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

CoconutSky

I feel your pain. It’s an extremely stressful situation, I’m in the same boat! Did you apply for a waiver from the bank to waive the condition of life assurance?

fg1406

CoconutSky wrote: »

I feel your pain. It’s an extremely stressful situation, I’m in the same boat! Did you apply for a waiver from the bank to waive the condition of life assurance?

Yes I had to go through the pain of getting 3 companies to decline me before I could get a waiver.

Cuddlesworth

ArtyC wrote: »

We were delayed waiting for the planning permission unfortunately

If it was me I would start looking at other houses. In fact, you should have been looking at other houses regardless. I say this because people don't realise that until contracts are signed by both partys, nothing has been bought. That includes them.

ArtyC

Cuddlesworth wrote: »

If it was me I would start looking at other houses. In fact, you should have been looking at other houses regardless. I say this because people don't realise that until contracts are signed by both partys, nothing has been bought. That includes them.

The tenents have been removed and I actually know the person selling the house. I just wanted an opinion on how long it would take to get contracts drawn up as I know they've only reopened the 2nd.... I fell foul to builders holidays in august to xmas holidays !! Should I be calling Friday or Monday etc

Thanks for the replies !! This tread is great for info

sulli

fg1406 wrote: »

I went sale agreed in June. Vendors solicitor didn’t send contracts until November. Sent back by my solicitor with queries. Eventually signed at the end of November. Now January and still no word from vendors solicitor. I’m the meantime I’m paying €100 a month for storage of my furniture. I’m moving back in with my parents at the weekend as my house lease is up. I’ve been declined Life assurance and I’m fit to kill someone with the stress of it all.

We are the exact same, went sale agreed in August 30th, contracts received by our solicitor 3 weeks later, couple of queries were sorted, we signed 13th November but our delay is that there is a couple of siblings signing, 2 of which are abroad and each needs to sign contracts individually. They wouldn't agree to putting one of them as power of attorney. Went to measure up the house again last night (2nd hand home) for furniture etc and the EA said that as far as she was aware there is only one left to sign out of 6....put our mind at ease as to the hold up!!! It's a ridiculously drawn out process but we will get there!!!!!

smndly

Does anyone know if banks will look at money being invested in a stockbroker account on a monthly basis as proof of ability to pay a mortgage?

I've been saving money in both a regular savigs account and my degiro account for the last 15months and the return on savings is depressing. Ideally i would like to put a greater ratio of my money each month into the degiro account but am nervous as I feel the bank won't see this as "money saved" and wont include it as an ability to payment. Does anyone have experience of anything similar?

sightband

smndly wrote: »

Does anyone know if banks will look at money being invested in a stockbroker account on a monthly basis as proof of ability to pay a mortgage?

I've been saving money in both a regular savigs account and my degiro account for the last 15months and the return on savings is depressing. Ideally i would like to put a greater ratio of my money each month into the degiro account but am nervous as I feel the bank won't see this as "money saved" and wont include it as an ability to payment. Does anyone have experience of anything similar?

just speculating, but I could potentially see the banks looking at this as a liability and unfavourably on your ability to repay which may affect your borrowing capabilities, assuming your investing has some degree of risk attached to it I can only see them look at this negatively rather than any kind of positive in helping your approval.

I totally agree with you, any return on a savings account here is pointless with apr rates and DIRT. You're doing the only thing someone can with a lump of cash and looking to get some return on it but all they want to see is regular savings, income and modest expenditure and no abnormal luxury purchases. It's not just those with paddypower/gambling debits that are getting scrutinised.

The UK is worse, a friend of mine got quizzed by the bank on £150 he spent on a meal for a family celebration in a pub, the suggestion was that it was spent on alcohol and is this an issue.

History Queen

Hi everyone,
I've been reading this thread for ages and have picked up loads of useful tips along the way. Officially got approval in principal today so off to the estate agent tomorrow to arrange a viewing on a house we've been eyeing up in the area. Very excited to finally be able to consider our options.

Does anyone know how long it takes to go from approval in principal to full mortgage offer usually and if it is a straightforward process assuming our circumstances remain the same? I'm driving my husband around the bend worrying we'll be turned down (completely irrational fear I've submitted all our accounts/paperwork etc for AIP)

cloneslad

History Queen wrote: »

Hi everyone,
I've been reading this thread for ages and have picked up loads of useful tips along the way. Officially got approval in principal today so off to the estate agent tomorrow to arrange a viewing on a house we've been eyeing up in the area. Very excited to finally be able to consider our options.

Does anyone know how long it takes to go from approval in principal to full mortgage offer usually and if it is a straightforward process assuming our circumstances remain the same? I'm driving my husband around the bend worrying we'll be turned down (completely irrational fear I've submitted all our accounts/paperwork etc for AIP)

We met Bank of Ireland on a Monday evening in a pub (the good times are back). We got a phone call of AIP on the Thursday evening, a letter confirming AIP on the Monday morning and the full approval and contracts to sign on the Wednesday / Thursday.

Not sure how normal that is but this was in November, so recently enough.

LirW

Depends on the seller. If they still have a mortgage on the house, the bank holds the deeds and it can take a few weeks to get them from the bank. Then the contracts can be issued and then, given there aren't any issues coming up you can close.

Bananaleaf

We went with BOI and we opted for househunter approval in principle. This is AIP that has gone to the underwriters already and all you need to do then is go looking for houses. Once you go sale agreed the only things you need to do to get loan offer then are give the bank the address of the property and get a valuer's report. If you are with BOI, get this approval. If you're not, investigate if the bank you are with has an equivalent

History Queen

Bananaleaf wrote: »

We went with BOI and we opted for househunter approval in principle. This is AIP that has gone to the underwriters already and all you need to do then is go looking for houses. Once you go sale agreed the only things you need to do to get loan offer then are give the bank the address of the property and get a valuer's report. If you are with BOI, get this approval. If you're not, investigate if the bank you are with has an equivalent

Thanks a million, very useful information. We're with Ulster Bank, I'll check it out.

CoconutSky

Full loan offered, Bank waived the requirement of mortgage protection assurance but decreased mortgage term as a compromise. Such a relief! Signing contracts on Monday, have been sale agreed since October. Things are finally moving in the right direction!

izzyflusky

Bananaleaf wrote: »

We went with BOI and we opted for househunter approval in principle. This is AIP that has gone to the underwriters already and all you need to do then is go looking for houses. Once you go sale agreed the only things you need to do to get loan offer then are give the bank the address of the property and get a valuer's report. If you are with BOI, get this approval. If you're not, investigate if the bank you are with has an equivalent

Is this not the norm? I thought it was the way it worked. I'll be applying this month and never thought of requesting for it.

stargazer 68

izzyflusky wrote: »

Is this not the norm? I thought it was the way it worked. I'll be applying this month and never thought of requesting for it.

We are with PTSB and didn't have to request anything. Just gave them the address and our Solicitors details and had the full approval within the week

Bananaleaf

CoconutSky wrote: »

Full loan offered, Bank waived the requirement of mortgage protection assurance but decreased mortgage term as a compromise. Such a relief! Signing contracts on Monday, have been sale agreed since October. Things are finally moving in the right direction!

I'm absolutely delighted for you! Congratulations!!!

Bananaleaf

izzyflusky wrote: »

Is this not the norm? I thought it was the way it worked. I'll be applying this month and never thought of requesting for it.

I don't know if it's the norm as I only went with the one bank, but we were offered the choice of going for AIP (if we were just looking to know what we could borrow) or house hunter AIP if we were actively bidding.

cruizer101

Do most people just apply to one back or many, I'd had kind of planned applying to them all (BOI, AIB, KBC, PTSB, UB think thats it) to give more/better options but from reading this not sure is that the norm.
Is there any disadvantage to it other than work involved.

CoconutSky

Bananaleaf wrote: »

I'm absolutely delighted for you! Congratulations!!!

Thanks bananaleaf - it’s been a very long and stressful road but I’m beginning to see the light, so to speak. Best of luck with your move.

Jacinta086

cruizer101 wrote: »

Do most people just apply to one back or many, I'd had kind of planned applying to them all (BOI, AIB, KBC, PTSB, UB think thats it) to give more/better options but from reading this not sure is that the norm.
Is there any disadvantage to it other than work involved.

We got AIP really quickly from my bank (AIB) but when we selected a property we went to other banks and this took much longer than our original AIP application (bank you are not a customer with need more info so there is more work involved).

Its a huge investment and bank rates differ dramatically so i would recommend you shop around to see what banks best suits you. I used the mortgage comparison website CCPC to select the banks that best suited me and thus applied to 3 banks in total; https://www.ccpc.ie/consumers/financial-comparisons/mortgage-comparisons/
...no point going to all the banks as some have pretty bad mortgage rates.

conf101

cruizer101 wrote: »

Do most people just apply to one back or many, I'd had kind of planned applying to them all (BOI, AIB, KBC, PTSB, UB think thats it) to give more/better options but from reading this not sure is that the norm.
Is there any disadvantage to it other than work involved.

I think it varies, but bear in mind how much work that will be, applying to all the banks. I applied to 3, and it was a lot of paperwork to get together. If I was doing it again, I'd do thorough research into all the banks' interest rates and any offers they have (2% cashback, etc.) and pick maximum 2 banks to apply to, based on where I'll get the best value.

In the end, I found no advantage to having approval from multiple banks.

TheShow

cruizer101 wrote: »

Do most people just apply to one back or many, I'd had kind of planned applying to them all (BOI, AIB, KBC, PTSB, UB think thats it) to give more/better options but from reading this not sure is that the norm.
Is there any disadvantage to it other than work involved.

You can try your own bank, or if you want to shop around, then I would recommend going to a mortgage broker as they do all the donkey work for you, and the bank normally pays them a commission so the service should be free of charge.

Vetch

cruizer101 wrote: »

Do most people just apply to one back or many, I'd had kind of planned applying to them all (BOI, AIB, KBC, PTSB, UB think thats it) to give more/better options but from reading this not sure is that the norm.
Is there any disadvantage to it other than work involved.

I'd agree with others' suggestions about researching the options. If you're going to do the applications yourself, it takes time to get everything together, answer queries from the banks, meet mortgage advisors and take phone calls from the banks (especially during the working day).

The other thing I'd suggest is considering at the outset whether you're more likely to fix for a period or just go variable from the start and look at the rates on offer with this in mind.

Member16

Hi,
Can anyone tell me is It easy/possible to get a home improvement loan with the mortgage? We are bidding on houses but by the time we pay off all the fees etc our savings will be completely depleted and the house needs a heating upgrade any inputs is appreciated cheers.

Monife

What are the reasons to refuse mortgage protection cover, would a chronic condition make you uninsurable? Or is it more for the likes of people who have had heart bypass surgery or cancer?

turniphead

Mortgage broker or direct to bank application?

Just looking for opinions on the preferred option for seeking mortgage approval.

Thanks

dazzday

I'm sure this has been asked multiple times before but has anybody had any experience of applying for a mortgage to buy a property in a different location from their job?
Currently working in Dublin but ultimately looking to move back west. Have been provisionally accepted for a mortgage to buy up here but haven't suggested to my broker about the possibility to buy back home... Anybody done similar?

izzyflusky

dazzday wrote: »

I'm sure this has been asked multiple times before but has anybody had any experience of applying for a mortgage to buy a property in a different location from their job?
Currently working in Dublin but ultimately looking to move back west. Have been provisionally accepted for a mortgage to buy up here but haven't suggested to my broker about the possibility to buy back home... Anybody done similar?

I know of someone with AIP in Cork but working in Dublin. In the end she had to ask the company to move her to the offices in Cork because they wouldn't give her the mortgage while living in Dublin (the other person she was buying with was living and working in Cork.

Not sure if it's always like that though.

Bargain_Hound

Applied for AIP on my own from my bank Wednesday, received it today! Was very straight forward and relaxed (ulster Bank). First viewing tomorrow already. Fingers crossed. First time buyer.

Question though, approval in principle is obviously not an agreement. Generally speaking and assuming the property is sound and I am in good health, if I was to get a bid accepted on a property, how common is it for the bank to deny full approval to cover the property purchase after offer is accepted and for what reasons?

Also, if the bid ón a property goes a little above your available deposit, are you given much time to generate the extra funds to cover the difference or is It acceptable to just ensure you have the full deposit amount at time of closing the agreement? (talking 4 or 5k)

Very new to all this

Bananaleaf

Bargain_Hound wrote: »

Applied for AIP on my own from my bank Wednesday, received it today! Was very straight forward and relaxed (ulster Bank). First viewing tomorrow already. Fingers crossed. First time buyer.

Question though, approval in principle is obviously not an agreement. Generally speaking and assuming the property is sound and I am in good health, if I was to get a bid accepted on a property, how common is it for the bank to deny full approval to cover the property purchase after offer is accepted and for what reasons?

Also, if the bid ón a property goes a little above your available deposit, are you given much time to generate the extra funds to cover the difference or is It acceptable to just ensure you have the full deposit amount at time of closing the agreement? (talking 4 or 5k)

Very new to all this

If you have been honest in your AIP application and you've no unusual activity on your account (lots of betting transactions, recent large transactions, for example I had bought a car in the 6months prior to applying and even though that cost was a once off, it was treated as part of my average spend) then I would imagine it's unlikely you will be denied.

About the full deposit amount, personally I wouldn't like the stress of not having it at time of sale agreed, but I'm sure plenty don't. For us, we went from sale agreed to sold in 6.5weeks, so we wouldn't have had time to make up a shortfall.

As well as the deposit, you need to have solicitor fees, stamp duty fee, fee for valuer, for surveyor and if you are buying second hand you may also have to reimburse the vendor for property tax for 2018. There are also utility bills to think of and possible reconnection fees for gas/electricity if the home hasn't been occupied.

Not trying to turn you off, and maybe you know all of that already so apologies if this comes across as condescending