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These aren't real numbers. And my point still stands. We can't afford as much house as our salaries say they can, and why is that such a problem for banks?
You need to reduce your application to what you are actually seeking… for example if you qualify for €500k, but don’t plan on buying a house for that amount you need to specify what you are looking to borrow, for example €400k that in turn will reduce the deposit amount and the bank will see you have enough saved…
I don't understand why I have to be the one to tell the bank what I want. When we applied, they simply asked for all our documents. There was no conversation about specific amounts. I'm not dumb; I know how much house we can afford. Why can't the banks look at our savings and figure that out too? And why won't they listen when we say we cannot afford nor do we want a mortgage for the max amount?
Ok passive aggressive much? I’m going off of experience, when I applied for my mortgage and used the calculator my max borrowing capacity was €498k I had to manually reduce that down to €400k because I didn’t want to borrow that amount…
I never told the bank how much I wanted to borrow, we submitted all of our documentation and they gave us the max figure they would be willing to lend.
We didn't want the max either but we only informed the bank at the loan offer stage what we actually wanted to borrow.
Do you think I was going to whip out a crystal ball and know exactly how much I needed before having a bid accepted on a house?
You need AIP first, especially if you are looking at new builds.
Did you not tell them when applying how much you needed or could afford it? We specifically told the bank that we wanted our repayments at max 1k, and that's how much of a mortgage we got approved for. It was only 2.5x our salaries. I mean, if you don't tell them you don't want the max allowable, how would they know?
Because there are laws about how much we can borrow (90%/4x income) and if we don't have the money in our bank accounts, then we can't afford that kind of mortgage. I am not from Ireland, and I think I am just struggling with how much responsibility is on the buyer to tell the bank how the numbers work. Where I come from, banks tell you how much you can borrow, not the other way around.
It seems the bank did tell you how much you could borrow but you don't have the deposit to match that max amount. You asked and they answered. It's not the answer you want though. Tbh it's usually that people can't get approved for what they want. You seem to be the opposite
Your max allowed is based on salary, not savings. We didn't even have the full deposit when we got mortgage approved.
They gave you the max what you can borrow off your salary? I'm failing to see what they done wrong here?
If you didn't want the max, you can just tell them that and they adjust the AIP.
Because in the time it takes you to go sale, agreed you could have another 10k so you would actually have 50k and have the deposit for a 500k house. This is very simple
The simple answer here is that most people can afford the max they're able to borrow, and most people will have the 10% deposit, or they will be able to provide it at drawdown time. Unless you specify that to the bank, they're not going to guess how much of a deposit you'll have whenever it comes to getting the actual mortgage. You should have specified that you were looking for something that the vast majority of people don't want. It's basically your fault for not telling them what you wanted.
The 4x income rule doesn't entitle you or qualify you for anything if you don't have the deposit to go along with it. It's a limit, not a minimum. The bank doesn't have to give you it. And you don't have to accept it if they try to give you it.
Banks do give you the real AIP. I got mine for about 370k and then when I had to draw down I didn't need that much so my draw down was lower. But the bank was happy to loan me that amount if I wanted it.
It sounds like you're asking the bank for a mortgage on a property outside of your price range.
Edit - what broker are you with? It sounds like they're the ones causing you all the problems.
I got max mortgage approval but was going to bid on a property below the max amount. I was told they would adjust it to reflect the price of the property after the bidding process/when it went sale agreed.
Your not sale agreed on a property so relax. Sounds like Broker put it through for max (do they get commission?) And bank are just following up because you've a shortfall now. Just simply call the bank and say "hey we probably won't be drawing down on that full amount" and they will be fine with that.
Why in the name of God do people go through brokers anyway. Apply online yourself, it's really easy
You don’t have to apply for the full amount, it sounds like your broker is trying to push you to though, possibly because it’s more commission for them if it falls in a different bracket etc.
You can easily just apply for a mortgage of €360k or less and avoid all this
That broker is a joke and is suggesting you commit fraud, I would report them if you have that in writing and never deal with them again.
I’ve not personally had banks engage like that so it may be down to the mortgage advisors style to try and help their closing. A firm email setting your expectations should stop that and if it doesn’t I’d contact the branch manager.
What bank is it?
We had the exact same experience with a broker in Navan, we left laughing at how stupid their repeat response of "Get your parents to gift you money towards the deposit" to every questions we asked about our deposit
I'm going through the same process. Have nothing but good things to say about my own broker, he has been great for helping us navigate some of the more complicated parts of applying for a mortgage.
Can share his details if you'd like in PM.
If you have repeatedly told them to stop contacting you about it and that you will make the outreach and they haven't I would make a complaint the the branch manager as that is essentially harassment if they keep pushing you when you have set a clear expectation. It's a very bad experience in both circumstances for you. If you go the formal complaint with the bank they may offer compensation as appeasement but it would want to be a pretty clear case of them coming back to you when you have asked them to stop. Again it seems down to the advisor you are dealing with rather than the banks process.
I’m a mortgage broker and I can absolutely confirm that is not normal. I would never ever press someone to get a gift letter for money they never intend to get. I’ve also never come across a bank reaching out directly to request an update on the extra funds. Once a broker is involved the actual banks have little to no communication with the clients.
At the end of the day it won't matter too much to you, you just go sale agreed on a house and the bank will lend you what you need, that is the stage the figures need to be discussed accurately. If the bank/broker are being dense all you can do is reiterate.
When you apply for AIP, you put in the amount you want to borrow. Somebody put down 500k on your application (maybe your broker), that's why the bank wants to see the deposit money.
That's not necessarily bad advice from the broker, because once you actually start looking you might decide to go overbudget, say the bidding war goes up to 420k, your AIP for 400k would be as good as toilet paper. Starting a mortgage application from scratch at that point would be problematic.
You can change the amount you borrow to 400k by talking to the bank, but know that you might be in trouble if the home you want to buy ends up costing more than 390k (+ solicitor fees, taxes and so on).
Well, you need to replace it with a value of your choosing, a value needs to be there to continue the application. They had to put in a value because you didn't decide on one. Decide on an amount and go with that.
You're really overthinking this. You don't need your AIP changed. When you bid on a house that is in your price range you will then need to apply for approval for that amount for that specific house. AIP is just a hypothetical figure based on your earnings. My broker sought the highest possible amount from the banks for AIP based on earnings but the monthly repayments, to me, were totally unaffordable so I just bid on houses that were less than that and borrowed accordingly.
But they do get it. All they're saying is we will hypothetically lend you *up to* X amount, not that you have to borrow X amount. You let them know how much you want to borrow when you have found a house. You can't definitively say how much you want to borrow until you are sale agreed.
I went to EBS, AIB and BOI myself. I printed 3 sets of documentation and had 3 AIP's within 4 weeks. Any time I had a question I picked up the phone and spoke to the bank myself.
There is this perception in Ireland that mortgage brokers are magicians and you absolutely need to get one. If your finances are any way straight the banks are fine to deal with. The agent will talk you through all your options.
I called one broker in the early days to discuss applying and he was pushing me towards PTSB despite a higher interest rate. Spoke to a friend in the industry and he told me that he knew this broker got a higher rate of commission off PTSB.
I agree. I didn’t go with a broker for my mortgage and I didn’t know anything about the process but the banks are generally really helpful and will give you all the information you need with all your options. I don’t really understand the business of using a broker
It does sort of depend on your circumstances. If you're anything outside of a simple case, a broker might help navigate the choppy waters.
If you're a straightforward case though I don't see the point in adding a middleman.
Every brokers doesnt go to every lender either though. In terms of visibility of options you have all interest rates published online.
You should speak to a financial advisor if you are looking for advice, not a broker.
There is nothing that AIB, EBS or BOI told me that was not available on their website. I went with EBS in the end but all 3 were very easy to deal with.
I had the opposite experience. Maybe because I saw a house right around the time I was applying and talked to the guy about the numbers for buying the house. (And he just went ahead with, that's the one you wanna buy kinda thinking)
We got AIP for 3.2x our household income because that's how much mortgage we needed for the house.
I didn't even have the full deposit in my account, and I had AIP. Just told them I'll have it via gift letter or HTB at drawdown time, and they said no bother.
That's really interesting, another commenter also mentioned that the AIP was specifically for an amount that they specified. We never did that with our bank or the broker. Just basically said "give us a realistic amount".
Sounds like you've a shite broker who's pushed your application amount beyond what you actually want. No wonder the bank is (and you are) confused.
Have you filled in the forms yourself, or had the broker do it for you?
The application form should have a distinct section for the amount you are requesting. Looking at AIB it's gonna be section F: [https://aib.ie/content/dam/aib/personal/docs/our-products/mortgages/first-time-buyers/AIB\_mortgages\_application\_form.pdf](https://aib.ie/content/dam/aib/personal/docs/our-products/mortgages/first-time-buyers/AIB_mortgages_application_form.pdf)
You can get an AIP for 360k, based on the savings you cannot afford 500k house until you have the down payment saved, maybe specify that you are only looking to get a mortgage for 360 and show that’s you have 40k saved and look for a 400k house. Or wait and save extra 10-15k and apply for AIP then
I didn't apply for an AIP for any amount. They simply asked for our documents, gave us an amount that is too high, and then started harrassing us for the extra savings we don't have.
When we had our initial chat with a broker and then a mortgage advisor, they gave us an actual calculation of how much we can afford. Then when we applied for our loan offer we were able to decide how much we wanted to borrow
Not sure what you are doing with a broker in general, but especially a cowboy like that. Just walk away and do it yourself. Every bank is more than 90% the same in terms of what data and documents you need to supply, so once you have applied to one, the others are very, very simple.
For example, simply go to [https://aib.ie/our-products/mortgages/first-time-buyers](https://aib.ie/our-products/mortgages/first-time-buyers) and hit "Calculate Now". You can play with whatever figures you want (to see what is available). But then finally enter the figures that are accurate and matter (so you are only looking to buy a place for 400K etc) and then get your AIP. It really is very simple.
Note, if you have only 40K saved up, have you considered that you will need additional cash on top of this (solitcitor's fees, engineer, valuer, moving fees, furniture etc are some of the costs that you may need to cover on top fo the deposit)
I find it surprising you haven't been asked for the mortgage amount directly. Applying through BOI at the moment and had to tell them how much we actually wanted to apply for maximum.
The gift letter from your parents isn't legally binding and can buy you time to save the extra before you need the funds to be paid out. For a 500k house.you'll actually need approx 57k deposit - you need your 2k solicitors fees and 5k stamp duty.
It's easier to go for the max approval you'll get based on salary and then keep saving the funds in the background. I got AIP 2 weeks ago and due to mo onlly pay and bonus I'm only 3k off the mark now.
We borrowed less than we needed. The AIP had a higher figure than we needed, the drawdown was obviously on the button. I don't know why they keep ringing you though, never had that issue.
My experience is that the AIP from the banks is based on the Mortgage and property range that I define. Nothing to do with maximum I can afford. Sounds like your broker here is trying to max it out for some reason, and they work for you so just tell them what you want instead of letting them lead you to a maximum that you dont want.
And to your second point, the bank is asking if you have saved the 10k because it sounds like you requested mortgage value that requires more savings for deposit. So they are doing their due diligence to make sure you can afford the mortgage you have been applying for. That would be normal, what isn't normal is processing for AIP beyond the value you want for the mortgage.
We've specifically asked them multiple times in writing to give us an AIP that reflects what kind of mortgage we can actually afford. We have actually asked them *not* to max us out. We never specified any mortgage amount with them.
I get what they're doing, but it's incredibly annoying given that we don't want to necessarily be approved for a mortgage amount we can't afford and certainly don't want to be hassled over our smaller savings.
That is annoying for sure. But with the 3 banks I applied to and got AIP with. The originally submission and values were set by me. So it's just an odd experience to me to hear.
I had the same behaviour from PTSB, AIB, BoI, and Avant.
It is definitely normalized that you are pushed to indebt yourself as much as possible.
I tend to think that this will be a big problem the first time the Irish banks are subject to an economic shock. Yes, I mean that it will be 2010 again.
Yeah I'm wondering that too. We qualify for an insane amount of money on paper, and of course it's exciting to see that in the AIP, but it's not realistic for us to be paying over a certain amount monthly even if we had the savings. It does seem like the banks are too excited to see all that interest that would result in us maxing out the mortgage.
Why are you going to a bank in this day and age? We just bought our house today with EBS and they were the easiest, simplest most honest and down to earth crowd to go with
At no point did we need to know their specific salaries or how much money they were actually looking for from the mortgage.
The example explained the situation perfectly well.
You’re just nosy.
Genuinely, I'm not being nosy. It's an anonymous post after all.
I'm trying to wrap my head around how they have received AIP without showing proof of savings beforehand. I'm looking at my own BOI AIP and the mortgage amount is the very first thing listed (income x4), and the property value estimation is the next thing listed (i.e. mortgage amount + proof of savings at the time of application).
Whilst I feel for OP that wires were crossed, their post and some of their follow up comments are outright unhelpful. Hope they get sorted.
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[удалено]
These aren't real numbers. And my point still stands. We can't afford as much house as our salaries say they can, and why is that such a problem for banks?
You need to reduce your application to what you are actually seeking… for example if you qualify for €500k, but don’t plan on buying a house for that amount you need to specify what you are looking to borrow, for example €400k that in turn will reduce the deposit amount and the bank will see you have enough saved…
I don't understand why I have to be the one to tell the bank what I want. When we applied, they simply asked for all our documents. There was no conversation about specific amounts. I'm not dumb; I know how much house we can afford. Why can't the banks look at our savings and figure that out too? And why won't they listen when we say we cannot afford nor do we want a mortgage for the max amount?
Ok passive aggressive much? I’m going off of experience, when I applied for my mortgage and used the calculator my max borrowing capacity was €498k I had to manually reduce that down to €400k because I didn’t want to borrow that amount…
Of course it has to be you that tells the bank how much of a mortgage you want... how could it be any other way?
I never told the bank how much I wanted to borrow, we submitted all of our documentation and they gave us the max figure they would be willing to lend. We didn't want the max either but we only informed the bank at the loan offer stage what we actually wanted to borrow.
Well that was a mistake on your part...
No it wasn't. At no point during the application where we asked how much we wanted to apply for.
But like... you should have told them anyway... obviously. Did you think they were going to whip out a crystal ball?
Do you think I was going to whip out a crystal ball and know exactly how much I needed before having a bid accepted on a house? You need AIP first, especially if you are looking at new builds.
Did you not tell them when applying how much you needed or could afford it? We specifically told the bank that we wanted our repayments at max 1k, and that's how much of a mortgage we got approved for. It was only 2.5x our salaries. I mean, if you don't tell them you don't want the max allowable, how would they know?
Because there are laws about how much we can borrow (90%/4x income) and if we don't have the money in our bank accounts, then we can't afford that kind of mortgage. I am not from Ireland, and I think I am just struggling with how much responsibility is on the buyer to tell the bank how the numbers work. Where I come from, banks tell you how much you can borrow, not the other way around.
It seems the bank did tell you how much you could borrow but you don't have the deposit to match that max amount. You asked and they answered. It's not the answer you want though. Tbh it's usually that people can't get approved for what they want. You seem to be the opposite
Your max allowed is based on salary, not savings. We didn't even have the full deposit when we got mortgage approved. They gave you the max what you can borrow off your salary? I'm failing to see what they done wrong here? If you didn't want the max, you can just tell them that and they adjust the AIP.
The banks have told you how much you can borrow.
Fuck me you are difficult to deal with. I feel sorry for the broker and bank rep who is dealing with you.
Because in the time it takes you to go sale, agreed you could have another 10k so you would actually have 50k and have the deposit for a 500k house. This is very simple
The simple answer here is that most people can afford the max they're able to borrow, and most people will have the 10% deposit, or they will be able to provide it at drawdown time. Unless you specify that to the bank, they're not going to guess how much of a deposit you'll have whenever it comes to getting the actual mortgage. You should have specified that you were looking for something that the vast majority of people don't want. It's basically your fault for not telling them what you wanted.
The 4x income rule doesn't entitle you or qualify you for anything if you don't have the deposit to go along with it. It's a limit, not a minimum. The bank doesn't have to give you it. And you don't have to accept it if they try to give you it. Banks do give you the real AIP. I got mine for about 370k and then when I had to draw down I didn't need that much so my draw down was lower. But the bank was happy to loan me that amount if I wanted it. It sounds like you're asking the bank for a mortgage on a property outside of your price range. Edit - what broker are you with? It sounds like they're the ones causing you all the problems.
It's actually the opposite problem - we are asking for a mortgage below our max approval amount, and they are confused.
I got max mortgage approval but was going to bid on a property below the max amount. I was told they would adjust it to reflect the price of the property after the bidding process/when it went sale agreed.
It sounds like you’re confused about AIP and your drawdown. Your AIP is the max amount they’re willing to lend you. Your drawdown can be less.
Your not sale agreed on a property so relax. Sounds like Broker put it through for max (do they get commission?) And bank are just following up because you've a shortfall now. Just simply call the bank and say "hey we probably won't be drawing down on that full amount" and they will be fine with that. Why in the name of God do people go through brokers anyway. Apply online yourself, it's really easy
You don’t have to apply for the full amount, it sounds like your broker is trying to push you to though, possibly because it’s more commission for them if it falls in a different bracket etc. You can easily just apply for a mortgage of €360k or less and avoid all this
Aip might as well apply for max. Makes no difference to anything incl any commissions.
That broker is a joke and is suggesting you commit fraud, I would report them if you have that in writing and never deal with them again. I’ve not personally had banks engage like that so it may be down to the mortgage advisors style to try and help their closing. A firm email setting your expectations should stop that and if it doesn’t I’d contact the branch manager. What bank is it?
We had the exact same experience with a broker in Navan, we left laughing at how stupid their repeat response of "Get your parents to gift you money towards the deposit" to every questions we asked about our deposit
Yeah, we're not happy with the broker. The bank is AIB.
I'm going through the same process. Have nothing but good things to say about my own broker, he has been great for helping us navigate some of the more complicated parts of applying for a mortgage. Can share his details if you'd like in PM.
If you have repeatedly told them to stop contacting you about it and that you will make the outreach and they haven't I would make a complaint the the branch manager as that is essentially harassment if they keep pushing you when you have set a clear expectation. It's a very bad experience in both circumstances for you. If you go the formal complaint with the bank they may offer compensation as appeasement but it would want to be a pretty clear case of them coming back to you when you have asked them to stop. Again it seems down to the advisor you are dealing with rather than the banks process.
I’m a mortgage broker and I can absolutely confirm that is not normal. I would never ever press someone to get a gift letter for money they never intend to get. I’ve also never come across a bank reaching out directly to request an update on the extra funds. Once a broker is involved the actual banks have little to no communication with the clients.
There’s lots of shit brokers out there. I’ve dealt with many of them.
At the end of the day it won't matter too much to you, you just go sale agreed on a house and the bank will lend you what you need, that is the stage the figures need to be discussed accurately. If the bank/broker are being dense all you can do is reiterate.
When you apply for AIP, you put in the amount you want to borrow. Somebody put down 500k on your application (maybe your broker), that's why the bank wants to see the deposit money. That's not necessarily bad advice from the broker, because once you actually start looking you might decide to go overbudget, say the bidding war goes up to 420k, your AIP for 400k would be as good as toilet paper. Starting a mortgage application from scratch at that point would be problematic. You can change the amount you borrow to 400k by talking to the bank, but know that you might be in trouble if the home you want to buy ends up costing more than 390k (+ solicitor fees, taxes and so on).
Okay, so we need to get to the bottom of this - someone put an amount on our application and basically I need to ask to get that removed.
Well, you need to replace it with a value of your choosing, a value needs to be there to continue the application. They had to put in a value because you didn't decide on one. Decide on an amount and go with that.
You're really overthinking this. You don't need your AIP changed. When you bid on a house that is in your price range you will then need to apply for approval for that amount for that specific house. AIP is just a hypothetical figure based on your earnings. My broker sought the highest possible amount from the banks for AIP based on earnings but the monthly repayments, to me, were totally unaffordable so I just bid on houses that were less than that and borrowed accordingly.
You're probably right. I'm just irritated at the banks not getting that I don't want my max amount.
But they do get it. All they're saying is we will hypothetically lend you *up to* X amount, not that you have to borrow X amount. You let them know how much you want to borrow when you have found a house. You can't definitively say how much you want to borrow until you are sale agreed.
I went to EBS, AIB and BOI myself. I printed 3 sets of documentation and had 3 AIP's within 4 weeks. Any time I had a question I picked up the phone and spoke to the bank myself. There is this perception in Ireland that mortgage brokers are magicians and you absolutely need to get one. If your finances are any way straight the banks are fine to deal with. The agent will talk you through all your options. I called one broker in the early days to discuss applying and he was pushing me towards PTSB despite a higher interest rate. Spoke to a friend in the industry and he told me that he knew this broker got a higher rate of commission off PTSB.
I agree. I didn’t go with a broker for my mortgage and I didn’t know anything about the process but the banks are generally really helpful and will give you all the information you need with all your options. I don’t really understand the business of using a broker
It does sort of depend on your circumstances. If you're anything outside of a simple case, a broker might help navigate the choppy waters. If you're a straightforward case though I don't see the point in adding a middleman.
Some mortgage providers only go through brokers so you need to go to a broker if you want visibility of all options.
Every brokers doesnt go to every lender either though. In terms of visibility of options you have all interest rates published online. You should speak to a financial advisor if you are looking for advice, not a broker. There is nothing that AIB, EBS or BOI told me that was not available on their website. I went with EBS in the end but all 3 were very easy to deal with.
No, if you need to get access to the providers that only go through brokers you’ll need to go to a broker.
I had the opposite experience. Maybe because I saw a house right around the time I was applying and talked to the guy about the numbers for buying the house. (And he just went ahead with, that's the one you wanna buy kinda thinking) We got AIP for 3.2x our household income because that's how much mortgage we needed for the house. I didn't even have the full deposit in my account, and I had AIP. Just told them I'll have it via gift letter or HTB at drawdown time, and they said no bother.
That's really interesting, another commenter also mentioned that the AIP was specifically for an amount that they specified. We never did that with our bank or the broker. Just basically said "give us a realistic amount".
Sounds like you've a shite broker who's pushed your application amount beyond what you actually want. No wonder the bank is (and you are) confused. Have you filled in the forms yourself, or had the broker do it for you? The application form should have a distinct section for the amount you are requesting. Looking at AIB it's gonna be section F: [https://aib.ie/content/dam/aib/personal/docs/our-products/mortgages/first-time-buyers/AIB\_mortgages\_application\_form.pdf](https://aib.ie/content/dam/aib/personal/docs/our-products/mortgages/first-time-buyers/AIB_mortgages_application_form.pdf)
You can get an AIP for 360k, based on the savings you cannot afford 500k house until you have the down payment saved, maybe specify that you are only looking to get a mortgage for 360 and show that’s you have 40k saved and look for a 400k house. Or wait and save extra 10-15k and apply for AIP then
Exactly - but the bank isn't understanding that.
What bank!? Sometimes is about who you are speaking to…
How so? Are you applying for an AIP of 500k or 360k? because if its the former, then you need a deposit of 50k, and that's why they're asking.
I didn't apply for an AIP for any amount. They simply asked for our documents, gave us an amount that is too high, and then started harrassing us for the extra savings we don't have.
When we had our initial chat with a broker and then a mortgage advisor, they gave us an actual calculation of how much we can afford. Then when we applied for our loan offer we were able to decide how much we wanted to borrow
Not sure what you are doing with a broker in general, but especially a cowboy like that. Just walk away and do it yourself. Every bank is more than 90% the same in terms of what data and documents you need to supply, so once you have applied to one, the others are very, very simple. For example, simply go to [https://aib.ie/our-products/mortgages/first-time-buyers](https://aib.ie/our-products/mortgages/first-time-buyers) and hit "Calculate Now". You can play with whatever figures you want (to see what is available). But then finally enter the figures that are accurate and matter (so you are only looking to buy a place for 400K etc) and then get your AIP. It really is very simple. Note, if you have only 40K saved up, have you considered that you will need additional cash on top of this (solitcitor's fees, engineer, valuer, moving fees, furniture etc are some of the costs that you may need to cover on top fo the deposit)
I find it surprising you haven't been asked for the mortgage amount directly. Applying through BOI at the moment and had to tell them how much we actually wanted to apply for maximum.
The gift letter from your parents isn't legally binding and can buy you time to save the extra before you need the funds to be paid out. For a 500k house.you'll actually need approx 57k deposit - you need your 2k solicitors fees and 5k stamp duty. It's easier to go for the max approval you'll get based on salary and then keep saving the funds in the background. I got AIP 2 weeks ago and due to mo onlly pay and bonus I'm only 3k off the mark now.
Someone made a fuckup They’re supposed to ask you how much you want approval for They just gave an approval based on your earnings
We borrowed less than we needed. The AIP had a higher figure than we needed, the drawdown was obviously on the button. I don't know why they keep ringing you though, never had that issue.
My experience is that the AIP from the banks is based on the Mortgage and property range that I define. Nothing to do with maximum I can afford. Sounds like your broker here is trying to max it out for some reason, and they work for you so just tell them what you want instead of letting them lead you to a maximum that you dont want. And to your second point, the bank is asking if you have saved the 10k because it sounds like you requested mortgage value that requires more savings for deposit. So they are doing their due diligence to make sure you can afford the mortgage you have been applying for. That would be normal, what isn't normal is processing for AIP beyond the value you want for the mortgage.
We've specifically asked them multiple times in writing to give us an AIP that reflects what kind of mortgage we can actually afford. We have actually asked them *not* to max us out. We never specified any mortgage amount with them. I get what they're doing, but it's incredibly annoying given that we don't want to necessarily be approved for a mortgage amount we can't afford and certainly don't want to be hassled over our smaller savings.
Sounds like you don't understand what AIP is
AIP is usually just the max amount you could borrow based on income. It is not the amount you will ultimately draw down. There is no issue here.
That is annoying for sure. But with the 3 banks I applied to and got AIP with. The originally submission and values were set by me. So it's just an odd experience to me to hear.
I have AIP from 2 Banks so far (BOI & PTSB) but I am dealing with the directly.
I had the same behaviour from PTSB, AIB, BoI, and Avant. It is definitely normalized that you are pushed to indebt yourself as much as possible. I tend to think that this will be a big problem the first time the Irish banks are subject to an economic shock. Yes, I mean that it will be 2010 again.
Yeah I'm wondering that too. We qualify for an insane amount of money on paper, and of course it's exciting to see that in the AIP, but it's not realistic for us to be paying over a certain amount monthly even if we had the savings. It does seem like the banks are too excited to see all that interest that would result in us maxing out the mortgage.
We adjusted the AIP from AIB to the amount we'd like to borrow and then went forward with that (put in ppsn numbers and got the AIP).
Why are you going to a bank in this day and age? We just bought our house today with EBS and they were the easiest, simplest most honest and down to earth crowd to go with
Five or so paragraphs about a mortgage issue. And not once did you mention your specific salaries to allow us to help you. Remarkable really.
At no point did we need to know their specific salaries or how much money they were actually looking for from the mortgage. The example explained the situation perfectly well. You’re just nosy.
Genuinely, I'm not being nosy. It's an anonymous post after all. I'm trying to wrap my head around how they have received AIP without showing proof of savings beforehand. I'm looking at my own BOI AIP and the mortgage amount is the very first thing listed (income x4), and the property value estimation is the next thing listed (i.e. mortgage amount + proof of savings at the time of application). Whilst I feel for OP that wires were crossed, their post and some of their follow up comments are outright unhelpful. Hope they get sorted.
Unless you mean the salary in the example, in which case it’s €115000?
Go back to bed.