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Saving/Applying for a mortgage 2020-22 Edition

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    #3452
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    https://www.boards.ie/discussion/comment/118863265#Comment_118863265

    You can get AIP on their site though, I did it in five minutes. You can then give that to the broker you go with.



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    #3453
    teaandsnooker
    Registered Users Posts: 6 ✭teaandsnooker


    https://www.boards.ie/discussion/comment/118864065#Comment_118864065

    Thanks Tar - it's the official aip I'm waiting on - rather than that initial approval - it seems to be taking ages at the moment! But I'm just wondering if others are waiting around the same time for the official confirmation



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    #3454
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    Hi, has anyone done this.

    once we’ve the 6 months plus of regular savings done when I apply for AIP I was thinking of starting to pay the crèche is cash, ie, it’s €250 a week but take out cash at different intervals and say they’re being looked after by a relative now? But still in crèche? Has anyone done this?



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    #3455
    Gary Enough Manganese
    Posts: 0 ✭✭ Gary Enough Manganese


    What sort of criteria do the banks take into consideration when granting the exemption for the 3.5 times borrowing limit?

    I have close to 80k saved and would hope to have around 95k by the time I apply in Q1 2023. Would this be looked upon favorably?



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    #3456
    GoldFour4
    Moderators, Sports Moderators Posts: 4,991 Mod ✭✭✭✭GoldFour4


    https://www.boards.ie/discussion/comment/118875603#Comment_118875603

    Size of your deposit wouldn’t matter for the 3.5 exception unless the deposit was for a huge % of the property I’d guess.

    Requirements for each bank vary. I’d go the broker route if you feel you need the exception as they’ll be able to advise which banks you’ll qualify with.



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    #3457
    Gary Enough Manganese
    Posts: 0 ✭✭ Gary Enough Manganese


    https://www.boards.ie/discussion/comment/118875672#Comment_118875672

    Great thanks.

    Was more so wondering would the fact that I am a regular saver of around € 1,500 a month make me a good case.



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    #3458
    GoldFour4
    Moderators, Sports Moderators Posts: 4,991 Mod ✭✭✭✭GoldFour4


    https://www.boards.ie/discussion/comment/118875701#Comment_118875701

    Are you paying rent at the moment? For us, we were paying 1,300 in rent and saving about 2,000 on top of that each month along with living expenses. I think what they truly look at is what the mortgage payment would be each month and then stress that based on increases in interest rates. They likely have additional criteria on top of that like minimum income levels.



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    #3459
    Gary Enough Manganese
    Posts: 0 ✭✭ Gary Enough Manganese


    Yup I am paying rent but fortunately not much, € 500 pm to live just off Griffith Avenue my land lord is gent and some what of a philanthropist.



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    #3460
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Things that matter are disposable income left over, stress testing a higher percentage mortgage, credit history, your job history, and the more you save each month the better yes.



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    #3461
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    Has anyone bought in the last phase of elder heath? Just wondering as the date keeps being put back. I’d love to know if anyone else is going through it.



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    #3462
    miamee
    Moderators, Social & Fun Moderators, Regional East Moderators, Regional North West Moderators Posts: 12,207 Mod ✭✭✭✭miamee


    https://www.boards.ie/discussion/comment/118873171#Comment_118873171

    I'm not sure how wise that is, now it will look like you are spending €250 a week more than before with the creche fees being taken care of by 'a relative' and you still spending €250 a week on 'something else'. Relying on a relative to pay creche fees may not be seen as dependable long term by the bank and they may still want to take into consideration that you can pay them on top of what you are spending now (including the €250pw you are actually spending on creche fees).

    I haven't done it, no expert at all, that is just my own personal opinion on it :)



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    #3463
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/118877652#Comment_118877652

    It’s just going by the calculator online, creche fees feck you over! I’ve no doubt we’d be well able to pay the increased mortgage.

    it’s a tough one! Probably won’t go down that route.

    have you had experience with the bank including some social welfare and child benefit as part of our total income? Kids are only 1 and 3. Herself works for 44 weeks of the year the other 8 are jobseekers as she’s a term time childcare worker



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    #3464
    Dodge
    Registered Users Posts: 10,287 ✭✭✭✭Dodge


    My advice is to have a chat with a couple of brokers and be honest with them about your finances (including your outlay). If you can afford a mortgage (and you have the deposit), you’ll get a mortgage.

    hiding stuff won’t help (IMO)



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    #3465
    miamee
    Moderators, Social & Fun Moderators, Regional East Moderators, Regional North West Moderators Posts: 12,207 Mod ✭✭✭✭miamee


    https://www.boards.ie/discussion/comment/118877717#Comment_118877717

    I haven't I'm afraid. I do undersand the frustration of the summer on the dole, a good friend of mine has done it for many years. I'd echo what Dodge has said above to speak to a broker and see what they say. They'll be able to tell you which banks/institutions are likely to take the 8 weeks of social welfare into account if any.



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    #3466
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/118877796#Comment_118877796

    Thanks Dodge.



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    #3467
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/118877919#Comment_118877919

    Thanks Miamee



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    #3468
    iColdFusion
    Registered Users Posts: 995 ✭✭✭iColdFusion


    https://www.boards.ie/discussion/comment/118873171#Comment_118873171

    I wouldn't go down that route, it's alot of money to be disappearing from your bank account each month, they will probably assume you have a gambling problem, mistress or spending it on drugs, better to be up front with them, as long as yere combined income justifies the creche fees they should factor in ye will only be paying that until the kids start school which is a short period in the lifetime of the mortgage and shows ye are both committed to working.

    Withdrawing cash like that could easily cause you massive headaches if the bank query it when you are sale agreed.



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    #3469
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    https://www.boards.ie/discussion/comment/118890511#Comment_118890511

    Thanks for that. Yeah was just a thought, I’m backing away from it now. Like you said it’s for another few years and it’s reduced significantly.



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    #3470
    misterreginald96
    Registered Users Posts: 21 ✭misterreginald96


    Hi All, just wondering does anyone know what the situation is if your salary increases after you got your Approval in Principal? Does it matter? Is that max mortgage on the AIP set in stone or when it came to getting an actual mortgage offer, after going sale agreed, would they factor in your new salary and give a higher mortgage value? ...If that makes sense!

    Any advice helpful! Thanks all !



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    #3471
    Ciara26
    Registered Users Posts: 101 ✭✭Ciara26


    https://www.boards.ie/discussion/comment/118896426#Comment_118896426

    Happened me, so once I got salary increase I asked the broker to increase it. 2 things to remember. One- you need the payslip with higher increase. ( a letter confirming will help but won’t get you it and 2- factor in where u are with buying the house. If u are about to close there may not be time. But I’d advise to talk to the broker



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    #3472
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    This happened to me in March month, salary went up and I had to apply for new AIP. However I had a choice, get full AIP again (2-3 weeks) or get an email in a few days from them with the new amount. I had to sign some forms again, declarations. And as above, had to get the new payslip (and salary cert) so had to wait a few weeks before starting to apply for it.



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    #3473
    misterreginald96
    Registered Users Posts: 21 ✭misterreginald96


    Thanks All, would waiting on revised AIP impact your ability to bid on a property do you know? Or does it matter



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    #3474
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    https://www.boards.ie/discussion/comment/118899095#Comment_118899095

    Doesn't matter, they dont get to see how much you are approved for anyway.



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    #3475
    Tij da feen
    Registered Users Posts: 598 ✭✭✭Tij da feen


    Quick question. I'm looking at getting mortgage approval to move to another house. I don't have a deposit saved up (I have enough to clear legal fees and other related fees + stamp duty) but I do have a lot of equity in my current house that I'd like to use for the 20% deposit. Is it an issue with not having a lot saved up at the moment or is this a fairly typical situation for mover mortgages?



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    #3476
    WoolyJumper
    Registered Users Posts: 847 ✭✭✭WoolyJumper


    Not sure if I should be asking this here but anyone know the best/quickest banks to get a mortgage rejection? Basically I want to apply to the local authority but I need two rejection letters. I applied online through AIB and to my surprise they approved in principle. I am single and earn 35000k a year so the amount they offered is not enough to buy anything in and around Cork City. I am assuming as I upload documents etc I will eventually get rejected, I just don't want to go through the hassle of. So anyone recommend me the easiest way to get rejected?



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    #3477
    Dodge
    Registered Users Posts: 10,287 ✭✭✭✭Dodge


    https://www.boards.ie/discussion/comment/118913909#Comment_118913909

    its tricky. You’ll need to pay a booking deposit (likely to be 5-10k) if you find a new house

    When the remainder of your 20% is due, you’ll need the agreement of the sellers for them to effectively waive this until the mortgage is transferred/paid if you can’t pay in cash.

    We definitely didn’t have the 20% saved up when we moved (January) but had enough to pay booking deposit (was 8k for us) and a bit extra. Rather than further complicate what was already a long drawn out procedure, my sister lent me the balance of our deposit and we paid her back immediately when the mortgage/sale of our house cleared. I know this isn’t available for all but it worked out for us. Like I said, the other option was contacting the sellers to ask them for a favour

    We had no problem getting a mortgage based on using the equity as a deposit. We used a broker



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    #3478
    houseyhouse
    Registered Users Posts: 693 ✭✭✭houseyhouse


    https://www.boards.ie/discussion/comment/118947116#Comment_118947116

    I think two insufficient offers will do it. You don’t need rejections. A rejection would usually be because of bad credit history etc. For lower earners with no credit problems the banks just approve for a low amount.

    see here: https://localauthorityhomeloan.ie/eligibility/



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    #3479
    akelly02
    Registered Users Posts: 3,133 ✭✭✭akelly02


    https://www.boards.ie/discussion/comment/118947116#Comment_118947116

    what they approved you for is usually good enough.


    ie a low offer .



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    #3480
    Cork2021
    Registered Users Posts: 2,286 ✭✭✭Cork2021


    has anyone an idea as to what an architect or engineer might charge for preliminary Drawings for an extension?



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    #3481
    Gary Enough Manganese
    Posts: 0 ✭✭ Gary Enough Manganese


    Is there any place where you can see what a house actually sold for versus the advertised price?



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