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

GingerLily

Kh1993 wrote: »

Hi all, going to be hopefully in the position of seriously looking for properties in the next 6-12 months and hopefully mortgage approval.

One q I have is how about my savings for deposit and how strict banks are about showing savings. With the other half, we’re currently renting (so regular payments), however I’ve basically being saving for the past 6 years with no clear objective (basically saved as nothing to spend it on), and have the majority of our deposit from these savings. They’re not necessarily consistent or regular but accrued a good amount. Will the banks be happy with this, or will we need to show more stricter consistent savings, even though we have the deposit money?

What have you been saving each month over the past 6 months? What's your rent? If your rent plus savings covers your stressed mortgage payments you'll be fine!

cant26

Hi all. Is there any recommendations out there for mortgage brokers in Galway city? I asked in the Galway forum previously but hoping there might be more of a response here as couldn’t go with the one recommendation given previously.
Hoping to be at a point in the next six months the latest to be making applications. We wouldn’t be the most straightforward of cases so thinking a broker is the way to go. Thanks

loriexxx

cant26 wrote: »

Hi all. Is there any recommendations out there for mortgage brokers in Galway city? I asked in the Galway forum previously but hoping there might be more of a response here as couldn’t go with the one recommendation given previously.
Hoping to be at a point in the next six months the latest to be making applications. We wouldn’t be the most straightforward of cases so thinking a broker is the way to go. Thanks

Ciaran Pope in absolute mortgages, we went with him and he is quite good

myshirt

loriexxx wrote: »

Ciaran Pope in absolute mortgages, we went with him and he is quite good

Just be careful you are not locked into a contract there. The bank pay a broker a commission, and of course if you switch mortgage after say 2 years, that's no good to them so they will claw back the commission from the broker. To reduce that risk you may be tied into a contract.

NearlyForty

- Q Ref Rebuilding Ireland Home Loans -

I just have a quick question for anyone who went through this option of buying their house.. I was looking through their eligible criteria and one of the things they mention is proof of renting and that you’ve paid it on time etc but what’s the rent assessment? Is that for social housing? As I’m a private renter

Thanks

zzfh

Hi folks.

Mortgage broker or not, what is the consensus in here?

1st time buying have not a scooby doo what to do.

dudara

zzfh wrote: »

Hi folks.

Mortgage broker or not, what is the consensus in here?

Different strokes for different folks. We used one because we were quite busy work wise and they made it very smooth sailing for us. Could we have done it ourselves, yes absolutely. But I found that having a professional give us advice and answer our questions to be very helpful.

ninjarambohd

Hi everyone. So here's the thing, I've been working since about August. I was wondering how long should you have had been working before you can apply for a mortgage in Ireland? Also what should I be earning a year to be eligible for a mortgage?

AppleBottle

Guys... just a quick one for you - at what point should the deed of assignment be signed? Do we have to submit the mortgage protection forms before this is issued?

Graham

ninjarambohd wrote: »

Hi everyone. So here's the thing, I've been working since about August. I was wondering how long should you have had been working before you can apply for a mortgage in Ireland? Also what should I be earning a year to be eligible for a mortgage?

Mod

Merged into relevant thread.

chrismon

ninjarambohd wrote: »

Hi everyone. So here's the thing, I've been working since about August. I was wondering how long should you have had been working before you can apply for a mortgage in Ireland? Also what should I be earning a year to be eligible for a mortgage?

Usually 6 months, are you permanent?

ninjarambohd

chrismon wrote: »

Usually 6 months, are you permanent?

Yes I'm on a permanent contract

didka

ninjarambohd wrote: »

Also what should I be earning a year to be eligible for a mortgage?

Usually you can borrow up to 3.5 times your annual salary, if you earn 50 you should be able to borrow up to 175. However, depending on your current commitments, age, number of kids etc it could be more or less.

Frank Castle

AppleBottle wrote: »

Guys... just a quick one for you - at what point should the deed of assignment be signed? Do we have to submit the mortgage protection forms before this is issued?

You will need to actually purchase the mortgage protection before you can submit the deed of assignment.
You usually assign the cover to the bank sometime between signing the contracts for the house and requesting draw down from the bank. (assuming it is a pre-condition of draw down)

Your solicitor should handle this for you, you just need to sign the assignment form and let your solicitor handle it from there.

Bey0nd

Hi,

I applied for an Overdraft on my current account using the KBC App.

I was told it was rejected due to my credit rating. I've no idea why I would have a bad rating so have requested a credit report from the ICB - haven't received yet.

Does a rejected application impact my ability to get a mortgage or does it look bad? Currently saving. Obviously the fact there is an issue with my credit rating isn't good but aside from that.

I'm also pretty annoyed as I never actually clicked submit, I uploades my documents and got to the review page - I purposely exited out of the application without clicking submit as I didn't want to apply yet as might not need it. But I then got a text saying my request had been received

tigger123

Got an engineer's survey back on a house we went Sale Agreed on. Turns out there's some significant enough issues there that need to be addressed. Disappointing, but there ya go.

If we were able to renegotiate the price with the vendor and subtract the costs of the works from the original sale agreed price, does anyone know how the bank would look on it? Would they be willing (do you think) to still lend the full mortgage amount to enable us to pay for the works?

Anyone any experience with this?

paddles

Planning to sell my property this year and buy another house. Any advice re mortgage? Would I have to have sold my house to get approval as the deposit would have to come from the sale or should I look into reapplying with my existing mortgage provider or does being sale agreed count for anything?
Also we have nearly 20, 000 in savings but have not been consistently saving. We rent currently and have the childcare mortgage so haven't been great at consistently saving but given that we have that amount saved, does that count or do we still have to lodge X amount per month for X amount of time? Mostly how long does that X amount of time need to be? Is there any advantage to having an existing mortgage? That is solely in my name as is .my house but I'm married now and we'd be applying jointly.
Clueless. Thanks.

chrismon

tigger123 wrote: »

Got an engineer's survey back on a house we went Sale Agreed on. Turns out there's some significant enough issues there that need to be addressed. Disappointing, but there ya go.

If we were able to renegotiate the price with the vendor and subtract the costs of the works from the original sale agreed price, does anyone know how the bank would look on it? Would they be willing (do you think) to still lend the full mortgage amount to enable us to pay for the works?

Anyone any experience with this?

How significant?
Cost much to rectify?

tigger123

chrismon wrote: »

How significant?
Cost much to rectify?

Back of the envelope quotes we're getting say 40k worth of works. 2 professionals we've had take a quick look at the report say it's all fixable.

bri007

Try negotiate a reduced price with the estate agent based on the findings, it’s a lot to fix up. Is it structural issues or cosmetic?

tigger123 wrote: »

Back of the envelope quotes we're getting say 40k worth of works. 2 professionals we've had take a quick look at the report say it's all fixable.

tigger123

bri007 wrote: »

Try negotiate a reduced price with the estate agent based on the findings, it’s a lot to fix up. Is it structural issues or cosmetic?

Its a mixture of issues - some maintenance issues that would be expected in a house of that age, then other issues where works were done to the property that weren't done correctly.

Its not falling down or anything, and cosmetically it looks superb, but there's significant issues on how additional rooms to the house have been constructed.

NearlyForty

**When applying for a mortgage and the banks request your bank statements etc what are they looking for? Obviously you need to pay any loans you have on time, direct debits on time, savings etc but do they scrutinise your spending habits? i.e. cut out online shopping and just use your card to pay bills, your weekly food shop, fuel etc would I be right in saying that? Anything else I should look at? Thanks

Creamy Goodness

NearlyForty wrote: »

**When applying for a mortgage and the banks request your bank statements etc what are they looking for? Obviously you need to pay any loans you have on time, direct debits on time, savings etc but do they scrutinise your spending habits? i.e. cut out online shopping and just use your card to pay bills, your weekly food shop, fuel etc would I be right in saying that? Anything else I should look at? Thanks

They’re looking to see what you told them in your first meeting of them (I.e. how much you earn/spend/save) is true or not. They look out for certain types of transactions mainly gambling establishments and big and irregular outgoings which they’ll ask you to explain.

ArtyC

tigger123 wrote: »

Its a mixture of issues - some maintenance issues that would be expected in a house of that age, then other issues where works were done to the property that weren't done correctly.

Its not falling down or anything, and cosmetically it looks superb, but there's significant issues on how additional rooms to the house have been constructed.

When you say additional rooms do you mean extensions ?

Make sure there is planning permission for these if so, the
Bank will not lend on a house without a cert of compliance

Bargain_Hound

Moved into our new build November. Up until now, I thought our Gas & Power were both with Panda. I just discovered we only had power through them. I've had a few electricity bills but no idea who our gas is connected with but yet to receive any bills for use-age. Is it possible the developer is still registered with the GPRN? A bit stumped really.

Edit: GNI confirmed its still registered under the developer.

ILikeBoats

Bargain_Hound wrote: »

Moved into our new build November. Up until now, I thought our Gas & Power were both with Panda. I just discovered we only had power through them. I've had a few electricity bills but no idea who our gas is connected with but yet to receive any bills for use-age. Is it possible the developer is still registered with the GPRN? A bit stumped really.

Edit: GNI confirmed its still registered under the developer.

Yeah, they might backdate that when you switch over to your own account so could be a chunky bill

Frozen Veg

Is there any mortgage providers which facilitate early repayments more than others?

I intend on applying for a mortgage over 30 years but would hope to have it paid in 20.

AlmightyCushion

Frozen Veg wrote: »

Is there any mortgage providers which facilitate early repayments more than others?

I intend on applying for a mortgage over 30 years but would hope to have it paid in 20.

If you go with a variable rate it shouldn't matter. If you're looking at going with a fixed rate then some will let you pay off a certain percentage without incurring a breakage fee.

Frank Castle

Frozen Veg wrote: »

Is there any mortgage providers which facilitate early repayments more than others?

I intend on applying for a mortgage over 30 years but would hope to have it paid in 20.

Honestly I would advise switching mortgage providers often enough. As that's how you get the best deals, don't be afraid to switch and then down the line fine one with better terms for paying it off.

Goose76

I’m in a similar situation to a poster above and need to request a reduction in sale agreed price after a structural survey.

The issues are largely cosmetic/regulatory as opposed to crucial, if that makes sense, but the cost adds up. Also new windows have been recommended and a new boiler will be needed within a year.

Does anyone have any tips / cautionary tales about how we should approach our email to the estate agent on this topic or should we just fire ahead. Thanks!