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

sullydublin

chrismon wrote: »

Hi all.
We have most of our deposit saved over the past 15 months, few quid to deposit and we have our goal.
We are looking to apply for a mortgage at the minute.
Do ye recommend a broker or doing it all ourselves (every euro counts at this stage).
Is there anything to look out for when researching mortgaged apart from the usual fixed/variable rates etc.

Use a broker who gets paid by the banks. Thats what we need.

Bargain_Hound

syndrome777 wrote: »

I had income exception, and when my AIP expired and we replied, the exemption limit was higher (banks do that a few times a year) and we could not get the exemption.
Check with your bank about that.
I was with AIB and was wormed initially that we will be reassessed with the "new" exemption limit when are AIP expires
this was last year when AIB only had AIP for 6 months, now they have for 12, so if you are not with them, maybe it would be wise to go and get you AIP from them as well.

Had you already accepted the loan offer and signed contracts though? That's the stage I'm at now signing but hoping come 6 months when the house is more than likely not going to be complete that I can just apply for a loan offer extension to get over the line. Bank manager didn't seem concerned as she suggested I will only need to provide up to date payslips and bank statements to push the offer out another 6 months. I'm guessing this is not the exact same as applying for approval in principle new application again? not 100% sure what to believe.

elainers wrote: »

Try get a loan offer clause in your contract so at least you'll get your deposit back if you don't get approval at drawdown. Not ideal as you wouldn't get the house but better than losing your deposit. Also could you save over the next six months to close the gap and not require an exemption?

Saving the whole amount in difference in 6 months not really an option combined with the level of rent currently being paid right up to move time.

syndrome777

Bargain_Hound wrote: »

Had you already accepted the loan offer and signed contracts though? That's the stage I'm at now signing but hoping come 6 months when the house is more than likely not going to be complete that I can just apply for a loan offer extension to get over the line. Bank manager didn't seem concerned as she suggested I will only need to provide up to date payslips and bank statements to push the offer out another 6 months. I'm guessing this is not the exact same as applying for approval in principle new application again? not 100% sure what to believe.

No we weren't at that stage, however that doesn't matter as the reason why you are extending the offer does not matter to the bank.
I just know any extension is assessed under current rules and levels
(I work in the bank so I know )

TheShow

Bargain_Hound wrote: »

Received mortgage approved today. Delighted. New build which is not due for completion for another 6-7 months. Approval lasts 6 months, due to sign contracts next week.

What happens if sale does not close until just after 6 months? Do I need to reapply? Concious as the approval also has a 3.5 x salary exemption. Feeling anxious handing over the full deposit on signing.

The reapply part is “straight forward” enough, just up to date payslips and bank statements.

The exception could be an issue though, as it depends on what level of drawdowns have completed with an exception up to that point. If you’re running into the latter half of the year I’d be mildly concerned. In 2017 most banks stopped doing exceptions around July as they hit their quotas. Best to clarify exactly with your bank in relation to how the exemption will be treated. I.e. will it carry on with the reapproval without issue, or will they need to reapply for an exception.

JDD

I asked our BOI mortgage advisor specifically about this point. We got our AIP in mid-January, with an exemption, to last for six months. We're hoping to buy a new build which may not be finished until July. She said that there would be no problem with getting an extension of a couple of months - with the exemption - as long as our circumstances hadn't changed: i.e. we'll probably have to submit payslips and bank statements again. But there seemed to be no issue regarding the exemption.

goofy141

Has anyone had hassle getting an exemption from PTSB?

GingerLily

goofy141 wrote: »

Has anyone had hassle getting an exemption from PTSB?

I had no issues - but we had a a good savings history, no other financial commitments and a large deposit.

Bargain_Hound

JDD wrote: »

I asked our BOI mortgage advisor specifically about this point. We got our AIP in mid-January, with an exemption, to last for six months. We're hoping to buy a new build which may not be finished until July. She said that there would be no problem with getting an extension of a couple of months - with the exemption - as long as our circumstances hadn't changed: i.e. we'll probably have to submit payslips and bank statements again. But there seemed to be no issue regarding the exemption.

I've got an approval with an exception with 2 banks. Waiting to sign contracts next week. Both banks provided the same answer when I asked them about expiry of the loan offer on a new build. Both confirmed they haven't had a situation yet where the renewal of the exception on a new build has failed. I'm still not 100% confident in the answers, it really sounds like nobody knows what will happen, just as much as nobody in the banks probably know how many exceptions have actually been given out vs. drawn down.

Although once the property contracts have a clause put on them to be subject to your loan funding, at least the deposit is not lost if your approval is not extended - just 6 months waiting for nothing - which in my opinion is nearly as bad as loosing your deposit

JDD

I know what you mean bargain-hound. It's the main reason why we're still looking at second hand houses and will do right up to the day we'll have to give the full deposit on a new house. Exemptions aren't counted as exemptions until they are drawn down, so the risk would be that BOI are keeping a tally of the exemptions given, and once the six months is up that €450k or whatever they are lending you becomes fair game for another applicant. Plus you'd have to take your chances with another underwriter. But I'm hoping it doesn't come to that.

TheShow

JDD wrote: »

I asked our BOI mortgage advisor specifically about this point. We got our AIP in mid-January, with an exemption, to last for six months. We're hoping to buy a new build which may not be finished until July. She said that there would be no problem with getting an extension of a couple of months - with the exemption - as long as our circumstances hadn't changed: i.e. we'll probably have to submit payslips and bank statements again. But there seemed to be no issue regarding the exemption.

I’d be looking for that in writing, just to be sure.

dev_ire

Sorry if this is asked/answered but is there any way to track interest rates on a semi up to date basis?

If you are on variable can they change daily, weekly, monthly? Does it happen whenever without notice?

gargargar

Just wondering how people find KBC to deal with?

I am going through preapproval at the moment and the person I am dealing with is very relaxed. You might almost say a celtic tiger attitude. I applied for preapproval with EBS 3 years ago and they almost wanted a blood sample. Went through my bank statements with a fine-tooth comb. It may be that that will happen with KBC as I progress.

Has anybody experience with a couple of institutions? Are KBC more relaxed?

ELM327

Finally. Finally. Signing contracts early next week.
After going sale agreed in October it's been a long slog but I *think* its getting to the close now.

teaontap

gargargar wrote: »

Just wondering how people find KBC to deal with?

I am going through preapproval at the moment and the person I am dealing with is very relaxed. You might almost say a celtic tiger attitude. I applied for preapproval with EBS 3 years ago and they almost wanted a blood sample. Went through my bank statements with a fine-tooth comb. It may be that that will happen with KBC as I progress.

Has anybody experience with a couple of institutions? Are KBC more relaxed?

I've had the opposite experience haha. KBC were terrible and EBS have been great so far really relaxed and accommodating.

izzyflusky

gargargar wrote: »

Just wondering how people find KBC to deal with?

I am going through preapproval at the moment and the person I am dealing with is very relaxed. You might almost say a celtic tiger attitude. I applied for preapproval with EBS 3 years ago and they almost wanted a blood sample. Went through my bank statements with a fine-tooth comb. It may be that that will happen with KBC as I progress.

Has anybody experience with a couple of institutions? Are KBC more relaxed?

I went through a broker but found KBC very relaxed also. They had queries about some transactions in my statements, genuine ones that I was expecting but I thought they would have wanted documentation to support my explanations but nope, an email was enough. I could have said anything basically.

gargargar

teaontap wrote: »

I've had the opposite experience haha. KBC were terrible and EBS have been great so far really relaxed and accommodating.

That's weird isn't it. Maybe it also it comes down to who you are dealing with.

purpleisafruit

gargargar wrote: »

That's weird isn't it. Maybe it also it comes down to who you are dealing with.

I dealt with AIB and there was no questions other than the fact that a woman with the same name as my wife living in the same area had some terrible credit history. We've come across it in the past too with previous credit applications too!

b.o.d.

ELM327 wrote: »

2000/2050 is generally the banks figure for non-child couples.. each child (with AIB+BOI anyway) added 250.

Do you much is it for a single person with children ?

long time lurker but trying to get things together to start the process now so need to ask a few questions

Michellenman

Anyone do a house inspection before closing? We are getting the keys on Monday (*dances*) but I want to make sure the place is clear and empty and hasn't been trashed in the last 8 months. Is there anything in particular to look out for?

GingerLily

Michellenman wrote: »

Anyone do a house inspection before closing? We are getting the keys on Monday (*dances*) but I want to make sure the place is clear and empty and hasn't been trashed in the last 8 months. Is there anything in particular to look out for?

Congratulations!!

No advice though, but good luck!

LirW

Michellenman wrote: »

Anyone do a house inspection before closing? We are getting the keys on Monday (*dances*) but I want to make sure the place is clear and empty and hasn't been trashed in the last 8 months. Is there anything in particular to look out for?

Do one, make sure all the contents that are staying subject to contract are in. Take pictures of every room. If there is anything in the house that isn't in the contract make sure it gets removed.

You don't want the vendors to dump their rubbish a day before closing in the house and you have to foot the bill for a skip, unfortunately that's not uncommon.

fg1406

LirW wrote: »

Do one, make sure all the contents that are staying subject to contract are in. Take pictures of every room. If there is anything in the house that isn't in the contract make sure it gets removed.

You don't want the vendors to dump their rubbish a day before closing in the house and you have to foot the bill for a skip, unfortunately that's not uncommon.

This!!! Although we wouldn’t have gotten a chance to see what rubbish they were leaving as they were packing for a week or so before they left and still loading up the moving van right up until 10 mins before handing over keys. They left the house in a godawful state. Filth over over every surface and a rotten smell throughout.

bush

b.o.d. wrote: »

Do you much is it for a single person with children ?

long time lurker but trying to get things together to start the process now so need to ask a few questions

AIB its 1400 per single person. Ulster bank is 1300. Add 250 per child then I suppose.

bush

I know you have to have life insurance before you can u can draw down but can you just cancel it once you have the house?

Juwwi

bush wrote: »

I know you have to have life insurance before you can u can draw down but can you just cancel it once you have the house?

Good question

TheShow

bush wrote: »

I know you have to have life insurance before you can u can draw down but can you just cancel it once you have the house?

No, the bank normally takes an assignment over the policy, so if you cancel the policy the bank will be advised. Under CCA legislation you are legally required to have mortgage protection, it will work in your benefit if you or your partner unexpectedly passes away during your mortgage.

chases0102

Hi folks,

In the midst of buying here....just wondering, what is the perceived wisdom about % of monthly net income to go on housing/mortgage? No more than 30%?

stargazer 68

Went sale agreed in December and got our keys yesterday! Spent the day there so floors are up, wallpaper off walls and ceilings painted:) we have 3 weeks before we need to move in so getting as much as we can done before we live in the house.

wetlandsboy

chases0102 wrote: »

Hi folks,

In the midst of buying here....just wondering, what is the perceived wisdom about % of monthly net income to go on housing/mortgage? No more than 30%?

I would have thought somewhere between 20 and 30%. Unless you are the fella in the Woodies ad that casually says 75%!
https://youtu.be/zPlck49OAkU

benjamin d

wetlandsboy wrote: »

I would have thought somewhere between 20 and 30%. Unless you are the fella in the Woodies ad that casually says 75%!
https://youtu.be/zPlck49OAkU

Phew, I'm glad someone else picked up on that! The boom is well and truly back. A friend of mine went into the bank the other day to buy currency and got asked if they'd like a mortgage!