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

ruaneg

I've being lurking this thread for a while and just wanted to say thanks for all the great info shared by everybody.

Also want to give a shout out to the broker I found through this thread, who has being a great help in getting to grips with our options. killers1

Goose76

If you pull out of a sale due to the findings of a structural survey, what are the odds that the estate agent would work with you again in the future if you were to bid for another property with them?

Thargor

Thargor wrote: »

Is there a way to get out of any tax burden from accepting a gift from your parents in the 20-50k range if its being put towards a house? I assume they cant just give it to you?

Fol20 wrote: »

They can gift you 3k tax free per year. If your apply with your partner. The teo of you could receive 3k each this year with a further 3k next year. The rest will fall under the regular cat and you your under your lifetime threshold, you should be ok

Natalia Narrow Scrooge wrote: »

3k from each parent per year too don't forget. Theoretically, 12k in December and another 12k in January.

Thanks, what if you needed it in a hurry though, can you just declare it as a zero-interest loan or something?

Cuddlesworth

Brego888 wrote: »

What are the penalties and how are they calculated for paying a lump sum directly off the capital on a fixed rate mortgage? Do every bank calculate it differently or is there a formula.

We are in the process of securing a mortgage and looking at fixing with Ulster bank for 2 years at 2.3%. Issue is my partner is due to come into some money in the middle of next year when we should have already drawn down the mortgage. We hope to use this money to pay off some of the principle/capital of the property.

If the penalties for paying this during a fixed rate period are prohibitive we're unsure of whether going with a higher variable rate makes more sense before possibly fixing at a later stage.

Ulster let you pay off up to 10% of the capital remaining per year with no fees.

wally79

cruizer101 wrote: »

The bank will look for a gift letter stating they have no interest in the property as part of the application. They may also look for something at contract signing time.

In terms of tax the 25k will come off the 225k that you can inherit from parents tax free. So you won't pay tax now, but it may have an effect down the line.

celtic_oz wrote: »

https://www.irishtimes.com/life-and-style/homes-and-property/what-s-the-tax-when-donating-cash-to-kids-1.2115221

wally79 wrote: »

You need to get a gift letter filled out and signed by them. Basically says it is a gift and not a loan and they have no stake in the property

There are gift and inheritance laws that I am not qualified enough to explain. My layman understanding is that there is no issue now but may be in future if you receive further gifts/inheritance which bring total received above x amount

djan wrote: »

Just to note as per the most recent CAT thresholds, the tax free sum is 310,000 EUR, which is expected to be raised to previous values eg. 542,000 EUR in 2009.

More info here: http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

Thargor wrote: »

Thanks, what if you needed it in a hurry though, can you just declare it as a zero-interest loan or something?

Came up before. Here you go

Interested Observer

Goose76 wrote: »

If you pull out of a sale due to the findings of a structural survey, what are the odds that the estate agent would work with you again in the future if you were to bid for another property with them?

Probably would depend on why you pulled out, but at the end of the day they want to sell houses so if it was for good reason I'm sure you'll be fine.

Thargor

wally79 wrote: »

Came up before. Here you go

Ah thats great thanks for digging that up Wally.

Interested Observer

We put a bid on a house about a week and a half ago. The EA called last week to say there were other interested parties, and strangely asked if we'd like to up our bid even though we were the high bidders and already above the asking, we declined.

At what point do you get onto the EA to give them a nudge? They were claiming they expect more bids but given the timelines I just don't believe them, it would mean people waiting 2 weeks+ without bidding.

We do actually have a bid in on another house but we're not going to buy it, was thinking of ringing and saying we're involved in another property and need to know what's going on this week.

AppleBottle

Interested Observer wrote: »

We put a bid on a house about a week and a half ago. The EA called last week to say there were other interested parties, and strangely asked if we'd like to up our bid even though we were the high bidders and already above the asking, we declined.

At what point do you get onto the EA to give them a nudge? They were claiming they expect more bids but given the timelines I just don't believe them, it would mean people waiting 2 weeks+ without bidding.

We do actually have a bid in on another house but we're not going to buy it, was thinking of ringing and saying we're involved in another property and need to know what's going on this week.

I wouldn’t make a higher bid on the 1st property without someone else coming in and bidding over your original bid. It does seem weird that they would ask you to up your bid because the “expect” more bids. I’d give them another few days before following up on your original bid. Aim to follow up every few days at the least.

If you’re certain you won’t take the second house, I would call up the EA on this house ASAP to pull out.

Interested Observer

AppleBottle wrote: »

I wouldn’t make a higher bid on the 1st property without someone else coming in and bidding over your original bid. It does seem weird that they would ask you to up your bid because the “expect” more bids. I’d give them another few days before following up on your original bid. Aim to follow up every few days at the least.

If you’re certain you won’t take the second house, I would call up the EA on this house ASAP to pull out.

On the second house, we think it was overvalued (and so does everyone else apparently) and made a bid for what we think it's worth, which is still over 95% of the asking. The vendors aren't inclined to accept. If they did accept we'd give it serious thought so we're going to leave the bid in I think.

Why would you withdraw the bid out of interest?

On the first, yeah might wait until Thurs or Fri. I think I'll definitely get in touch this week though. We told the EA we'd wait and see what these other bidders would do before considering any further bids ourselves.

GingerLily

Bidding on properties you're not interested in just pushes up house prices.

Why would you bid on an property you're not interested in actually buying?

Interested Observer

GingerLily wrote: »

Bidding on properties you're not interested in just pushes up house prices.

Why would you bid on an property you're not interested in actually buying?

Why are you posting without reading what I've said above?

Frank Castle

Interested Observer wrote: »

Why are you posting without reading what I've said above?

Well you said yourself you are not going to buy the house but will leave your bid in, so all you are doing is potentially driving up the price for another bidder who may look to start bidding at a lower point than your 95%

I full understand bidding on multiple properties that you are interested in, in fact I encourage it. But to leave a bid in when you have no intention of buying isn't right imo

Interested Observer

Again. We aren't going to buy it because the vendors aren't accepting our bid.

Frank Castle

Interested Observer wrote: »

Again. We aren't going to buy it because the vendors aren't accepting our bid.

In which case, pull your bid, wait a week and go back in lower :P

TheShow

Goose76 wrote: »

If you pull out of a sale due to the findings of a structural survey, what are the odds that the estate agent would work with you again in the future if you were to bid for another property with them?

Sale agreed is not binding so if you pull out of a good reason such as what you have stated, then there shouldn't be any issue.

LauraMarieA

Hi,

I am wondering if anyone could advise me on what stage do you decide on the interest rates you want for mortgage. Our loan offer came through today stating a 3 year fixed mortgage however we are hoping for a 5 year fixed.

If we were to sign contracts on a home with this loan offer are we obliged to draw down with the 3 year fixed or can this be changed without changing it on the documentation.

Thanks

glencurtis252

Hi we were recently approved for mortgage. Just wondering has anyone heard about exceptions coming in January for lenders.. our broker says they could be holding back on them just curious as to has anyone else heard anything regards them

Goose76

LauraMarieA wrote: »

Hi,

I am wondering if anyone could advise me on what stage do you decide on the interest rates you want for mortgage. Our loan offer came through today stating a 3 year fixed mortgage however we are hoping for a 5 year fixed.

If we were to sign contracts on a home with this loan offer are we obliged to draw down with the 3 year fixed or can this be changed without changing it on the documentation.

Thanks

Approval in principle or actual loan offer?

Usually you specify with the bank upon meeting what kind of rate you’d like. Approval on principle is done on that basis. Then once you go sale agreed you can either proceed on the basis of the interest rate / product you selected at approval in principle stage or renegotiate before getting your formal loan offer.

LauraMarieA

Thanks, it's our formal loan offer.

We went through a broker and nobody ever sat down with us to talk through rates. We mentioned after we got AIP that we wanted 5 year fixed however 3 year fixed has come back on our loan offer.

Is it too late to change this?

GaGa21

LauraMarieA wrote:

We went through a broker and nobody ever sat down with us to talk through rates. We mentioned after we got AIP that we wanted 5 year fixed however 3 year fixed has come back on our loan offer.

The problem with brokers is some banks don't deal with them. I would have a look to see if other lenders such as AIB or BOI have better rates before you tie yourself to a particular bank. But you ultimately get to decide your preferred rate, as long as it's applicable to you, such as FTB etc.
Just inform the bank.

chrismon

Lion.ie are sorting out mortgage protection through Royal London, they said they are writing to my GP for information.
Has anyone else had this done? How long did it take to get sorted.
Waiting on this before we can move forward.

hanaimai

chrismon wrote: »

Lion.ie are sorting out mortgage protection through Royal London, they said they are writing to my GP for information.
Has anyone else had this done? How long did it take to get sorted.
Waiting on this before we can move forward.

About 2 weeks altogether for me, from request to insurance company receiving the report. My GP was on leave when the request was received so it could be even quicker. My advice would be to contact your GP to tell them the request is coming and it's urgent. Then keep on top of them until it's done. This sort of thing is low priority for GPs and I've heard some can take weeks and weeks if you don't keep on to them. Totally depends on the GP I guess, mine was very quick luckily.

bri007

Did you have to pay your GP to fill in the forms?

hanaimai wrote: »

About 2 weeks altogether for me, from request to insurance company receiving the report. My GP was on leave when the request was received so it could be even quicker. My advice would be to contact your GP to tell them the request is coming and it's urgent. Then keep on top of them until it's done. This sort of thing is low priority for GPs and I've heard some can take weeks and weeks if you don't keep on to them. Totally depends on the GP I guess, mine was very quick luckily.

GingerLily

glencurtis252 wrote: »

Hi we were recently approved for mortgage. Just wondering has anyone heard about exceptions coming in January for lenders.. our broker says they could be holding back on them just curious as to has anyone else heard anything regards them

Exceptions restart in January so that's the best time to try to get one

_feedback_

Anyone have recommendations for a surveyor in Sligo? (Colooney/Ballymote)

TheShow

LauraMarieA wrote: »

Hi,

I am wondering if anyone could advise me on what stage do you decide on the interest rates you want for mortgage. Our loan offer came through today stating a 3 year fixed mortgage however we are hoping for a 5 year fixed.

If we were to sign contracts on a home with this loan offer are we obliged to draw down with the 3 year fixed or can this be changed without changing it on the documentation.

Thanks

a new offer letter will nee to issue if you want a different rate.
ask your mortgage advisor about the different rate options.

hanaimai

bri007 wrote: »

Did you have to pay your GP to fill in the forms?

Nope

Frank Castle

chrismon wrote: »

Lion.ie are sorting out mortgage protection through Royal London, they said they are writing to my GP for information.
Has anyone else had this done? How long did it take to get sorted.
Waiting on this before we can move forward.

Took a week for me. Luckily my GP responded to them right away.
It all comes down to how quickly your GP responds so it is worth giving your GP a call to push it along.
Once they have that info from your GP you should have your cover in a week (provided there are no health issues you did not report, that now show up on the GP report)

D3V!L

How strict are the banks on the someone on probation ? My wife has worked for the council for the past 18 months on a temp contract with full hours. Its called relief staff.

Just recently she applied for permanent and got it, now she's officially full time permanent but on her contract is a 12 month probationary period. We thought we would be in a position to approach the bank to make an application after spending a year saving for our deposit.