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

loveisdivine

Flatzie_poo wrote: »

Let me know if you're around Dublin/need this done soon, I'll PM you the crowd that I used, if you'd like. They were great!

Please do! It probably won't be for a few weeks yet as we're going away but I'd appreciate the recommendation.

loveisdivine

While I'm at it, if anyone wants to recommend a solicitor (by pm) too that would be great! I've never used one so have no idea.

noanoa

Going to join in here, if thats okay.

We are first time buyers, have a good deposit ready to go.

But, we just got married so my monthly savings mostly went on that but the other half was saving every month and we didn't touch that for the wedding.
So not sure if we are starting out again with the savings, two months down anyway now.

Think we will go and talk to the bank or mortgage broker and see if we are good to go or what we should be doing.
All the houses in the area we are looking at starting at 475K so we might be waiting awhile.

Michael D Not Higgins

noanoa wrote: »

All the houses in the area we are looking at starting at 475K so we might be waiting awhile.

For 475k, you're going to need at least 73k deposit and combined income of 115k.

noanoa

We are very very lucky to have a deposit of 200K and combined income of 90K.

Still have to talk to the bank and see what they say.

Michael D Not Higgins

noanoa wrote: »

We are very very lucky to have a deposit of 200K and combined income of 90K.

Still have to talk to the bank and see what they say.

Wow. Don't even worry about it, they'll welcome you with open arms.

noanoa

I know we are lucky.

The only thing is I'm self employed which is only fairly recent, thats part I'm worried about and also saving till the month of the wedding taking most out then starting saving again.

Woshy

We had a deposit of 180k and still got turned down by 2 banks! Although we only had one salary and a child. It seems they were not fans of stay at home parents. We had no debt or any other reasons.

That was almost 2 years ago. Other banks had no problem with it and we bought a house with no issues.

hawkeye_bmr

Got approved yesterday through Ulster bank! Finally a step in the right direction!

Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

Tasden

hawkeye_bmr wrote: »

Got approved yesterday through Ulster bank! Finally a step in the right direction!

Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

Brilliant exciting stuff!

Sleepy

Congrats hawkeye_bmr, very glad to hear Ulster can turn around a decision so quickly.

Utah

hawkeye_bmr wrote: »

Got approved yesterday through Ulster bank! Finally a step in the right direction!

Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

Great news, well done.

We should be applying next week I think.

Bradz213

hawkeye_bmr wrote: »

Got approved yesterday through Ulster bank! Finally a step in the right direction!

Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

Congrats. You dodged a bullet by not getting PTSB. Our broker has gone for Ulster bank. They reverted looking for more info which we provided yesterday so hopefully we will hear soon

hawkeye_bmr

Just been ringing around estate agents, every house we are interested in is either sale agreed or offers way over the advertised price.

One has gone 42k over asking!

youcancallmeal

hawkeye_bmr wrote: »

Got approved yesterday through Ulster bank! Finally a step in the right direction!

Our appeal through PTSB got rejected, came back with the needing to be 12 months in the job as the main reason.

Went to Ulster while awaiting that decision, they were very confident of full approval with paperwork and savings we had, and only took a week to get sorted.

Thats strange, everywhere I've asked have told me that as long as you are a permanent employee(i.e. out of probationary period) then there will be no problem. I'm considering changing jobs and look to get a mortgage early next year, hopefully this doesn't effect me?

Naid23

youcancallmeal wrote: »

Thats strange, everywhere I've asked have told me that as long as you are a permanent employee(i.e. out of probationary period) then there will be no problem. I'm considering changing jobs and look to get a mortgage early next year, hopefully this doesn't effect me?

I had a broker and bank mortgage advisor tell me that once you are out of the probationary period and have been in the same type of job (i.e if you moved from one accounts job to a new one in a different company) that you should be fine.

Will be applying for my first mortgage in may so as im 8 months in my job (same industry type), Im hoping there wont be an issue.

Is it required to fill out the full Mortgage application form when just looking for approval as opposed to actually having a property in mind (with KBC specifically)?

Reason I ask is there are questions like address of the property and name/address of solicitor but I won't have a place in mind nor will I have got a solicitor etc at the approval stage. I will have all the other required documents.

Santy2015

Got real confirmation today when we saw the sale agreed sign on the house we put an offer on and got accepted. Now it's really setting in

xebec

Azalea Screeching Padding wrote: »

Is it required to fill out the full Mortgage application form when just looking for approval as opposed to actually having a property in mind (with KBC specifically)?

Reason I ask is there are questions like address of the property and name/address of solicitor but I won't have a place in mind nor will I have got a solicitor etc at the approval stage. I will have all the other required documents.

You need to fill out the form, but based on our experience you can leave these sections blank if you don't have answers for them. If they give approval it will likely be based on Central Bank rules which in our case was much more than we wanted. Only found a house and then solicitor several months later - these details are mandatory for letter of offer but not approval in principal.

Jentle Grenade

hawkeye_bmr wrote: »

Just been ringing around estate agents, every house we are interested in is either sale agreed or offers way over the advertised price.

One has gone 42k over asking!

Out of interest, hawkeye, where are you based? We're based in Cork City and yesterday we viewed a house under offer €15k in excess. We were stunned!

hawkeye_bmr

Jentle Grenade wrote: »

Out of interest, hawkeye, where are you based? We're based in Cork City and yesterday we viewed a house under offer €15k in excess. We were stunned!

Louth.

Another house we were interested has an offer 15k above asking. A few of the EAs said its gone crazy the past few weeks, there not having to advertise properties they're going that quickly.

Round 2 of ringing tomorrow, hopefully if people see houses are selling, it will push more houses onto the market.

Jen44

Maybe its worth considering selling my house in Louth so? Didnt think prices had risen so much!

billymitchell

From my own limited watching of house prices of the last 12 months, seems to be a lot of houses under about €300k seem to be going for over the asking, while most of those above €350k seem to be going for under the asking. Its probably based on peoples ability to cobble together the deposit for the lower price houses quicker and needing to move.

I'd imagine that that figure will creep slowly upwards over the next 12 months as people have had longer to put the money away , and can afford to spend a few more euro's on a house

Bradz213

It's mental. Was talking to an EA last week and he said a house went from for sale to sale agreed in one day and never made it to Daft. Someone rang up inquiring about a different property and was told about a new one, had a look, made an offer and it got accepted ALL IN ONE DAY!!

Michael D Not Higgins

Reminder to keep on topic. There's another thread for Central Bank rules discussion now.

mirrorwall14

Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?

Santy2015

mirrorwall14 wrote: »

Has anyone applied for an exemption on the 10%/20% rule? I'm just wondering if the exemptions only get you down to 10% or is there any possibility of below the 10%? Our salary multiple, savings record and job security are all well in excess of requirements. EBS imply that we will definitely qualify for an exemption (we're applying now), just curious what the exemption will be?

We went for an exemption but got turned down and were offered a lower amount. We accepted that offer as the house we were looking at jumped up in price by 22k so even with the exception we would've struggled to buy it, they pick higher earners so you should be ok. We've got a house at sale agreed so hopefully it won't balls up on us haha

hawkeye_bmr

Started to view houses at the weekend, disappointed by all 3 that we viewed, 2 needed alot of work just to be liveable, 3rd was liveable but was smaller than we imagined.

One of the houses looked great in the pictures that where on-line, total opposite on actual viewing.

Got another viewing tomorrow evening, pictures are recent so hopefully we wont be disappointed.

SarahMollie

Estate agents pictures are always going to look better than the real thing. They angle them to make the space look as big as possible, use the best lighting etc.

Think about an add for a McDonalds BigMac, versus what the burger looks like in your hand.

You just have to factor this in to your expectations.

angeldelight

We've made an offer, first one on the property. The owners live abroad so I've a feeling this could turn into a long drawn out affair