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

Confused ftb

Finally getting our keys in the morning, after one hell of a stressful year, thanks for all the help on this thread, saved my sanity numerous times and best of luck to all in the process 😉

sightband

LirW wrote: »

Given you have no dependants that's the max you could borrow, yes.

no it’s not, even with dependents you can fall within the bank exception criteria.

Bananaleaf

Confused ftb wrote: »

Finally getting our keys in the morning, after one hell of a stressful year, thanks for all the help on this thread, saved my sanity numerous times and best of luck to all in the process ��

Congratulations!

LirW

sightband wrote: »

no it’s not, even with dependents you can fall within the bank exception criteria.

But for that you would need significant deposit and income. Not something on an average salary with the minimum deposit.

sightband

LirW wrote: »

But for that you would need significant deposit and income. Not something on an average salary with the minimum deposit.

also untrue, 50k is not an average salary and more importantly a minimum deposit has no relevance to being granted an exception, it’s just meeting criteria. the exceptions are based on finding a property and approaching the bank with the property, their valuation of the property and your potential to meet the repayments on it.

I suggest you stop offering bogus information. If you want to argue with me about this don’t bother, contact any one of the lenders and they will tell you the same.

izzyflusky

I was told this week by a broker that although it ranges, you'd be looking at least at 80k per annum to be able to get an exception. Reaching this figure would be no guarantee either.

LirW

We as well were told you'd need a significant deposit (which we had) and a salary north of 80k to qualify for an exemption. Told by 2 brokers earlier this year.

myshirt

izzyflusky wrote: »

I was told this week by a broker that although it ranges, you'd be looking at least at 80k per annum to be able to get an exception. Reaching this figure would be no guarantee either.

80 per person you mean yeah?

80 is not a lot for a couple.

LirW

Assuming we're talking about LTI exemptions here, which I think is the majority the people are interested in, I just got told that you need a substantial deposit if possible and good earnings, if my man is the sole earner he'd need 80k or more without kids to even be considered.

flashforward

myshirt wrote: »

80 per person you mean yeah?

80 is not a lot for a couple.

It's for the couple.
I thought 100+ combined was preferred for the LTI exemption

Anyone know what they consider a significant deposit?

Graham

I would well imagine each bank has their own criteria to qualify for an exemption.

Juwwi

We transferred a tracker this year and got offered 4 times salary without asking for it , we didnt use full amount offered but I thought it was strange .

I should add our earnings weren't 80k either

Interested Observer

flashforward wrote: »

It's for the couple.
I thought 100+ combined was preferred for the LTI exemption

Anyone know what they consider a significant deposit?

The deposit needed is still 10% of the value of the property. Even with an exception.

flashforward

Interested Observer wrote: »

The deposit needed is still 10% of the value of the property. Even with an exception.

My question was relating to the amount of deposit needed for the banks to consider you for LTI exception. Not to do with a deposit exception.

Cuddlesworth

flashforward wrote: »

My question was relating to the amount of deposit needed for the banks to consider you for LTI exception. Not to do with a deposit exception.

Thats relative to the amount you wanted to borrow. We were offered a exemption to the income ratio, where they looked for only a 10% deposit but had close to 30% of the purchase price roughly. But overall we earn close to 50% more in additional payments to our "base" income.

Interested Observer

flashforward wrote: »

My question was relating to the amount of deposit needed for the banks to consider you for LTI exception. Not to do with a deposit exception.

Yes I know. If your income allows you buy a house worth €300k but you want to buy something worth €350k then you need to show funds for a €35k deposit.

mloc123

mloc123 wrote: »

We are in the final and increasingly infuriating stage of selling/buying. Still waiting for signed contracts back on the sale of ours, despite the buyers solicitor saying they have been sent.. a number of times :rolleyes:

Looks like it'll be January now before we are moving.

Finally got contracts back on Friday... going in to sign on our sale and purchase on Monday. Hoping to turn it all around in a week and complete on the 18th... possible? Everyone involved wants to complete before xmas so hopefully.

kippy

mloc123 wrote: »

Finally got contracts back on Friday... going in to sign on our sale and purchase on Monday. Hoping to turn it all around in a week and complete on the 18th... possible? Everyone involved wants to complete before xmas so hopefully.

Possible but unlikely. Best of luck with it.

mloc123

kippy wrote: »

Possible but unlikely. Best of luck with it.

Yeah.. I think all 3 solicitors would need to be 100% on the ball... and this is not the feeling I got so far. Still, will see if it can be done.. otherwise the start of Jan.

Cuddlesworth

mloc123 wrote: »

Finally got contracts back on Friday... going in to sign on our sale and purchase on Monday. Hoping to turn it all around in a week and complete on the 18th... possible? Everyone involved wants to complete before xmas so hopefully.

You have your mortgage assurance sorted?

mloc123

Cuddlesworth wrote: »

You have your mortgage assurance sorted?

yup.. all lined up on our end with house insurance, life insurance, dd mandate etc.. But lets see if our buyers are as organised

Bananaleaf

mloc123 wrote: »

yup.. all lined up on our end with house insurance, life insurance, dd mandate etc.. But lets see if our buyers are as organised

We are pretty much in exact same boat. We signed on 6th and are being promised a closing date of 19th. Bank all good to go but solicitor seems to not be 100% on the ball - I could be wrong though. Doing Pre-sale inspection on Friday and insuances and assurances are all ready to go.

*crosses fingers, toes, arms, legs.....*

mloc123

Bananaleaf wrote: »

We are pretty much in exact same boat. We signed on 6th and are being promised a closing date of 19th. Bank all good to go but solicitor seems to not be 100% on the ball - I could be wrong though. Doing Pre-sale inspection on Friday and insuances and assurances are all ready to go.

*crosses fingers, toes, arms, legs.....*

Not to be for us... we did not take into account that banks would have a cut-off date for draw down... our bank manager says it will not be signed off in time for draw down before the cut off. First week of Jan I guess.

Cuddlesworth

mloc123 wrote: »

Not to be for us... we did not take into account that banks would have a cut-off date for draw down... our bank manager says it will not be signed off in time for draw down before the cut off. First week of Jan I guess.

What bank? If they want the business they should sign off. Loads of mortgages going through the week of the 18th.

Bananaleaf

mloc123 wrote: »

Not to be for us... we did not take into account that banks would have a cut-off date for draw down... our bank manager says it will not be signed off in time for draw down before the cut off. First week of Jan I guess.

That's interesting. I never knew about this. Our bank will definitely be signing off on ours for 19th, but was never told about a cut off date. Not even sure what this means, do they mean the date they close for the year?

mloc123

PTSB... The last date the will release funds is the 14th, our solicitor will send the completed paperwork back to them tomorrow but it will not be signed off in time to issue the funds (we have been told). No issue closing after the 14th, providing the funds had been drawn down before then.

After 6-7 months I guess another 2 weeks won't kill us. It has been a long and stressful process from the initial excitement of viewings to finally just wanting to think about something other than selling/buying/moving.

Bananaleaf

mloc123 wrote: »

PTSB... The last date the will release funds is the 14th, our solicitor will send the completed paperwork back to them tomorrow but it will not be signed off in time to issue the funds (we have been told). No issue closing after the 14th, providing the funds had been drawn down before then.

After 6-7 months I guess another 2 weeks won't kill us. It has been a long and stressful process from the initial excitement of viewings to finally just wanting to think about something other than selling/buying/moving.

I empathise with this 100%.

But ... does drawing down funds mean requesting them via the loan offer? It's only 11th. If you signed today and solicitor sends tomorrow, they will be with PTSB by 13th.

We signed on 8th and the bank told me that as of today our solicitor still hasn't requested the money.

I have found the solicitor to be the most difficult person to work with throughout the whole process. Everything is done at a snails pace and they really dance to the beat of their own drum, which is very frustrating when you are trying to get a sale over the line at this time of the year.

mloc123

Bananaleaf wrote: »

I empathise with this 100%.

But ... does drawing down funds mean requesting them via the loan offer? It's only 11th. If you signed today and solicitor sends tomorrow, they will be with PTSB by 13th.

We signed on 8th and the bank told me that as of today our solicitor still hasn't requested the money.

I have found the solicitor to be the most difficult person to work with throughout the whole process. Everything is done at a snails pace and they really dance to the beat of their own drum, which is very frustrating when you are trying to get a sale over the line at this time of the year.

We checked this with the bank as I was willing to drive into town and hand deliver this morning after we sign to make it happen... was told they will go into the processing queue and would not be signed off in time. If we had got the contracts back from our buyers just a day or two earlier... oh well.

Solicitors are painfully slow.

Bananaleaf

mloc123 wrote: »

We checked this with the bank as I was willing to drive into town and hand deliver this morning after we sign to make it happen... was told they will go into the processing queue and would not be signed off in time. If we had got the contracts back from our buyers just a day or two earlier... oh well.

Solicitors are painfully slow.

I understand that now as we just received confirmation that solicitors request came through, but as you say, was in a processing queue from 2days ago

ELM327

I'm getting pissed off at the whole application process.
The underwriters are taking very long to move from AIP to fully approved. BOI.

It's 4 weeks now, and the advisor I was dealing with says they hope to have a final answer this week.
Problem is I am sale agreed 4 weeks already and the bank is holding up the process.
I've applied to a few other banks (eg KBC) but I don't want to lose the house I've been sale agreed on as the vendor was looking for a quick sale (and I wanted a quick purchase)

Any suggestions on the 4 weeks timeframe, is it normal.