Help.. mortgage question

breecall

I am going for a mortgage application  meeting with you next week. We have found the dream house but I cant stop worrying about the mortgage. My husband had an arranged overdraft that he used for a while but its been brought back to 0 again since July. Will this hurt our mortgage chances?

Purplej

Hey Breecall,
I would say, if you found your dream home, act fast. Go to various banks and/or a good broker.
After banking with BOI for 20 years they would not approve my mortgage, even though I had an outstanding credit history.

Yet, every other bank in Eire did! So please, don’t just rely on BOI, shop around.

Chris

breecall

Thanks Chris

Do you know why they wouldn't approve it? So nervous about the application

Shefwedfan

Don’t go to one bank...go to Kbc/Ulster bank etc....are you planning on fixed/variable?

Do you have current account? Is it free etc?

Bonkers gives you some options

Banks can fail you for any reasons....

breecall

I've been to Ulster Bank and BOI. Both banks went through the incomes etc and were got the green lights for both banks buy couldn't put in an application as my husband only started a new job. His 6 months probation is up at end of October. Ulsterbank will not process the application until the end of Oct while bank of Ireland are happy to submit an application now. We are currently banking with Ulsterbank. Am just scared about the approved overdraft.

punisher5112

I wouldn't worry too much once all repayments were made and no late payments for at least 6 months.

Another thing to remember is the likes of betting especially online which will be an issue.

Also if you have likes of pre paid debit cards like N26 or revolut they will look for all statements to see where money went etc.

The whole thing can be a pain but you are probably aware of that anyway after applying.

As soon as probation is done and you can get letter stating permanent and wage certs etc I can't see an issue but obviously be aware of certain things where they will detract the amount they're willing to give.


They can also under certain circumstances extend so really depends who you get and bank.

We went with ptsb and yes their rate is a little higher but we hadn't a hope in any other.

breecall

We went with ptsb and yes their rate is a little higher but we hadn't a hope in any other

Stupid question but now did you know you had no hope with any of the others?

punisher5112

breecall wrote: »

We went with ptsb and yes their rate is a little higher but we hadn't a hope in any other

Stupid question but now did you know you had no hope with any of the others?

Yes we had applied and were rejected by most and not only that we had tried a broker 1st.

We then went on our own.

They were surprised when we arrived with folder with everything divided out into sections.

The man Andrew was dead sound and was like, oh I'm not use to this not having to ask for loads of extra stuff as you have more then we would even look for.

breecall

punisher5112 wrote: »

Yes we had applied and were rejected by most

Sorry last question. How long did you have to wait between rejections. Was it rejected after you submitted all your documents etc or in the initial steps?

punisher5112

breecall wrote: »

punisher5112 wrote: »

Yes we had applied and were rejected by most

Sorry last question. How long did you have to wait between rejections. Was it rejected after you submitted all your documents etc or in the initial steps?

So basically we put in with broker waited 2 months and kept at them as they wouldn't get back. They were constantly looking for more forms etc...

So they email stating we have not been approved and we can collect all our documents etc...

We went down 2 weeks later as with work collected and week after had everything set out in folder and went straight to bank....

We honestly thought we would have to wait 6 months but not it worked out.

Purplej

breecall wrote: »

I've been to Ulster Bank and BOI. Both banks went through the incomes etc and were got the green lights for both banks buy couldn't put in an application as my husband only started a new job. His 6 months probation is up at end of October. Ulsterbank will not process the application until the end of Oct while bank of Ireland are happy to submit an application now. We are currently banking with Ulsterbank. Am just scared about the approved overdraft.

Hi Breecall,
I even had a personal relationship manager who said ‘should be fine’. I had income from two sources, full time employment and part-time lecturing from two tax jurisdictions ... and their underwriters could not handle that.
From what I have learned and heard from others, BOI are by far the most conservative lender. Anything outside an easy pass might not get approved.
If your husband is still in probation, you need to really have a super clean record.
Honestly, go to all banks!
Just to add, AIB group have three subsidiaries EBS, Haven Mortgages and AIB. All have slightly different underwriting criteria - so consider them as well.

Bank of Ireland: Aisling

breecall wrote: »

I am going for a mortgage application  meeting with you next week. We have found the dream house but I cant stop worrying about the mortgage. My husband had an arranged overdraft that he used for a while but its been brought back to 0 again since July. Will this hurt our mortgage chances?

Hi Breecall, 

Thanks for reaching out to us here on Boards. 

If you would like to discuss your mortgage application or if you have any queries regarding your application, please not hesitate to link in with our Mortgage Specialists on 01 611 33 33. 

One of my colleagues will be more than happy to help you and explain everything in full, this may put your mind at ease. 

I hope this helps. If you have any other queries, please do not hesitate to ask. We are happy to help as best we can here on Boards. 

Thanks, 
Aisling.