Saving/Applying for a mortgage 2020-22 Edition

I see you didn't reply to his rebuttal were he provided evidence of the 20 year mortgages.

Tell him you were wrong and Stand corrected.

I'm almost at loan offer with AIB for a direct labour self-build. Has to be a variable rate throughout the build process.

Just wondering if I should switch to a different provider in order to get a fixed rate throughout the build process? EBS offer fixed rate from the first draw down. Don't want to be crucified when the rates go up, which I believe is coming.

Also want a provider who is easy going at stage sign-off as I will will be carrying out some of the work myself and paying some tradesmen in cash (I understand risks here, no need to explain!). AIB are supposed to be good in this aspect.

Any advice very much so appreciated.

Anyone dealing with Haven via a broker recently? What has your turnaround time been like from AIP to drawdown. Making little progress with our application since AIP 5 weeks ago.

Just dealt with them recently via a broker. The process from submission of application with documents to AIP took just over twenty working days.

We are looking at moving house in the near future, and have in the last few months started to get things in order with savings etc. So we will have existing mortgage plus savings to show our ability to repay/meet stress tests etc.

My question is - we have 4 months of savings now - €900 per month. Should we start approaching banks/brokers now, in the knowledge that this is not an overnight process, and we could be at the 6 months before we get any approvals.

Or would we be wasting our time and should we wait until we have the 6 months savings to show.

If I get a salary increase, can this reflect on the amount I am allowed to borrow immediately, or does it need to be after a number of payslips that it counts. Would a letter from my employer suffice?

For some reason my employer has a 11 month probation policy on contract (although it is full time role)

I am getting denied mortgage all over the place even after I have put down deposit . I don't understand this probation policy at all (btw this is only in Ireland nowhere in the world) .

Can independent mortgage broker get me this exception , most of them I talked with were skeptical . I am in same role for over 10 years and have continuous employment and looking for a mortgage for < 3X my salary

I’m hoping to apply for council built affordable housing that will be coming up soon.

I’ve been told by BOI that they won’t be offering mortgages on these types of properties which sounds bonkers to me.

Anybody have any luck with discussing these types of properties with any mortgage provider?

Ever since the start of the pandemic, there has been a massive spike in people buying in rural places, driving up prices to astounding levels. There is a general fear that, as companies starting expecting people in the office more than they are tolerating today, or that some people need to move back to the cities for new jobs/promotion etc, that it could trigger a massive collapse in prices in rural locations in the years to come. That in itself is not a problem if you are staying in the home long-term (house price only ever matters on the day you buy and the day you sell - if you even ever sell), but if you ended up needing to move, you could be in massive negative equity, which would be a problem for the bank (as well as yourself!).

I switched to them the start of April. Was two years into a four year fixed term. Started the processs start of December so it took just over 4 months.

If easily frustrated don't do it. People drop out mid way through the process or moan incessantly about being asked for this form and that form.

The reason they are typically the best rate is because they are more strict than other banks to avoid future liabilities.

All in I'd say I put about 15 hours work into it and I'm saving €100 a month for the next seven years. If people looked at it more like this they wouldn't moan as much. It's essentially work for payment and the pay is huge.

I am looking at buying a 2nd house in the next 5 years and keeping my current house to rent.

At the minute the rent I would get would be 2.5 times more than what my monthly repayments are. Would the bank see this as income? I was thinking of using any money made from renting to overpay the mortgage.

Am I at an advantage already owning a house when going for another mortgage or is there anything I would need to be aware of before I start looking into this?

I am currently the winning bidder on a house granted it’s only on the market a week. I have never gotten any further than bidding so just wondering on the following.

If I am the winning bidder and go sale agreed what next I pay the auctioneer a deposit ? Is that 5k or does the amount change depending on the cost of the house ?

At that stage what else does the auctioneer look for proof of savings / approval in principal letter ?

Hello guys, looking to apply for a mortgage by the end of the year, what are the chances of being approved for an exemption to go over the 3.5 limit if my and my mrs are both public sector workers?

In the process of applying for a mortgage.. With regard to uploading documentation, are screenshots sufficient or what will they be looking for?

Thanks

Thanks left waffle, any idea how long the process takes?