has anyone had mortgage approval of 92% in last 2 weeks

I

ilovepink

Registered User
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129
hi all.
just wondering if anyone has had mortgage approval in the last two weeks. we cant seem to get a 92% mortgage only a 90% which means we need another 4000 euro. im at my wits end now. any advice on what others have gotten
 
We got re-approval for a 92% mortgage in the last 2 weeks or so with BOI. We had approval for 3 months before that so more just had to renew it. We heard they might be going to 90% so went straight down to renew it and there was no problem.
Note sure about brand new approval, I did read something in the papers about it going to 90% but when we asked BOI about it, they said nothing had changed and that it was unlikely to change to 90% for FTB, only for people trading up.
But that might not be case, you wouldn't know what they'd do these days as they seem to be tightening lending practices.
 
I've received approval forclients from AIB mid-week. ICS (Bank of Ireland's broker side) have dropped their loan to values to 90% - used to be 92%. Not sure if BOI direct are the same.
AIB are the only Lender now offering 92%
 
92% is for First Time Buyers. Are you a first Time Buyer ? if not 90% is max.
AIB, ICS and Bank of ireland are still doing 92% for FTB.
 
ya were first time buyers and also have a guarantor. i just dont understand it... its just gonna take another few weeks to come up with another 4000 min. its money i thought would go into kitting the house out.. were so disappointed. thanks guys
 
ilovepink said:
ya were first time buyers and also have a guarantor. i just dont understand it... its just gonna take another few weeks to come up with another 4000 min. its money i thought would go into kitting the house out.. were so disappointed. thanks guys
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If you have the cash to kit out the house , what is the problem ? Put that cash towards your deposit and get some second hand furniture . When I bought my first house I had a potted plant and a futon for the first year .
 
byrnsey09 said:
I've received approval forclients from AIB mid-week. ICS (Bank of Ireland's broker side) have dropped their loan to values to 90% - used to be 92%. Not sure if BOI direct are the same.
AIB are the only Lender now offering 92%
Click to expand...

Looks like BOI are also offering 92% to first time buyers...

[broken link removed]
 
Ian said:
If you have the cash to kit out the house , what is the problem ? Put that cash towards your deposit and get some second hand furniture . When I bought my first house I had a potted plant and a futon for the first year .
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well ian we didnt have that money saved but once we had the house bought that was the main thing to us. Then we would have looked at kitting the house out.
 
I had hoped we learned our lesson from the bubble, excessive borrowing was the problem.

Max mortgage should be 90%, or even move towards continental type LTVs of 80%??
 
Protocol said:
I had hoped we learned our lesson from the bubble, excessive borrowing was the problem.

Max mortgage should be 90%, or even move towards continental type LTVs of 80%??
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Ideally, yes. But stamp duty is also a major issue for non FTBs......looking at getting serious cash together to cover both a 20% deposit and stamp duty......
 
ilovepink said:
hi all.
just wondering if anyone has had mortgage approval in the last two weeks. we cant seem to get a 92% mortgage only a 90% which means we need another 4000 euro. im at my wits end now.
Click to expand...

Maybe if you cut back on all your holidays and put the money saved toward your mortgage you would not be at your wits end?
 
Yes I did from AIB about 2 weeks ago.

The total they are willing to lend though has reduced. Last year they were offering me 330k then it went up to 361k. Now it's down to 310k. However, they did say that if I really needed more than 310k it could be increased slightly, but they did not specify by how much, I presume that's fairly standard? FTB so I never had a mortgage before.

When banks say that, does anyone know how much over the limit you can go? I presume they only meant samething small like an extra 10k or so?
 
Do you mind me asking what sort of deposit you have saved up and what sort of salary you are on? I am planning to get a mortgage hopefully this year and wondering if the banks would lend to us
 
ParkLane said:
Maybe if you cut back on all your holidays and put the money saved toward your mortgage you would not be at your wits end?
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This is not harsh or rude, we don't want any more celtic tiger madness surely.

A 92% mortgage is not a good idea, someone who is at their wits end to get 4K and is in the processing of purchasing a house needs a reality check. I do hope it's not one of those 40 year mortgages and that the income is not calculated based on fictional rent a room money and based on many multiples of salary.
 

My thought exactly - if the OP is so struggling for cash that 4K is a big deal in the context of a 6-figure purchase, the OP obviously have absolutely no margin of safety.
 
katie21 said:
Do you mind me asking what sort of deposit you have saved up and what sort of salary you are on? I am planning to get a mortgage hopefully this year and wondering if the banks would lend to us
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That was on about 70K deposit and 55K salary but ideally I don't want a 92% mortgage I would prefer to get it down to 80% LTV as you get a better rate then.
 
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