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

Dolbhad

Fia11 wrote: »

Getting real sick of our broker. He has assured us that he gets paid the same fee no matter which bank we go with, but he is obsessed with KBC and is being obstructive regarding going with any other bank. I find it really hard to believe that there's no incentive for him to send us there.

He's now become very uncommunicative, and the bank can't talk to us directly as the application was started with a broker. I would love to just ditch the broker.

We were with Ulster Bank with broker and there was something in the paperwork which stated how much the bank were paying which was 1% value of mortgage. So check if you have anything on that - if it’s more than 1% than it’s possible.

Our broker was amazing and great to deal with. However when our AIP expired I did just go directly to Ulster Bank and resubmit paperwork as very straight forward application. There is a clawback with brokers that if you switch mortgage within 3 years the bank could claim fee back from broker and broker claim off you - saw it on an Irish Times article. Was in the small print to of broker so kinda did put me off.

Dolbhad

stevek93 wrote: »

Waiting on vendors solicitors now how long await? We are sale agreed and loan approved but cannot sign loan before vendors solictors letters arrive is this normal? Thanks

How long is a piece of string? Honestly you’ll see from boards there is no set timeline on when you can expect contracts. Depends on how organise the sellers and their solicitors are. I’d say nag the auctioneer to put pressure on them.

el Fenomeno

Out of interest, for anyone who went with PTSB - how long after drawdown day did you get the 2% cashback? (EDIT: Search function tells me a few people got it between 1 and 2 weeks after drawdown)

Our broker told us we don't actually have to do anything, it'll just be automatically credited to our account. Is that correct?

heebusjeebus

el Fenomeno wrote: »

Out of interest, for anyone who went with PTSB - how long after drawdown day did you get the 2% cashback? (EDIT: Search function tells me a few people got it between 1 and 2 weeks after drawdown)

Our broker told us we don't actually have to do anything, it'll just be automatically credited to our account. Is that correct?

It 5 week for me. I did need to get onto my mortgage advisor as he told me it would usually be 2 or 3 weeks. Think someone dropped the ball and our payment was missed.
So, if you don't get it after your first mortgage payment, give them a call and they'll sort it.

Fia11

Dolbhad wrote: »

We were with Ulster Bank with broker and there was something in the paperwork which stated how much the bank were paying which was 1% value of mortgage. So check if you have anything on that - if it’s more than 1% than it’s possible.

Our broker was amazing and great to deal with. However when our AIP expired I did just go directly to Ulster Bank and resubmit paperwork as very straight forward application. There is a clawback with brokers that if you switch mortgage within 3 years the bank could claim fee back from broker and broker claim off you - saw it on an Irish Times article. Was in the small print to of broker so kinda did put me off.

We've been told it's 1% across the board...I have my doubts though.

That clawback is VERY interesting. Broker said zilch about that. Will investigate further, thanks for the heads up.

Blanco100

how long after closing is your first mortgage payment?

heebusjeebus

Blanco100 wrote: »

how long after closing is your first mortgage payment?

1 month after you draw down the mortgage.

guppy

Blanco100 wrote: »

how long after closing is your first mortgage payment?

It's one month after draw down, however, we drew down 17 June, but wanted mortgage payments to come out 1st of every month. We contacted our advisor after 1st July (her request) and she changed the repayment date to 1st August, so that was our first repayment date.

We thought we'd have to pay 6 weeks for the first repayment, but it was divided across the mortgage term, so the increase per month was cents.

That was PTSB

heebusjeebus

guppy wrote: »

It's one month after draw down, however, we drew down 17 June, but wanted mortgage payments to come out 1st of every month. We contacted our advisor after 1st July (her request) and she changed the repayment date to 1st August, so that was our first repayment date.

We thought we'd have to pay 6 weeks for the first repayment, but it was divided across the mortgage term, so the increase per month was cents.

That was PTSB

I changed to PTSB this year and I had to wait until after the first repayment until we could change the date of payment.

SteelyDanJalapeno

Got approval from PTSB this week, a very straightforward process, but very relieved now.

Surprised at how quick was, met with their advisor Tuesday submitted sal certs and wage slips for both of us, showed them 6 months accounts of everything else and that was it.

Onwards and upwards now

Shadow2019

Hi All,

From experience with applying for a mortgage does anyone know the length of time banks go back on your credit record? the central credit Register have told me banks can only see 2 years performance data, ICB said standard 5 years.

I am debt free , healthy finances / savings and looking to borrow well within our means but I did go through a turbulent period financially due to a redundancy and have marks on my credit rating from 3 years ago. No current debt and all closed but am I naive to think I stand a chance if we apply?

Mark 1 - (2 missed payments but loan cleared in full 3 years early) - Paid in full 2016
Mark 2 - (revoked credit card balance of 60 euro that I had no idea was outstanding and presumed this paid , co,plaint with ombudsman) - Closed in 2017
Mark 3 - 1 missed payment showing on CCR and paid in full March 2019

Thanks for advice!

Woshy

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

SteelyDanJalapeno

Shadow2019 wrote: »

Hi All,

From experience with applying for a mortgage does anyone know the length of time banks go back on your credit record? the central credit Register have told me banks can only see 2 years performance data, ICB said standard 5 years.

I am debt free , healthy finances / savings and looking to borrow well within our means but I did go through a turbulent period financially due to a redundancy and have marks on my credit rating from 3 years ago. No current debt and all closed but am I naive to think I stand a chance if we apply?

Mark 1 - (2 missed payments but loan cleared in full 3 years early) - Paid in full 2016
Mark 2 - (revoked credit card balance of 60 euro that I had no idea was outstanding and presumed this paid , co,plaint with ombudsman) - Closed in 2017
Mark 3 - 1 missed payment showing on CCR and paid in full March 2019

Thanks for advice!

I think the best advice you'll get is to talk to a broker, he will know your best chance of getting a mortgage with which bank.

From my experience banks will use the icb to check current credit which will be 2 years, but they will probably do a credit check to which as you mentioned is valid for 5 years. A bad mark here doesn't necessarily mean it's a no, but it will be a factor they use to determine the risk in taking you on.

But the broker will advise all this, it's better to not apply to a bank if you can tell 1st if it will be a straight refusal as it could damage your chances of getting a mortgage with them down the line if they know they rejected you before.

If all else fails, finance Ireland do consider higher risk applicants who have had previously poor credit, and their rates are not too bad I believe they have a 3 year fixed for about 3.2%

Shadow2019

SteelyDanJalapeno wrote: »

I think the best advice you'll get is to talk to a broker, he will know your best chance of getting a mortgage with which bank.

From my experience banks will use the icb to check current credit which will be 2 years, but they will probably do a credit check to which as you mentioned is valid for 5 years. A bad mark here doesn't necessarily mean it's a no, but it will be a factor they use to determine the risk in taking you on.

But the broker will advise all this, it's better to not apply to a bank if you can tell 1st if it will be a straight refusal as it could damage your chances of getting a mortgage with them down the line if they know they rejected you before.

If all else fails, finance Ireland do consider higher risk applicants who have had previously poor credit, and their rates are not too bad I believe they have a 3 year fixed for about 3.2%

Thanks for the response and great advice - I will speak to a broker. Even though life is night and day to before and financially everything is good I understand my past puts me into a higher risk category. With the first two being 3 and almost 2 years I was hoping I might only have to explain Mark 3. Partner has a pristine record but doubtful they will give him mortgage solo.


Many thanks again

FastFullBack

What the best website to compare mortgages? Is it bonkers or is there anything better?

JohnnyChimpo

FastFullBack wrote: »

What the best website to compare mortgages? Is it bonkers or is there anything better?

bonkers or ccpc.ie

wirelessdude01

Approximately how long does it normally take for the valuation to take place? They accepted it on Wednesday evening.

Also does the loan pack only get sent out once the valuation has been completed and sent back?

Final question. If it only gets sent out after valuation has been sent back, how long long does it normally take?

Timelines for us are very very tight due to a broker who didn't know how to do their job properly.

drunkmonkey

wirelessdude01 wrote: »

Approximately how long does it normally take for the valuation to take place? They accepted it on Wednesday evening.

Also does the loan pack only get sent out once the valuation has been completed and sent back?

Final question. If it only gets sent out after valuation has been sent back, how long long does it normally take?

Timelines for us are very very tight due to a broker who didn't know how to do their job properly.

Where are you in the process, have you only had offer accepted? Is everything done, survey, life and home insurance ready to go?

wirelessdude01

drunkmonkey wrote: »

Where are you in the process, have you only had offer accepted? Is everything done, survey, life and home insurance ready to go?

New build, deposit paid. Contracts need to be signed next week. Valuation was offered and accepted last week by a company so just wondering does this need to go back before loan pack comes out? Life and home insurance will be done and dusted tomorrow.

How long do they normally take to get the valuation completed? Was put out last Wednesday.

drunkmonkey

It would need to go back but if it was done last week it should be back by now. The loan pack isn't the money for the house just incase you think it is...some lenders operate differently...

Stark

Woshy wrote: »

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

I got mortgage approval while on probation period (software developer)

wirelessdude01

drunkmonkey wrote: »

It would need to go back but if it was done last week it should be back by now. The loan pack isn't the money for the house just incase you think it is...some lenders operate differently...

That's my question really. How long do they normally take to do the valuation?

Also once this is done how long does the loan pack take to be issued?

drunkmonkey

All depends on who's doing it but the valuation itself only takes an hour or so, the valuer then just needs to get the information back to the lender so I'd say anything from 24hrs +.
The loan pack is just a pack about the loan for your solicitor, they then need to request the funds when there happy, the bank will do their side then...check have you home and mortgage insurance etc.
Timeline could be anything, I'd say you could be looking at a month maybe more...could be quicker it's hard to know. Your solicitor will have all these answers.

wirelessdude01

drunkmonkey wrote: »

All depends on who's doing it but the valuation itself only takes an hour or so, the valuer then just needs to get the information back to the lender so I'd say anything from 24hrs +.
The loan pack is just a pack about the loan for your solicitor, they then need to request the funds when there happy, the bank will do their side then...check have you home and mortgage insurance etc.
Timeline could be anything, I'd say you could be looking at a month maybe more...could be quicker it's hard to know. Your solicitor will have all these answers.

It's more so that contracts can be signed next week. Timeline for getting keys isn't an issue.

drunkmonkey

wirelessdude01 wrote: »

It's more so that contracts can be signed next week. Timeline for getting keys isn't an issue.

Yea talk to your solicitor, they'll know if you can sign next week. They need to sign the contracts as well...can be delayed on the sellers side once you sign.

tomister

wirelessdude01 wrote: »

New build, deposit paid. Contracts need to be signed next week. Valuation was offered and accepted last week by a company so just wondering does this need to go back before loan pack comes out? Life and home insurance will be done and dusted tomorrow.

How long do they normally take to get the valuation completed? Was put out last Wednesday.

Is the house near completion? For my loan pack they didn’t require a valuation until the kitchen is in. But I guess each bank is different. In any case the solicitor won’t get you to sign the contracts until he has the loan pack. It can take 4 days from when it’s issued to when it arrived so just take this into account

Kiwi5449

Woshy wrote: »

Does anyone have any experience getting a mortgage during probation period? We were just going to wait until the probation period were over but I have been told that some banks will give you a mortgage during this period, for certain high demand industries and where you can prove you have been constantly in work with no gaps in CV.

If it helps we will be looking for a mortgage a good bit lower than the 3.5 times salary

I’m currently on probation and went for a mortgage with AIB, got AIP first, then underwritten AIP. We now have full approval but a condition that we cannot draw down until my probation is passed which suits us as it’s a new build and won’t need to draw down until April 2020 and my probation ends in December. We let our solicitor know, we have paid the booking deposit but won’t sign contracts until December when I have completed probation and we can move to get the loan offer from the bank then. Hope this helps!

VonLuck

Does anyone know how long it takes from signing of the letter of offer to the actual draw down / closing date? The solicitor has sent the signed copy back to the bank is is the last piece of the puzzle before closing (I hope!).

Trimm Trabb

What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

GingerLily

Trimm Trabb wrote: »

What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

If the bank find out they will change your loan offer or remove it, it's not worth it.