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

Saints#33

AppleBottle wrote: »

We got AIP on the day we met AIB. Full credit approval within a week of that when we got all the documents submitted. It was done online using an online hub to submit documents and was very efficient.

We are using that at the moment. Have you bought yet?

Saints#33

Kingp35 wrote: »

I have a question that hopefully I'll explain correctly.

Is the LTV limit strictly applied by banks in that can you be given a mortgage for more than 90% of the value of the property as long as you still meet the 10% deposit requirements and the mortgage is under the LTI limits? Basically myself and my wife have a 10% deposit saved for a house but we would have no money left to furnish the house. We can currently get a mortgage of €245,000 under the LTI rules. For example if we bough a house for €255,000 could we still get a mortgage for the lets say €235,000 as long as we have the 10% deposit which would thus give us some extra money to to furnish the house, pay stamp duty etc.

I suspect that we can't but I can't find a clear answer on this.

Not a direct answer, but some lenders will delay your repayments by 6 months from move in date. Might be a help.

amcalester

Kingp35 wrote: »

I have a question that hopefully I'll explain correctly.

Is the LTV limit strictly applied by banks in that can you be given a mortgage for more than 90% of the value of the property as long as you still meet the 10% deposit requirements and the mortgage is under the LTI limits? Basically myself and my wife have a 10% deposit saved for a house but we would have no money left to furnish the house. We can currently get a mortgage of €245,000 under the LTI rules. For example if we bough a house for €255,000 could we still get a mortgage for the lets say €235,000 as long as we have the 10% deposit which would thus give us some extra money to to furnish the house, pay stamp duty etc.

I suspect that we can't but I can't find a clear answer on this.

BOI specifically requested to see funds to furnish/fit out from me but UB didn’t seem to care.

For both I had to show funds for legal fees and stamp duty.

cindycindy

registered today.
I'm telling my story.
being prepare the mortgage for two years，all documents， saving account，went to AIB, proved 145k, a week after ,a house near where we work was on daft. asking price is 255k. too dear for us. we only got less 180k. so we went back to our parents to find the short,still not enough,don't want to give up ,but in that old town area,the condition of the house is rare. ask a few friendsto get loan. finally all sorted.so I bring two friends to have a look of the house. very nice!! I want to offer a 245k at first. my friend suggest me just offer the asking price.so I did. then the agent called me 3days later said there was another bidder adding up 2000e,so I added too.then another 2k,so I add too.untill 265k,I said that's my final offer. because,270k is all I have,that money suppose include stamp duty, registeration fee,solisitor, and some expense for the house.

so the agent called me the second day ,the house is mine.

I think I AM A FOOL. regret to bring my friend to. I should stick with the asking price. and no adding up. but it's too late. only the nice house I love can make me feel better .

so paid deposit, get mortgage proved to solisitor, money transfer. sign all the paper. get the key ,in 28 days. since AIB give me the offer,until I have the key, less than 40 days.

when I moved in ,it's an empty house, with out any furnitures, except a garden bench.
lucky we have our own bed ,locker,kitchen ware, and two chestdrawer from Ikea.

we paid solisitor 1500 plus vat for all the processing ,was a very cheap price. and we borrow some money from friends to pay other cost, we took 3 students in from Sep,so the mortgage is not a problem at all, privacy? just like before when we share a house with others. only difference is we dont need spend any money on rent and the house is belong with us.

when we apply the AIB mortgage,there is a "rebuilding Ireland" goverment mortgage we apply too,just take so long to get it proved,but we could not wait. if anyone want to try ,just try it, more money ,less interest rate.

our mortgage 20 years 145k pay back almost 190k. monthly payment is 820 this moment which is fully covered by the 3 students. so we are trying save money to pay back parents and friends. need 3-5 years I think.

we have good parents brothers sisters and really good friends, our luck.

AppleBottle

Saints#33 wrote: »

We are using that at the moment. Have you bought yet?

We are still looking. Outbidded on one house, another offer still on another house but vendor may want more.

TheShow

Kingp35 wrote: »

I have a question that hopefully I'll explain correctly.

Is the LTV limit strictly applied by banks in that can you be given a mortgage for more than 90% of the value of the property as long as you still meet the 10% deposit requirements and the mortgage is under the LTI limits? Basically myself and my wife have a 10% deposit saved for a house but we would have no money left to furnish the house. We can currently get a mortgage of €245,000 under the LTI rules. For example if we bough a house for €255,000 could we still get a mortgage for the lets say €235,000 as long as we have the 10% deposit which would thus give us some extra money to to furnish the house, pay stamp duty etc.

I suspect that we can't but I can't find a clear answer on this.

No is the simple answer. You must fund stamp duty and fit out costs from your own resources. While you need 10% deposit for the house, you will also need at least another c€5k for legal fees and stamp duty and then whatever else you require to furnish/fitout the property.

hanaimai

Kingp35 wrote: »

I have a question that hopefully I'll explain correctly.

Is the LTV limit strictly applied by banks in that can you be given a mortgage for more than 90% of the value of the property as long as you still meet the 10% deposit requirements and the mortgage is under the LTI limits? Basically myself and my wife have a 10% deposit saved for a house but we would have no money left to furnish the house. We can currently get a mortgage of €245,000 under the LTI rules. For example if we bough a house for €255,000 could we still get a mortgage for the lets say €235,000 as long as we have the 10% deposit which would thus give us some extra money to to furnish the house, pay stamp duty etc.

I suspect that we can't but I can't find a clear answer on this.

Nope. They can't lend over 90% full stop. In your example, a 235k mortgage on a 255k house would be an LTV of 92%.

You'll either have to save more to cover stamp duty, legal fees, furniture etc. or look at cheaper houses.

Saints#33

AppleBottle wrote: »

We are still looking. Outbidded on one house, another offer still on another house but vendor may want more.

It's tough alright. We missed out on a few but found a much better one in the end. Now just hopeful we can close it within a month- 6 weeks. Reading Cindy say 40 days above gives me great hope. Looks like AIB are moving fast.

Sarn

Saints#33 wrote: »

It's tough alright. We missed out on a few but found a much better one in the end. Now just hopeful we can close it within a month- 6 weeks. Reading Cindy say 40 days above gives me great hope. Looks like AIB are moving fast.

Forty days is exceptionally fast. In our case the house was sitting empty, no chain and it still took 3 months to close from sale agreed.

ArtyC

What should I expect on closing day ?

leburg

ArtyC wrote: »

What should I expect on closing day ?

Try line up getting the keys early make sure they are available. Some sellers would go to work with them and it may be the end of the day before you get them. In my case sellers left with the neighbor so I was able to collect them when everything was complete 11am.

Solicitor will do a judgement search to make sure everything is clear and confirm with sellers solicitor payment is through and let you know the it’s closed.

ArtyC

leburg wrote: »

Try line up getting the keys early make sure they are available. Some sellers would go to work with them and it may be the end of the day before you get them. In my case sellers left with the neighbor so I was able to collect them when everything was complete 11am.

Solicitor will do a judgement search to make sure everything is clear and confirm with sellers solicitor payment is through and let you know the it’s closed.

Thank you ..... I'm not taking it in yet. The process is so long winded


I hit every single wall! Kinda expecting another wall

Ladjacket

Beginning to look into mortgages and housing now. Currently renting.

With partner, we have savings of approx. 75k.

I earn 70k and she earns 35k per year. She has a credit union account and I have a car loan.

What are the red flags that the banks will look at when looking through accounts etc? There are no gambling deposits or anything like that

Creamy Goodness

Ladjacket wrote: »

Beginning to look into mortgages and housing now. Currently renting.

With partner, we have savings of approx. 75k.

I earn 70k and she earns 35k per year. She has a credit union account and I have a car loan.

What are the red flags that the banks will look at when looking through accounts etc? There are no gambling deposits or anything like that

They’ll want to know more about the car loan, how much is left, how much is the repayments and have there been any missed payments.

If the loan is finished by the time you require the mortgage it could have a positive affect on your affordability calculation.

Ladjacket

Creamy Goodness wrote: »

They’ll want to know more about the car loan, how much is left, how much is the repayments and have there been any missed payments.

If the loan is finished by the time you require the mortgage it could have a positive affect on your affordability calculation.

Have about 2 years left on it, i could pay it off now if i wanted to but assumed it looked better to have a track record of paying it off regularly. Repayments are 220e per month, no missed payments.

TheShow

Ladjacket wrote: »

Have about 2 years left on it, i could pay it off now if i wanted to but assumed it looked better to have a track record of paying it off regularly. Repayments are 220e per month, no missed payments.

you dont necessarily need to pay it off. it depends on how much it effects your repayment capacity and how much of a mortgage you want.

at the very least for the application process you will need statements for the loans.

Ladjacket

TheShow wrote: »

you dont necessarily need to pay it off. it depends on how much it effects your repayment capacity and how much of a mortgage you want.

at the very least for the application process you will need statements for the loans.

Can get statements very easily - loan is only in existence since Feb of this year. Currently saving around 40% of monthly pay so i am hopeful of having approx 90k in savings by end of year.

TheShow

If you have an idea of how much mortgage you need, go onto one of the banks online calculators and input your details with and without the loan and that should give you a good idea of whether you will need to repay the loan in full or not.

tobsey

Ladjacket wrote: »

Beginning to look into mortgages and housing now. Currently renting.

With partner, we have savings of approx. 75k.

I earn 70k and she earns 35k per year. She has a credit union account and I have a car loan.

What are the red flags that the banks will look at when looking through accounts etc? There are no gambling deposits or anything like that

Do you have any kids? As a rough guess I’d say you take home 5.5k between you per month. Even with the car loan you still have about 3k for the affordability of the mortgage. I’d say you’ll be maxed out with the 3.5 LTI limit. With that deposit you have I’d say you’d get an exemption for more if you wanted it.

The banks want roughly 2300 per month per couple, plus 250 per child, plus childcare plus any commitments like your car loan. Whatever is left is your affordability, as in how much you can pay per month. They then add 2% to their own interest rate and see what amount of a mortgage you can afford if the rates rise by 2%. They’ll offer whichever is less, the one you can afford or the one that’s 3.5 Times income. If you can afford more than the 3.5 then you might get an exemption. Remember as well the banks want your mortgage paid before you’re 65th birthday so it depends on your age how long the term is, and the term affects the monthly repayments. You can get that extended if your job provide a letter saying you don’t have to retire at 65.

Glen_Quagmire

What would be considered a decent sized 3 bed semi for;

1. Second hand houses
2. New builds

TheShow

3 bed semis being built where I live at around 1400 sq foot.

Glen_Quagmire

TheShow wrote:

3 bed semis being built where I live at around 1400 sq foot.

What part of the country is that?

TheShow

Kildare

lilywhitearmy

Hi all, probably been asked a few times already but does the booking deposit come out of the final price if the purchase of a new build goes through?

amcalester

lilywhitearmy wrote: »

Hi all, probably been asked a few times already but does the booking deposit come out of the final price if the purchase of a new build goes through?

Yes.

lilywhitearmy

Thanks. I know it was a fairly obvious question but I got a list with initial house costs today and it was nowhere to be seen!

Wexy86

Does anyone know of any mortgage providers who allow you fully draw down and no first payment for 3/6 months? My sister got one a few years ago and not sure if this was a once off or happens in the market. Have approval with 2 providers and they don’t offer so want to see if this is a thing anymore before we start looking properly? Thanks

Creamy Goodness

Wexy86 wrote: »

Does anyone know of any mortgage providers who allow you fully draw down and no first payment for 3/6 months? My sister got one a few years ago and not sure if this was a once off or happens in the market. Have approval with 2 providers and they don’t offer so want to see if this is a thing anymore before we start looking properly? Thanks

AIB offer this or at least they did when they gave me a loan offer in June.

Bawnmore

Roadblock - got the paperwork and it looks like there's an enurement clause in the planning permission when it was originally built (2004). This was flagged to us by our engineer. The enurement clause timeline is indefinite, and our engineer has suggested it's very likely a new planning application will need to be made excluding the enurement clause. Anyone have any experience with a similar scenario?

TheShow

Bawnmore wrote: »

Roadblock - got the paperwork and it looks like there's an enurement clause in the planning permission when it was originally built (2004). This was flagged to us by our engineer. The enurement clause timeline is indefinite, and our engineer has suggested it's very likely a new planning application will need to be made excluding the enurement clause. Anyone have any experience with a similar scenario?

In all my years of dealing with mortgages and loans these are the most cumbersome clauses. How much do you want the house and have you enquired about other houses in the area if it has been possible to get the enurement annulled?