Having a frustrating time with our lender applying for this product.
We live in an apartment, went to lender when this product was announced last year and came away with an idea of what we had to do to apply. We are both 44 years old and want to move to a family home.
Got approval in principal in August to buy for €520k based on selling our place for €310k.
We owe €387,000 on mortgage, on Tracker rate of 1.55% with PTSB.
We sale agreed our place for €340k so NE is approx €48k.
We pay €2,289 p/m on mortgage incl insurance. Term left on mortgage is 17 years.
Bank have following details:
3 years accounts for husband's ltd co business (paid as PAYE worker), average earnings over last 3 years is €100,000 per annum
2 years accounts for my sole trader business (paid tax on earnings in year 1 of €34k, year 2 €57k)
CU, 2 x bank savings accounts, bank statements for current accounts etc.
Proof of €30k in savings, and €20k gift from parents declaration and letter.
From overpaying mortgage for years, we have been using €30k credit to pay mortgage each month and save €2,600 instead since March this year and until Feb 2016 as advised by the bank to boost deposit.
Save a further €500 in CU, €332 in bank account, statements provided.
No car loan, no credit card bills (reduced limit on my CC to €500), no other borrowings.
Pay €2,300 management fee for this year.
I'm on career break from grade 7 permanent & pensionable state job, due back June 2017, have given proof of return to work date, contract and salary scale which got over the bank's policy breach for not having 3 years accounts for my company. Have also furnished tax returns to show I've prepaid tax (pay €1,500 per month to Revenue).
2 children in primary school, no childcare costs other than after school activities.
We wanted to bid on a house, and kept the bank manager informed of every bid on it, credit department kept coming back with more questions about our finances, and others such as how would we fund works in the new house, etc. Bank manager said we were well within stress test range, affordability not an option for mortgage of €450k based on our earnings, credit dept said that because they couldn't find a comparable house price for the one we wanted, we couldn't bid on it, refused approval for €450k, monthly breakdown on €450k would be €2721 broken down as €2,346 for the porting tracker portion @2.55% over 17 years and €375 for the additional lend @4.36% over 26 years.
We get the feeling that the credit department is making up reasons not to give us approval for a mortgage, and that the €520k approval in principal is bogus but they won't admit it. Get the impression that they don't know how to actually process this particular product. Or maybe they want us to come out of NE first? In which case the NE Tracker Portability product spec and ads are misleading. We are very stressed as we feel this is the optimal time to buy a family home, and with the tracker portability rate, we'll only do this once in our lifetime so the house has to be right. Where do we go to from here? Complaints process? Seek a meeting with an actual decision maker?
Any advice appreciated.
We live in an apartment, went to lender when this product was announced last year and came away with an idea of what we had to do to apply. We are both 44 years old and want to move to a family home.
Got approval in principal in August to buy for €520k based on selling our place for €310k.
We owe €387,000 on mortgage, on Tracker rate of 1.55% with PTSB.
We sale agreed our place for €340k so NE is approx €48k.
We pay €2,289 p/m on mortgage incl insurance. Term left on mortgage is 17 years.
Bank have following details:
3 years accounts for husband's ltd co business (paid as PAYE worker), average earnings over last 3 years is €100,000 per annum
2 years accounts for my sole trader business (paid tax on earnings in year 1 of €34k, year 2 €57k)
CU, 2 x bank savings accounts, bank statements for current accounts etc.
Proof of €30k in savings, and €20k gift from parents declaration and letter.
From overpaying mortgage for years, we have been using €30k credit to pay mortgage each month and save €2,600 instead since March this year and until Feb 2016 as advised by the bank to boost deposit.
Save a further €500 in CU, €332 in bank account, statements provided.
No car loan, no credit card bills (reduced limit on my CC to €500), no other borrowings.
Pay €2,300 management fee for this year.
I'm on career break from grade 7 permanent & pensionable state job, due back June 2017, have given proof of return to work date, contract and salary scale which got over the bank's policy breach for not having 3 years accounts for my company. Have also furnished tax returns to show I've prepaid tax (pay €1,500 per month to Revenue).
2 children in primary school, no childcare costs other than after school activities.
We wanted to bid on a house, and kept the bank manager informed of every bid on it, credit department kept coming back with more questions about our finances, and others such as how would we fund works in the new house, etc. Bank manager said we were well within stress test range, affordability not an option for mortgage of €450k based on our earnings, credit dept said that because they couldn't find a comparable house price for the one we wanted, we couldn't bid on it, refused approval for €450k, monthly breakdown on €450k would be €2721 broken down as €2,346 for the porting tracker portion @2.55% over 17 years and €375 for the additional lend @4.36% over 26 years.
We get the feeling that the credit department is making up reasons not to give us approval for a mortgage, and that the €520k approval in principal is bogus but they won't admit it. Get the impression that they don't know how to actually process this particular product. Or maybe they want us to come out of NE first? In which case the NE Tracker Portability product spec and ads are misleading. We are very stressed as we feel this is the optimal time to buy a family home, and with the tracker portability rate, we'll only do this once in our lifetime so the house has to be right. Where do we go to from here? Complaints process? Seek a meeting with an actual decision maker?
Any advice appreciated.