Advice Please

brian2614

I dont know if this has been asked before but here goes.

I am looking to buy my first house this year or early next year either new or old.
I have been approved for a mortgage by the bank which is fine,but I have been told that they do not "top up" mortgages anymore.

See all my money is going to be tied up in the deposit and dont really fancy buying a new house and sitting on empty beer crates and watching a black and white TV

Any ideas on how to get a extra few bob of the lender to do up what property I may buy.

Most houses I am looking at in my area are going €90-€150k

Sorry if I sound like I havent a clue,but I dont

Idbatterim

so i take it you have the deposit etc? some places offer interest free schemes when paid back within say 6 months, otherwise highish rates of interest kick in. Credit card or overdraft might be another option for short term finance. Really depends on what you can afford and over what period. Might make sense to save some more first...

Procrastastudy

Sit on creates now and enjoy having some money later without paying stupid interest rates. If you're finding the lack of furniture is annoying get a second job - solves both issues really.

Alternatively - Furniture on interest Free Credit (not that it is really but never the less...) and a cheap secondhand telly out of a skip.

riclad

You can buy cheap, furniture in charity shops, or ikea.
even get tvs,sofa s ,fridge,free ,on jumbletown.ie
or see adverts.ie / free .
or rent out 1 room, that,ll pay for furniture,
They days when banks,would throw in an extra 20k to buy furniture,new kitchens are gone,
but houses are now 60 per cent cheaper ,than 2007.
When you say do up,do you mean renovation, repairs,
or just painting, decorating.
google freecycle ie
sit on create, sounds like some type of art project.re previous post.
IT was very tough for a single person to buy a house 5 years ago,
eg houses in cavan were 150k

Procrastastudy

riclad wrote: »

You can buy cheap, furniture in charity shops, or ikea.
even get tvs,sofa s ,fridge,free ,on jumbletown.ie
or see adverts.ie / free .
or rent out 1 room, that,ll pay for furniture,
They days when banks,would throw in an extra 20k to buy furniture,new kitchens are gone,
but houses are now 60 per cent cheaper ,than 2007.
When you say do up,do you mean renovation, repairs,
or just painting, decorating.
google freecycle ie

That practise of people moving in and gutting the place always used to surprise me growing up in deprived Oxfordshire

I forgot to plug boards.ie where there are bargains a plenty.

okiss

Your better off doing a house up as your funds allow rather than take out expensive loans to have a show house when you move in.
As Christmas is coming I would ask for cash/all in one vouchers as presents as you can use this for items for the new house.
I would start to go around furniture, electrical shop, hardware and diy shops with a note book and start to take a close look at the cost of furniture, household electric items, paint, carpets, flooring ect and write this down.
When you start to look at houses and you see what they need to have done you will have an idea of what it will cost you to do up a room. If you find a house you like I would pay for a proper survey as it could show up problems which could cost you a lot of money to fix up ie bad wiring ect.
I would also tell family members that you are planning to buy a home this year. Some one may have furniture they could give you or tell you about were to get good value on the things you need.
I would also do up a budget using the nca.ie website to see where you could save money over the next few months to put towards furniture ect in your new home.

fasttalkerchat

You get a mortgage for the value of the house, regardless of the sale price. Most houses are being sold below valuations... surely you can get an extra 10%

Am I missing something?

brian2614

fasttalkerchat wrote: »

You get a mortgage for the value of the house, regardless of the sale price. Most houses are being sold below valuations... surely you can get an extra 10%

Am I missing something?

That's what I was thinking,but I think it can messy with solicitors and the builder/seller

Not sure tbh

StillWaters

fasttalkerchat wrote: »

You get a mortgage for the value of the house, regardless of the sale price. Most houses are being sold below valuations... surely you can get an extra 10%

Am I missing something?

What?

The valuation is the price the bank surveyor gives it, a bank won't give a penny above 80/90% of that. The house is never sold for below that.

djimi

fasttalkerchat wrote: »

You get a mortgage for the value of the house, regardless of the sale price. Most houses are being sold below valuations... surely you can get an extra 10%

Am I missing something?

Surely the sale price is the value of the house? Anything is only ever worth what someone is prepared to pay for it.

killers1

Banks lend up to 90/92% of the valuation or the contract price, WHICHEVER IS THE LOWER. Valuers generally don't value a property over and above the agreed purchase price even if they think the buyer is getting a great deal.

fasttalkerchat

djimi wrote: »

Surely the sale price is the value of the house? Anything is only ever worth what someone is prepared to pay for it.

If you are paying too much for a house the bank can refuse a mortgage because it isn't worth the money.
Maybe its like the other poster said that they always take the lower of the two amounts.

riclad

Sale price is 90k, bank might give you 75k, 100 per cent,mortgages
are only avaidable to doctors, people on very high income.
if you are getting a tenant get some one in full time employment ,on a good wage .IN most areas house prices are still falling.
THE banks were reckless ,giving easy loans, to anyone,
no they are being conservative with mortgages.
You can hire a driver on adverts ie, get furniture .tv for free first
on adverts ie , or jumbletown.
start off decorate 1 bedroom, front room,kitchen, first.

old houses are cheaper, but it may be harder to get a mortgage.

gmisk

I think you can do something called a mortgage holiday for a few months at the start?
Im pretty sure this was mentioned to me by AIB and BOI.
Basically you dont pay a mortgage for the first few months and the amount is rolled into your mortgage in future.

Ritchi

If you can't afford to buy furniture, you can't afford to buy the house. Save up a while longer and then you won't need a top-up. It will also save you paying interest on this amount, and lead to smaller repayments, so will benefit you in the long run.

shelly6

While you don't fancy it, sitting on beer crates/patio furniture/whatever is in my opinion part of the whole fun. Sort the house out room by room, and you will look back with fond memories!

Though you can often get free furniture on gum tree and places like that.

Very unlikely you will get anything extra from a bank.

riclad

On the sites i mentioned, you can get just about any,type of furniture free, there,s drivers ,do collections on adverts.ie ,services.there also cheap, furniture for sale on adverts ,it might cost you 100 or more to pay the driver.
There,s no reason to buy a house ,And end up sitting on a crate.NOT
every one has to buy brand new tv,fridge etc when they move into a house.The point is the bank will expect a buyer to put in 10 - 20k,
on a 90k house, he,s not gonna get a 100 per cent loan.
theres a market in town, beside parnell st,saturday 9am, 3mins walk from o,connell st.ie near mountjoy sq side,of parnell st.
a sofa there is like 40 euro,chest of drawers 20 euro.
i assume you are living in dublin.

Gweedling

We're starting the whole process, 92% on a 177.5k mortgage, pending approval, house owners accepted the offer. We have about two-three months at least from now to save for things for the house before we move in, so if you've got mortgage approval, there'll be a bit of a timeframe for you to power-save for the essentials, like a fridge, washing machine etc.

Wifey wants to buy everything brand new (She's already looking at a sofa for €3k ffs) but that's not going to happen, no matter how stubborn she is we just can't afford it. Brand new, beds for a 3-4 bedroom house, furniture, washing machine, dryer, fridge, TVs, units/shelving/wardrobes, all this stuff can easily amount to 12-15k. With enough homework and low enough standards, you can fill up the house for a fraction of that.
I'll reiterate what the guys are saying on here - buy & sell, adverts.ie, gumtree, newspapers, there are always people clearing out their house belongings and in a lot of cases, just wanting to get rid of stuff. With time, persistence and a lot of digging, you should be able to find almost everything you need for a very low price, if not free. Obviously excluding things like towels, cups & plates, bed linen etc, some stuff just isn't really acceptable second hand


good luck!

Adam

okiss

Gweedling
If your wife wants a new sofa I would go to finline furniture in Emo, Co Laois
This furniture is sold in expensive shops but you can buy directly from them.
There website address is http://www.finlinefurniture.ie/
They give a 10 year guarantee on all there frames.
A family member bought a suite off them over 15 years ago and still looks good and is very comfortable.
You can chose the type of suite and then decide on the cover you want.

For beds and furniture I would look at www.bigmickey.ie and this is there address: Bigmickey.ie, Minard, Sligo Road, Longford.
Another family member got beds here that are very good quality and they were cheaper than a lot of places for the same.
In regards to household electrical items I would go to you local branch of expert as other couple I know got good value here when buying oven, hob, dishwasher, microwave, fridge freezer and a washing machine.

Felexicon

gmisk wrote: »

I think you can do something called a mortgage holiday for a few months at the start?
Im pretty sure this was mentioned to me by AIB and BOI.
Basically you dont pay a mortgage for the first few months and the amount is rolled into your mortgage in future.

Just bought a house and moved in last month.
This option of not making any repayments for a few months is no longer available to everyone through AIB.

Also OP, don't forget the cost of valuation, survey, stamp duty and solicitors fees. It was around 4k all in for me.

Lastly it is not possible to get any kind of top up for furniture or decoration.
They may issue extra funds if the valuation is above the purchase price and essential works are needed to make the house livable as this will add to resale value should property need to be sold to cover the mortgage

djimi

I thought the idea of a mortgage holiday was to allow people to take a break at some point during the mortgage if one is required? Would seem very ridiculous to waste this facility (if it is available) at the start of the mortgage just to avoid a bit more saving to buy furniture etc.

Felexicon

djimi wrote: »

I thought the idea of a mortgage holiday was to allow people to take a break at some point during the mortgage if one is required? Would seem very ridiculous to waste this facility (if it is available) at the start of the mortgage just to avoid a bit more saving to buy furniture etc.

It's all relative to individual circumstance though.
If I knew my repayments would be fine for the next few years I'd happily avail of the break at the start if it gave me the lump sum needed to buy furniture/decorate the house to make it feel more like a home.

djimi

Felexicon wrote: »

It's all relative to individual circumstance though.
If I knew my repayments would be fine for the next few years I'd happily avail of the break at the start if it gave me the lump sum needed to buy furniture/decorate the house to make it feel more like a home.

The idea of a such a repayment holiday is to allow for emergency/unforeseen circumstances. It just seems daft to me to waste it at the start when getting all of the required cash together to buy/furnish the house in advance is the better option, leaving the repayment holiday free for when you really need it.

Just screams a bit of the attitude we had in this country for the past decade or so that I want to buy a house now now now and I am going to do whatever it takes to make it happen this instant.

Felexicon

djimi wrote: »

The idea of a such a repayment holiday is to allow for emergency/unforeseen circumstances. It just seems daft to me to waste it at the start when getting all of the required cash together to buy/furnish the house in advance is the better option, leaving the repayment holiday free for when you really need it.

Just screams a bit of the attitude we had in this country for the past decade or so that I want to buy a house now now now and I am going to do whatever it takes to make it happen this instant.

Ah yeah don't get me wrong it's not the option I'd take personally but I can see why some would