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

GingerLily

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 asked for a sum above our limit but never used the word exemption. It was close to our current rent in repayments and we had a good deposit

Michellenman

Did you get your keys ginger lily?!

Anyone else drawing with ulsterbank? We are having an absolutely nightmare. We had to officially reapply in 2018 to get an exemption and resubmitted all our paperwork on January 2nd, ulsterbank told us they would get loan offer out ASAP and we would be in a position to drawdown on January 11th which is what the vendors wanted and what we wanted too. It's taken until today (Feb 2nd) just to get the loan offer and will probably be another week before we can draw down. There's been goalposts moved multiple times, despite everything being sent in together in one envelope things have gotten 'lost' in the post, told us we didn't need to set up an UB current account and then changed their mind the day before we were supposed to drawdown. The current account team won't speak to the mortgage team or vice versa so it took more than a week to get a bic and Iban to give to the underwriter. Every time I call I get someone else who tells me X whereas the person before told me y. They kept telling us to expect loan offer on a Monday, then Wednesday, then following Monday and then eventually got it on Thursday only for it to be the wrong amount. The vendors are getting fed up with us, understandably, so the estate agent is constantly calling me for an update. Vendors solicitor is threatening to serve a 28day completion notice on us now which just adds more stress to an already unbelievably stressful time. Incredibly frustrating. We are so close but feel so far away.

Anyone who's with ulsterbank, do they do the actual drawdown part quickly now or are they just as slow?? Please tell me the next part is fast!

teaontap

Vim Fuego wrote: »

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.

Been refused by all of the above and more already. Heart attack at 20 meant most others wouldn't even entertain an application.

Actually got some advice from the Irish Heart Foundation this morning regarding Pulse Insurance so we are chasing that up now and hopefully it'll give us a good outcome!

GingerLily

Michellenman wrote: »

Did you get your keys ginger lily?!

We did! We payed our deposit in October so it's felt like forever - but that is what happens with new builds.

Fingers crossed it gets sorted for you, I know for us we have several issues and EVERYTHING seemed to be delayed, until its all sorted and then it all happens almost too quickly.

I hope it gets sorted on your end, definitely the one of the most stressful things I'll ever do

keane2097

VonLuck wrote: »

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.

I don't think you got an answer to this.

Your AVC is not deducted from your gross wage for the 3.5X calculation. It will also not lessen your repayment capacity in the eyes of the bank. As it is a voluntary contribution, should you get into difficulties repaying the mortgage your AVC actually shows additional repayment capacity.

This was the case with AIB anyway, I can't imagine any bank being dumb enough to see it as a negative that you are comfortable and prudent enough to be making AVCs.

goofy141

Has anyone applied as a sole applicant even though married and spouse also has an income?

vmb

goofy141 wrote: »

Has anyone applied as a sole applicant even though married and spouse also has an income?

We did, as I was in probation period.

No problem at all, but the loan was based on her income x 3.5. My salary was 100% ignored.

We didn't try to get a different offer, as the loan offer was enough

goofy141

vmb wrote: »

We did, as I was in probation period.

No problem at all, but the loan was based on her income x 3.5. My salary was 100% ignored.

We didn't try to get a different offer, as the loan offer was enough

Thanks so much, I bought a house previously so hoping my husband will qualify as a first time buyer as he never bought before

kippy

goofy141 wrote: »

Thanks so much, I bought a house previously so hoping my husband will qualify as a first time buyer as he never bought before

Don't think ye will manage that to be honest.
https://www.google.ie/amp/s/www.irishtimes.com/business/personal-finance/do-couples-lose-first-time-buyer-status-if-one-partner-bought-in-the-past-1.2876465%3fmode=amp

goofy141

kippy wrote: »

Don't think ye will manage that to be honest.
https://www.google.ie/amp/s/www.irishtimes.com/business/personal-finance/do-couples-lose-first-time-buyer-status-if-one-partner-bought-in-the-past-1.2876465%3fmode=amp

The bank seems to think he will qualify as my income is not being taken into account and deeds will be solely in his name

kippy

goofy141 wrote: »

The bank seems to think he will qualify as my income is not being taken into account and deeds will be solely in his name

Best of luck with that.

goofy141

kippy wrote: »

Best of luck with that.

Sure it’s worth a try

vmb

Even if you are not take part into the LTI valuation, if you are married your name has to be included in the mortgage. Im 99% sure that you can't apply as first time buyer.

FTB applies only when all mortgage members are FTBs

ELM327

You will not be able to do that.
Married - means both names must be on the title and as such the bank won't allow a mortgage in one name.

theboringfox

goofy141 wrote: »

The bank seems to think he will qualify as my income is not being taken into account and deeds will be solely in his name

Yes you should be absolutely fine. However I would suspect everything from mortgage to asset will just be in that persons name to qualify so make sure you get proper legal advice.

ELM327

theboringfox wrote: »

Yes you should be absolutely fine. However I would suspect everything from mortgage to asset will just be in that persons name to qualify so make sure you get proper legal advice.

Not possible due to marriage....
(Of course.. if not married then it is perfectly feasible)

Bubbaclaus

theboringfox wrote: »

Yes you should be absolutely fine.

What are you basing this comment on? Fairly straightforward they won't qualify as a FTB.

goofy141

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

sightband

goofy141 wrote: »

Thanks all I don’t plan on being on mortgage at all previous house was solely in my name. Bank manager said only problem is my name won’t be on the deeds. We will proceed and let you know the outcome

https://touch.daft.ie/discussions.daft?dcn%5Bdiscussion_id%5D=205202

might be of some use, seems like a grey area...

one serious concern would be your only option to not have you on the application would be having to select ‘single’ which would be a false declaration. your bank manager or mortgage advisor may be bending rules for you.

ELM327

sightband wrote: »

https://touch.daft.ie/discussions.daft?dcn%5Bdiscussion_id%5D=205202

might be of some use, seems like a grey area...

one serious concern would be your only option to not have you on the application would be having to select ‘single’ which would be a false declaration. your bank manager or mortgage advisor may be bending rules for you.

It;s not a grey area, it's straight up not allowed. As I said below. I wouldn't want to be making false declarations... and even so it's not going to work as the bank will find out you are married and disallow the application.

ELM327 wrote: »

Not possible due to marriage....
(Of course.. if not married then it is perfectly feasible)

sightband

ELM327 wrote: »

It;s not a grey area, it's straight up not allowed. As I said below. I wouldn't want to be making false declarations... and even so it's not going to work as the bank will find out you are married and disallow the application.

that’s what i thought also...did you read the last poster on the thread?

My understanding is that banks cannot require married applicants to make joint applications. There is in fact a fairly recent decision from the Equality Tribunal on this very point. See Adrian D\'Arcy v AIB, decision DEC-S2013-001, 11 March 2013. (The easiest way to find this decision is to go to the Workplace relations website and search by the decision reference as given above). Mr D\'arcy (god bless his cotton socks for bringing the claim) got a tidy sum from the Equality Tribunal for this breach of his rights.

So if the bank did refuse to consider a single application from you because you are married I would highly recommend going back to them and putting them on notice. Do this soon - you only have TWO MONTHS from the date of the act of discrimination (the day they refused your single application) to bring a claim - and you first have to give the banks one month to try to deal with the problem.[\i]

ELM327

That's all well and good but it's not going to get you a mortgage.
And - since this is a self confessed fudge by the OP to get a FTB exemption - I doubt they will be interested in pursuing it legally.

sightband

ELM327 wrote: »

That's all well and good but it's not going to get you a mortgage.
And - since this is a self confessed fudge by the OP to get a FTB exemption - I doubt they will be interested in pursuing it legally.

I agree, I just found it interesting that legally it doesn’t look like they can enforce it.

http://opac.oireachtas.ie/AWData/Library3/JUQdoclaid24072014_144313.pdf

The Equality Officer found that the Complainant was discriminated against on the civil status ground. The Complainant was awarded €6,300 for the effects of the discrimination, the maximum award available under the Acts. The Respondent was also ordered to amend it’s procedures in order to ensure that applications
for mortgages secured on the family home in the sole name of married persons were given appropriate consideration regardless of the marital status of the applicants and in accordance with the provisions of the Equal Status Acts

it’s on page 38 if interested.

I totally accept the bank will just tell the applicant to sling their hook elsewhere but i’m more interested in knowing how the bank manager told her she could do this, surely not out of blind ignorance to the rules? frightening if that’s the case as this is pretty standard stuff.

The_Causeway

goofy141 wrote: »

Has anyone applied as a sole applicant even though married and spouse also has an income?

This is allowed. They will however assess you as a married applicant (with dependants if applicable). They will also be questioning why your partner is not going on the application. It’s fine if it’s for the HTB, I’ve seen people do it. The bank certainly don’t like doing it but they cannot decline you based on that reason. Affordability would have to be strong for it to be considered.

myshirt

You are married. It will be the family home. You're wife already has a dog in the game, so the bank will have to have her details.

What exactly are you trying to achieve? You might just be going about it the wrong way.

ELM327

The_Causeway wrote: »

This is allowed. They will however assess you as a married applicant (with dependants if applicable). They will also be questioning why your partner is not going on the application. It’s fine if it’s for the HTB, I’ve seen people do it. The bank certainly don’t like doing it but they cannot decline you based on that reason. Affordability would have to be strong for it to be considered.

And if you divorce and the wife has a right to 50% of the home, with no name on the mortgage? It's for this reason that in reality this is not allowed.

The_Causeway

It will be up to the solicitor to ensure nobody else has a beneficial interest in the property. It will more than likely be a condition on the loan. The spouse may have to sign something. It will also be a condition for legal advice to be sought. It’s difficult to get but it does get done.

GingerLily

The_Causeway wrote: »

It will be up to the solicitor to ensure nobody else has a beneficial interest in the property. It will more than likely be a condition on the loan. The spouse may have to sign something. It will also be a condition for legal advice to be sought. It’s difficult to get but it does get done.

Does that mean the wife doesn't get the house if the husband dies and there's still a mortgage?

The_Causeway

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

GingerLily

The_Causeway wrote: »

The bank would have first charge as she is not on the title or mortgage and would have signed something waiving interest (the solicitor will look after that part-he has to ensure nobody else has a beneficial interest in the property). She would not be party to the mortgage at all and would not be liable for it.

But the bank can kick out the family and then give she would receive the profits from the sale? The bank would be entitled to do that and not have to consider any of tenancy rights of the wife?

Sorry I'm just trying to figure out the worst case scenario