ARe the banks/building societies providing mortgages?

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werner

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Reading various newspaper reports that the banks and building societies have severely curtailed mortgage lending in the current financial climate.

How long is it taking for mortgages to be approved and how much deposit is currently required percentage wise for a property at the moment for 1st time 2nd time buyers in the Dublin area?

Anyone any experiences of the various banks etc?
 
I got my my mortgage approval overnight. I spoke with adviser at 2.30 p.m. and she rang me the following morning at 10.30 a.m. to say that approval had been granted by the powers that be in Dublin.

The bank was strictly enforcing it requirements for the purchaser to have the required percentage deposit. As the mortgage doesn't cover stamp duty I have to have that as well. This doesn't apply to 1st time buyers.
 
PaddyBloggit said:
I got my my mortgage approval overnight. I spoke with adviser at 2.30 p.m. and she rang me the following morning at 10.30 a.m. to say that approval had been granted by the powers that be in Dublin.

The bank was strictly enforcing it requirements for the purchaser to have the required percentage deposit. As the mortgage doesn't cover stamp duty I have to have that as well. This doesn't apply to 1st time buyers.
Click to expand...

Thanks for the reply.

Anyone have anything further to add?

Are the banks factoring in a future fall in the value of the property in the percentage deposit?

Are valuers valuing a lower price on properties that purchasers have agreed to pay because they are factoring in a decline in house values?
 
There is no problem getting a mortgage from the main lenders, once you fulfill the requirements which are basically the old traditional requirements the central bank has been telling them to use for years.
Ie Secure job, 80/82% mortgage (proper deposit and stamp duty saved) etc
 
Agree with the above poster. There is no problem getting mortgages, its just that they have gone back using normal, sane lending criteria, basically back to the way it should be. In you are in a position to actually afford buying (unlike a lot of people a couple of years ago), you should have no problem.
 
If one gets approval in principle how long does it take for formal approval to come through?

Anyone care to offer average times for formal approval?

A friend of mine has been waiting some time when she thought it would be a formality.
 
What about if you have a lot of equity in your house? Even by a valuation we got today, we have 300k equity in our house - we are looking to buy a site for 100k. Will bank give us this due to large amount of equity or will we need large deposit also?
 
In light of the current environment, I want to know are 100% mortagges still available on house builds? We own our own site and just got planning or will they be looking for a deposit for us?
 
Hi there,

I'm in the switcher market, with approx 50% equity in my home. National Irish Bank's Personal Banking Manager (in one of the main Branches) told me in January/February this year that they are "no longer open for new [mortgage] business":mad:.

BoI made me an offer on the day of application, AIB within 72 hours.

Based on my experience with NIB, I wouldn't touch them with a barge pole!
AIB and BoI were fine.

Good luck!

Ms_Frugal

werner said:
How long is it taking for mortgages to be approved and how much deposit is currently required percentage wise for a property at the moment for 1st time 2nd time buyers in the Dublin area?

Anyone any experiences of the various banks etc?
Click to expand...
 
Ms_Frugal said:
National Irish Bank's Personal Banking Manager (in one of the main Branches) told me in January/February this year that they are "no longer open for new [mortgage] business":mad:...

Based on my experience with NIB, I wouldn't touch them with a barge pole!
Click to expand...

Other than advising you that they're not lending at the moment, did you have another negative experience with NIB? If a bank told you they're not currently lending, that would seem reasonable to me.
 
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