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

skywayavenue

GingerLily wrote: »

What updated exception rules?

The net disposable income rule has increased by €1,000. Criteria probably a better word.

myshirt

skywayavenue wrote: »

The net disposable income rule has increased by €1,000. Criteria probably a better word.

Why, what did they tell you the criteria was and what bank was it?

Losty Dublin

TheShow wrote: »

A mortgage broker will go to all the banks on your behalf, so you only need to provide one set of documents. Instead of doing it all yourself and having to make up multiple sets of documents. Don’t pay for a broker though, the banks pay them commission so they should not be charging you. Good luck!

One of my options, Bank of Ireland, don't deal with brokers. Granted, it will make life easier for the rest of them

Michellenman

GaGa21 wrote: »

Can you pm me details too please? Thanks.

Done!

TheShow

TheShow wrote: »

some banks will do up to age 70, but it varies and depends on some factors.
Potentially, in theory, you could make a case to look at a term based on the younger party, however in my own opinion, the younger party would need to be providing the lions share of the income to service the mortgage as serviceability beyond the older parties "retirement" will then be totally dependent on the younger persons income.
Thats my assessment of it though, bank policy may be just limited to the term based on the oldest person. Best thing to do is ask your bank to find out.

Is there not generally insurance on the mortgage so if one of the people dies, it gets written off?

Presumably the bank are concerned that an older person will die before the mortgage is paid off, so that's why they limit it to a certain age?

Mantis Toboggan

[Deleted User] wrote: »

Presumably the bank are concerned that an older person will die before the mortgage is paid off, so that's why they limit it to a certain age?

I'd imagine they're afraid that when someone retires they have the money to fund mortgage repayments.

Bargain_Hound

skywayavenue wrote: »

The net disposable income rule has increased by €1,000. Criteria probably a better word.

What bank & what was the previous stated threshold? PM if you prefer.

I'm curious as I was granted the exception but the stated criteria differed between banks.

Interested Observer

Sorry can someone explain this disposable income criteria please, first I've heard of it.

sightband

What you have left over after what the bank/underwriters perceive to be all your mandatory outgoings.

TheShow

skywayavenue wrote: »

Anyone else caught out with the updated exception rules? We are 200 euro short of the new disposable income threshold for 4.5 times exception. So disappointing.

There is no disposable income rule, that’s a bank policy and it varies from bank to bank.

bri007

Hi all,

Hoping someone might be able to help us, my partner has been working past few years on contracts, however she is starting a permanent job next month, there's a 12 month probation with it.

Does this mean we will have to wait 12 months before we can get a mortgage? Anyone have any expereince of this, problem is I'm in contract work too.

Thanks

TheShow

bri007 wrote: »

Hi all,

Hoping someone might be able to help us, my partner has been working past few years on contracts, however she is starting a permanent job next month, there's a 12 month probation with it.

Does this mean we will have to wait 12 months before we can get a mortgage? Anyone have any expereince of this, problem is I'm in contract work too.

Thanks

I moved jobs in the last six months and got full approval recently even though I was on probation. There were no condition attached to the approval about probabtion being completed etc. I moved to a different company doing pretty much the same thing.
If she is doing a different type of role in her new job then you might have a wait.
Every bank assesses the situation differently and each case on its merits, best thing to do is ask them directly.
Don’t bother asking a broker, I tried and they didn’t want to know about it, they just want clean cases that will sail through the process.

Cash_Q

Our experience of using a broker was that he was more than happy to take us on at a time when we were both on temporary contracts. During the application process we were both made permanent whoch obviously helped but our broker was working with us before this with no expectation that either of us would be made permanent.

Pm me if you want his name.

bri007

Thanks for the reply

Yeah the broker I rang was a bit concerned over it and said to wait another year and come back to him.

I will try the banks directly and/or another broker.

Thanks again

TheShow wrote: »

bri007 wrote: »

Hi all,

Hoping someone might be able to help us, my partner has been working past few years on contracts, however she is starting a permanent job next month, there's a 12 month probation with it.

Does this mean we will have to wait 12 months before we can get a mortgage? Anyone have any expereince of this, problem is I'm in contract work too.

Thanks

I moved jobs in the last six months and got full approval recently even though I was on probation. There were no condition attached to the approval about probabtion being completed etc. I moved to a different company doing pretty much the same thing.
If she is doing a different type of role in her new job then you might have a wait.
Every bank assesses the situation differently and each case on its merits, best thing to do is ask them directly.
Don’t bother asking a broker, I tried and they didn’t want to know about it, they just want clean cases that will sail through the process.

bri007

Hi that would be great PM sent.

Thanks

Cash_Q wrote: »

Our experience of using a broker was that he was more than happy to take us on at a time when we were both on temporary contracts. During the application process we were both made permanent whoch obviously helped but our broker was working with us before this with no expectation that either of us would be made permanent.

Pm me if you want his name.

bush

I have finally found a house that is pretty much perfect for me.
Im going to put a bid in tomorrow and im wondering should I bid 10 grand lower or should I just bite the bullet and offer asking? Houses around here usually dont go over asking but sometimes they would go for 5 grand less.

Losty Dublin

bush wrote: »

I have finally found a house that is pretty much perfect for me.
Im going to put a bid in tomorrow and im wondering should I bid 10 grand lower or should I just bite the bullet and offer asking? Houses around here usually dont go over asking but sometimes they would go for 5 grand less.

If the local market experience is of houses selling for under the asking price then for the sake of your pocket you should bid under, especially if you are the opening bidder. No point in spending more than you need to.

cruizer101

Better bidding below even if you end up paying asking.
When bidding you can only go up, if you start at asking vendor may well expect to get a bit more, not necessarily because they think worth it but just because there is expectation of some increase from initial bid.

JDD

Finally, finally, got our loan offer letter from BOI.

I actually thought I'd never get a mortgage since I own a property with my brothers that has only just come out of negative equity. I thought I'd have to force a sale of the property, even though my brothers live in it and have solely been paying the mortgage for the past ten years. When we initially went to the EBS two years ago, they told us that the full amount of the mortgage payment on the original property would have to be deducted from our ability to repay, leaving us with an income that would only cover an mortgage of €80,000. Thank God for the manager of the Stillorgan branch of PTSB. He said that as long as the property was in positive equity it could be treated as an investment property and the mortgage payment would not be deducted from our ability to repay.

We've put down a booking deposit on a new property and are signing contracts today. Just to say there is light at the end of the tunnel for that generation of us that got caught in the property boom.

Unreg0909

JDD wrote: »

Finally, finally, got our loan offer letter from BOI.

I actually thought I'd never get a mortgage since I own a property with my brothers that has only just come out of negative equity. I thought I'd have to force a sale of the property, even though my brothers live in it and have solely been paying the mortgage for the past ten years. When we initially went to the EBS two years ago, they told us that the full amount of the mortgage payment on the original property would have to be deducted from our ability to repay, leaving us with an income that would only cover an mortgage of €80,000. Thank God for the manager of the Stillorgan branch of PTSB. He said that as long as the property was in positive equity it could be treated as an investment property and the mortgage payment would not be deducted from our ability to repay.

We've put down a booking deposit on a new property and are signing contracts today. Just to say there is light at the end of the tunnel for that generation of us that got caught in the property boom.

That's fantastic congratulations! You must be very relieved!
Do you mind me asking how long the mortgage process took with BOI

JDD

Hi Unreg. I submitted all my documents and the mortgage application on a Friday morning, and it took until Wednesday week to get the AIP - so 8 working days. Not long in the scheme of things but honestly the longest 8 days of my life.

Unreg0909

Woohoo just got our approval in principle as well

ELM327

Just heard from the bank my mortgage has been drawn down.
Sale agreed 24th October. Offer letter 20th December.
After a lot of delays from my solicitor it seems to be completed at last.

izzyflusky

Signed contracts today, I was all worked up about it up to this morning but then it wasn't such a big deal... It doesn't feel so final yet. I suppose there is a long wait ahead now until the house is ready.

Dave147

Not sure if this is the right place but mod please feel free to move, I'm on mobile app so can't see if there's a relevant sticky.

Basically we have a mortgage fixed with Ulster Bank at 2.99% for the next 4 years I think. They've recently started offering a 2.6% rate and I'm wondering if we could get that rate as we haven't drawn down the full amount yet, maybe chancing my arm but definitely worth a shot. Anyone have any idea what chance we have?

Dave147

Not sure if this is the right place but mod please feel free to move, I'm on mobile app so can't see if there's a relevant sticky.

Basically we have a mortgage fixed with Ulster Bank at 2.99% for the next 4 years I think. They've recently started offering a 2.6% rate and I'm wondering if we could get that rate as we haven't drawn down the full amount yet, maybe chancing my arm but definitely worth a shot. Anyone have any idea what chance we have?

dev_ire

With BOI you get the rate at whatever it is at drawdown so request that rate and term when you go to offer.

Michellenman

Dave147 wrote: »

Not sure if this is the right place but mod please feel free to move, I'm on mobile app so can't see if there's a relevant sticky.

Basically we have a mortgage fixed with Ulster Bank at 2.99% for the next 4 years I think. They've recently started offering a 2.6% rate and I'm wondering if we could get that rate as we haven't drawn down the full amount yet, maybe chancing my arm but definitely worth a shot. Anyone have any idea what chance we have?

You can change at drawdown but I looked in to it and the 2.6 rate had lots of conditions to be met regarding value of the loan amount, term, loan to value amount and whether an exemption to 3.5xsalary had been granted. We didn't qualify for the 2.6 unfortunately so fixed at 2.99 for 4 years.

ELM327

ELM327 wrote: »

Just heard from the bank my mortgage has been drawn down.
Sale agreed 24th October. Offer letter 20th December.
After a lot of delays from my solicitor it seems to be completed at last.

And picked up my keys on friday last.

aaaaaaaaaaaaaaaaaaaaaand breathe :cool::cool::cool:

fungie

From people who have been through it, just wondering what our chances on getting a mortgage exception. We are first time buyers.

We are a couple, late twenties, both in full time permanent jobs (one public service) combined income of about 135k, no loans/depts/children etc and a current deposit of approx 35k. Looking to buy in 6-18 months and will be saving as much as possible to improve deposit.