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

raheny red

TheShow wrote: »

If they have no way of tracing it then no need to declare. How would they know unless you tell them.

Through the Central Credit Rregister I haven't got a breeze about that though tbh :pac:

Lolle06

TheShow wrote: »

If they have no way of tracing it then no need to declare. How would they know unless you tell them.

They will ask for any savings accounts you have, so it’s not really advisable to brush this under the carpet?! And why would you anyway??? That could be considered „false“ information!

Pussyhands

Is a mortgage the cheapest type of loan you can get?

Looking for 150k over 10 years.

Lolle06

bri007 wrote: »

Anyone know if you it has to be two mortgage rejection letters from a bank/building society or does one refusal and one mortgage approval but for not enough to purchase a place you want, is this enough to get the rebuilding Ireland scheme or has it to be two out and out refusals?

Are they strict on permanent employment, say if one partner has a permanent job and the other is working continuously but not permanent.

Thanks

The main applicant needs to be in permanent employment for at least 2 yrs, the second for at least 1 yr.
Otherwise the second wage wouldn’t be taken into account.

You can have a mortgage refusal and an insufficient funds letter as proof.

bri007

Thanks for the reply,

Do they have to be the same job or just working for 2 years and 1 year continuously in different employments?

So If say I did 6 months contract and started then got another job and I am in it since.

Does this count? Or is it same job for 2 years and 1 years for both applicants.

Thanks

Lolle06 wrote: »

The main applicant needs to be in permanent employment for at least 2 yrs, the second for at least 1 yr.
Otherwise the second wage wouldn’t be taken into account.

You can have a mortgage refusal and an insufficient funds letter as proof.

TheShow

raheny red wrote: »

Through the Central Credit Rregister I haven't got a breeze about that though tbh :pac:

Central credit register is only for loans and other credit facilities. They would have no way to check if you have declared all savings.

TheShow

Pussyhands wrote: »

Is a mortgage the cheapest type of loan you can get?

Looking for 150k over 10 years.

Yes

aloooof

Two quick question if anyone could help?

We've gone Sale Agreed and have various things in motion. We've been told we'll need Home Insurance (on top of everything else). At what point in the process do we take this out? Just before contracts are sign?

Also, it seems like we'll need a valuation before we can get this? I vaguely remember reading before that the bank will pay for the valuation, is that correct or am I mistaken?

cloneslad

aloooof wrote: »

Two quick question if anyone could help?

We've gone Sale Agreed and have various things in motion. We've been told we'll need Home Insurance (on top of everything else). At what point in the process do we take this out? Just before contracts are sign?

Also, it seems like we'll need a valuation before we can get this? I vaguely remember reading before that the bank will pay for the valuation, is that correct or am I mistaken?

Depends on the Bank. BOI gave use a list of approved companies to use and we sorted it directly with them, I think it cost €150 or something like that.

The rebuild cost will be within that document - use this for your home insurance quote.

Take the insurance out to start on the day you are due to get the keys, if you aren't too sure when you'll get them just take it out on the earliest day you think it might be possible to get the keys - just in case.

aloooof

cloneslad wrote: »

Depends on the Bank. BOI gave use a list of approved companies to use and we sorted it directly with them, I think it cost €150 or something like that.

The rebuild cost will be within that document - use this for your home insurance quote.

Take the insurance out to start on the day you are due to get the keys, if you aren't too sure when you'll get them just take it out on the earliest day you think it might be possible to get the keys - just in case.

Perfect, thanks for the advice!

XsApollo

Hey,
I remember seeing a post sometime back, can’t find it now , about some solicitors in Dublin that have a rate of 450 euro fee for switching mortgage.
Does anybody know the name of the place ? or have a link ?

Thanks

Toyotafanboi

Can anyone give me an idiots guide to life cover/ mortgage protection cover? Don't really know where to begin with which is necessary or better or anything like that and we'd like to form our own opinion before the bank try to plug their options to us.

cruizer101

This give a good over view of the different types of insurance, mortgage protection is the only one required, but chances are bank may try sell you some of the others, which can be a good idea depending on your circumstances.

https://www.ccpc.ie/consumers/money/insurance/

goofy141

The stress is killing me!! We are currently in the midst of selling/buying whilst in negative equity. We signed contracts last Monday to sell, under the rules of the bank they have to receive those contracts before they will issue full loan approval to buy. I had hoped that would be through today but alas no it will be early next week. So essentially we have committed to sell without any official loan offer to buy. Crazy stuff altogether and praying nothing goes wrong in the interim, cant wait until its all over.

Apologies for the rant and I didn't really come on to ask a question but more advice to others that they should not enter into this process lightly

Frilly Knickers

goofy141 wrote: »

The stress is killing me!! We are currently in the midst of selling/buying whilst in negative equity. We signed contracts last Monday to sell, under the rules of the bank they have to receive those contracts before they will issue full loan approval to buy. I had hoped that would be through today but alas no it will be early next week. So essentially we have committed to sell without any official loan offer to buy. Crazy stuff altogether and praying nothing goes wrong in the interim, cant wait until its all over.

Apologies for the rant and I didn't really come on to ask a question but more advice to others that they should not enter into this process lightly

For this reason we didn't bother with NE mortgage. Even trying to talk to the right department in aib was sheer hell.

We got loan approval from kbc to buy without needing to sell our first property.

Then separately and concurrently we are trying to get permission from Aib to sell and convert NE to a loan.

Im glad we did it this way because aibs mortgage department is staffed by 19 year old kids with no clue, they won't accept emails only kilos of paper and trying to get an update on where its at is hell.

I can't imagine what's like to be relying on those idiots in order to buy also.

Absolute bonkers process, can't wait to be away from them.

ELM327

Yes AIB are useless.
They asked me for documents that it was not possible for me to provide
I have a case with the ombudsman about them.

Frilly Knickers

ELM327 wrote: »

Yes AIB are useless.
They asked me for documents that it was not possible for me to provide
I have a case with the ombudsman about them.

They also told us we could only apply for permission to sell our house through their arrears department even though we are not in arrears. We queried this and they insisted it was the only way.

We printed off several kilos of paper and sent it to the 'arrears' department. We waited a month to get a 'case worker' cos none of the 10 and 11 year old children staffing their phones were allowed tell us anything, only our case worker apparently, who we didn't have.

After 4 weeks and countless follow up calls we were told 'oh, no, you're NOT actually in arrears we can't help you here at the arrears department!'

The latest is we have to physically present ourselves at the branch we have our mortgage with.

Again, we can't ring that branch to confirm that's really necessary cos all calls redirect back to the call centre run by clueless children reading scripted answers with no lateral thinking.

Oh, and they will only write to us at the address where the house with the mortgage is, even though we moved out of there years ago and they know we don't live there. Meaning we've a 20km round trip to pick up post from them.

Shower of useless morons.

TheShow

Toyotafanboi wrote: »

Can anyone give me an idiots guide to life cover/ mortgage protection cover? Don't really know where to begin with which is necessary or better or anything like that and we'd like to form our own opinion before the bank try to plug their options to us.

it depends what you want really.
you can get a very basic mortgage protection policy which will ensure the mortgage is cleared if you or your partner dies during the term of the mortgage.

Or you can take a level term policy - say the mortgage amount is €200k. you will have an insurance policy worth 200k for the term of the mortgage. unlike the mortgage protection policy, the amount will not reduce, so if one of you dies on the day before the mortgage is due to be repaid in full, then they will pay out the full €200k. then you can add things like serious illness cover up to a certain amount which pays out if one of you gets sick from a non existing condition. alternatively you can get whole life cover which does as it says on the tin.

Mortgage protection is the most basic and cheapest. and they step up in price as you go.

If you can afford it i would recommend a level term policy with some element of serious illness cover, if not then just go for the basic option. (I dont work in insurance, just went through the process recently)

TheShow

Frilly Knickers wrote: »

They also told us we could only apply for permission to sell our house through their arrears department even though we are not in arrears. We queried this and they insisted it was the only way.

We printed off several kilos of paper and sent it to the 'arrears' department. We waited a month to get a 'case worker' cos none of the 10 and 11 year old children staffing their phones were allowed tell us anything, only our case worker apparently, who we didn't have.

After 4 weeks and countless follow up calls we were told 'oh, no, you're NOT actually in arrears we can't help you here at the arrears department!'

The latest is we have to physically present ourselves at the branch we have our mortgage with.

Again, we can't ring that branch to confirm that's really necessary cos all calls redirect back to the call centre run by clueless children reading scripted answers with no lateral thinking.

Oh, and they will only write to us at the address where the house with the mortgage is, even though we moved out of there years ago and they know we don't live there. Meaning we've a 20km round trip to pick up post from them.

Shower of useless morons.

Bizarre customer service....

heldel00

TheShow wrote: »

Toyotafanboi wrote: »

Can anyone give me an idiots guide to life cover/ mortgage protection cover? Don't really know where to begin with which is necessary or better or anything like that and we'd like to form our own opinion before the bank try to plug their options to us.

it depends what you want really.
you can get a very basic mortgage protection policy which will ensure the mortgage is cleared if you or your partner dies during the term of the mortgage.

Or you can take a level term policy - say the mortgage amount is €200k. you will have an insurance policy worth 200k for the term of the mortgage. unlike the mortgage protection policy, the amount will not reduce, so if one of you dies on the day before the mortgage is due to be repaid in full, then they will pay out the full €200k. then you can add things like serious illness cover up to a certain amount which pays out if one of you gets sick from a non existing condition. alternatively you can get whole life cover which does as it says on the tin.

Mortgage protection is the most basic and cheapest. and they step up in price as you go.

If you can afford it i would recommend a level term policy with some element of serious illness cover, if not then just go for the basic option. (I dont work in insurance, just went through the process recently)

Is it possible to convert easily enough from existing basic mortgage protection to a level term policy? Have been considering doing this for a while?

heldel00

TheShow wrote: »

Toyotafanboi wrote: »

Can anyone give me an idiots guide to life cover/ mortgage protection cover? Don't really know where to begin with which is necessary or better or anything like that and we'd like to form our own opinion before the bank try to plug their options to us.

it depends what you want really.
you can get a very basic mortgage protection policy which will ensure the mortgage is cleared if you or your partner dies during the term of the mortgage.

Or you can take a level term policy - say the mortgage amount is €200k. you will have an insurance policy worth 200k for the term of the mortgage. unlike the mortgage protection policy, the amount will not reduce, so if one of you dies on the day before the mortgage is due to be repaid in full, then they will pay out the full €200k. then you can add things like serious illness cover up to a certain amount which pays out if one of you gets sick from a non existing condition. alternatively you can get whole life cover which does as it says on the tin.

Mortgage protection is the most basic and cheapest. and they step up in price as you go.

If you can afford it i would recommend a level term policy with some element of serious illness cover, if not then just go for the basic option. (I dont work in insurance, just went through the process recently)

Is it possible to convert easily enough from existing basic mortgage protection to a level term policy? Have been considering doing this for a while?

Frilly Knickers

heldel00 wrote: »

Is it possible to convert easily enough from existing basic mortgage protection to a level term policy? Have been considering doing this for a while?

Generally no, you will need to be underwritten based on your current age and health - take out a new policy basically.

Unless you have a conversion option but they generally tend to expensive and allow conversion at one specific point only

TheShow

heldel00 wrote: »

Is it possible to convert easily enough from existing basic mortgage protection to a level term policy? Have been considering doing this for a while?

New policy I'd imagine as the mortgage protection policy is so basic.

rosmoke

Can we change the title to 'Saving/Applying for a mortgage 2015/16/17/18/Afterlife' ?

chrismon

Hi guys.
What documentation does the bank usually look for when applying.
6 months savings(min), bank statements, letter from work stating permanent and current wage,payslips, p60 from the past 3 years ( I only have two as I'm only finished college since 2016).
I want to start gathering what I need, am I missing anything?

TheShow

6 months bank statements for all bank accounts held.
Evidence of savings over past 6/12 months
Loan statements
6 months credit card statements
3 months payslips
A Salary Certificate completed by your employer (they will provide you with one)
ID & Address verification
Some banks need P60's, some don't. I didn't have to produce one.

TheShow

Has anyone drawndown recently with EBS? how long does it normally take for 2% cashback?

bri007

Did the bank not ask for any p60 at all in your application?

Also, can banks ask for previous 2-3 years p60s?

TheShow wrote: »

6 months bank statements for all bank accounts held.
Evidence of savings over past 6/12 months
Loan statements
6 months credit card statements
3 months payslips
A Salary Certificate completed by your employer (they will provide you with one)
ID & Address verification
Some banks need P60's, some don't. I didn't have to produce one.

TheShow

bri007 wrote: »

Did the bank not ask for any p60 at all in your application?

Also, can banks ask for previous 2-3 years p60s?

Nope, was not requested.
Depends on the bank, plenty of instances on here where 3 years have been requested by banks - why they require 3 years I don't know, particularly when you have a salary cert from your employer stating salary, years in employment, etc....

bri007

Do you mind me asking which bank that was with?

TheShow wrote: »

Nope, was not requested.
Depends on the bank, plenty of instances on here where 3 years have been requested by banks - why they require 3 years I don't know, particularly when you have a salary cert from your employer stating salary, years in employment, etc....