Saving/Applying for a mortgage 2020-22 Edition

from what i hear, this is the norm .

expect around 4 weeks

Need a bit of advice.

I'm at the final stages with AIB, just about to draw down.

When initially going through everything, I was given several options of which rate I wanted to go for.

I opted for a 3 year fixed, at 2.45%.

Bank sent the letter of offer to my solicitor.

While I read through it, I noticed they had put down a variable rate, at 2.95%. I noticed this straight away and contacted the bank to ask if this could be amended as it was not what I wanted. The guy I'm dealing with at the bank said "yep, that's no problem"- and sent a link to download and fill out an amendment form to change to the fixed 3 year rate at 2.45. I have this exchange in emails.

I brought this form in with me with my solicitor, we both signed it, and it was put in with the rest of the documents and sent back to the bank. My solicitor even referenced this amendment in his cover letter to the bank, which AIB received and stamped.

Fast forward to a few days ago while I was about to draw down and was sorting some final documents. I happened to bring up the rate and was told that I was on a variable rate, that I could only apply for a fixed rate after I draw down, do some (minor) planned work on the house, have it revalued and then possibly change to a fixed rate. That because it was a "buy and renovate" mortgage (I'm taking out 30k extra for windows and a few other small bits) that I'd have to start on a variable rate.

This was the first time I was hearing any of this.

The relationship with the guy in the bank has suddenly gone cold after I argued this point with him on the phone and several emails exchanges have only resulted with him spouting copy/paste fact style answers from someone who I assume is higher up than him without actually addressing my questions.

Essentially I feel I am being bullied into a variable rate.

Do I have any options here apart from rolling over and excepting, or walking away?

Rates are surely going up everywhere soon, will I get a similar/better rate elsewhere?

The trust is gone to be honest though, so signing a 30 year deal with these guys is not appealing to me anymore.

Anyone going through the mortgage process with Permanent TSB?

We are close to sale agreed on a house and can manage a less than 80% LTV which makes their 4 year 2.05% offer plus the cash back seems very tempting as I need to move my current account from KBC anyway but it is suspiciously far better than all their other rates, 3 years for the same deal is 2.95% for instance, anyone have any inside info on it?

It seems good enough that I wouldn't mind the hassle of moving to another mortgage provider in 4 years and the house is a C1 so we can't get a cheaper green mortgage others are offering at the moment but I'm sure we could manage a small energy upgrade to get us a green rate in 4 years

EDIT - Never mind I see on another page that rate is specifically excluded from cashback 🙄

Hi folks, need a bit of education here. My broker as explained it but it seems I'm not understanding well.

I've left deposit on a new build due to be completed sometime in March 2023, so there is no structure yet. Decided to go for AIP to make sure I can get the mortgage and my broker said only PTSB can offer non property specific approval.

Does this mean everyone else getting AIP on non completed new builds are with PTSB or am I missing something here? Is it worth getting the AIP with them and then waiting till the house is almost completed to apply to other banks?

AIP is the max figure the bank are willing to lend you. You can fund the rest yourself.

bare in mind you’ll need 1% stamp duty and roughly another 1% for associated solicitor fees and other misc fees.

Generally the way it works is you are approved for a mortgage loan of 300k but can buy a house for 330 when you include your 10% deposit if you are a first time buyer.

If its a new build and ye are first time buyers you might be able to go to 360 with help to buy and a 10% deposit.

After that its up to ye how much more cash ye want to put into the deal, mortgage companies will offer you better rates the lower the LTV but you wont qualify for HTB if you go less than 70% LTV.

You'd want to be keeping around 10k of those savings for legal costs, stamp duty etc and then whatever money you think you will need to spend on the house, furniture, some emergency savings, etc

Folks, in the process of applying for a mortgage. Usual requirement of 6 months statements.

I have on my Revolut and bank account a few transactions with bookmakers in late December/early January, so appearing within the last 6 months of my statements. Total amount would be around 120 euro between all transactions.

Am I better off waiting till I have 6 months of clean statements? So pushing out my application a month or so?

On Revolut, there is an option to hide a transaction but it seems to still appear in the statement when I request a statement, anyway using the pdf statement for the hidden transactions not to appear? Or should I look to do an excel version and remove the transactions and convert the excel to a pdf? Mortgage broker online form does not seem to accept excel files.

Thanks

As long as you don’t take out a loan or use a credit card (and spend over your means) to bank roll it you’ll be fine.

you’ve got to live too you know.

And sure who wouldn’t take advice from someone who set up a boards account a week ago?

Quick question about mortgage process

FTB here - two of us joint applicants .

The thing is my partner is 4 months in a new job (probation period ends in 2 months) - apparently being in probation period is a no no for banks to make formal offer... we are not planning to draw down until the house is ready which will not be for at least 2 months.

I could afford the full mortgage on my own due to my salary. Is there any way the bank can make offer (we have broker AIP already) in the meantime or does everything stall now until the final 2 month probationary period has passed? I was hoping since my salary would cover the whole amount anyway they can keep things moving and proceed.

Not fully clear what the next stages entail. We are just sort of waiting in limbo now having submitted every document needed (with the exception of a letter from partners employer stating probation has finished).

Any insights on this topic would be helpful.

Avant do 20 year mortgages (and more)

https://www.avantmoney.ie/mortgages/one-mortgage

Idiots buy at all time highs.