Saving/Applying for a mortgage 2020-22 Edition

ADO

Folks just a quick question regarding the previous posts on getting exemptions,

Myself self and partner are saving €2400 a month between us, combined we take home 5k a month and have no loans or credit cards etc. We will have 30k saved for deposit in December and hope to apply in January too as we would need an exemption to buy where we want (Dublin 24) neither of after affected by covid payment. Would we qualify for an exemption?

Creamy Goodness

ADO wrote: »

Folks just a quick question regarding the previous posts on getting exemptions,

Myself self and partner are saving €2400 a month between us, combined we take home 5k a month and have no loans or credit cards etc. We will have 30k saved for deposit in December and hope to apply in January too as we would need an exemption to buy where we want (Dublin 24) neither of after affected by covid payment. Would we qualify for an exemption?

Only the bank really can tell you for certain. but January is a good month to go in and ask. Some banks spread their exceptions throughout the year, some just give them all out in January.

Ikozma

Smiley11 wrote: »

No...you don't pay tax on any profit from the sale of your PPR.

Oh that's good to know, thank you

lcarrol3

ADO wrote: »

Folks just a quick question regarding the previous posts on getting exemptions,

Myself self and partner are saving €2400 a month between us, combined we take home 5k a month and have no loans or credit cards etc. We will have 30k saved for deposit in December and hope to apply in January too as we would need an exemption to buy where we want (Dublin 24) neither of after affected by covid payment. Would we qualify for an exemption?

My partner and I are in a very similar financial situation - we were a shoe in for an exemption and got one with PTSB and KBC. A mockles was put on that once covid hit but may be the case in January. Our advisor in PTSB, however, told us the criteria is likely to be a lot tighter and we might not qualify. We got full 4.5x at the time.

ADO

Jaysus they certainly don't make it easy, we need the exemption but it sounds like it's extremely hard to avail of, looks like January will be it for us.

brisan

ADO wrote: »

Jaysus they certainly don't make it easy, we need the exemption but it sounds like it's extremely hard to avail of, looks like January will be it for us.

Exemptions will be few and far between if any next year

Gael23

KBC will give me €130k

Might as well forget about living in Dublin

Starlord_01

brisan wrote: »

Exemptions will be few and far between if any next year

Was told the same by both EBS and AIB in the past week.

Luckily enough my girlfriend is on a HSE payscale so we can apply for the Public Sector Mortgage through ICS.

brisan

Covid is having far reaching effects on many aspects of our life

brisan

Starlord_01 wrote: »

Was told the same by both EBS and AIB in the past week.

Luckily enough my girlfriend is on a HSE payscale so we can apply for the Public Sector Mortgage through ICS.

Covid is having negative effects on many aspects of our lives

Ray1990

Hi all,

just for anyone applying with ICS mortgages at the moment, it's moving really slowly so don't lose hope! All the banks are the same and are being very cautious and taking their time with each application.

We applied via our broker at the end of June, there was a lot of back and forth. ICS required additional documents several times, each time we submitted new documents it was about 2 weeks until we got an update from them, so it can be frustrating. Once they made a decision on what they could offer us the process got a lot quicker and things moved ahead nicely. Got our AIP and letter of offer earlier this month and just signed contracts yesterday!

Just wanted to give context to anyone who might be in a similar situation with ICS - it will take a while but don't take it as them being tough on your application personally, it's just a knock on effect to all applications!

Starlord_01

Ray1990 wrote: »

Hi all,

just for anyone applying with ICS mortgages at the moment, it's moving really slowly so don't lose hope! All the banks are the same and are being very cautious and taking their time with each application.

We applied via our broker at the end of June, there was a lot of back and forth. ICS required additional documents several times, each time we submitted new documents it was about 2 weeks until we got an update from them, so it can be frustrating. Once they made a decision on what they could offer us the process got a lot quicker and things moved ahead nicely. Got our AIP and letter of offer earlier this month and just signed contracts yesterday!

Just wanted to give context to anyone who might be in a similar situation with ICS - it will take a while but don't take it as them being tough on your application personally, it's just a knock on effect to all applications!

Thanks for that! We submitted everything about 4 weeks ago and the broker we are going through hasn't heard from them yet.

Ikozma

Can i use money I make from the sale of my house now to go towards a deposit for 2 nd mortgage along with savings, I'd have about 3/4 of the 20% deposit saved, or do the banks prefer to see you have saved for the entire deposit?

IvoryTower

Ikozma wrote: »

Can i use money I make from the sale of my house now to go towards a deposit for 2 nd mortgage along with savings, I'd have about 3/4 of the 20% deposit saved, or do the banks prefer to see you have saved for the entire deposit?

for me they just needed to see 6 months uninterrupted saving, they didnt realise a large chunk of my deposit came from a drunk driving into my parked car

Markitron

IvoryTower wrote: »

for me they just needed to see 6 months uninterrupted saving.

A broker told me it doesn't necessarily have to be 6 months of saving, but 6 months of repayment capacity. I have been saving 6 months but for 2 of these months I didn't save anything, but paid off loans instead.

pooch90

Starlord_01 wrote: »

Thanks for that! We submitted everything about 4 weeks ago and the broker we are going through hasn't heard from them yet.

We are almost 5 and a half weeks in. I'm part of a first time buyers group on FB and other have gotten it in 2-3 weeks, just frustrating!

Starlord_01

pooch90 wrote: »

We are almost 5 and a half weeks in. I'm part of a first time buyers group on FB and other have gotten it in 2-3 weeks, just frustrating!

Could you PM the name of that group please?

Danger781

My Broker is asking for 2 copies of photo ID. If I'm giving my driving licence do I need both back and front? Or will just the front suffice? Just trying to make sure I have all my ducks in a row..

Second copy will be passport.

Will photos suffice or must it be photocopies?

pooch90

Danger781 wrote: »

My Broker is asking for 2 copies of photo ID. If I'm giving my driving licence do I need both back and front? Or will just the front suffice? Just trying to make sure I have all my ducks in a row..

Second copy will be passport.

Will photos suffice or must it be photocopies?

Front and back, photocopy would be better.

HannahR31

pooch90 wrote: »

Front and back, photocopy would be better.

Why on earth would they need to see the back of the licence? I've never once when asked for ID for any application ever given the back..

Also used to work somewhere that looked for ID and the amount of times people photocopied the back of their passport made me laugh.

dodo87

Hi all,
Does anyone have any experience in taking out life cover on a mortgage for a couple when the mortgage is just in one person's name? Do I get my own cover and provide it to the bank and can my partner take out a second one then?
Thanks in advance

pooch90

HannahR31 wrote: »

Why on earth would they need to see the back of the licence? I've never once when asked for ID for any application ever given the back..

Also used to work somewhere that looked for ID and the amount of times people photocopied the back of their passport made me laugh.

Any time I've been asked for ID it has stated you need the back of the newer card driving licence, it shows the classification of licence you hold. Same as photocopying the 3 fold out pages on the older version.

frankie15

Starlord_01 wrote: »

Could you PM the name of that group please?

Hi would it be possible pm the name of the Facebook group please?

Bubbaclaus

frankie15 wrote: »

Hi would it be possible pm the name of the Facebook group please?

Presumably it's the massive First Time Buyers Ireland group on Facebook

pooch90

At what stage do you stop dealing with your broker? Is it as soon as you get AIP? I know some will keep you on the books and contact you in a few years about switching but for the current process?

cant26

pooch90 wrote: »

At what stage do you stop dealing with your broker? Is it as soon as you get AIP? I know some will keep you on the books and contact you in a few years about switching but for the current process?

I’d say it’s when you draw down. They only get their commission from the banks when the mortgage is in place.
I know our broker has a few bits to submit in the next week in order for our solicitor to request funds.
I’d say once the funds are requested there’s nothing else for them to do.
I could be wrong. Very new to this stressful game!!

mojesius

cant26 wrote: »

I’d say it’s when you draw down. They only get their commission from the banks when the mortgage is in place.
I know our broker has a few bits to submit in the next week in order for our solicitor to request funds.
I’d say once the funds are requested there’s nothing else for them to do.
I could be wrong. Very new to this stressful game!!

You're right! The broker is involved right up until the sale is closed and funds are officially drawn down by solicitor.

cojomo2

brisan wrote: »

Exemptions will be few and far between if any next year

Good. No exemptions = house prices come down. Why anyone would want to borrow more than 3.5 times their salary is beyond me anyway..

Sheep Shagger

cojomo2 wrote: »

Good. No exemptions = house prices come down. Why anyone would want to borrow more than 3.5 times their salary is beyond me anyway..

Don't be so sure, given supply of certain property types in certain areas is below where demand is. Exemptions are still a small percentage of home buyers.

cojomo2

Sheep Shagger wrote: »

Don't be so sure, given supply of certain property types in certain areas is below where demand is. Exemptions are still a small percentage of home buyers.

Regardless..no exemptions will negatively impact prices. Ill feel happier bidding on a house knowing those bidding against me dont have an exemption.