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

Bananaleaf

ELM327 wrote: »

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.

I don't think so. Ours took longer than we were expecting, but still it was only 10 days. The hold up was because of something really silly on the banks part too. What is taking it so long? Do they keep requesting new documents? Are they losing things?

ELM327

Bananaleaf wrote: »

I don't think so. Ours took longer than we were expecting, but still it was only 10 days. The hold up was because of something really silly on the banks part too. What is taking it so long? Do they keep requesting new documents? Are they losing things?

They were requesting new documents every couple of days for the first 2 weeks, but now nothing. Apparently it's been sent to a senior underwriter

mloc123

Bananaleaf wrote: »

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

Well... I drove in and delivered anyway. Our solicitor thought it was worth a chance, so lets see.

Bananaleaf

ELM327 wrote: »

They were requesting new documents every couple of days for the first 2 weeks, but now nothing. Apparently it's been sent to a senior underwriter

Oh, I wonder why that was. It could be something that is common enough, but you are just noticing it more because you are really waiting on it.

Just suggestions here - I am not in any way versed in this area:

Do you have a few loans or a couple of credit cards? It could be a thing that the regular underwriters can only process applications that have X amount of loans/cards.

Was there anything unusual about your application? Anything out of the norm, like a missed loan payment in the past or anything?

It could also be something like, 1 in every 50 applications get bumped up to the senior underwriters for quality control?

I would say you are entitled to know why it has been bumped up. Maybe call and ask tomorrow.

I empathise. I have hated every moment of the application process. I will never be doing this again. And I'm one of the lucky ones who looks set to close within 6weeks

Bananaleaf

mloc123 wrote: »

Well... I drove in and delivered anyway. Our solicitor thought it was worth a chance, so lets see.

Good job. At least you know you're doing all you can to get it over the line in time for Xmas.

Isn't it crazy though, the amount of work that you end up doing yourself, even though you are paying others to do it for you.

Sitting in my solicitors office the other week I could hear the secretaries getting answers to people's queries and deciding to themselves "We'll call him back about that next week" I was sitting there going :eek::eek::eek: Made up my mind that very moment to hound them from that day.

ELM327

Bananaleaf wrote: »

Oh, I wonder why that was. It could be something that is common enough, but you are just noticing it more because you are really waiting on it.

Just suggestions here - I am not in any way versed in this area:

Do you have a few loans or a couple of credit cards? It could be a thing that the regular underwriters can only process applications that have X amount of loans/cards.

Was there anything unusual about your application? Anything out of the norm, like a missed loan payment in the past or anything?

It could also be something like, 1 in every 50 applications get bumped up to the senior underwriters for quality control?

I would say you are entitled to know why it has been bumped up. Maybe call and ask tomorrow.

I empathise. I have hated every moment of the application process. I will never be doing this again. And I'm one of the lucky ones who looks set to close within 6weeks

I have one loan and one credit card, no missed payments on file and a perfect credit rating per my ICB report.
To an outsider (me) it doesn't seem abnormal but maybe it's just that I'm time sensitively waiting on it.

Bananaleaf

ELM327 wrote: »

I have one loan and one credit card, no missed payments on file and a perfect credit rating per my ICB report.
To an outsider (me) it doesn't seem abnormal but maybe it's just that I'm time sensitively waiting on it.

Yeah, it could be that. That was same with me about a few things along the way. Though, having said that, there were also a couple of things that I phoned up about for updates, only to find the bank/solicitor/EA had forgotten it, so if not for my phone calls there would have been delays galore.

Always remember that you attract more bees with honey. If you call the bank today and are über nice, complimentary of their service, they are way more likely to get moving on things. im not suggesting you're going to take the head off anyone, but it can sometimes be the very thing you are advised to do by others in these situations

Interested Observer

Submitted the forms last week, I still have a statement I'm trying to track down, but pending that our LTI exception has also been approved so good news. Looks like I'll be doing some proper house hunting in the new year.

ELM327

Bananaleaf wrote: »

Yeah, it could be that. That was same with me about a few things along the way. Though, having said that, there were also a couple of things that I phoned up about for updates, only to find the bank/solicitor/EA had forgotten it, so if not for my phone calls there would have been delays galore.

Always remember that you attract more bees with honey. If you call the bank today and are über nice, complimentary of their service, they are way more likely to get moving on things. im not suggesting you're going to take the head off anyone, but it can sometimes be the very thing you are advised to do by others in these situations

So I just heard back that I was approved

The delay was that it had to go to a second level underwriter as the first had declined. There were some "out of ordinary" transactions on my account that he didnt like apparently. The advisor I had been dealing with appealed it straight away, that was the issue.

I'm over the moon. Been following this thread for a while and thanks to everyone for the tips and advise, stick with it as it's a long aul slog but we got there in the end! :D:D:D

ELM327

ELM327 wrote: »

So I just heard back that I was approved

The delay was that it had to go to a second level underwriter as the first had declined. There were some "out of ordinary" transactions on my account that he didnt like apparently. The advisor I had been dealing with appealed it straight away, that was the issue.

I'm over the moon. Been following this thread for a while and thanks to everyone for the tips and advise, stick with it as it's a long aul slog but we got there in the end! :D:D:D

Out of interest, what sort of transactions did they consider "out of ordinary"?

ELM327

cisk wrote: »

Out of interest, what sort of transactions did they consider "out of ordinary"?

I buy and sell a couple of classic cars and I have some share investments, I cashed in some of both to make up part of my deposit.
They didnt like the incomings and outgoings that they couldnt explain.
That was the hold up, I had provided statements for the shares and copies of donedeal ads for the cars ages ago but apparently it had to go a couple of levels of appeal to get approved.

mloc123

Bananaleaf wrote: »

Good job. At least you know you're doing all you can to get it over the line in time for Xmas.

Isn't it crazy though, the amount of work that you end up doing yourself, even though you are paying others to do it for you.

Sitting in my solicitors office the other week I could hear the secretaries getting answers to people's queries and deciding to themselves "We'll call him back about that next week" I was sitting there going :eek::eek::eek: Made up my mind that very moment to hound them from that day.

We have spent the last two days chasing various people, getting documentation clarified.. emailing, faxing etc.. Looks like we have everything in place and the draw down is being processed... so hopefully we will get a cheque tomorrow or Monday.

ELM327

ELM327 wrote: »

I buy and sell a couple of classic cars and I have some share investments, I cashed in some of both to make up part of my deposit.
They didnt like the incomings and outgoings that they couldnt explain.
That was the hold up, I had provided statements for the shares and copies of donedeal ads for the cars ages ago but apparently it had to go a couple of levels of appeal to get approved.

Thanks, good to know as i will be going through the same process soon. I did notice your username so no surprise you're in to cars.

Congrats on getting approved.

Bananaleaf

mloc123 wrote: »

We have spent the last two days chasing various people, getting documentation clarified.. emailing, faxing etc.. Looks like we have everything in place and the draw down is being processed... so hopefully we will get a cheque tomorrow or Monday.

Brilliant! It was worth the drive out with your docs so ... looks like you will be in for Xmas after all. Ours is being processed too - cheque Tuesday for us.

Congrats!

ELM327 wrote: »

So I just heard back that I was approved

The delay was that it had to go to a second level underwriter as the first had declined. There were some "out of ordinary" transactions on my account that he didnt like apparently. The advisor I had been dealing with appealed it straight away, that was the issue.

I'm over the moon. Been following this thread for a while and thanks to everyone for the tips and advise, stick with it as it's a long aul slog but we got there in the end! :D:D:D

Congratulations!

I don't say this to dampen your parade at all... but .... this is just the start of the process, so be prepared for plenty more days filled with exasperation and frustration. However, it will be all worth it in the end and at least you know now that you are approved - the rest of the stress to come isn't as bad as the stress of waiting to get the approval.

Enjoy the house hunting!

Powerfairy

Long term lurker here on this page, I see Elm327's application got extended up to senior underwriter as they had "unusual transactions" which concerned me a bit.
We just submitted all our docs into BOI, (one savings statement pending which I am sending in Monday)
What I am worried about is:
We got a gift off parents, will this be questioned? as an odd transaction. An influx of cash on a savings statement in September?

We have a gift letter also, from a friend gifting us a small amount, will this be viewed negatively? (We are hoping to not ever need this but we wanted to get moved from "approved in principle" to the next stage of "house hunter mortgage" which is evaluated by underwriters so we can speed the process up)
(we are looking for more than we need basically just to cover ourselves when bidding, the gift letter was to get us to the upper limit. houses we are looking for are less than what we're applying for and we have 2k tied up in a deposit in Dublin which we will be getting back in full our landlord has advised so realistically we won't even need the gift.)

Also, The mortgage we're applying for is small in the scheme of things as we pay far, far more rent in Dublin monthly, will this be seen as positive that we are looking for a lot less than what we currently pay in rent? (We're moving to a cheaper county)

Sorry if these are strange questions. we really are novices at all this.

Bank of Ireland wanted from us = 10% deposit savings proof (we have this) Stamp duty proof (we have this) Money to cover a Solicitors fee & a surveyor. The gift letter was to cover the latter two.

Thanks all. Great thread.

CoconutSky

I have been postponed mortgage protection insurance by three life assurance companies. I have a full loan offer from Bank of Ireland Mortgages. Can anyone assist on how I go about getting a waiver? Are my chances slim? I’m a sole applicant on the mortgage. Stressed out to the max. Any help would be greatly appreciated. Thanks in advance.

Cuddlesworth

Since my solicitor is afk, anybody have any idea on what the timeline is from drawdown to closing?

Vetch

Powerfairy wrote: »

Long term lurker here on this page, I see Elm327's application got extended up to senior underwriter as they had "unusual transactions" which concerned me a bit.
We just submitted all our docs into BOI, (one savings statement pending which I am sending in Monday)
What I am worried about is:
We got a gift off parents, will this be questioned? as an odd transaction. An influx of cash on a savings statement in September?

We have a gift letter also, from a friend gifting us a small amount, will this be viewed negatively? (We are hoping to not ever need this but we wanted to get moved from "approved in principle" to the next stage of "house hunter mortgage" which is evaluated by underwriters so we can speed the process up)
(we are looking for more than we need basically just to cover ourselves when bidding, the gift letter was to get us to the upper limit. houses we are looking for are less than what we're applying for and we have 2k tied up in a deposit in Dublin which we will be getting back in full our landlord has advised so realistically we won't even need the gift.)

Also, The mortgage we're applying for is small in the scheme of things as we pay far, far more rent in Dublin monthly, will this be seen as positive that we are looking for a lot less than what we currently pay in rent? (We're moving to a cheaper county)

Sorry if these are strange questions. we really are novices at all this.

Bank of Ireland wanted from us = 10% deposit savings proof (we have this) Stamp duty proof (we have this) Money to cover a Solicitors fee & a surveyor. The gift letter was to cover the latter two.

Thanks all. Great thread.

When I was applying for a BOI mortgage earlier this year I was asked by the mortgage manager about a deposit of 15,000 or so made into my account in 2009. It was actually my own money coming back to me as I'd lent it to someone. I told her this and she accepted it, but not exactly straightaway. I was also able to say that if she checked the same amount would have gone out of the account some time earlier. I thought it was interesting she went back so far in the account but maybe my bank account isn't very interesting. I don't know about gifts, but the best option is to tell the truth!

ELM327

Bananaleaf wrote: »

Congratulations!

I don't say this to dampen your parade at all... but .... this is just the start of the process, so be prepared for plenty more days filled with exasperation and frustration. However, it will be all worth it in the end and at least you know now that you are approved - the rest of the stress to come isn't as bad as the stress of waiting to get the approval.

Enjoy the house hunting!

See that's the thing, I'm already sale agreed on a house. I had the house found before the mortgage was approved. I had AIP but not full approval.
This does feel like the end of the "approval" journey and the start of the "moving in" journey

ELM327

Powerfairy wrote: »

Long term lurker here on this page, I see Elm327's application got extended up to senior underwriter as they had "unusual transactions" which concerned me a bit.
We just submitted all our docs into BOI, (one savings statement pending which I am sending in Monday)
What I am worried about is:
We got a gift off parents, will this be questioned? as an odd transaction. An influx of cash on a savings statement in September?

We have a gift letter also, from a friend gifting us a small amount, will this be viewed negatively? (We are hoping to not ever need this but we wanted to get moved from "approved in principle" to the next stage of "house hunter mortgage" which is evaluated by underwriters so we can speed the process up)
(we are looking for more than we need basically just to cover ourselves when bidding, the gift letter was to get us to the upper limit. houses we are looking for are less than what we're applying for and we have 2k tied up in a deposit in Dublin which we will be getting back in full our landlord has advised so realistically we won't even need the gift.)

Also, The mortgage we're applying for is small in the scheme of things as we pay far, far more rent in Dublin monthly, will this be seen as positive that we are looking for a lot less than what we currently pay in rent? (We're moving to a cheaper county)

Sorry if these are strange questions. we really are novices at all this.

Bank of Ireland wanted from us = 10% deposit savings proof (we have this) Stamp duty proof (we have this) Money to cover a Solicitors fee & a surveyor. The gift letter was to cover the latter two.

Thanks all. Great thread.

In my experience:
They will query any and all large incomings and outgoings.
If it's a gift there is a standard gift letter to complete.
You will have to provide a minimum of 25% of the deposit amount yourself, show a track record of savings, and they will probably also question your decision to move to a different county without renting there first.

Call me Al

Vetch wrote: »

When I was applying for a BOI mortgage earlier this year I was asked by the mortgage manager about a deposit of 15,000 or so made into my account in 2009. It was actually my own money coming back to me as I'd lent it to someone. I told her this and she accepted it, but not exactly straightaway. I was also able to say that if she checked the same amount would have gone out of the account some time earlier. I thought it was interesting she went back so far in the account but maybe my bank account isn't very interesting. I don't know about gifts, but the best option is to tell the truth!

Do banks actually ask for 8 years worth of statements? Unless you have an account with them already and the manager would be able to see these statements anyway.
But transactions from 8 years previous would appear to be excessive.

ELM327

Call me Al wrote: »

Do banks actually ask for 8 years worth of statements? Unless you have an account with them already and the manager would be able to see these statements anyway.
But transactions from 8 years previous would appear to be excessive.

I was asked for ~6 months statements.
But that was with BOI and I have no accounts with BOI.
Perhaps if your current account is with the bank you apply to, they look further back

ebayissues

Hi Guys,

I'm 26 single on 50k per annum including OT pay. I've 10k in savings and have started saving 1.5k a month. I am considering buying a apartment/house. My brother can give me a loan of 30K as well to help me buy a place.

I am paying 750 per ,month on rent which is a waste aIMHO. I'm a bit lost as to whether new build vs buying apartment in the city centre for approximately 275k or so and how this will affect HTB scheme. Any thoughts please ?

Monife

ebayissues wrote: »

Hi Guys,

I'm 26 single on 50k per annum including OT pay. I've 10k in savings and have started saving 1.5k a month. I am considering buying a apartment/house. My brother can give me a loan of 30K as well to help me buy a place.

I am paying 750 per ,month on rent which is a waste aIMHO. I'm a bit lost as to whether new build vs buying apartment in the city centre for approximately 275k or so and how this will affect HTB scheme. Any thoughts please ?

The max mortgage you will get is €175k unless you get an exception. So you will need a €100k deposit if you want to purchase somewhere for €275k. Plus money for stamp duty, legal fees and surveys/valuations.

ELM327

ebayissues wrote: »

Hi Guys,

I'm 26 single on 50k per annum including OT pay. I've 10k in savings and have started saving 1.5k a month. I am considering buying a apartment/house. My brother can give me a loan of 30K as well to help me buy a place.

I am paying 750 per ,month on rent which is a waste aIMHO. I'm a bit lost as to whether new build vs buying apartment in the city centre for approximately 275k or so and how this will affect HTB scheme. Any thoughts please ?

As above you won't be given next nor near 275k on the figures you've given.
The bank also won't include your OT pay. Some can make an exception and include 50% of the OT pay backed up with P60 from the last 3 years but it is rare.

What is your basic salary on your salary cert? Thats what the banks use for the central bank calculations.

Additionally, re gifts, you must make up a minimum of 25% of the deposit (incl legal fees and stamp duty) yourself, but the banks prefer to see a higher contribution.

ebayissues

Monife wrote: »

The max mortgage you will get is €175k unless you get an exception. So you will need a €100k deposit if you want to purchase somewhere for €275k. Plus money for stamp duty, legal fees and surveys/valuations.

Thanks.. My basic is 45k...Do the bank often make excptions ?

Interested Observer

ebayissues wrote: »

Thanks.. My basic is 45k...Do the bank often make excptions ?

Couple of things from your post above, you'll have to have your employer fill in a salary certificate for you and if they don't tick the box that says your overtime is guaranteed then the bank won't consider it.

Secondly a loan from your brother won't really be acceptable either, it will have to be or else will have to be presented to the bank as a gift, he'll have to tell the bank he doesn't need to be repaid and he wants no interest in the property.

And exceptions aren't overly hard to get I don't think.

ELM327

ebayissues wrote: »

Thanks.. My basic is 45k...Do the bank often make excptions ?

I would suggest contacting KBC if you are looking for an exception and including unguaranteed overtime as income because they included mine (even though I didnt ask nor need it). I'd be in a similar position to yourself, single applicant, base of 40k but I normally earn 50-60k with overtime and bonuses. BOI didnt count the additional salary but KBC were. If I were "on the cusp" it could make a difference.

Interested Observer wrote: »

Couple of things from your post above, you'll have to have your employer fill in a salary certificate for you and if they don't tick the box that says your overtime is guaranteed then the bank won't consider it.

They wont consider it as regular income but can include some of it (50%) if they see it's regular earning on multiple p60s

Interested Observer wrote: »

Secondly a loan from your brother won't really be acceptable either, it will have to be or else will have to be presented to the bank as a gift, he'll have to tell the bank he doesn't need to be repaid and he wants no interest in the property.

+1
most banks have a standard gift letter and all state that the money is not due to be repaid. Whether you actually repay is between you and your brother, the bank want it documented that no one else has recourse to the asset (house) except their lien.

Interested Observer wrote: »

And exceptions aren't overly hard to get I don't think.

Some are and some arent, it depends which one, what bank, your profile, area of purchase, etc etc. How long is a piece of string.

axcel

CoconutSky wrote: »

I have been postponed mortgage protection insurance by three life assurance companies. I have a full loan offer from Bank of Ireland Mortgages. Can anyone assist on how I go about getting a waiver? Are my chances slim? I’m a sole applicant on the mortgage. Stressed out to the max. Any help would be greatly appreciated. Thanks in advance.

The bank should have group cover pol. But I believe once you get declined by 3 providers they will have to give you cover or waiver. Don't know the ins and outs unfortunately, sure someone here will only that you'll need letters from 3 providers showing you were declined.

CoconutSky

Lizcent wrote: »

The bank should have group cover pol. But I believe once you get declined by 3 providers they will have to give you cover or waiver. Don't know the ins and outs unfortunately, sure someone here will only that you'll need letters from 3 providers showing you were declined.

Thanks - I have three letters from three separate companies. It’s at the banks discretion if they grant me a waiver. If they don’t give me a waiver, am I totally f**ked?