Saving/Applying for a mortgage 2020-22 Edition

Bluefoam · 29-09-2023 7:08am

https://www.boards.ie/discussion/comment/121171325#Comment_121171325

Unlikely, their calculations are based on your ongoing ability to make the payments

crisco10 · 29-09-2023 7:33am

It depends what your salary cert would refer to it as. If its just in your base, the bank might change the amount. But would you want to misrepresent it like that?

jazz_jazz · 29-09-2023 8:04am

Thanks for the replies Bluefoam and crisco10.

dkRulez · 04-10-2023 10:36pm

I have gone sale agreed on a house. My wife's foreign credit report show a property loan against her name. For context this loan was taken against a property owned by her father to support the refurbish of family home. The bank at that time issues a Equitable Property loan for renovation while in theory it was loan against a property owned by her father. We have closed the loan and now BOI have comeback to say we are not HTB eligible. We have a tight deadline to sign the contract, I am collecting documents from foreign country to prove house belongs to father.

What should we do in this case? how to convince BOI we don't own the house. Also we have a broker in the middle engaging with the bank and are not marked in any communication. Do we engage with revenue hoping they would be quick to resolve this issue?

This could seriously have a huge impact on future going forward.

dkRulez · 04-10-2023 10:40pm

We have gone sale agreed on a new built and have a short deadline to sign contract. We are in a situation where my wife's foreign credit report shows a loan against property. For context, my wife 5 years ago took a loan to refurbish the family home. The bank issued her a loan as a Equitable Property Mortgage against fathers property. The bank just classified the loan as property loan instead as a loan against property for improvements. BOI has come back to us stating we are not HTB eligible. The loan is closed now, how do we prove to BOI that the house is not owned by my wife and the loan is not a property loan. Do we directly engage with Revenue to sort this out, which may delay us significantly? I am collecting documents from foreign country but worry if it would be ignored.

We are worried we may miss out on the house. We also have a broker in between and have no direct communication with BOI.

Bluefoam · 05-10-2023 9:34am

https://www.boards.ie/discussion/comment/121195630#Comment_121195630

The type of loan is important... It would describe the legal requirement in how repayments are made, the terms of the loan, the period of repayment and importantly the interest rate and how that is calculated...

I'd guess that the terms were more favorable for a mortgage rather than a regular loan, so that is what she chose to take. It's a mortage... so that would disqualify her from HTB, the bank are right. Luckily, you can take out a mortage in you're own name if you qualify for HTB, but your wifes earnings can't be used to fund it and she can't go on the deeds. Otherwise you can proceed with the mortgage without using the HTB.

If however, the bank were mistaken in in labeling the loan, and it was in fact a regular home improvements loan rather than a mortgage, they would be able to provide you a simple letter to clarify to the new mortgage provider... They would also probably have to change the records relating to the loan.

dkRulez · 05-10-2023 1:33pm

https://www.boards.ie/discussion/comment/121196316#Comment_121196316

While taking the loan it was always mentioned as an home improvement loan but keeping the house ( her father's) as equity. However, in documents it appears as home loan with father as co-applicant. We are trying to prove ownership has always been with her father and would remain like that in future, not sure how much we could convince. She was never in ownership of the property and never would be.

Buying without her salary is almost impossible, a small technical issue is derailing everything for us. Also, since the loan is now closed very difficult to get bank to state otherwise on the type of loan, its a case wherein banks offer loan to kids but ask parents home as security or co-applicant.

luisgarciaisgod · 09-10-2023 7:19pm

I bought an apartment with some inheritence i recieved a few years ago, I sold it recently because I want to buy a house but I'll need a mortgage to buy a decent house.

Would I be considered a first time buyer because I've never had a mortgage? Could i get 4x my salary?

herbalplants · 09-10-2023 10:06pm

https://www.boards.ie/discussion/comment/121215333#Comment_121215333

Yes you will be considered first time buyer. Not much difference anyhow. You will have good deposit by selling your apartment.

Bluefox556 · 23-10-2023 11:29am

Does anyone have any idea how long it takes for AIB to check final documents before drawdown?

They just confirmed receipt of all solicitor documents including the request for funds for tomorrow 24th

It is possible for them to review docs today and release money tomorrow?

theboringfox · 23-10-2023 7:05pm

https://www.boards.ie/discussion/comment/121273631#Comment_121273631

They reviewed all mine within day of submission. Mortgage protection assignment was longest. I would ask via mortgage person or broker that it is prioritized. I found them to be efficient

Mr lebowski · 23-10-2023 8:20pm

Hi could anyone advise on the best tools online or anywhere that supplies advice on the best banks to supply a mortgage or the best rates.I am just starting the process and am at a loss on what way to go about it. Are the credit union mortgages any good or worth looking into?. A mortgage broker is 4 figures but are they worth it in the long run? I am normally good at arranging and organising stuff like this. I'm just struggling to get started.Thanks in advance.

theboringfox · 23-10-2023 8:35pm

https://www.boards.ie/discussion/comment/121275959#Comment_121275959

Ccpc site has mortgage comparison tool

herbalplants · 23-10-2023 9:07pm

https://www.boards.ie/discussion/comment/121275959#Comment_121275959

Get a broker. You don't pay the broker, bank pays them when you get the mortgage of your choice.

Cork2021 · 23-10-2023 10:11pm

What are the final documents you need before drawdown?

Ive house insurance and mortgage protection sorted with EBS who I’m going with for the mortgage. So I assume that’ll be grand once I’ve a date for when it starts etc.

do they look for statements, payslip etc

blowintothewest · 26-10-2023 6:23pm

Has anyone heard of AIB offering Fx mortgages for residents? We were told last year by our broker that only Haven do them but now someone told us then confirmed that AIB also offers them. I know they're largely the same company but the ability to apply directly to AIB would be useful given how thoroughly useless our broker has been so far.

Bluefox556 · 27-10-2023 2:22pm

Does anyone know how long it takes for AIB to confirm a qualification on title?

It seems the lending team need their management to sign off on this before they will approve the solicitors undertaking and move to sending the funds.

It's been at this stage since Monday this week.

I've rang AIB and been told multiple times they are just waiting for management to confirm but no one can tell me how long a wait..

Any insight would be great.

Tipp4Liam · 29-12-2023 12:17pm

Just wondering if they looked for the statements and payslips etc - in the same position now

dazzday · 04-02-2024 8:52am

Min vs max deposit for new house?

Recently separated with two you kids. Looking to purchase a house near the kids mother in a relatively rural village in West of Ireland.

Mortgage AIP around 280k and looking at a house in the 310-330k bracket. Have about 50k liquid savings. House is livable but would need some work done over time (C2 rating currently, 20years old ex rental etc)

Full 280k comes in around 1.3k a month which is about 30% of my net (after pension etc)

Now in theory I could liquidate another up to 50k if I cash in my stocks etc, which I could obviously put towards a deposit and would drop my monthly repayment or should I use that more for the refurb in the future etc?

Would expect to upgrade jobs in the future so I think I could expect about 15-20% bump within the next 3 years

In summary

More deposit = less monthly repayments vs less deposit = more money to play around with?

Thoughts?

Q&A · 04-02-2024 11:17am

https://www.boards.ie/discussion/comment/121718715#Comment_121718715

Aim of the game is to have the lowest monthly repayment in the nicest possible house. But how you get there is worth considering.

Min deposit you'll need to start is 10% of purchaser price so about €31k.

I'd max or mortgage to start and save my money for potential issues that arise in the early months - houses can hide a multitude of issues you only really see when in. The logic being it's easier/cheaper to ask for the money up front then have to go back shortly after draw down looking for a home improvement loan (at possibly a higher rate). Which they may or may not agree too.

If nothing negative crops up then I'd plough money into either the mortgage or upgrades.

Regardless of what you do if be inclined to sell shares. You're effectively borrowing extra money (at mortgage rate) to invest. Paying your mortgage offers a guaranteed tax free return. To be better off with the shares you need to make an annual return well in excess of your mortgage rate when you factor in CGT.

Bluefoam · 04-02-2024 11:19am

Yeh, owning more of your house is a great thing... It gives you security against the banks and it reduces your monthly, which should allow you more to spend on life and your kids... If your stocks are an investment in your future, then this seems a good way to use them, it's also an investment in your future.

reactadabtc · 13-03-2024 11:19am

Has anybody made use of the first home scheme? If so any issues in using it?

Bikerguy · 16-03-2024 12:07am

Eroro

Midlife crisis man · 19-03-2024 12:39pm

How long did everyone's HTB take to process? I applied in January and it just says "under review" and shows my application code and nothing more. I tried contacting through my enquiries but i haven't received a response

antimatterx · 19-03-2024 12:41pm

https://www.boards.ie/discussion/comment/121912163#Comment_121912163

I applied last week and was approved in a ed seconds. I haven't claimed it let, but I imagine that will take a bit longer.

Nigel Fairservice · 23-03-2024 12:11pm

https://www.boards.ie/discussion/comment/121912163#Comment_121912163

HTB was very quick. Initial application was approved straight away and when I made the formal application a few days before Christmas when the sale was going ahead it only took 24 hours to approve. I gave the code to our solicitor who gave it to the developer's solicitor. I think the developer had the funds before Christmas. I don't know for sure as Revenue didn't make any notice to us about the funds issuing but it was all quick enough.

suitcasepink · 24-03-2024 2:00pm

I’m sure this is like asking how long is a piece of string.. Does anyone have a rough idea how long it takes to get AIP from a broker after submitting all the docs?

Sausages14 · 25-03-2024 7:23pm

If one were to receive a mortgage loan offer, and then after that but before drawing down the mortgage, they set up a revolut account that wasn't in any way connected to their bank account - could the lender find out about that account?

ArthurDayne · 28-03-2024 11:24am

Bit of a possibly stupid question here but have been stressing a bit over the mortgage application process. I paid €100 recently for a check up with a private clinic for a non-physical illness related issue. One off payment, no need for follow up or anything or prescriptions etc, no issues at all really. Is this the kind of thing they will pull in the underwriter review or is it not enough? Also wondering if they would look at it and demand more information in the event that the mortgage bank is also providing the mortgage protection insurance or would they only be doing this where you declare any medical issues?

herbalplants · 28-03-2024 2:22pm

https://www.boards.ie/discussion/comment/121948703#Comment_121948703

You are totally overthinking it. Don't worry. It is a one off.

Fitz* · 29-03-2024 2:32pm

I received AIP a year ago. No luck whatsoever in terms of actually buying a house because of lack of options / bidding wars etc.

I have to re-apply for AIP again soon but a couple of months ago I stupidly tapped to pay €10 in a bookies. No other gambling transactions in my bank statements in a couple years. No problems with meeting repayments / standing orders / direct debits and I have no loans. Will this be flagged as an issue or be ok?

This is it · 29-03-2024 11:51pm

https://www.boards.ie/discussion/comment/121953013#Comment_121953013

Nope, won't be an issue. Weekly amounts, or larger single amounts, might bring questions but one tap months ago is fine.

antimatterx · 30-03-2024 12:31pm

https://www.boards.ie/discussion/comment/121953013#Comment_121953013

I got AIP with multiple consistent transactions to crypto exchanges. You'll be grand.

Luker · 11-05-2024 3:54pm

I was out of work sick for 2 weeks. My employ paid me for the first week but not the second. Will this be an issue?

Q&A · 12-05-2024 9:59pm

https://www.boards.ie/discussion/comment/122124303#Comment_122124303

It shouldn't scupper your application - getting sick is hardly unusual. That's assuming its not a frequent occurrence. That's not to say your mortgage provider wont query why your wages were lower. If you have evidence (a sick cert or letter from your employer explaining why your salary was lower) I would think you'd be fine.

Luker · 13-05-2024 8:24pm

https://www.boards.ie/discussion/comment/122130899#Comment_122130899

thank you, it’s not regular was just a once off

self build 2024 · 16-05-2024 10:44pm

Hi

Does anyone know if it’s possible to drawdown 1st stage self build payment if site is not yet in my name, site is currently in the process of being transferred but it’s a messy case.

My solicitor is telling its not possible until in my name but surely if the application is lodged it can be done?
Any help appreciated as hearing both it’s possible and not.

Mortgage is with Haven

Thanks

This is it · 17-05-2024 7:32am

https://www.boards.ie/discussion/comment/122147386#Comment_122147386

I don't know the answer, but logically, why would they give you money towards the build if you don't yet own the site to build the property on. I'd be inclined to agree with your solicitor.

Gary_dunne · 17-05-2024 9:28am

https://www.boards.ie/discussion/comment/122147386#Comment_122147386

You could get a letter of consent from the owner of the land if it's a family member of someone you know but by the sounds of it being "messy" it doesn't seem likely. Haven will not let you drawdown until the site is in your name or you have been given signed permission from the owner certified by a solicitor.

self build 2024 · 17-05-2024 9:39am

yes it’s family land and getting a letter of consent is no problem, but I’ve been told no drawdown until in my own name.

Hopefully I can drawdown with a letter of consent as the site transfer can take weeks/months.

The messy part was the application had already been done by a previous solicitor but never lodged by a mistake on his part, so the process is only starting again. Unfortunately I had expected it to be in my name by this stage

G_R · 19-05-2024 5:06am

https://www.boards.ie/discussion/comment/122148121#Comment_122148121

You can't agree to Haven having an interest in the property until you own it, and Haven are not going to lend unless they have something as security. Therein lies your issue unfortunately. It will need to be in your name.

Buyingahouse25 · 04-06-2024 3:18pm

Hi all, first time poster here. Hoping someone that works in mortgages or has plenty of experience can advise.

Me and my wife are planning on applying for a mortgage early next year, but even the thought of it is stressing me out as I keep freaking myself out with random thoughts about how we may be declined.

For context , we'd be hoping to get a mortgage for about 3.25x our income (excluding bonues), have no debt (have CC with 2k limit but no debt on it for over a year), and currently have combined monthly rent and savings (never touched) for the past 2 years for an amount 27% over what our repayments would be. We'd like to get A.I.P for about 88.5% LTV, should we need that amount.

My biggest concerns are around previous debt. I used to have multiple loans, an arranged overdraft and credit card balance as things were a bit tougher for us in the past. I never missed any payments on these loans, the overdraft balance was cleared every month and I always paid more than the minimum payment on the credit card balance. I did however live in my arranged overdraft most of the month and credit card balance was always near enough the limit (but never crossed). All these loans and the overdraft are now cleared (loans paid of early in all cases) , and they will all have been cleared for over a year when we intend to apply. So that is my first concern - will this history of living in multiple debts , which they will be able to see from my credit report, albeit "managed", be a red flag against me even though I'd be debt free for over a year?

My second major concern is that I applied for two top ups to my bank loan in 2022 , as well as the reopening of my overdraft (all granted but all small amounts). We were struggling a bit at the time with new baby costs, and then things like car trouble came along. Would this be a red flag to the mortgage providers?

I'm hoping to go with Avant because I like their long term fixed rates, and I've heard they can be tough enough, but I don't know if my history of these historic multiple loans/debt will be an issue or a non issue. Any advice or guidance would be much appreciated. I really don't know if I'm freaking myself out unnecessarily.

Tynanma · 23-06-2024 5:18pm

hi everyone . Looking for some advice / general reassurance as very anxious over met stage in the mortgage process . I have AIP from AIB - due to expire in a month but this week I have finally gone sale agreed on a property . I am not in overthinking mode worried that my full loan offer will not go ahead .
My questions are ;

Is AIP from AIB underwritten ( I submitted all payslips , P60 , salary cert and statements prior to AIP )

over the last 6 months , twice I’ve gone into my approved overdraft at the end of the month just before pay day - approx 90-100 euro . Will this go against me ?

Thanks for any advice everyone .

theboringfox · 23-06-2024 7:43pm

https://www.boards.ie/discussion/comment/122294885#Comment_122294885

AIP usually underwritten but they will always recheck stuff once sale agreed. Main thing is to be able to explain it if comes up. You need to still be meeting all same criteria at time of AIP. Savings pm key for showing repayments but maybe yours comes from rent. Hopefully it is all fine. Just follow the steps. But key message is even if AIP underwritten they will fully assess you now again. Makes sense as bank wants to make sure nothings changes in circumstances. Just need to explain OD use. Id only be worried if it was showing signs financially stretched.

Tynanma · 23-06-2024 10:33pm

thanks for this . Yes that makes sense that they’ll go over everything again . Hopefully it will translate to full loan offer . It’s very anxiety inducing . I’m still paying rent and have savings taken at source when I’m paid and still in same employment , hopefully it’s all ok

herbalplants · 24-06-2024 1:46pm

https://www.boards.ie/discussion/comment/122295988#Comment_122295988

It sounds like you will have no problem. You are paying rent and savings coming out every month so that should cover what you are looking as a loan.

Bobby_Bolivia · 01-07-2024 8:56pm

Applying for mortgage shortly. Joint income of 100k, her 40k and me 60k. I'm in a state job where increments will take me to over 70k even if I don't get promoted again.

60k in savings.

However 2 years ago I had a credit card with a 1k limit and I would regularly pay it off but end up going over the limit. Never missed a payment but I would have been charged an overlimit fee a few times, possibly/probably in consecutive months too.

For example, -1.1k, pay back 700, spend 650, next months balance -1050. Didn't think anything of it at the time because the limit was so low and I could literally have paid it off in full with my fortnightly paycheck and have money to spare, I was using the card fairly interchangably with my debit card.

But now I realise that was probably a really terrible, idiotic thing I did and I'm terrified that they'll refuse me as a result. What do ye think?

This is it · 01-07-2024 9:00pm

https://www.boards.ie/discussion/comment/122327580#Comment_122327580

I can't advise if it'll be an issue or not, but you could get a credit report and see if there's anything that stands out on it.

Tynanma · 06-07-2024 10:27am

hi everyone , back again for advice as people were so helpful the last time . My loan offer came through . However loan offer states the post code as Dublin 9 , however all details through solicitor on the property say Dublin 17 . It’s the same property obviously and I got the Dublin 9 detail directly from the estate agent advert . Will this cause issue ? I’m afraid I’ll have to get loan offer resissued .

Nigel Fairservice · 06-07-2024 11:19am

It turned out the address on our loan offer was incorrect and we had to get the loan offer reissued.

We got the address of the property from the developer's estate agent when we paid the booking deposit and used the address with the bank when we applied for a mortgage on the property. There was a one word difference in the address on the loan offer and the contracts. The signed contracts had the correct address on them so it wasn't too bad to get it all fixed up. It only took about 24 hours for the bank to amend the loan offer.

Not so sure about a Dublin postcode though.

Saving/Applying for a mortgage 2020-22 Edition

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