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

izzyflusky

Finally got a AIP yesterday. They had some queries and I was worried about the outcome but I just emailed back once and it got sorted. Managed to get an exception too but I HOPE it won't come to that.
But as a great relief as it was for about a min, I know it's only the beginning.

The Sparrow

izzyflusky wrote: »

Finally got a AIP yesterday. They had some queries and I was worried about the outcome but I just emailed back once and it got sorted. Managed to get an exception too but I HOPE it won't come to that.
But as a great relief as it was for about a min, I know it's only the beginning.

Congrats. Can I ask when you applied for the exception? Was it this year or last?

AIB have told me that there are not many exceptions this year as they are working through a backlog from last year.

TheShow

after c 2 weeks, finally got full approval today, with a LTV exception via EBS.
No hassle getting the exception either.

now just the wait to go through the legal work and get the keys!

izzyflusky

The Sparrow wrote: »

izzyflusky wrote: »

Finally got a AIP yesterday. They had some queries and I was worried about the outcome but I just emailed back once and it got sorted. Managed to get an exception too but I HOPE it won't come to that.
But as a great relief as it was for about a min, I know it's only the beginning.

Congrats. Can I ask when you applied for the exception? Was it this year or last?

AIB have told me that there are not many exceptions this year as they are working through a backlog from last year.

I applied 2 weeks ago, it was from KBC (through a broker). They weren't too fussy either. I was afraid after reading this post because I had bought a car 3 months ago, my deposit wasn't all in my savings account (some of the money is coming from an investment that we haven't cashed out yet), and my rent looked irregular in the statements as I had to pay parts of it in cash at times, etc.

They enquired about the rent and about some expenses but gave me AIP the next day after I emailed back explaining. They gave me 4 times our salaries. The broker said that's the max KBC gives, but I'm not sure if its just the max he thought he would give us.

JDD

Just last week I got approval from KBC and BOI with an exception. I'd get in quick if I were you as they go quickly.

cruizer101

JDD wrote: »

Just last week I got approval from KBC and BOI with an exception. I'd get in quick if I were you as they go quickly.

With KBC we were told we would need a property in mind to get exception, can I ask was it the same for you or was it just general exception.

cruizer101

cruizer101 wrote: »

With KBC we were told we would need a property in mind to get exception, can I ask was it the same for you or was it just general exception.

I was told this the other day with BOI, it seems a bit awkward as you could be looking at many properties and negotiations.

JDD

Yep same for me. The BOI mortgage advisor said that ultimately it didn't matter as once you got mortgage approval you could use it to bid on any house. We're 70% sure we're going to try and buy one of the new Clay Farm houses, so that's what I put down on both the KBC and BOI forms, but again, you could pick any house from Myhome.ie within your budget and put that down on the form.

izzyflusky

We had to send the Broker a daft ad for a random property. He said it didnt matter if we weren't even considering it, it's just that because of the limited number of exceptions they have, they don't want to give it randomly to people that probably won't use it.

The broker didnt use the value of the property when we applied though, and he filled it out as though we were looking at new houses... So a bit weird.

aloooof

JDD wrote: »

Yep same for me. The BOI mortgage advisor said that ultimately it didn't matter as once you got mortgage approval you could use it to bid on any house. We're 70% sure we're going to try and buy one of the new Clay Farm houses, so that's what I put down on both the KBC and BOI forms, but again, you could pick any house from Myhome.ie within your budget and put that down on the form.

Curious how the "specifying a house within your budget" works in practice, especially as the majority of houses seem to be going over asking price? Would the Asking Price have to be the same as the mortgage amount? Or the mortgage + deposit amount, for example? Any advice on this appreciated.

GingerLily

aloooof wrote: »

JDD wrote: »

Yep same for me. The BOI mortgage advisor said that ultimately it didn't matter as once you got mortgage approval you could use it to bid on any house. We're 70% sure we're going to try and buy one of the new Clay Farm houses, so that's what I put down on both the KBC and BOI forms, but again, you could pick any house from Myhome.ie within your budget and put that down on the form.

Curious how the "specifying a house within your budget" works in practice, especially as the majority of houses seem to be going over asking price? Would the Asking Price have to be the same as the mortgage amount? Or the mortgage + deposit amount, for example? Any advice on this appreciated.

Put down a new build for the application, they are fixed prices

JDD

I guess I'd suggest nominating a new build that's selling very close to what you would like your budget to be. No worrying about asking price increases or anything like that then. And I believe that - despite the pyrite issues in new homes over the bust period - banks look more favourably on new builds as there's not likely to be as many issues that might crop up with second hand homes; e.g. title issues, flood risks, historical planning issues etc.

Considering that with an exemption application you want to put the most attractive application together possible, and there are no actual consequences to putting down a random house on your application, you might as well pick the least contentious house.

VonLuck

Sorry if this has been asked before, but does paying an additional voluntary contribution into a pension fund have any effect on applying for a mortgage?

For instance, if I pay an additional 10% into my pension fund, will this reduce my gross salary in the banks 3.5 x salary calculations?

Does it also affect the mortgage repayment capacity i.e. if they see a chunk of my income going into a pension, is this considered an "expense" as such, or is it seen as a capacity for saving? I am concerned that if the banks see that I have a large outgoing into a pension fund that they consider this as an inability to afford a mortgage when they do a stress test, when in reality I can easily cancel this voluntary contribution at any time.

goofy141

Has anyone got a negative equity mortgage of late and what LTV did you get? Many thanks

GingerLily

I'm getting my keys tomorrow, I am so excited!!! I've been living as a newly wed with my inlaws, I'm finally going to live alone with my husband

I'm so excited!!!!!!

goofy141

GingerLily wrote: »

I'm getting my keys tomorrow, I am so excited!!! I've been living as a newly wed with my inlaws, I'm finally going to live alone with my husband

I'm so excited!!!!!!

Congratulations x

Mickiemcfist

goofy141 wrote: »

Has anyone got a negative equity mortgage of late and what LTV did you get? Many thanks

What's a negative equity mortgage? I know how a normal mortgage can become one, but I didn't know they could be offered?!?

goofy141

Mickiemcfist wrote: »

What's a negative equity mortgage? I know how a normal mortgage can become one, but I didn't know they could be offered?!?

Thanks for your input, I think it is generally referred to as a negative equity mortgage when seeking a new mortgage whilst in negative equity. Regardless I think it was obvious to what I was referring

Mickiemcfist

goofy141 wrote: »

Thanks for your input, I think it is generally referred to as a negative equity mortgage when seeking a new mortgage whilst in negative equity. Regardless I think it was obvious to what I was referring

Maybe it was obvious, but I figured it was something along the lines of a mortgage for a house for restoration

goofy141

Mickiemcfist wrote: »

Maybe it was obvious, but I figured it was something along the lines of a mortgage for a house for restoration

Apologies sorry I must be touchy tonight 😂

teaontap

Has anyone had any issues getting mortgage protection? My other half has been refused from multiple providers and now ebs are saying they won't approve final offer without it despite telling us all along that they would allow us to sign a waiver. So frustrating as we thought we were over the line with it and had placed an offer on a house based on their advice
It'd be great to hear if anyone has any ideas for insurance companies that will consider an otherwise healthy person with a medical history that has made everyone else run a mile!

CoconutSky

teaontap wrote: »

Has anyone had any issues getting mortgage protection? My other half has been refused from multiple providers and now ebs are saying they won't approve final offer without it despite telling us all along that they would allow us to sign a waiver. So frustrating as we thought we were over the line with it and had placed an offer on a house based on their advice
It'd be great to hear if anyone has any ideas for insurance companies that will consider an otherwise healthy person with a medical history that has made everyone else run a mile!

I couldn’t access mortgage protection assurance. I had three refusals letters which I presented to the bank as a requirement to be considered for a waiver. My case was strengthened when I informed them that I had death in service benefit from my employers. They asked me to either reduce my mortgage term or pay a higher deposit to avail of the waiver. I chose reducing mortgage term. They finally issued full loan offer conditional to what I stated above.

The very best of luck with it. I know only too well how incredibly stressful it is.

teaontap

CoconutSky wrote: »

I couldn’t access mortgage protection assurance. I had three refusals letters which I presented to the bank as a requirement to be considered for a waiver. My case was strengthened when I informed them that I had death in service benefit from my employers. They asked me to either reduce my mortgage term or pay a higher deposit to avail of the waiver. I chose reducing mortgage term. They finally issued full loan offer conditional to what I stated above.

The very best of luck with it. I know only too well how incredibly stressful it is.

Thanks I may go back to them and see will they consider one of those options perhaps or I may try approaching some other lenders with that in mind. Hopefully they will consider it! We are borrowing quite a small sum so repayments are well within what I know I could afford i the event anything was to happen but they obviously use their own figures of what people should be spending!

Mickiemcfist

CoconutSky wrote: »

I couldn’t access mortgage protection assurance. I had three refusals letters which I presented to the bank as a requirement to be considered for a waiver. My case was strengthened when I informed them that I had death in service benefit from my employers. They asked me to either reduce my mortgage term or pay a higher deposit to avail of the waiver. I chose reducing mortgage term. They finally issued full loan offer conditional to what I stated above.

The very best of luck with it. I know only too well how incredibly stressful it is.

Thank god you got it eventually, which bank was that?

CoconutSky

Mickiemcfist wrote: »

Thank god you got it eventually, which bank was that?

Bank of Ireland

shamrock55

For self build is the site included in the mortgage?

Bargain_Hound

For those who got exceptions, did you have to ask or was it offered out right without asking? we have AiP with 3 banks and none will offer any exception.

Cuddlesworth

Bargain_Hound wrote: »

For those who got exceptions, did you have to ask or was it offered out right without asking? we have AiP with 3 banks and none will offer any exception.

We were offered without asking but we had a really high deposit, high additional income to base and no dependants.

JDD

We had to ask. There was a separate section of the application form we had to fill out for BOI as well. I don't think we would have got it with any of the banks had we not asked for it.

Vim Fuego

teaontap wrote: »

Has anyone had any issues getting mortgage protection? My other half has been refused from multiple providers and now ebs are saying they won't approve final offer without it despite telling us all along that they would allow us to sign a waiver. So frustrating as we thought we were over the line with it and had placed an offer on a house based on their advice
It'd be great to hear if anyone has any ideas for insurance companies that will consider an otherwise healthy person with a medical history that has made everyone else run a mile!

Close acquaintance - cancer free for 12 months - managed to get approved by Friends First via Low.ie brokers. Had previously been turned away by Irish Lift, Zurich, Aviva etc. Good luck with either getting approved, or getting the waiver.