Which Banks Are Lending For Mortgages?

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Knuttell

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I have heard that KBC while giving the appearance of being open to new lending to FTB and trader uppers are actually not lending at all.

Which Banks or Building Societies are actually lending for Mortgages?
 
Knuttell said:
I have heard that KBC while giving the appearance of being open to new lending to FTB and trader uppers are actually not lending at all.
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KBC recently changed their criteria so they now only lend up to 80% LTV. As most First-Time Buyers don't have a 20% deposit, this was reported as "KBC pulling out of lending to First-Time Buyers". But for those categories for whom 80% is not an issue, e.g. re-mortgages and trader-uppers, KBC are lending.

So are AIB, ICS, Ulster Bank and Bank of Ireland to qualifying customers - those are the ones that I'm aware of. There may be others.
 
Thanks for that LD.

Just wondering if you apply to ICS can you also apply to BOI?Are there separate underwriters and criteria?
 
As far as I know mortgage operations for both are based out of the same building - New Century House in Mayor Street in the IFSC - but I don't know if they have shared lending criteria.

Given that they do operate as separate businesses, I would presume that they can't share information so I don't see the harm in applying to both ICS and Bank of Ireland.

There's one downside to a "scattergun" approach to applying for a mortgage where you apply to loads of lenders simultaneously. Each application shows up as an enquiry on your ICB report. If there's loads of such enquiries around the same time on your ICB report, one of the later lenders might jump to the conclusion that you've been turned down by all the previous ones.
 
Thats interesting,I didn't realise they showed up on the ICB report.

How would that work with a broker,who would be applying to pretty much all lenders simultaneously?

Another question,EBS,PTSB & NIB are they not really lending or is it just you don't deal with them?

Thanks for your help.
 
Knuttell said:
How would that work with a broker,who would be applying to pretty much all lenders simultaneously?
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Different brokers operate differently. I'll usually aim to see which lender is most suitable for the requirement and likely to offer the required amount before submitting an application to that lender only.

Knuttell said:
Another question,EBS,PTSB & NIB are they not really lending or is it just you don't deal with them?
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Have heard anecdotally that EBS aren't lending at the moment but haven't sent them an application this year so don't know. PTSB's standard variable rate policy would put me off placing business with them. NIB don't deal with brokers.
 
Went to TSB last week to see what they would lend me as I am looking to relocate without selling current home. They said if I had no mortgage they would give me 293 but because I have a home with a 250k mortgage they could only offer me 15k. Makes no sense. If I can manage 293 with 1 home how can they decide that I cannot manage that amount with 2 homes.
 
What the said:
Went to TSB last week to see what they would lend me as I am looking to relocate without selling current home. They said if I had no mortgage they would give me 293 but because I have a home with a 250k mortgage they could only offer me 15k. Makes no sense. If I can manage 293 with 1 home how can they decide that I cannot manage that amount with 2 homes.
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Because, given the current economic climate and extra taxes etc., its more than likely you'll make a loss on the house you rent?
 
What the said:
Went to TSB last week to see what they would lend me as I am looking to relocate without selling current home. They said if I had no mortgage they would give me 293 but because I have a home with a 250k mortgage they could only offer me 15k. Makes no sense. If I can manage 293 with 1 home how can they decide that I cannot manage that amount with 2 homes.
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My guess would be that they're stress-testing the repayments on the existing 250,000 mortgage.

Besides, Permanent TSB wouldn't be my first port of call for a mortgage at the moment. Have you read this forum?
 
I had been aware that their interest rates were higher but I have a current account with them so I asked the question while I was in there to discuss other issues. My present Mortgage is with AIB. I was pretty amazed at the money I was offered as we have a combined salary of €150k and I was only looking for 100k (50% LTV) on the new loan.
 
What the said:
I had been aware that their interest rates were higher but I have a current account with them so I asked the question while I was in there to discuss other issues. My present Mortgage is with AIB. I was pretty amazed at the money I was offered as we have a combined salary of €150k and I was only looking for 100k (50% LTV) on the new loan.
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With those sort of figures and assuming no other relevant issues, you should be able to get approval from another lender easily.
 
To only be approved for 293 if you had no other loans on a salary of 150k seems very small. Is this what it is like out there in general? I am hoping to do the same as What The and rent my property while buying another but have no hope based on that. Are you both permanent in your job? Did they give a reason for the very low offer. A joint salary of 150k is a lot of money. Even if they only gave 3 times that you could borrow 450 yet they are saying you don't even qualify for twice that?
 
The explaination I got was that the issue is with the cash flow. I have 2 kids so we need to have €2,500 net disposable income after 2 mortgages based on a rate of 6+% are paid with no allowance for possible rental income. A third of the salary figure is bonus/commission and in spite of the fact this has been earned for the last 5-6 years that is what has tripped me up.
 
What the said:
The explaination I got was that the issue is with the cash flow. I have 2 kids so we need to have €2,500 net disposable income after 2 mortgages based on a rate of 6+% are paid with no allowance for possible rental income.
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Was this with PTSB or AIB?
 
KBC refused me a mortgage despite having my PPR with them for 10 years and a spotless credit history over all other mortgages and borrowings.

ICS gave me mortgage approval yesterday for the full requested amt,this took nearly 10 working days.

I would advise any one looking for a mortgage to request a copy of their credit history from the ICB,it costs €6,I discovered a serious anomaly that the lending institution involved corrected immediately but would have seen all my applications rejected flat out. I had to supply all institutions I applied to with a letter from this Bank explaining this was a clerical error on their behalf,the letter was satisfactory to all I supplied it to.

http://www.icb.ie/
 
Knuttell said:
I would advise any one looking for a mortgage to request a copy of their credit history from the ICB,it costs €6,I discovered a serious anomaly that the lending institution involved corrected immediately but would have seen all my applications rejected flat out. I had to supply all institutions I applied to with a letter from this Bank explaining this was a clerical error on their behalf,the letter was satisfactory to all I supplied it to.

http://www.icb.ie/
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I second this. Good advise in general really as the reports rarely show the full information to the other banks.
 
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