Saving/Applying for a mortgage 2015/16/17/18/19

guile4582 · 11-07-2017 7:23pm

Any single Dublin people like myself just said feck it and come to the realisation they'll have to rent their whole lives. I'm 34 with a good chunk of savings but not near the 50k needed to get a half decent place (lets be honest that's what's needed for a 2 bed). I could maybe get there in 4 years time by putting the head down. But the heads been down 3 years already.

It's really sad

Villa05 · 11-07-2017 10:44pm

guile4582 wrote:

Any single Dublin people like myself just said feck it and come to the realisation they'll have to rent their whole lives. I'm 34 with a good chunk of savings but not near the 50k needed to get a half decent place (lets be honest that's what's needed for a 2 bed). I could maybe get there in 4 years time by putting the head down. But the heads been down 3 years already.

3 or 4 more years of this and a crash will b inevitable. Hang in there keep saving but don't put life on hold, not worth it

LincolnHawk · 12-07-2017 7:19pm

On the plus side, you're young, single and not tied down with a mortgage

guile4582 · 12-07-2017 11:19pm

Try 15 gaffs in 17 years !!

q85dw7osi4lebg · 13-07-2017 1:59pm

Villa05 wrote: »

3 or 4 more years of this and a crash will b inevitable. Hang in there keep saving but don't put life on hold, not worth it

What do you think will cause this crash? Genuinely curious.

Cyrus · 13-07-2017 2:59pm

Reese Lively Cabinet wrote: »

What do you think will cause this crash? Genuinely curious.

because everyone is now an expert on property crashes :pac:

Hollister11 · 13-07-2017 3:04pm

Villa05 wrote: »

3 or 4 more years of this and a crash will b inevitable. Hang in there keep saving but don't put life on hold, not worth it

Strong demand for housing, not enough of houses being built, more demand probably now because of the influx if Brexit jobs.
No crash soon. It will happen eventually, put purely based on the fact that these things go in cycles.

myshirt · 13-07-2017 3:10pm

Hollister11 wrote: »

Strong demand for housing, not enough of houses being built, more demand probably now because of the influx if Brexit jobs.
No crash soon. It will happen eventually, put purely based on the fact that these things go in cycles.

You forgot to end this by saying 'According to the prophecy'.

Hard reality is there will be no crash. There will just be a lot of ethnic cleansing of the poor. Off to Leitrim with them. The face of Dublin, Kildare, Meath etc will gradually change. And if people want to riot, they can riot all they want because they will just be wrecking their own gaff. They won't be disrupting Dublin.

That's what's ahead. Not a crash.

The_Conductor · 13-07-2017 3:23pm

myshirt- ethnic cleansing- to hell or to Connaught?

The simple fact of the matter is- we need to build in the region of 25k residential units per annum, to stand still (from a demographic perspective). This year- its doubtful we'll hit 18k units. At our current expansion rate in the construction sector- it was taken as a given that we'd hit 25k units per annum- before 2020- however, the rate of expansion in the sector has slowed (it is still expanding- however, its now hitting skills shortages in many areas- as a result of a decade where apprenticeships ceased to exist etc etc

There has been a resurgence in rural employment- particularly in the primary and secondary agricultural sectors- which is reflected in population evolutions- and indeed, in enrollment at 3rd level agricultural colleges- such as Mountbellew- who have never been as busy as they now are.

Until such time as we are in a position to satisfy demand- which we patently are not at the moment- its doubtful that there will be a 'crash' per se.

If the Central Bank revise deposit rules (as it is predicted they will)- and the government cancel the First Time Buyers scheme- what may happen is a plateau'ing/leveling off in price rises for new property- but some of the slack might be taken up in the second hand market (which has been defacto out of bounds for first-time-buyers, who are just under 50% of the entire market).

Ultimately- we will reach a point- where quite simply affordability will become the critical factor- there is no point in keeping supply in constraint (even if its not deliberate)- its not going to increase prices- if people quite simply can't afford to buy the units.

There are numerous things the government 'could' do to help on the supply side- which might make the market less frothy but more sustainable in the longer term- such as relaxing density and height restrictions in our major urban areas. Of course, politically- this might be suicide for whoever pushes the button- but in the words of Shakespear- they'd have done their country some service. (think its Othello?- anyhow, not that it matters)

The Central Bank and the government are both poised to take action- to remove the froth from the market- as its widely seen as unsustainable- whether they can do this- without causing fright- remains to be seen.

09_09_09 · 13-07-2017 4:38pm

Hey Guys,

I would like to know if any of you have dealt with UB in College Green for mortgage as FTB? If yes then how was your experience?

I am having terrible experience so far. I submitted all the requested documents but, got a phone call on last Monday that I have to resubmit the application form because they got a call from the Underwriters over the weekend the one I filled and signed was the old one. This form was given to me in the branch by their Customer Adviser. It made no sense to me. However, I did submit it next day because, I had no choice.

Today I got another phone call from the bank that the Underwriters are unhappy with the loan amount and they do not want to include my overtime because it's not guaranteed. However, it is clearly mentioned in their document checklist if I do receive regular overtime and shift allowance and if I want to include this as income then please submit last 13 payslips which I did. All of them have overtime and Sunday allowance so I got annoyed and I asked the adviser to give me this in writing because, it looks to me false advertising. The checklist does not state it has to be guaranteed overtime. The adviser said he will talk to the Underwriter again but, I have no hope.

guile4582 · 14-07-2017 9:03am

The_Conductor wrote: »

myshirt- ethnic cleansing- to hell or to Connaught?

The simple fact of the matter is- we need to build in the region of 25k residential units per annum, to stand still (from a demographic perspective). This year- its doubtful we'll hit 18k units. At our current expansion rate in the construction sector- it was taken as a given that we'd hit 25k units per annum- before 2020- however, the rate of expansion in the sector has slowed (it is still expanding- however, its now hitting skills shortages in many areas- as a result of a decade where apprenticeships ceased to exist etc etc

There has been a resurgence in rural employment- particularly in the primary and secondary agricultural sectors- which is reflected in population evolutions- and indeed, in enrollment at 3rd level agricultural colleges- such as Mountbellew- who have never been as busy as they now are.

Until such time as we are in a position to satisfy demand- which we patently are not at the moment- its doubtful that there will be a 'crash' per se.

If the Central Bank revise deposit rules (as it is predicted they will)- and the government cancel the First Time Buyers scheme- what may happen is a plateau'ing/leveling off in price rises for new property- but some of the slack might be taken up in the second hand market (which has been defacto out of bounds for first-time-buyers, who are just under 50% of the entire market).

Ultimately- we will reach a point- where quite simply affordability will become the critical factor- there is no point in keeping supply in constraint (even if its not deliberate)- its not going to increase prices- if people quite simply can't afford to buy the units.

There are numerous things the government 'could' do to help on the supply side- which might make the market less frothy but more sustainable in the longer term- such as relaxing density and height restrictions in our major urban areas. Of course, politically- this might be suicide for whoever pushes the button- but in the words of Shakespear- they'd have done their country some service. (think its Othello?- anyhow, not that it matters)

The Central Bank and the government are both poised to take action- to remove the froth from the market- as its widely seen as unsustainable- whether they can do this- without causing fright- remains to be seen.

Rent to buy schemes would help a lot of folk

househunter08 · 14-07-2017 10:44am

If anyone has a recommendation for surveyors in Dublin can you P.M me the details. Have been getting quotes for €400 + vat for a standard house? This seems high according to posts on here. Thanks

mloc123 · 14-07-2017 10:51am

The_Conductor wrote: »

myshirt- ethnic cleansing- to hell or to Connaught?

The simple fact of the matter is- we need to build in the region of 25k residential units per annum, to stand still (from a demographic perspective). This year- its doubtful we'll hit 18k units. At our current expansion rate in the construction sector- it was taken as a given that we'd hit 25k units per annum- before 2020- however, the rate of expansion in the sector has slowed (it is still expanding- however, its now hitting skills shortages in many areas- as a result of a decade where apprenticeships ceased to exist etc etc

There has been a resurgence in rural employment- particularly in the primary and secondary agricultural sectors- which is reflected in population evolutions- and indeed, in enrollment at 3rd level agricultural colleges- such as Mountbellew- who have never been as busy as they now are.

Until such time as we are in a position to satisfy demand- which we patently are not at the moment- its doubtful that there will be a 'crash' per se.

If the Central Bank revise deposit rules (as it is predicted they will)- and the government cancel the First Time Buyers scheme- what may happen is a plateau'ing/leveling off in price rises for new property- but some of the slack might be taken up in the second hand market (which has been defacto out of bounds for first-time-buyers, who are just under 50% of the entire market).

Ultimately- we will reach a point- where quite simply affordability will become the critical factor- there is no point in keeping supply in constraint (even if its not deliberate)- its not going to increase prices- if people quite simply can't afford to buy the units.

There are numerous things the government 'could' do to help on the supply side- which might make the market less frothy but more sustainable in the longer term- such as relaxing density and height restrictions in our major urban areas. Of course, politically- this might be suicide for whoever pushes the button- but in the words of Shakespear- they'd have done their country some service. (think its Othello?- anyhow, not that it matters)

The Central Bank and the government are both poised to take action- to remove the froth from the market- as its widely seen as unsustainable- whether they can do this- without causing fright- remains to be seen.

Has this been hinted at.. and when is it likely to happen, end of year?

lillycakes2 · 17-07-2017 7:01pm

If you own a site , does that count as your deposit for first time buyers does anyone know ?

17-07-2017 7:04pm

lillycakes2 wrote: »

If you own a site , does that count as your deposit for first time buyers does anyone know ?

Yep, it does :-)

lillycakes2 · 17-07-2017 7:20pm

Deleted User wrote: »

Yep, it does :-)

Oh thank you !! great news !!

Moody_mona · 17-07-2017 7:31pm

Who deals with the "sold" sign? Got my keys two weeks ago, will the estate agent come and remove it, or is it my responsibility? Cheers

ArtyC · 17-07-2017 7:44pm

Moody_mona wrote: »

Who deals with the "sold" sign? Got my keys two weeks ago, will the estate agent come and remove it, or is it my responsibility? Cheers

Just got approved in principle, this is my dream question! Sorry I'm no help just congrats! How exciting !

mugsymugsy · 17-07-2017 7:49pm

Moody_mona wrote: »

Who deals with the "sold" sign? Got my keys two weeks ago, will the estate agent come and remove it, or is it my responsibility? Cheers

Estate agent. Phone and tell them to pick it up by Friday otherwise you are taking it to the dump. They will want it back but are happy to leave it up for the free advertising unless you give them a nudge.

Moody_mona · 17-07-2017 9:44pm

mugsymugsy wrote: »

Estate agent. Phone and tell them to pick it up by Friday otherwise you are taking it to the dump. They will want it back but are happy to leave it up for the free advertising unless you give them a nudge.

Ah, didn't think of it like that! Thanks

Thanks ArtyC, it wasn't the most straightforward but we got there, I'll pop a post up tomorrow about how long things took etc just for people in future

Moody_mona · 18-07-2017 10:09am

This thread has been very useful for reading and I've asked a few questions too, so just as repayment I'll give a time line for our buying process.

Approval in principle granted in December when we were thinking about starting to look. We went through a broker for convenience.

Viewed and bid on a property in February, we were outbid but the estate agents rang a week later to say that bid was withdrawn and were we still interested. We could have outbid them so I'm delighted we held our ground and stuck with what we were happy to pay.

Signed contracts late March, and this was our big naive moment, the vendors didn't sign as they weren't 100% ready to move. They didn't end up signing until June, and we got our keys a week later.

I think constant communication with solicitor is key. The estate agent was actually very useful in moving the sale along as well in the end, I assume they don't get paid until everything goes through so they were as eager for it to close as we were!

Thanks to all posters and contributors to this thread, it really is a very useful resource.

Mona

messy tessy · 19-07-2017 10:22am

guile4582 wrote: »

Any single Dublin people like myself just said feck it and come to the realisation they'll have to rent their whole lives. I'm 34 with a good chunk of savings but not near the 50k needed to get a half decent place (lets be honest that's what's needed for a 2 bed). I could maybe get there in 4 years time by putting the head down. But the heads been down 3 years already.

It's really sad

Completely. I am 30, on a decent enough salary and have been saving with the last 7 years but feel that owning my own place as a single person is more further away than ever. It is depressing and does get you down. I think you can get into a trap of really watching what you spend and feel guilty for splashing out on little treats.

So this year I've decided I am just going to enjoy life without watching every penny. I'm renting on my own for the first time ever and really love not having to put up with a housemate in a tiny space! I would be saving a lot more if I was in a house share but wouldn't be as happy. It's great to be working towards buying your own place and have that goal in mind but really you need to enjoy yourself too!

shivermetimber · 19-07-2017 2:26pm

lillycakes2 wrote: »

If you own a site , does that count as your deposit for first time buyers does anyone know ?

Deleted User wrote: »

Yep, it does :-)

Does anyone have any further information or links to confirm this?

IvoryTower · 19-07-2017 2:30pm

shivermetimber wrote: »

Does anyone have any further information or links to confirm this?

you can use the site as your deposit but you still have to have the deposit saved to get your mortgage. So you get to keep what you saved. I'm just going on what the bank said when I rang them.

shivermetimber · 19-07-2017 2:35pm

IvoryTower wrote: »

you can use the site as your deposit but you still have to have the deposit saved to get your mortgage. So you get to keep what you saved. I'm just going on what the bank said when I rang them.

Ok cool, that makes more sense. Thanks

zedhead · 19-07-2017 2:36pm

Sale agreed now for the 2nd team for almost 6 weeks and no sign of contracts. We are waiting on the results of the survey but really hoping the contracts come in before the end of the month. I know things can slow down considerably for solicitors and stuff in August and we don't want to lose a month.

Have been pretty relaxed about things this time around, but starting to let the anxiety creep in. Hate this part of the process so much - just feel so useless waiting. Would love even some indication from the vendors of when they think we might be in a position to close but there is a chain involved so they are probably trying to get the same information from the vendors on their side.

boris1234 · 20-07-2017 10:44am

Trying to sort life cover at the moment before drawdown. Has anyone gone with other providers than those provided through your mortgage provider? Is it more hassle to get it via a different provider than the banks provider?

ILikeBoats · 20-07-2017 10:48am

We didn't go with the bank's recommendation
Went with Zurich as it worked out cheaper for us.

iluvfatfrogs · 20-07-2017 10:53am

boris1234 wrote: »

Trying to sort life cover at the moment before drawdown. Has anyone gone with other providers than those provided through your mortgage provider? Is it more hassle to get it via a different provider than the banks provider?

Before meeting with bank (AIB) we shopped around and quoted best price we got to the bank. They matched on the spot so we went there for handiness

ad1234 · 20-07-2017 12:57pm

Hi all

Prob a silly but I just got an email about new builds and it says - "Please Note: To reserve your future new home you will need to bring your booking deposit by bank draft or cheque of €5,000 made payable to....

A further €25,000 is payable upon signing of contracts with the remaining balance on completion".

I'm just wondering what type of time frame would you be signing contracts and paying the 25k would anyone know or have experienced.

The home we want wouldn't be built for approx 5 months in this development. Would it be closer to that? Or soon after the initial 5k?

Thanks all! This thread has been a great help.

Saving/Applying for a mortgage 2015/16/17/18/19

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