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Saving/Applying for a mortgage 2020-22 Edition

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  • Posts: 14,344 ✭✭✭✭[Deleted User]


    KKV wrote: »
    do they remove PUP payments as qualifying income?


    Does anyone know the answer to this by the way? I can't find a straight answer online, and the broker I'm dealing with are closed til Tuesday.


  • Registered Users Posts: 277 ✭✭Jasna1982


    KKV wrote: »
    I can't remember where I read it, but it was after I randomly googled about mortgage exceptions, but as far as I am lead to believe, somewhere along the way in the last year (during covid) the rules changed so exceptions can only be granted for specific properties.

    It was a generic broker website if I recall, and not bank specific. So I'm not sure if they're wrong or not, but I assumed it'd be correct.

    Nope, there are still banks now that will give exemptions at AIP stage. BOI will only give it when already sale agreed

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



  • Moderators, Education Moderators Posts: 5,018 Mod ✭✭✭✭G_R


    KKV wrote: »
    Does anyone know the answer to this by the way? I can't find a straight answer online, and the broker I'm dealing with are closed til Tuesday.

    PUP payments will be removed - it will be based on earned income. If your industry was highly effected you might be able to ask them to base it on previous years instead, but that will be down to the underwriter assessing the case to decide if they are happy to do that.


  • Registered Users Posts: 414 ✭✭Emma2019


    KKV wrote: »
    I can't remember where I read it, but it was after I randomly googled about mortgage exceptions, but as far as I am lead to believe, somewhere along the way in the last year (during covid) the rules changed so exceptions can only be granted for specific properties.

    It was a generic broker website if I recall, and not bank specific. So I'm not sure if they're wrong or not, but I assumed it'd be correct.

    I got 2 exemptions in December 2020 without giving a specific property. BOI and possibly AIB want a specific property though as far as I know


  • Posts: 14,344 ✭✭✭✭[Deleted User]


    This is what I was looking at:


    https://mortgage123.ie/mortgage-exceptions-exemptions/
    In March 2020, exceptions vanished as Lenders were unsure of the future and how many mortgages would be done in 2020, however as the housing market kept going exceptions are now back from a limited amount of lenders. However, there is strict criteria such as income and strength of applicant. Also, one of the biggest changes is you must have identified a property you are keen to purchase.


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  • Registered Users Posts: 414 ✭✭Emma2019


    That always happens around that of year tbh.

    They're only allowed give exceptions to 20% of their loan book. If there's lots of interest their estimate of 20% goes early and then they've to wait until November/December to figure out what their total loan book is and whether they've gone over or under that so they may release more around then. But having a specific house may be a new way of whittling down how to give the last few slots but definitely wasnt my experience in Dec 2020


  • Registered Users Posts: 142 ✭✭bleaks


    DubLad69 wrote: »
    Do Banks look at applications on a case by case basis? Or is it as simple as if you have bad credit it's a no?

    I make a mistake on a loanwhen I was 18 (9 years ago), and never paid the loan off because I lost my job and other personal reasons. There was €1000 out of €4000 still owed. I tried paying it off when I was 20, but the bank I was with said that it was written off and I can't pay it.

    Turns out the person I was talking to was wrong and it wasn't written off, it's being sitting there unpaid all these years. And I only paid it off today after the bank I applied for my mortgage with told me it was still due on my CCR (but not my ICB).

    I've had many much higher loans, credit cards etc since then, and have never even had a late payment or missed direct debit. Extremely secure job, great savings etc.

    The guy at the bank said that he will send it to the underwriters to ask if they will still approve the mortgage. Does anyone know if they will genuinely consider it, and the circumstances around why it wasn't paid at the time, and about the misinformation that led me to belive that I couldn't pay it off all these years? will it be thrown out because of this issue or is there a chance?

    I'd be interested in hearing how you get on with this. I'm in a similarish position. I was offered a settlement to pay off a credit card debt at 70% of the value. I'd lost my job at the time but got the money together to pay it thinking that would be the end of it. Lo and behold, the other 30%, a now paltry enough 300 euro, seems to be still appearing on my ICB reports 5 years later. No doubt it will probably bite me in the back side now for mortgage apps.
    As far as I'm aware, there is a statute of limitations period of either 5 or 6 years a debt can be held against you for so I'm surprised they held it against you for 9 years. I plan on givings Mabs a shout about it soon. They advised me to pay the settlement in the first place!


  • Registered Users Posts: 30 KBH2020


    I read an article last year that banks could extend AIP (rather than renew) for those who had AIP during lockdowns, etc. Does anyone know if this would still be a possibility for anyone who got AIP this year? We got ours in Feb and feel the first 3 months were a total waste as supply was so limited in areas we were looking at. We have an exemption and we are worried we will lose it on a renewal because we didn't use it - not sure if this is likely/unlikely??

    Also in relation to the 6 month AIP. What happens if you go sale agreed on a house 2 weeks before AIP expires.. do you actually have to renew AIP because you haven't yet drawn down within the 6 months? (even though you will have informed the bank you have found a house).

    Any info appreciated :)


  • Registered Users Posts: 414 ✭✭Emma2019


    I got an exception in Dec. Broker said in March that I'd get less if my AIP expired.

    Once you have a house you'll be moving to loan offer so just submit everything before the AIP expired. Loan offer is valid for different lengths of time with different banks and some only let you renew it for a short time.

    If you haven't drawdown before that expires you've to start again.


  • Registered Users Posts: 666 ✭✭✭brianc27


    KBH2020 wrote: »
    I read an article last year that banks could extend AIP (rather than renew) for those who had AIP during lockdowns, etc. Does anyone know if this would still be a possibility for anyone who got AIP this year? We got ours in Feb and feel the first 3 months were a total waste as supply was so limited in areas we were looking at. We have an exemption and we are worried we will lose it on a renewal because we didn't use it - not sure if this is likely/unlikely??

    Also in relation to the 6 month AIP. What happens if you go sale agreed on a house 2 weeks before AIP expires.. do you actually have to renew AIP because you haven't yet drawn down within the 6 months? (even though you will have informed the bank you have found a house).

    Any info appreciated :)

    I had to reapply from scratch in March, last 3 months of my AIP was a complete waste, had to submit a brand new application was no extention given, I got more through the second application though so worked out well


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  • Registered Users Posts: 17 Hanaolosdad


    Got approved in full from Bank of ireland for a self build mortgage

    Havent made first draw down yet- but have been offered a permanent job in public sector

    will changing job now affect mortgage?


  • Registered Users Posts: 949 ✭✭✭Renjit


    Got approved in full from Bank of ireland for a self build mortgage

    Havent made first draw down yet- but have been offered a permanent job in public sector

    will changing job now affect mortgage?

    All they care about is salary cert with no probation mentioned.


  • Registered Users Posts: 310 ✭✭FromADistance


    bleaks wrote: »
    I'd be interested in hearing how you get on with this. I'm in a similarish position. I was offered a settlement to pay off a credit card debt at 70% of the value. I'd lost my job at the time but got the money together to pay it thinking that would be the end of it. Lo and behold, the other 30%, a now paltry enough 300 euro, seems to be still appearing on my ICB reports 5 years later. No doubt it will probably bite me in the back side now for mortgage apps.
    As far as I'm aware, there is a statute of limitations period of either 5 or 6 years a debt can be held against you for so I'm surprised they held it against you for 9 years. I plan on givings Mabs a shout about it soon. They advised me to pay the settlement in the first place!

    The only way you will get that sorted is by making a complaint to the financial organisation in question. On the basis that a settlement was agreed, the balance should have been wrote off. Your CCR record should be in the clear by now.


  • Registered Users Posts: 414 ✭✭Emma2019


    Got approved in full from Bank of ireland for a self build mortgage

    Havent made first draw down yet- but have been offered a permanent job in public sector

    will changing job now affect mortgage?

    Public sector probation is a year long. However because its public sector some lenders dont insist on probation being passed in order to draw down. You'd need to check with BOI.

    ICS are another lender who will lend based on your salary in two increments (years) time if you're public sector and a friend has been able to drawdown with them even though he hadn't finished probation yet


  • Registered Users Posts: 2 dhannon84


    Emma2019 wrote: »
    Public sector probation is a year long. However because its public sector some lenders dont insist on probation being passed in order to draw down. You'd need to check with BOI.

    ICS are another lender who will lend based on your salary in two increments (years) time if you're public sector and a friend has been able to drawdown with them even though he hadn't finished probation yet

    My cousin had same issue but via broker (<MOD SNIP>) managed to get around this no problem!


  • Registered Users Posts: 17 Hanaolosdad


    Get a good brooker! had an issue with a revoked credit card from 2019- some brokers wouldnt touch me- one did and now i have a mortgage approval


  • Registered Users Posts: 12,920 ✭✭✭✭Interested Observer


    Got all my docs submitted to PTSB about a week ago, anyone know how long they generally take to process an application these days? Thanks.


  • Registered Users Posts: 277 ✭✭Jasna1982


    Got all my docs submitted to PTSB about a week ago, anyone know how long they generally take to process an application these days? Thanks.

    I’ve had mine in for over a month. PTSB very overwhelmed with applications at the moment

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



  • Registered Users Posts: 49 Alwandy


    Hi,
    So luckily I have gone to the stage where I can get my LTO. After a few quick calls, everyone is looking for the booking deposit of 5000. Now my HTB approval covers the 10%, but it seems they're not taking that in consideration. How do I proceed on this?


  • Registered Users Posts: 12,920 ✭✭✭✭Interested Observer


    Jasna1982 wrote: »
    I’ve had mine in for over a month. PTSB very overwhelmed with applications at the moment

    Blargh. Thanks for the reply.


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  • Registered Users Posts: 476 ✭✭DubLad69


    Alwandy wrote: »
    Hi,
    So luckily I have gone to the stage where I can get my LTO. After a few quick calls, everyone is looking for the booking deposit of 5000. Now my HTB approval covers the 10%, but it seems they're not taking that in consideration. How do I proceed on this?

    You pay the €5,000 booking deposit.


  • Registered Users Posts: 49 Alwandy


    DubLad69 wrote: »
    You pay the €5,000 booking deposit.

    That is fine, but am I able to get the booking deposit back as I want them to fully utilise my HTB? Makes no sense not doing that since I am eligible for the full 10%


  • Registered Users Posts: 76 ✭✭CalisGirl


    Got approved in full from Bank of ireland for a self build mortgage

    Havent made first draw down yet- but have been offered a permanent job in public sector

    will changing job now affect mortgage?

    Ideally your new salary cert won't have probation mentioned and then there's no issue.
    Apart from that, it depends on the bank as to whether probation is important. For Haven and Finance Ireland, they look at how secure your industry is to determine whether to proceed while you are still on probation. E.g. if you're an experienced software engineer/ working in tech, there shouldn't be any issue with probation. My broker also said that HSE frontline workers won't have an issue either. AIB will allow you to apply for a mortgage while on probation but won't allow drawdown until probation period has passed.
    Not sure about other bank's policies.


  • Posts: 14,344 ✭✭✭✭[Deleted User]


    Alwandy wrote: »
    I can get my LTO.


    Perhaps I'm having an off moment, but what is LTO?


  • Registered Users Posts: 494 ✭✭Green Mile


    KKV wrote: »
    Perhaps I'm having an off moment, but what is LTO?

    Lettuce, Tomatoes and Onion.

    Or Loan to offer


  • Posts: 14,344 ✭✭✭✭[Deleted User]


    Green Mile wrote: »
    Lettuce, Tomatoes and Onion.

    Or Loan to offer




    But if you go with a broker, do you need to supply lettuce up front or can you be gifted it?




    What's loan to offer? Whats the "to" in there all about? :confused: I've heard of a loan offer being made but never a loan "to" offer? I feel like I'm missing something obvious?


  • Registered Users Posts: 49 Alwandy


    KKV wrote: »
    But if you go with a broker, do you need to supply lettuce up front or can you be gifted it?




    What's loan to offer? Whats the "to" in there all about? :confused: I've heard of a loan offer being made but never a loan "to" offer? I feel like I'm missing something obvious?

    Apologies, I meant to type letter of offer, just being on my phone tried to shorten it.


  • Registered Users Posts: 4,655 ✭✭✭CIP4


    If you get shift allowance in your job and work all year round on shift do the bank count 100% of the shift allowance salary payment for determining how much you can borrow or is it only partially counted ?


  • Registered Users Posts: 211 ✭✭CrazyFish


    Got all my docs submitted to PTSB about a week ago, anyone know how long they generally take to process an application these days? Thanks.

    Took me 2 - 3 working days just recently. I went in with all documents and made sure I had everything prepared in the hopes they would not need more info. Applied on Thursday and knew by Tuesday they rang me telling me. Just waiting on post with letter confirming it


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  • Registered Users Posts: 13,682 ✭✭✭✭markodaly


    An odd question maybe, but what is the deal with applying for a mortgage in Ireland but you already have a mortgage abroad?

    I guess you are no longer a first-time buyer and will have to stump up the 20% deposit, but are there any other issues? Say couple earning 100k between them, will they still get the 3.5 times loan?


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