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

Blingy

LirW wrote: »

Question because I looked up and down online and can't find a single thing that'd be useful for us.

Following situation: We want to buy in a certain price range (not in Dublin), we have around 65-70% ourselves, partly saved and partly gifted. The rest we'd need is just too low that a bank would consider it as a mortgage. We really just don't want to take an awful lot more out than we would need. What would be our next step? Talking to a broker?

It seems like this is an uncommon situation but we can't be the only one.

How about a credit union mortgage?

myshirt

Blingy wrote: »

How about a credit union mortgage?

Too expensive.

I don't understand here though, how much is it that you want? If it is €50K plus and you are willing to Mortgage the property, surely the bank will do business with you?

LirW

myshirt wrote: »

Too expensive.

I don't understand here though, how much is it that you want? If it is €50K plus and you are willing to Mortgage the property, surely the bank will do business with you?

Thing is, it's below 50k.

Xaniaj

stop wrote: »

Did UB do a check with employers on Drawdown?

KBC required a form signed off by employers when applying for AIP, but UB didn't seem to have an equivalent?

Nope, no requirement, think we just gave the salary certs and that was about it.

stop

Xaniaj wrote: »

Nope, no requirement, think we just gave the salary certs and that was about it.

Thanks for that. So did UB request you completed salary certs during the initial application or later?
We just found it strange we haven't been asked to complete them and now have AIP letter (with payslips provided during the application).

MentalMario

Went to view a house two weeks ago that was previously sale agreed but fell through. It happens. Not overly worried about that part of it.

The house was online for about 18 months previous to going sale agreed and I'd be a little surprised if there was more than 1 bidder on it.

Anyway, EA said it went agreed at approximately 20k over asking. I'm a little dubious of this as I really don't think there was more than 1 bidder on the house. Am I being paranoid? - What would an EA actually gain from saying it, if it wasn't true? Surely it's not worth saying it for an extra couple of hundred euro in their pocket when the house potentially won't sell for months, if ever, at the price it went sale agreed at.

Didn't make a bid at the time as asking price is at the upper limit of what I can afford but thinking I possibly should throw in a bid now of a few thousand under asking to see what happens.

Xaniaj

stop wrote: »

Thanks for that. So did UB request you completed salary certs during the initial application or later?
We just found it strange we haven't been asked to complete them and now have AIP letter (with payslips provided during the application).

We supplied them at the initial meeting for approval (we basically went in with every doc from the get go!) and we were not requested to provide any further docs along the way

kippy

LirW wrote: »

Thing is, it's below 50k.

1.Talk to a broker.
2. Look for the cheapest personal loan you can get.
3. Look at the credit union.

You're in a great position.

RaulDublin

We are in the process of a buying a property. Went sale agreed in march and current pre-contract enquiries and ongoing. There are still a few weeks before we possible sign contract s provided everything falls in place.
I have a loan offer with aib as i intended to go with them. Now I'm more keen on ptsb fixed rates and looking to see if we can go with them instead.
since this will require an additional valuation and valuation survey i was wondering if its normal to look around at other bank's before contracts are signed ?The vendor's may be reluctant though to have their house surveyed again
There weren't many offers on the property although there's always the mystery 2nd bidder somewhere which the eas keep mentioning abouy at the slightest of delays in anything..

although I've been on to my solrs as well on this can anyone tell me if pre contract searches take long ,couple of weeks ? Just looking at the time i have to get this all arranged everything with ptsb at this stage

Raul

Nedved85

Hi All,

Just wondering would anyone know if it is OK to apply for Mortgage Approval with two different banks at the same time?

Cheers.

angeldelight

Nedved85 wrote: »

Hi All,

Just wondering would anyone know if it is OK to apply for Mortgage Approval with two different banks at the same time?

Cheers.

Absolutely fine - you can apply to as many as you like

Nedved85

angeldelight wrote: »

Absolutely fine - you can apply to as many as you like

Cheers, Thanks for the help.

Confused ftb

Hi guys, just looking for some advice, we got full mortgage approval from boi for a new house in an estate due to be ready Aug/sept, our loan offer runs out at the end of September and we may need an extension if the build runs over, I am due to go on maternity leave on the 9th of September, we never informed the bank of this because we weren't asked, my question is will the bank look for more information before drawdown like recent payslips and what is the likelihood of them refusing the drawdown or extension if I've gone on maternity leave? I will be able to provide a financial plan showing our capacity to repay while on maternity leave and also a letter from my employer stating my date of return to the same pay and conditions. We are hoping to be in beforehand but I'm just trying to cover all angles, thanks.

The_Conductor

RaulDublin wrote: »

We are in the process of a buying a property. Went sale agreed in march and current pre-contract enquiries and ongoing. There are still a few weeks before we possible sign contract s provided everything falls in place.
I have a loan offer with aib as i intended to go with them. Now I'm more keen on ptsb fixed rates and looking to see if we can go with them instead.
since this will require an additional valuation and valuation survey i was wondering if its normal to look around at other bank's before contracts are signed ?The vendor's may be reluctant though to have their house surveyed again
There weren't many offers on the property although there's always the mystery 2nd bidder somewhere which the eas keep mentioning abouy at the slightest of delays in anything..

although I've been on to my solrs as well on this can anyone tell me if pre contract searches take long ,couple of weeks ? Just looking at the time i have to get this all arranged everything with ptsb at this stage

Raul

Raul- I'd seriously suggest you hang on a few days.
Ulster bank launched some very interesting fixed rate products this week- and the other lenders are expected to follow suite in short schrift.
If you're in a position to hang in there for a few days- you may see some very interesting fixed rate proposals from some of the other traditional lenders.

Blingy

Confused ftb wrote: »

Hi guys, just looking for some advice, we got full mortgage approval from boi for a new house in an estate due to be ready Aug/sept, our loan offer runs out at the end of September and we may need an extension if the build runs over, I am due to go on maternity leave on the 9th of September, we never informed the bank of this because we weren't asked, my question is will the bank look for more information before drawdown like recent payslips and what is the likelihood of them refusing the drawdown or extension if I've gone on maternity leave? I will be able to provide a financial plan showing our capacity to repay while on maternity leave and also a letter from my employer stating my date of return to the same pay and conditions. We are hoping to be in beforehand but I'm just trying to cover all angles, thanks.

I wonder could you preempt it and ask for renewal of mortgage approval early. Mention that you believe there will be a further delay and you would like to get it reapproved (before your mat leave starts).

Member16

Can anyone tell me if the amount lended is based on 2016s P60 or this years years pay? Reason I ask i received a promotion mid 2016 therefore my new salary is worth considerably more.Thanks

Tuhula

Member16 wrote: »

Can anyone tell me if the amount lended is based on 2016s P60 or this years years pay? Reason I ask i received a promotion mid 2016 therefore my new salary is worth considerably more.Thanks

its based on your salary cert that you provide them with, so it will be salary as per the day you submit application

The_Conductor

Member16 wrote: »

Can anyone tell me if the amount lended is based on 2016s P60 or this years years pay? Reason I ask i received a promotion mid 2016 therefore my new salary is worth considerably more.Thanks

You really need to talk to individual lenders- however, typically its a multiple of your gross pay, exclusive of overtime or bonuses, earned in the previous financial year. Some lenders are happy enough to have a statement from your Personnel/HR officer- stating your salary and the fact that you are a permanent employee- and run the multiple against this.

The bigger thing is- no overtime or bonuses should be included.

zedhead

The_Conductor wrote: »

You really need to talk to individual lenders- however, typically its a multiple of your gross pay, exclusive of overtime or bonuses, earned in the previous financial year. Some lenders are happy enough to have a statement from your Personnel/HR officer- stating your salary and the fact that you are a permanent employee- and run the multiple against this.

The bigger thing is- no overtime or bonuses should be included.

Ours was based on a salary cert provided by my HR department - so my salary the day I applied not the previous year. For my partner who is self employed it was based on the average of the previous 2 years earnings based on his tax returns.

Our broker also asked me to get a letter stating how much of my bonus I had achieved in the 3 previous years (it was never below 90%) so the banks were in a position to include some of my bonus in the calculations (i never found out how much exactly they counted). I had been told my a representative from Bank of Ireland separately that the rule was not to take into account bonus payments unless guaranteed, they do look at it on a case by case base if you could prove that you consistently achieved a certain amount.

B00MSTICK

Speaking of salaries, I have a full time permanent position and my wife has a part time job with no fixed hours (0 hour contract essentially) just wondering if anyone has experience of the extent the bank will include such a part time salary in their calculations?

Is there a chance they will simply disregard it as it is not guaranteed?

Thanks

drewmichael

do i need to pay stamp duty (or any tax) using the following example:

Scenario: Adding partner name to mortgage/deeds
Mortgage value outstanding: 140,000

We are not yet married but get married next year.
Would it make a difference if married or not?

FutureGuy

The_Conductor wrote: »

Raul- I'd seriously suggest you hang on a few days.
Ulster bank launched some very interesting fixed rate products this week- and the other lenders are expected to follow suite in short schrift.
If you're in a position to hang in there for a few days- you may see some very interesting fixed rate proposals from some of the other traditional lenders.

I'm in same boat as Raul and also with AIB. We are going to wait a week or two.

hooch-85

Anyone have an idea of how long it takes for Ulster bank to respond once all documents are submitted via your broker?

The_Conductor

hooch-85 wrote: »

Anyone have an idea of how long it takes for Ulster bank to respond once all documents are submitted via your broker?

Depends on when you submit the documentation- there is a monthly credit review meeting at which most requests are considered. You could get lucky- depending on your timing- and get it in 2-3 days- or unlucky- and it may take 3-4 weeks.

hooch-85

The_Conductor wrote: »

Depends on when you submit the documentation- there is a monthly credit review meeting at which most requests are considered. You could get lucky- depending on your timing- and get it in 2-3 days- or unlucky- and it may take 3-4 weeks.

Really? I had read online somewhere that they try to have a response within 5 working days.

dealhunter1985

I plan on applying for a mortgage in the next 2/3 months with KBC.
I dont currently have an account with them... I was wondering is there any benefit to setting up a deposit account with them now and putting the deposit into it for the couple of months in advance of my application...

sabinalee

trobbin wrote: »

They're definitely gonna try take the steam out of the market. In the last few days both the CB and the minister for housing have said prices are too high and need to come down.

If you look at average house prices to average incomes and compare them with 2007, then you factor in property tax (plus it's growth potential) also factor in USC charges. We are paying more for homes now than in the boom. When interest rates increase a lot of these reckless out bidders will crying.

Fool me once;)

So....what would you suggest to us. We can't afford anything nearer than Edennderry. The house price we are really interested in is 165.000. 2 years ago houses on this estate were selling for 125- 130.000. House is 40 years old...perfect inside...near schools, shops, etc.
My only worry is.... I'm overpaying like crazy here...and will never re sell it again for near same.
Mortgage would be 800 monthly, so no bad.
We are 40 and 50 years of age...so maybe the house will be just till our end...🙂
This is huge decision so hard to make....

whiskeyman

dealhunter1985 wrote: »

I plan on applying for a mortgage in the next 2/3 months with KBC.
I dont currently have an account with them... I was wondering is there any benefit to setting up a deposit account with them now and putting the deposit into it for the couple of months in advance of my application...

I think they have an offer whereby you get an interest rate discount if you have a current account with them:
https://www.kbc.ie/our-products/kbc-current-account/current-account/current-account-mortgage-bonus


It would be beneficial to put the deposit in there as then they wouldn't ask you for proof of the amount - they can just check their own system
It may speed things up a little bit the more info they have about you already on file.

pilly

sabinalee wrote: »

So....what would you suggest to us. We can't afford anything nearer than Edennderry. The house price we are really interested in is 165.000. 2 years ago houses on this estate were selling for 125- 130.000. House is 40 years old...perfect inside...near schools, shops, etc.
My only worry is.... I'm overpaying like crazy here...and will never re sell it again for near same.
Mortgage would be 800 monthly, so no bad.
We are 40 and 50 years of age...so maybe the house will be just till our end...🙂
This is huge decision so hard to make....

I don't think anyone should be thinking what price their house will be worth when they're selling it. If it's a home that's what matters. No harm is settling down in one place at age 40 and 50 either.

sabinalee

pilly wrote: »

I don't think anyone should be thinking what price their house will be worth when they're selling it. If it's a home that's what matters. No harm is settling down in one place at age 40 and 50 either.

You right..
☺
I'm only looking excuses, and should be happy we got a mortgage anyway.
Probably 40km distance from work place and starting new life in a totally new place making me stressed a bit...