Saving/Applying for a mortgage 2020-22 Edition

Corkgirl20

Antares35 wrote: »

I asked the mortgage advisor this yesterday because I was worried too as OH had crypto. He said once it's done from disposable income after savings, rent, living etc. then it doesn't matter

Thank god for that !! Thanks for letting me know , it popped into my head at 5am last night !

bunnymunro

We are looking for 60-70 thousand for a property valued at 325000. We are selling a property overseas which will supply the balance. Will leeway be given for my lack of savings and a few hundred deposit in to betting accounts before Christmas. Wife is on the pup at the moment. My income is circa 4500 a year and rent outgoings are 1000 per month. If we tidy up the accounts we would be good to go by the summer but have an eye on somewhere and want yo get an offer in ASAP.

Antares35

Corkgirl20 wrote: »

Thank god for that !! Thanks for letting me know , it popped into my head at 5am last night !

I'd been worried about it too, and I was also worried about having financial statements that showed expenses on other stuff on a regular basis, so much so that I went and bulk bought six months supply of things like cat food, cat litter, contact lenses etc.

brianc27

Antares35 wrote: »

I'd been worried about it too, and I was also worried about having financial statements that showed expenses on other stuff on a regular basis, so much so that I went and bulk bought six months supply of things like cat food, cat litter, contact lenses etc.

When I was applying for mortgage approval I didn't really cut back on any discretionary spending, I just made sure my savings/rent together came to a good bit more then I'd be paying monthly on mortgage repayments.

L1011

bunnymunro wrote: »

We are looking for 60-70 thousand for a property valued at 325000. We are selling a property overseas which will supply the balance. Will leeway be given for my lack of savings and a few hundred deposit in to betting accounts before Christmas. Wife is on the pup at the moment. My income is circa 4500 a year and rent outgoings are 1000 per month. If we tidy up the accounts we would be good to go by the summer but have an eye on somewhere and want yo get an offer in ASAP.

I presume that 4500 is missing a zero?

Small amounts of betting isn't a deal-breaker but a few hundred even once off might not be good. However, some banks only want 6 months statements on payment cards which would have that gone by the summer.

70k on a 45k income (assuming that typo and not accounting for anything from your wife, although you'd hope that she'll be back to normal by then) should be no issue, but some savings would normally be expected.

Dolbhad

Bubbaclaus wrote: »

Based on the lack of responsiveness from our mortgage contact in Ulster Bank, I wouldn't be surprised if the announcement of pulling out of Ireland was imminent.

Documents were sent in 17 November and still haven't got anything back.

Either that or we have got a dud salesman.

I find it’s so important to have a good mortgage advisor. That’s why I would always tell people go into a branch and find someone, don’t do it online. And get recommendations.

Our first AIP was with AIB and the person was excellent. We had approval in 24 hours. I thought it was just AIB that were quick.

When it expired, she was out on maternity leave. The replacement in the branch was awful. We didn’t even submit a full application in the end and went elsewhere.

Antares35

brianc27 wrote: »

When I was applying for mortgage approval I didn't really cut back on any discretionary spending, I just made sure my savings/rent together came to a good bit more then I'd be paying monthly on mortgage repayments.

Yeah that's more or less what he said. Currently with savings and rent, we're about 500 a month over what we'd be repaying so there's a bit of wriggle room, but he said not to take that as a reason to cut back on savings either!

Milena009

Antares35 wrote: »

Yeah that's more or less what he said. Currently with savings and rent, we're about 500 a month over what we'd be repaying so there's a bit of wriggle room, but he said not to take that as a reason to cut back on savings either!

Similar for ours, from what we gathered so far ☺️
We each pay 800 rent plus 400 savings (increase from 200each before) 😅
Fingers crossed to buy a new build this year 😂

Antares35

Milena009 wrote: »

Similar for ours, from what we gathered so far ☺️
We each pay 800 rent plus 400 savings (increase from 200each before) 😅
Fingers crossed to buy a new build this year 😂

We're hoping to buy towards end of summer too. Best of luck with it

Milena009

Antares35 wrote: »

We're hoping to buy towards end of summer too. Best of luck with it

You too ðŸ˜႒
Hopefully the lockdown doesn't delay too much 🀞

ongarite

Get a credit report if you are worried about it affecting your mortgage application.

redsteveireland

Corkgirl20 wrote: »

Does anybody know if any unpaid catalogue debt from a few years back to the value of under €200 would affect mortgage approval ?

Thanks

I wouldn't think so, but as advised get both credit reports

redsteveireland

Dolbhad wrote: »

I find it’s so important to have a good mortgage advisor. That’s why I would always tell people go into a branch and find someone, don’t do it online. And get recommendations.

Our first AIP was with AIB and the person was excellent. We had approval in 24 hours. I thought it was just AIB that were quick.

When it expired, she was out on maternity leave. The replacement in the branch was awful. We didn’t even submit a full application in the end and went elsewhere.

We found AIB very quick to give AIP but then when there were some queries we got little or no response, even our local branch advisor was poor getting back to us, we are currently with a broker exploring other options.

Corkgirl20

redsteveireland wrote: »

We found AIB very quick to give AIP but then when there were some queries we got little or no response, even our local branch advisor was poor getting back to us, we are currently with a broker exploring other options.

AIB were very quick to give AIP to us also. Currently going for a mortgage with them through the portal our queries are answered within the day which I think is pretty good.

How are you getting on with the broker, ?

If AIB is going to take very long we will be looking into a broker also.

thomas 123

Corkgirl20 wrote: »

I’m scared for the answer to this but I must ask...
Has anyone experiences with how banks view cryptocurrency such as Bitcoin?
Will it come against it ? Two transactions of buying Bitcoin in the last year.
Is it best to declare it ?

Can’t see it being an issue, Eoin Magee seems to think they don’t give a toss as long as you show ye ability re-pay and have regular savings etc

redsteveireland

Corkgirl20 wrote: »

AIB were very quick to give AIP to us also. Currently going for a mortgage with them through the portal our queries are answered within the day which I think is pretty good.

How are you getting on with the broker, ?

If AIB is going to take very long we will be looking into a broker also.

Just started with the broker, my application is not straight forward and I am not in a big rush, more of a 1-2 year plan that I am just kicking off

Busi_Girl08

Gah. We just heard back on Ulster Bank's manual check and they said we wouldn't qualify for a borrowing exception. Contacting a broker a friend recommended so hoping that will get us to a better stage, and in the meanwhile we're just saving like crazy.

Our broker advised not to bother sending our application to UB. Apparently the writing is on the wall for them leaving ROI.

Busi_Girl08

cisk wrote: »

Our broker advised not to bother sending our application to UB. Apparently the writing is on the wall for them leaving ROI.

Yeah could be a blessing in disguise. Waiting to talk to a broker soon so hopefully that will get us moving properly and get an AIP in place. We may be putting too many of our eggs in one basket about the borrowing exception though. It's not exactly guaranteed.

Antares35

Hi guys can anyone advise, for the purposes of showing a saving record, is it ok to save in a credit union? Or does it look better if it's saved in a bank?

Creamy Goodness

Antares35 wrote: »

Hi guys can anyone advise, for the purposes of showing a saving record, is it ok to save in a credit union? Or does it look better if it's saved in a bank?

it doesn't matter as long as its easy to see a regular savings pattern.

Antares35

Creamy Goodness wrote: »

it doesn't matter as long as its easy to see a regular savings pattern.

Thank you:)

DopeTech

Noob question but if the main earner in a joint application is on contract work with good prospects of further work are they usually ok with that or is being permanent a real deal breaker.

DubLad69

DopeTech wrote: »

Noob question but if the main earner in a joint application is on contract work with good prospects of further work are they usually ok with that or is being permanent a real deal breaker.

It depends on their field of work. If they are in a job in high demand and they can show that they have a rock solid history of not being unemployed then they will consider it.

Broker submitted an application for permanent tsb. Was thinking ulster bank as well but seems unlikely now. Any ideas of what the turnaround for PTSB is?

Milena009

[Deleted User] wrote: »

Broker submitted an application for permanent tsb. Was thinking ulster bank as well but seems unlikely now. Any ideas of what the turnaround for PTSB is?

I was told about 10 working days for KBC and tsb a bit longer

Pete123456

Deleted User wrote: »

Broker submitted an application for permanent tsb. Was thinking ulster bank as well but seems unlikely now. Any ideas of what the turnaround for PTSB is?

What about haven? Great rates and 5k back?

Dolbhad

Disclosure I work in the legal field but conveyance isn’t my main area. However as we are busy I’ve been helping out. My view on banks as I’ve been contacting them on the legal side:

1. PTSB - Great on the ground in branches but completions team in Dublin are really really backlogged and slow. Local mortgage advisors
Are well aware and do seem to push what they can. If you have any legal issues and qualifications need to be raised, you will be waiting.

2. Ulster Bank - I did my mortgage with that. I found them great to deal with. They seem to move applications quickly enough. I do expect them to leave ROI in next few years though but I you can always remortgage then so I wouldn’t put me off. They are fairly easy to deal with on qualifications. Local branches seem great to deal with.

3. AIB/Haven/EBS - I view them as all the same. They are grand to deal with completions team wise. Some local branches can be slower wise. qualifications move easy. Actually have an email address which is still rare enough for a bank!

4. BOI - the same as AIB

5. KBC - I’d rate them along the lines of PTSB.

6. Finance Ireland - still finding their feet but seem grand to deal with.


This is more once your sale agreed and at loan offer stage but hope it helps. I find one bank is way better than another so pick the one which has rates that work for you. Also if you are going with any bank, please find an advisor. Don’t do it online. Trust me you want an individual person following up on your case to move it along.

Looptheloop30

Anyone have experience with doddl?

Milena009

Milena009 wrote: »

I was told about 10 working days for KBC and tsb a bit longer

KBC 10 days for AIP and quicker again after for letter of offer