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

purpleisafruit

fungie wrote: »

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.

If you have any CC debt, try to keep that as low as possible. Bank advised us that is seen as rotating debt and as long as it's kept relatively low, you're ok.
Regardless of exemptions, you will still need to have at least 10% of the deposit so around 60k if you wanted to borrow 4.5x (normal max exemption limit)

I've been told by BOI that they have used up all their exceptions for the year :eek:

zl1whqvjs75cdy

I hope to god that the central bank don't loosen anything on the credit supply side in September. The buyer pool is like a pack of angry tigers just dying to get their hands on credit. Not that I'd blame them with the constant price hikes and rent being a total joke.

OwlsZat

There should be marches calling on councils to build/develop landbanks and stop denying the people of the state affordable housing.

izzyflusky

cisk wrote: »

I've been told by BOI that they have used up all their exceptions for the year :eek:

Yep, I was in touch with then last month (just to see my options as I was already approved elsewhere) and was told that they didn't have anymore exceptions to give.

optogirl

OwlsZat wrote: »

There should be marches calling on councils to build/develop landbanks and stop denying the people of the state affordable housing.

There was a massive housing march on Saturday. Join us on the next one!

ELM327

OwlsZat wrote: »

There should be marches calling on councils to build/develop landbanks and stop denying the people of the state affordable housing.

The responsibility lies at the individual to provide for their family, not to be a burden on the state.

optogirl

ELM327 wrote: »

The responsibility lies at the individual to provide for their family, not to be a burden on the state.

Shortage of supply is a government problem.

ELM327

optogirl wrote: »

Shortage of supply is a government problem.

In a private market, supply and demand is dictated by the market.
This is not a government issue.

I dont think it has anything to do with "Saving/Applying for a mortgage 2015/16/17/18 " either

optogirl

ELM327 wrote: »

In a private market, supply and demand is dictated by the market.
This is not a government issue.

I dont think it has anything to do with "Saving/Applying for a mortgage 2015/16/17/18 " either

Apologies, I was responding to another poster who mentioned that there should be marches.

cruizer101

Anyone else apply with KBC they told us it would be 10 days but is now up at over 6 weeks, I've been in touch to see if any problem with application but no its just taking time. Tbh I'd be wary about proceeding with them at the point anyway given how long it has taken. but just wanted to see has anyone else experienced this.

Also any advice for dealing with what I think are made up offers by auctioneer.

Pedanticness

fungie wrote: »

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.

Myself and my girlfriend went through this last summer, finally moved in early this year. We are of similar age but on slightly lower combined income. Got an exemption to borrow 4.15 times our salary fairly handy with bank of ireland. Most of the other banks had used theirs up by the time we started looking.
From what i seen with banks they throw out the exemptions early in the year, unless sales fall through or people decide not to go with them they don't offer them after April / May.
With that timeline I'd recommend applying for mortgage approval towards the end of this year (wont matter that you dont have the full deposit yet), this way you'll have a very good chance of getting a 2019 exemption.

izzyflusky

cruizer101 wrote: »

Anyone else apply with KBC they told us it would be 10 days but is now up at over 6 weeks, I've been in touch to see if any problem with application but no its just taking time. Tbh I'd be wary about proceeding with them at the point anyway given how long it has taken. but just wanted to see has anyone else experienced this.

Also any advice for dealing with what I think are made up offers by auctioneer.

It took us exactly 10 working days to get approval at the beginning of the year.

We had friends that applied at the end of February and it took them longer as there was a huge backlog but in total it was probably around 3 weeks (with the snow in between).

zl1whqvjs75cdy

I don't want to spook anyone but do people with exemptions in general feel happy with their level of debt exposure? I am ridiculously debt adverse and refused to take an exemption. Between that and a couple of pay rises our mortgage is 3.12 of our salary which I am happy with. The house we got suits our needs perfectly (or it will once I get the renovations done) so don't feel that I missed out on a nicer house or anything. Just interested in hearing the other side of the story

tailgunner

cruizer101 wrote: »

Anyone else apply with KBC they told us it would be 10 days but is now up at over 6 weeks, I've been in touch to see if any problem with application but no its just taking time. Tbh I'd be wary about proceeding with them at the point anyway given how long it has taken. but just wanted to see has anyone else experienced this.

Also any advice for dealing with what I think are made up offers by auctioneer.

izzyflusky wrote: »

It took us exactly 10 working days to get approval at the beginning of the year.

We had friends that applied at the end of February and it took them longer as there was a huge backlog but in total it was probably around 3 weeks (with the snow in between).

We applied on 13th March and got approval in principle with AIB yesterday. So four weeks, or 17 working days by my count. There was a bit of back and forth with additional info in our case.

TheShow

In my opinion the income multiple rule is just an arbitrary figure. It bears no relevance on the mortgage whatsoever.

What does it really matter if you are under or over 3.5 times your gross salary.

Its not going to make a bit of difference to what actually matters, which is affordability criteria. i.e. ratio of commitments to net income and level of disposable income after all commitments.

Bargain_Hound

donkeyoaty0099 wrote: »

I don't want to spook anyone but do people with exemptions in general feel happy with their level of debt exposure? I am ridiculously debt adverse and refused to take an exemption. Between that and a couple of pay rises our mortgage is 3.12 of our salary which I am happy with. The house we got suits our needs perfectly (or it will once I get the renovations done) so don't feel that I missed out on a nicer house or anything. Just interested in hearing the other side of the story

We did not obtain the exemption due to greed but more a necessity due to the 3.5 caps leaving us just short.
Our exemption wasn't massively over the 3.5 limits, though. Currently, with no other expenses/loans other than ridiculous rent, we will be saving a pretty penny going forward once we drawdown and our mortgage starts. The new house is also 40 mins outside of Dublin city so no where near as expensive as most Dublin homes.

Frilly Knickers

tailgunner wrote: »

We applied on 13th March and got approval in principle with AIB yesterday. So four weeks, or 17 working days by my count. There was a bit of back and forth with additional info in our case.

Was this 4 weeks from when you submitted all your docs or does that include time where they came back and requested additional info?

We were told it would be 8 working days once they had everything - which would bring us to Friday from last Tuesday

We are already bidding on houses which I wouldn't be doing if I thought it could take another 3 weeks

Pedanticness

donkeyoaty0099 wrote: »

I don't want to spook anyone but do people with exemptions in general feel happy with their level of debt exposure? I am ridiculously debt adverse and refused to take an exemption. Between that and a couple of pay rises our mortgage is 3.12 of our salary which I am happy with. The house we got suits our needs perfectly (or it will once I get the renovations done) so don't feel that I missed out on a nicer house or anything. Just interested in hearing the other side of the story

From our point of view we were very happy with it. At the time we were both part qualified accountants and knew once qualified our salaries would increase quite alot in the short term. We are currently repaying about €100 more for our house then we were paying in rent for a small apartment in Dublin but with more expendable income now.
But its definitely not for everyone, the bank tried to get us to take more money to do up the house etc. But wasn't interested. I would generally consider myself a risk adverse person, all just comes down to what you feel comfortable paying monthly.

Frilly Knickers

cruizer101 wrote: »

Anyone else apply with KBC they told us it would be 10 days but is now up at over 6 weeks, I've been in touch to see if any problem with application but no its just taking time. Tbh I'd be wary about proceeding with them at the point anyway given how long it has taken. but just wanted to see has anyone else experienced this.

Also any advice for dealing with what I think are made up offers by auctioneer.

Can I ask you same as above - has the 6 weeks involved requesting anything extra? I've also applied to kbc, amongst others.

bush

I got approval in principal from both bank of ireland and ptsb in 3 or 4 days

izzyflusky

Frilly Knickers wrote: »

Can I ask you same as above - has the 6 weeks involved requesting anything extra? I've also applied to kbc, amongst others.

I had to clarify stuff but gor approval the next day.

tailgunner

Frilly Knickers wrote: »

Was this 4 weeks from when you submitted all your docs or does that include time where they came back and requested additional info?

We were told it would be 8 working days once they had everything - which would bring us to Friday from last Tuesday

We are already bidding on houses which I wouldn't be doing if I thought it could take another 3 weeks

We submitted all our documentation four weeks ago. They came back two weeks later requesting additional documents which we sent back straight away, and then they finally came back with confirmation of the approval in principle yesterday.

We're still technically waiting for the official letter, but should have it this week!

TheShow

Got the green light with EBS in about 10 working days. 6 weeks definitely seems like far too long. No way there could be that much of a backlog, maybe your application got lost - it happens....

Frilly Knickers

Thanks for clarifying. We have submitted everything down to practically our DNA samples and finger prints. Want to be able to bid in earnest on houses and I feel like a fraud when I don't have the letter of offer

teaontap

We finally got the full loan offer from EBS after months trying to sort out mortgage protection for my husband's dodgy heart. Eventually had to go through a UK company for a 10 year policy and sign documents with the back regarding our status when the policy expires.

Still no sign of the contracts from the house though which is so frustrating! Our offer had been accepted and booking deposit paid back in early January. Estate agent seems to think its possible the receiver hasn't even instructed their solicitor to prepare contracts yet.
Really hoping we can get them soon and move along quickly from here!

zl1whqvjs75cdy

teaontap wrote: »

We finally got the full loan offer from EBS after months trying to sort out mortgage protection for my husband's dodgy heart. Eventually had to go through a UK company for a 10 year policy and sign documents with the back regarding our status when the policy expires.

Still no sign of the contracts from the house though which is so frustrating! Our offer had been accepted and booking deposit paid back in early January. Estate agent seems to think its possible the receiver hasn't even instructed their solicitor to prepare contracts yet.
Really hoping we can get them soon and move along quickly from here!

Receiver sales can be extra painful but it will come through in the end.

teaontap

donkeyoaty0099 wrote: »

Receiver sales can be extra painful but it will come through in the end.

Fingers crossed, we love the house and the location....and the price of course haha

sarah88

We are doing a self build and recieved approval in principle, with an exception for the amount needed with BOI. We were told that we need full planning permission before an official loan offer can be given.

We are in the process of getting planning permission at the moment and plan to have it before the approval in principle expires.

Would anyone know if an AIP "saves" our exception with BOI. I'm getting pretty worried after seeing the above posts about BOI running out. Would appreciate any advice.

chrismon

Hi all.
I nearly have my 10% deposit saved, I know I'll need 4-5k on top of this for solicitor etc.
Can I apply when I have my 10% or will I need the extra saved at the time?