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Saving/Applying for a mortgage 2020-22 Edition

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    #4382
    Fitz*
    Registered Users Posts: 15,655 ✭✭✭✭Fitz*


    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?



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    #4383
    This is it
    Registered Users Posts: 5,487 ✭✭✭This is it


    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.



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    #4384
    antimatterx
    Registered Users Posts: 2,807 ✭✭✭antimatterx


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

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



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    #4385
    Luker
    Registered Users Posts: 59 ✭✭Luker


    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?



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    #4386
    Q&A
    Registered Users Posts: 556 ✭✭✭Q&A


    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.



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    #4387
    Luker
    Registered Users Posts: 59 ✭✭Luker


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

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



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    #4388
    self build 2024
    Registered Users Posts: 3 ✭self build 2024


    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



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    #4389
    This is it
    Registered Users Posts: 5,487 ✭✭✭This is it


    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.



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    #4390
    Gary_dunne
    Registered Users Posts: 371 ✭✭Gary_dunne


    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.



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    #4391
    self build 2024
    Registered Users Posts: 3 ✭self build 2024


    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



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    #4392
    G_R
    Moderators, Education Moderators Posts: 5,028 Mod ✭✭✭✭G_R


    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.



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    #4393
    Buyingahouse25
    Registered Users Posts: 2 ✭Buyingahouse25


    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.



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    #4394
    Tynanma
    Registered Users Posts: 11 ✭Tynanma


    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 .



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    #4395
    theboringfox
    Registered Users Posts: 544 ✭✭✭theboringfox


    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.



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    #4396
    Tynanma
    Registered Users Posts: 11 ✭Tynanma


    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



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    #4397
    herbalplants
    Registered Users Posts: 1,228 ✭✭✭herbalplants


    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.

    Living the life



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    #4398
    Bobby_Bolivia
    Registered Users Posts: 288 ✭✭Bobby_Bolivia


    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?



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    #4399
    This is it
    Registered Users Posts: 5,487 ✭✭✭This is it


    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.



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    #4400
    Tynanma
    Registered Users Posts: 11 ✭Tynanma


    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 .



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    #4401
    Nigel Fairservice
    Moderators, Regional Abroad Moderators Posts: 2,249 Mod ✭✭✭✭Nigel Fairservice


    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.



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    #4402
    Buyingahouse25
    Registered Users Posts: 2 ✭Buyingahouse25


    I wouldn't worry about it too much. Two or three explainable late fees or overlimits should be fine.

    But get your credit report for free to give you piece of mind. I thought I was over the limit a few times and got charged late fees incorrectly a few times. I made my payments just after the incorrect statements and nothing showed up in my credit report. I actually did go a few euro over the limit one time but because I paid back in a respectable time frame that late fee never showed up on my credit report. One or two mistakes doesn't automatically show up your credit report. Depends what way your banks reporting works.



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