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

IvoryTower

probably having a nosey at their employment history

Naid23

IvoryTower wrote: »

probably having a nosey at their employment history

Still a strange enough thing to do imo.

GinaI

Utah wrote: »

Yeah, that's why I said - I wonder did he not believe us!

got it now, thanks

GinaI

IvoryTower wrote: »

probably having a nosey at their employment history

should I put my employment history on LinkedIn to show I've been employed for the last 15 years? ;-) will that help?...

Utah

Our adviser just mailed saying we've been approved for the 90% LTV exemption and that the full approval should be complete by Tuesday. Not trying to get my hopes up for it but it's hard not to be excited!!

GinaI

I am still awaiting for decision

Naid23

Utah wrote: »

Our adviser just mailed saying we've been approved for the 90% LTV exemption and that the full approval should be complete by Tuesday. Not trying to get my hopes up for it but it's hard not to be excited!!

Congrats thats brilliant!

Sleepy

Just got the mortgage offer letter for the house. Now just need to get insurance sorted and contracts signed.

Hazydays123

Hi,

Would anybody have the details for the the mortgage broker who posts here under the name 'killers'? Or the details of any decent mortgage broker in Dublin? I'm losing my mind dealing with Ulster Bank

Michael D Not Higgins

Hazydays123 wrote: »

Hi,

Would anybody have the details for the the mortgage broker who posts here under the name 'killers'? Or the details of any decent mortgage broker in Dublin? I'm losing my mind dealing with Ulster Bank

He's actually killers1, http://www.boards.ie/vbulletin/member.php?u=143901, contact details there.

mickoneill31

Hazydays123 wrote: »

Hi,

Would anybody have the details for the the mortgage broker who posts here under the name 'killers'? Or the details of any decent mortgage broker in Dublin? I'm losing my mind dealing with Ulster Bank

You too? I'm doing a switch to Ulster Bank and finding them incompetent. 100% I've done what they asked when they asked or provided what they asked for immediately. And my case is simple (I think).

I'm heading into month 4 of the switching process. I thought I was finished but got an email this morning saying there was a problem with the signing of our documents. We did this in front of our solicitor and signed and dated every line that said sign here. When I asked him for the exact issue he couldn't tell me what it was. I suspect the form is lost. So we've got to do that again. That'll delay us another month.

Every months delay costs me €112 with KBC.

GinaI

Hazydays123 wrote: »

Hi,

Would anybody have the details for the the mortgage broker who posts here under the name 'killers'? Or the details of any decent mortgage broker in Dublin? I'm losing my mind dealing with Ulster Bank

I was going to try them as I am losing my mind with BOI :-(

GinaI

How long does it usually take to get a decision on offer once you've provided the bank with the details of the property and solicitor's details?

Santy2015

GinaI wrote: »

How long does it usually take to get a decision on offer once you've provided the bank with the details of the property and solicitor's details?

We went with BOI took about 7 days to get the letter of offer after we went sale agreed

SB_Part2

Santy2015 wrote: »

We went with BOI took about 7 days to get the letter of offer after we went sale agreed

Took 3 days for me.

drewmichael

I have a mortgage coming on three years now and I now want to add my partner to the mortgage and also have additional funds added so we can get extensive home improvements. I understand this scenario is considered a 'remortgage'.

Have been saving regulary for the past 3 months so I am hoping to go the bank in after another 3 months of regular saving to basically show that we would have enough to cover the higher monthly repayment due to the increase in home loan.

Couple of things though I'm not 100% sure on and looking for advise.

1. My partner has a couple of x marks on her credit rating due to a couple of missed payments in the past. Would that impact the application?
2. We opened up a joint account in the bank that holds my mortgage recently and both of us were to close down our respective current accounts in other banks. But both of us messed up and had a bill/charge to our current account before we closed them that put the accounts into minus. Only discovered my error recently (as the letter went to my parents address) that my current account was in an unauthorized overdraft. Our joint account is with the mortgage provider, so they should be able to see it's not that we ran out of money, just we didn't have our funds allocated correctly, i.e. and admin error on my side. Do you think that would count against us? Or should we just wait another 5 months until those minus amounts drop off from the old bank accounts drop off the 6 month statements? The accounts are closed now so will the bank even look for those bank account statements seeing as our wages, bills, savings etc. are going through their bank?

geez

Hi all we went sale agreed on the 16th of May and were told last week contracts ready waiting in the other bank to release the deeds. How long does this normally take?
We are in a chain and have heard through the grapevine that vendors are having structural issues with the house they are buying. Is it wise to mention this and to who? The auctioneer?

GinaI

SB_Part2 wrote: »

Took 3 days for me.

I am waiting for week since they came back with a query. More than 2 weeks in total.

Hazydays123

mickoneill31 wrote: »

You too? I'm doing a switch to Ulster Bank and finding them incompetent. 100% I've done what they asked when they asked or provided what they asked for immediately. And my case is simple (I think).

I'm heading into month 4 of the switching process. I thought I was finished but got an email this morning saying there was a problem with the signing of our documents. We did this in front of our solicitor and signed and dated every line that said sign here. When I asked him for the exact issue he couldn't tell me what it was. I suspect the form is lost. So we've got to do that again. That'll delay us another month.

Every months delay costs me €112 with KBC.

Yes we've constantly had to resubmit payslips, p60s, etc which we'd already submitted. There's so much back and forth going on just to get the application to the underwriter stage. It's hard to stay patient.

GinaI

Hazydays123 wrote: »

Yes we've constantly had to resubmit payslips, p60s, etc which we'd already submitted. There's so much back and forth going on just to get the application to the underwriter stage. It's hard to stay patient.

I was expecting to receive a loan offer as I have approval in principal and I've submitted all papers required, after which I submitted the details of the property and solicitor. However just received another approval in principal letter requesting the same documents. Totally lost now

Hazydays123

GinaI wrote: »

I was expecting to receive a loan offer as I have approval in principal and I've submitted all papers required, after which I submitted the details of the property and solicitor. However just received another approval in principal letter requesting the same documents. Totally lost now

Yeah this is why I'm seriously considering going down the broker route. If only to spare my fragile mental state!

Sleepy

We went through killers1 and he's been brilliant for us. Ironically, it was Ulster Bank he got us the mortgage from. We've had very little difficulty with them to-date.

IvoryTower

how does the broker make money?

Hazydays123

IvoryTower wrote: »

how does the broker make money?

Most of them are paid commission by the bank upon securing you a mortgage.

loveisdivine

We are also currently using killers1 and everything has been a piece of cake so far for us

Sleepy

IvoryTower wrote: »

how does the broker make money?

The bank pay them a commission on the mortgage and most also act as insurance brokers so they'll get a commission on any insurance products you get from them too. For many, buying their first home is when they also buy their first life / mortgage protection / house insurance policies too.

Some are also now charging for their time but there's plenty (including killers1) who are effectively free-to-use for customers.

mirrorwall14

We are also using killers. Some minor issues but all resolved and we are happy to continue with them

Hazydays123

Is it the case that once you have approval in principle the bank will definitely release the funds to you when you've found a suitable property?

I'm getting the impression from this thread that people are running into problems with the bank again when they actually try to draw down the funds. Obviously i'm referring to situations where there has been no change in circumstances since the AIP was granted.

Sleepy

Approval in Principle is exactly what it says on the tin. It's an agreement that you look like a good bet for a mortgage of a certain value "in principle". It's often not even been through underwriting process (though I believe most banks are getting better at this).

The house you're buying has many factors which influence a banks willingness to lend to you e.g. an old house may require higher than normal maintenance and heating costs, a house a large commute away from your place of work may affect your ability to repay, a mortgage application for a house requiring renovations may have overly-optimistic estimates of the cost of the works required detailed in the application, the bank may consider the price you've agreed for the house to be over it's market value etc. etc. etc.

Hazydays123

Hazydays123 wrote: »

Is it the case that once you have approval in principle the bank will definitely release the funds to you when you've found a suitable property?

I'm getting the impression from this thread that people are running into problems with the bank again when they actually try to draw down the funds. Obviously i'm referring to situations where there has been no change in circumstances since the AIP was granted.

My approval in principal letter has a number of conditions which will need to be fulfilled if they are to grant full approval and release funds. Most are generic things like getting a valuation by one of the banks approved valuers, agreeing rate/term in advance, notify of any change in employment circumstance etc. There is one condition that would be very specific to my application also.