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

ECO_Mental

hanaimai wrote: »

You usually only need to get a medical report if you have medical issues to disclose. In your case you shouldn't need to.

what about if you are a bit overweight...:o:o:o:o

hanaimai

ECO_Mental wrote: »

what about if you are a bit overweight...:o:o:o:o

A bit overweight shouldn't be an issue. Obese might be though.

Class of 82

Good advice on this thread.

2020 is the year I am going to make the leap. Was approved for a mortgage before but procrastination got in the way and I didn't do anything with it.

I aim to re-apply again in May of this year.

Even though my salary & savings are decent, Dublin is still extremely expensive for a single buyer. But will give it a try at least. If I don't I will be renting forever.

mojesius

Class of 82 wrote: »

Good advice on this thread.

2020 is the year I am going to make the leap. Was approved for a mortgage before but procrastination got in the way and I didn't do anything with it.

I aim to re-apply again in May of this year.

Even though my salary & savings are decent, Dublin is still extremely expensive for a single buyer. But will give it a try at least. If I don't I will be renting forever.

Good luck to you. Plenty of apartments and smaller houses for sale in Dublin. I'm also planning to make the leap this year and apply and buy!

Question for those who have gone through the process - Does the monthly amount being put away have to be consistent? If so, for how long? (I have heard that banks will look at anything from 3-12 months statements). With Xmas, recent car troubles and a few other unexpected costs, we had to dig into savings (still putting anything from 1-2 k into savings p/m)

We have about 75k in savings at this stage (saved over last 2-3 years) and have about 25k in shares, no loans, overdraft etc. Should we build up the solid savings/discipline record for 3-6 months before approaching bank? My concern is that we go into back now and they offer us less than we could get with cleaner statements.

Thanks!

ECO_Mental

mojesius wrote: »

Good luck to you. Plenty of apartments and smaller houses for sale in Dublin. I'm also planning to make the leap this year and apply and buy!

Question for those who have gone through the process - Does the monthly amount being put away have to be consistent? If so, for how long? (I have heard that banks will look at anything from 3-12 months statements). With Xmas, recent car troubles and a few other unexpected costs, we had to dig into savings (still putting anything from 1-2 k into savings p/m)

We have about 75k in savings at this stage (saved over last 2-3 years) and have about 25k in shares, no loans, overdraft etc. Should we build up the solid savings/discipline record for 3-6 months before approaching bank? My concern is that we go into back now and they offer us less than we could get with cleaner statements.

Thanks!

Just finished getting approved for a mortgage with BOI, what they wanted to see was 6 months bank statements and 6 months savings. The savings are only to show you can cover your new proposed mortgage payments. So if you are paying €2000 pm already for the last few years and your new mortgage is going to be around €2500pm you need to show you have been saving €500pm also for the past 6 months to show you can pay €2500pm no problem.



So work out roughly what your new payments could be and make sure between your rent and savings you are covering this on a monthly basis.

Paul_Mc1988

mojesius wrote: »

Good luck to you. Plenty of apartments and smaller houses for sale in Dublin. I'm also planning to make the leap this year and apply and buy!

Question for those who have gone through the process - Does the monthly amount being put away have to be consistent? If so, for how long? (I have heard that banks will look at anything from 3-12 months statements). With Xmas, recent car troubles and a few other unexpected costs, we had to dig into savings (still putting anything from 1-2 k into savings p/m)

We have about 75k in savings at this stage (saved over last 2-3 years) and have about 25k in shares, no loans, overdraft etc. Should we build up the solid savings/discipline record for 3-6 months before approaching bank? My concern is that we go into back now and they offer us less than we could get with cleaner statements.

Thanks!

Shares dont matter unless they're liquid. RSUs APSSs SPPs all dont count. If you convert them to cash though ensure to keep the sale statements as the bank will see the money entering the account and want to know where it came from

mojesius

Paul_Mc1988 wrote: »

Shares dont matter unless they're liquid. RSUs APSSs SPPs all dont count. If you convert them to cash though ensure to keep the sale statements as the bank will see the money entering the account and want to know where it came from

Thank you for this advice. Would be planning to sell them to boost deposit, so this is really helpful!

Bigmac1euro

I have been saving 1200 a month for the last 2 years,
I then had to open a new joint account about 6 months ago and transfer all the savings into the new “mortgage savings account aka joint savings account”
I also have another savings account for “legal fees and stamp Duty”

Should I just mix all the money together from the two accounts and transfer everything into “mortgage savings”

I intend on upping my savings now to 1750 a month and applying for a mortgage in April/may.

Basically my savings accounts are a bit messy and I just want what’s easiest for the banks. By the time I go to apply I’ll be printing out statements for 4/5 accounts.

Income
Billing
Mortgage saving
Legal fees
Old mortgage savings account (showing older transactions)

Basically it’s all over the place. Help!

Padre_Pio

Bigmac1euro wrote: »

I have been saving 1200 a month for the last 2 years,
I then had to open a new joint account about 6 months ago and transfer all the savings into the new “mortgage savings account aka joint savings account”
I also have another savings account for “legal fees and stamp Duty”

Should I just mix all the money together from the two accounts and transfer everything into “mortgage savings”

I intend on upping my savings now to 1750 a month and applying for a mortgage in April/may.

Basically my savings accounts are a bit messy and I just want what’s easiest for the banks. By the time I go to apply I’ll be printing out statements for 4/5 accounts.

Income
Billing
Mortgage saving
Legal fees
Old mortgage savings account (showing older transactions)

Basically it’s all over the place. Help!

I don't think it matters.

I was able to show my income (salary cert) and my expenditure (rent, bills, etc) and my savings (regular into an account) and they were happy.

I had highlighted any large movements of money (shares, gifts, loans) in anticipation of the questions.
There was no forensic analysis of statements or dodgy questions about transactions.

red_bairn

Bigmac1euro wrote: »

Basically my savings accounts are a bit messy and I just want what’s easiest for the banks. By the time I go to apply I’ll be printing out statements for 4/5 accounts.

Income
Billing
Mortgage saving
Legal fees
Old mortgage savings account (showing older transactions)

Basically it’s all over the place. Help!

Well with my wife we had to provide our individual and joint bank statements.

Joint Current
Joint Savings (we usually use this for holiday savings but have now set it up for the booking deposit).

Credit Union - each (2)
Own personal current (2)
Revolut (mine)
Mortgage Saver

So 4-5 seems quite normal although I don't really use the credit union account now because I had transferred the funds to the Mortgage Saver.

I think a Mortgage Saver and one account to allow for quick transfer like the savings account is enough.

Interested Observer

Bigmac1euro wrote: »

I have been saving 1200 a month for the last 2 years,
I then had to open a new joint account about 6 months ago and transfer all the savings into the new “mortgage savings account aka joint savings account”
I also have another savings account for “legal fees and stamp Duty”

Should I just mix all the money together from the two accounts and transfer everything into “mortgage savings”

I intend on upping my savings now to 1750 a month and applying for a mortgage in April/may.

Basically my savings accounts are a bit messy and I just want what’s easiest for the banks. By the time I go to apply I’ll be printing out statements for 4/5 accounts.

Income
Billing
Mortgage saving
Legal fees
Old mortgage savings account (showing older transactions)

Basically it’s all over the place. Help!

I wouldn't bother consolidating. Just provide statements for everything and let the bank work through them.

Interested Observer

The BOI fixed rates as given here: https://personalbanking.bankofirelan...ortgage-rates/

Are the figures stated their Green Mortgage rates or not does anyone know? I'm on a 5 year fixed with BOI but our rate is 3.2% as opposed to the 3% stated there. If their current rate is 3%, could we get a reduction in our rate? We are not eligible for the Green Mortgage anyway.

05eaftqbrs9jlh

Bigmac1euro wrote: »

I have been saving 1200 a month for the last 2 years,
I then had to open a new joint account about 6 months ago and transfer all the savings into the new “mortgage savings account aka joint savings account”
I also have another savings account for “legal fees and stamp Duty”

Should I just mix all the money together from the two accounts and transfer everything into “mortgage savings”

I intend on upping my savings now to 1750 a month and applying for a mortgage in April/may.

Basically my savings accounts are a bit messy and I just want what’s easiest for the banks. By the time I go to apply I’ll be printing out statements for 4/5 accounts.

Income
Billing
Mortgage saving
Legal fees
Old mortgage savings account (showing older transactions)

Basically it’s all over the place. Help!

If you're going for the mortgage with the same bank your accounts are held in, they don't usually mind if the money is held in different accounts. I had two savings accounts (which I amalgamated recently for clarity) and hold about a quarter of my money in cryptocurrency. When I went for the mortgage consultation, they said it would be fine if the money was across different accounts because it was with them, but they'd need verification of the money I had invested elsewhere.

Paul_Mc1988

Interested Observer wrote: »

The BOI fixed rates as given here: https://personalbanking.bankofirelan...ortgage-rates/

Are the figures stated their Green Mortgage rates or not does anyone know? I'm on a 5 year fixed with BOI but our rate is 3.2% as opposed to the 3% stated there. If their current rate is 3%, could we get a reduction in our rate? We are not eligible for the Green Mortgage anyway.

You're locked into that rate until the end of the fixed period. I'm fixed at 2.6 for four years with UB but they are now offering the 2.6 for five years.

If your fixed is nearly up they might be worth a look as that would be a good saving.

ECO_Mental

Interested Observer wrote: »

The BOI fixed rates as given here: https://personalbanking.bankofirelan...ortgage-rates/

Are the figures stated their Green Mortgage rates or not does anyone know? I'm on a 5 year fixed with BOI but our rate is 3.2% as opposed to the 3% stated there. If their current rate is 3%, could we get a reduction in our rate? We are not eligible for the Green Mortgage anyway.

I have been quoted 3.1% for 10 years with the green mortgage, hard to beat that I think considering standard variable is 2.5 and the only way is up from where EU central banks rates are...

gnf_ireland

Interested Observer wrote: »

I'm on a 5 year fixed with BOI but our rate is 3.2% as opposed to the 3% stated there. If their current rate is 3%, could we get a reduction in our rate?

Paul_Mc1988 wrote: »

You're locked into that rate until the end of the fixed period. I'm fixed at 2.6 for four years with UB but they are now offering the 2.6 for five years.

A fixed rate mortgage only means there could be a penalty fee to redeem the mortgage early. Over the last while, the Central Bank has changed the way banks are allowed to calculate these fees, and a lot of the time there is little to no penalty applied for early redemption.

Request the 'break fee' amount and calculation from the bank (say you are thinking of switching mortgages to another bank). Based on the response, it may be financially worth your while paying a small (or no fee) to get on the lower rate for an extended amount of time.

It might just save you a few quid in 2020 :-) Better in your pocket than the banks

gnf_ireland

ECO_Mental wrote: »

I have been quoted 3.1% for 10 years with the green mortgage, hard to beat that I think considering standard variable is 2.5 and the only way is up from where EU central banks rates are...

Its a decent deal, especially when cashback comes into play. It might also be worth looking at the KBC 10 year rates, depending on your LTV. They range from 2.85% to 3.2%, based on LTV

Woshy

Does anyone have any experience on how much the banks scrutinise your bank account for not first time buyers?

The situation is we will be applying for a mortgage in a few months. We sold our property a few months ago and are renting atm. We know what property we will be buying and we will need a mortgage 2.3 times our joint salary and we have the 20% deposit sitting in the bank. We currently pay rent at about the level the mortgage will be and save another 2k a month on top of that.

So I feel we are in a pretty good position. However, when we applied for our mortgage as first time buyers a few years ago we had a lot of comments and pushback on the fact that we had a lot of transactions on our debit cards. None of it was gambling or big nights out or anything like that but banks were very sniffy about it. Which is stupid imo as that's what the cards are for and we were putting savings away every month and not touching it.

That is still the case for us - we put savings away and then have a bit of disposable income which we use - shopping online, eating out etc. I'm just wondering if banks are still likely to be funny about this and should be do what other people do and resort to taking cash out so they can't see all the transactions? I feel like we are a pretty safe bet and they shouldn't focus on this but I also want to make the process as stress free as possible.

ECO_Mental

gnf_ireland wrote: »

Its a decent deal, especially when cashback comes into play. It might also be worth looking at the KBC 10 year rates, depending on your LTV. They range from 2.85% to 3.2%, based on LTV

I am transferring my tracker as well so have to stick with BOI..about 3/5ths of my mortgage will be tracker (currently ecb +1% but switching now to ECB +2%) time to move on. Also that cash back is a good incentive 2% once finished and another 1% back after 5 years.

gnf_ireland

Woshy wrote: »

Does anyone have any experience on how much the banks scrutinise your bank account for not first time buyers?

The situation is we will be applying for a mortgage in a few months. We sold our property a few months ago and are renting atm. We know what property we will be buying and we will need a mortgage 2.3 times our joint salary and we have the 20% deposit sitting in the bank. We currently pay rent at about the level the mortgage will be and save another 2k a month on top of that.

So I feel we are in a pretty good position. However, when we applied for our mortgage as first time buyers a few years ago we had a lot of comments and pushback on the fact that we had a lot of transactions on our debit cards. None of it was gambling or big nights out or anything like that but banks were very sniffy about it. Which is stupid imo as that's what the cards are for and we were putting savings away every month and not touching it.

That is still the case for us - we put savings away and then have a bit of disposable income which we use - shopping online, eating out etc. I'm just wondering if banks are still likely to be funny about this and should be do what other people do and resort to taking cash out so they can't see all the transactions? I feel like we are a pretty safe bet and they shouldn't focus on this but I also want to make the process as stress free as possible.

When I switched my mortgage a few years back, we did not have many questions on our general spending patterns. They asked about all standing orders (that were not obvious) and any payments over 250 euro. We would have a 'reasonable' spending pattern also, but were overpaying the mortgage by 1000 euro a month at the time and had a LTV <50%. That was a switcher mortgage though, rather than a second time buyer one !

zweton

I have been hearing great things about EBS as a mortgage provider, as in very good to deal with and not too strict. Anyone currently using them or used in the past?

Dolbhad

zweton wrote: »

I have been hearing great things about EBS as a mortgage provider, as in very good to deal with and not too strict. Anyone currently using them or used in the past?

EBS are linked with AIB so their criteria is the same as AIB. So you have similar level of customer service which I do find very good.

I had to renew my AIP recently with Ulster Bank. Applied to EBS and BOI at same as well as liked their cash back. EBS were lovely to deal with and quick. However I was able to get a exemption with Ulster Bank whereas EBS I wasn’t. Also found EBS had raised silly queries on paperwork that Ulster Bank and BOI didn’t. And they were really stupid questions.

zweton

Dolbhad wrote: »

EBS are linked with AIB so their criteria is the same as AIB. So you have similar level of customer service which I do find very good.

I had to renew my AIP recently with Ulster Bank. Applied to EBS and BOI at same as well as liked their cash back. EBS were lob ely to deal with and quick. However I was able to get a exemption with Ulster Bank whereas EBS I wasn’t. Also found EBS had raised silly queries on paperwork that Ulster Bank and BOI didn’t. And they were really stupid questions.

Ah ok get ya, good to know. When you say exemption do you mean to increase the amount you want to borrow?

Dolbhad

zweton wrote: »

Ah ok get ya, good to know. When you say exemption do you mean to increase the amount you want to borrow?

Yes - banks have some scope to allow you to borrow up to 4.5 times instead of 3.5 times if your a first time buyer. But every bank is different in assessing you for exemptions. BOI and KBC offered us more than 3.5 times where EBS wouldn’t.

zweton

Dolbhad wrote: »

Yes - banks have some scope to allow you to borrow up to 4.5 times instead of 3.5 times if your a first time buyer. But every bank is different in assessing you for exemptions. BOI and KBC offered us more than 3.5 times where EBS wouldn’t.

Ok interesting, was it based on your combined income do you think that you couldn't get more or just that it was EBS?

wolfyboy555

If you get AIP from AIB can you also get it from EBS?

Dolbhad

wolfyboy555 wrote: »

If you get AIP from AIB can you also get it from EBS?

I’m not sure! There was debate on another thread that people were told they couldn’t. It’s worth checking out as EBS has a cashback offer and AIB doesn’t.

Woshy

When we got our mortgage as first time buyers we had one unpaid direct debit in our accounts. It was just a timing issue, I'd forgotten to transfer money over to an account - the direct debit was paid a few days later. It as for about e25 I think. However, PTSB reduced the amount they would lend us by 30k because of this unpaid direct debit. They told us the best thing was to wait 2-3 months and apply again when this was no longer on our statements.

We went with another bank in the end who didn't have an issue with it but it's something to keep in mind if you're preparing to apply for a mortgage.

BailMeOut

Make sure they neither applicant has smoked in last 12 months so you avoid very high mortgage propection insurance premiums.

hanaimai

wolfyboy555 wrote: »

If you get AIP from AIB can you also get it from EBS?

Yes, you can, I got AIP from both before. While EBS is part of the AIB group they are still separate lenders and offer different products and rates.