it was a wrec and the attic nowhere near code

Very bad estate agent if he's giving you that impression.

Are all the radiators gone off the walls?

Apart from that it looks like it has great potential. Nice area too.

Bella86

I was wondering does anyone have any experience of buying a house that is being sold by a receiver on behalf of a bank?  any advice/information would be greatly appreciated. :-)

athtrasna

Bella86 wrote: »

I was wondering does anyone have any experience of buying a house that is being sold by a receiver on behalf of a bank?  any advice/information would be greatly appreciated. :-)

Loads of threads about it, do a search. This thread isn't the appropriate place to discuss this.

Thanks

Mod

Mink

Lekrub wrote: »

Went to view this place today:
http://www.daft.ie/cork/houses-for-sale/douglas/30-the-green-greenvalley-donnybrook-douglas-cork-1403479/

If I understood the EA right who seemed sick of this property.. the bank own it and will only sell to a cash buyer...as no other bank will approve a mortgage on it. Is this common? Now it was a wrec and the attic nowhere near code

Ah it's common enough I suppose. We came across an amazing country house that seemed relatively cheap. On questioning the EA, there were issues with boundaries and septic tanks - ie; tank on someone elses property. So the seller/EA knew that no bank would mortgage that and they just said outright to us cash buyers only.

You'd get it where there's something major to fix/sort out. Another example would be a house that has a small bit of pyrite damage but not enough evident for the pyrite board to fund repairing. So rather than the owner sinking 25-40k into repairing it and redoing the downstairs, he would be more likely to sell it on to a cash buyer. Banks won't mortgage if any pyrite present.

sabinalee

After holding AIP from 2 months, and having Sale Agreed from 8 days, we did send to BOI all of documents on last Monday.

Is this quite common, that after sending all from their list, there is NO reply to email at all?
I'm a dreamer maybe...but simple auto email...thank you for sending us documents. We will be in touch with you within 72 hrs...or something similar.

How can I know they even seen and read it yet?

Any experience guys? How long should we wait for any word and final full mortgage approval, so we could go to next mental step? 😆

and....our mortgage representative who was dealing with us till AIP was issued, is on holidays from last week too.
EA just ask if we could keep after the bank until our agent returns from holidays....

CHealy

Does anyone have any experience with AIB mortgage + costings? We were told when getting the mortgage AIP that we would be approved for the price of a house, and if needed, a full costings should it need any work upto what our budget is. We are now in a position where we are eyeing a place that needs full renovation (electrics, plumbing, windows, new kitchen, plastering, insulation) and we've had our engineer do a preliminary costing for us which falls within our budget. What is the deal with the bank at this stage when they send the valuer to the house? They know its not habitable for now we have made this very clear along with our plans, just wondering has anyone went down this line before and what stumbling blocks to look out for with the bank?

noanoa

Hi Sabinalee,

We sent off everything to BOI also a couple of weeks ago now. We pointed out that they needed to correct the spelling of the houses Address they kept saying fort when it is ford.
Anyway loan offer came today in the post about just over 2 weeks later. Address is still wrong so they have to do it again. Asked how long it would take and they said they have a huge backlog and won't give us a time frame.

But they didn't acknowledge that they received anything from us - just replayed to my mail asking them to make sure all spelling are correct - which they did reply but didn't correct!

sabinalee

noanoa wrote: »

Hi Sabinalee,

We sent off everything to BOI also a couple of weeks ago now. We pointed out that they needed to correct the spelling of the houses Address they kept saying fort when it is ford.
Anyway loan offer came today in the post about just over 2 weeks later. Address is still wrong so they have to do it again. Asked how long it would take and they said they have a huge backlog and won't give us a time frame.

But they didn't acknowledge that they received anything from us - just replayed to my mail asking them to make sure all spelling are correct - which they did reply but didn't correct!

Oh no.
Few weeks ago I pointed to our representatiive that our surnames are wrongly spelled on AIP. She said she will correct it when we will go to next step.

Now....she is on holidays and no one can't reply to my question when she will be back

Flatzie_poo

sabinalee wrote: »

Oh no.
Few weeks ago I pointed to our representatiive that our surnames are wrongly spelled on AIP. She said she will correct it when we will go to next step.

Now....she is on holidays and no one can't reply to my question when she will be back

Something similar happened to me.

I rang head office making a complaint and said that there should be adequate cover in these situations and the file handed over.

I demanded someone rang me back (in my case it was very, very urgent,) and if no one else was in the department to have the branch manager contact me to handle it personally.

After that I was called back within 20 mins. So it wouldn't happen again, I was given two contact details to deal with, within the branch.

Again in my case it couldn't wait... if your circumstances differ, it may not warrant the extreme approach.

I guess it's more of an FYI in case you/someone else is caught in the position I was...

noanoa

Thanks Flatzie_poo - We are already dealing with the branch manager she is the one making all the mistakes - not following up and being very blasé about it.
She got back today saying it will be a week and half before they look at it again so not to expect it for 2 weeks or so. Everything else is ready to go and are expected to sign contracts on Monday.