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

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    #7232
    Weepsie
    Moderators, Sports Moderators Posts: 19,840 Mod ✭✭✭✭Weepsie


    averagejoe123 wrote: »
    Do you mind me asking why you would not switch to another cash back offer after the minimum term? Switching can be a bit of a pain from a paper work angle point of view buy you can save and gain thousands. If you have a mortgage of 200k+ your hourly rate for time spent on it would be very high.

    Oh I am all for switching and I will look to do it whenever I see it as a good chance for saving, but few of us now what offers are going to be available in 6 months time and beyond, what rates will be available and how affordable switching will be.


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    #7233
    averagejoe123
    Registered Users Posts: 270 ✭✭averagejoe123


    Weepsie wrote: »
    Oh I am all for switching and I will look to do it whenever I see it as a good chance for saving, but few of us now what offers are going to be available in 6 months time and beyond, what rates will be available and how affordable switching will be.

    I think this is an overly cautious approach.

    The likelihood that mortgage rates will change significantly in 6 months is very small considering the increased competition in the Irish market and the fact that we are paying the highest rates in the EU


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    #7234
    tailgunner
    Registered Users Posts: 1,911 ✭✭✭tailgunner


    Frank Castle wrote: »
    Just as an update, as I forgot to post it before.

    Got the cashback from PTSB after 2 weeks. (in case anyone is wondering)

    Can be hard to get this information as people tend to stop posting once they get their keys! :)

    Just to add to this, we got the cashback from PTSB today (17th) after drawing down last Tuesday (8th).


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    #7235
    august12
    Registered Users Posts: 1,275 ✭✭✭august12


    Weepsie wrote:
    Ulster bank is 2.6 for 5? It's advertised as 4 as you say, and 2.9 for 5 (or 2.8 for UB customers)

    Think you also get 1,500 towards legal fees and free valuation.


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    #7236
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    Hoping to get approval from PTSB (via broker) over the next week or so. Looking for an exemption above the 3.5 times our combined salaries. Our broker appears confident.
    We had a major surprise on Wednesday however when the bank were questioning arrears on the OH's Credit Report. Following some digging, the OH had changed job and changed the frequency of the repayments on a loan to monthly from weekly.
    The CU never updated this with the ICB resulting in this. Getting a letter from them today to clear things up with the bank.

    Fingers crossed now!


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    #7237
    tailgunner
    Registered Users Posts: 1,911 ✭✭✭tailgunner


    Prospector1989 wrote: »
    Hoping to get approval from PTSB (via broker) over the next week or so. Looking for an exemption above the 3.5 times our combined salaries. Our broker appears confident.
    We had a major surprise on Wednesday however when the bank were questioning arrears on the OH's Credit Report. Following some digging, the OH had changed job and changed the frequency of the repayments on a loan to monthly from weekly.
    The CU never updated this with the ICB resulting in this. Getting a letter from them today to clear things up with the bank.

    Fingers crossed now!

    Went with PTSB via a broker as well and found them very reasonable about things like this. As long as there's a genuine reason, you should be fine.


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    #7238
    Prospector1989
    Registered Users Posts: 212 ✭✭Prospector1989


    tailgunner wrote: »
    Went with PTSB via a broker as well and found them very reasonable about things like this. As long as there's a genuine reason, you should be fine.

    Yeah we're not worried about the ICB thing any more. I think it's just as we're gonig for an exemption, there's always another "query" or something else they need. Feel like it's never going to end.

    We're in the fortunate position, that we're buying the house we're currently living in so at least that's one less stress (provided we actually get approved!).


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    #7239
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    Hello. I have a few questions on getting a mortgage, I'm hoping someone can help.

    Me and my partner are looking to buy a place. He is earning 44k per year but I've gone back to college to study in a different area because work in my area has dried up. That means I'm only in receipt of back to education allowance. Am I right in thinking that the back to education allowance won't be taken into account when the bank is evaluating our application?

    If so then our limit is 3.5 times his salary which leaves us at 154k plus our deposit which is at 40k combined. So if approved we could get a place for 194k. We are looking to buy in the Dublin area and surroundings, there are a few but not many places available for that price. What is the best course of action for us to take? Just wait until I'm finished college (a few years), get a job and then try? Would me going in on the application make a difference at all? Maybe he'd be better off applying by himself?

    Sorry, I'm not highly educated on this area. Any help would be appreciated. Thanks.


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    #7240
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    If your not married he'd be better off applying by himself, he'll be more likely to get an exemption or a higher LTI as his income won't be seen as supporting you.

    Is the deposit from his savings or shared?


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    #7241
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    GingerLily wrote: »
    If your not married he'd be better off applying by himself, he'll be more likely to get an exemption or a higher LTI as his income won't be seen as supporting you.

    Is the deposit from his savings or shared?

    Thanks for your reply. We're not married. How much more can you get with an exemption?
    It's shared, about 20k each.


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    #7242
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Your probably best to sit down with a broker and discuss your options


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    #7243
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    GingerLily wrote: »
    Your probably best to sit down with a broker and discuss your options

    Thanks. I'm just wondering does anyone reading this have experience of applying for a mortgage in similar circumstances or knows of someone who has? If I was to get a part-time job and drop back to education allowance would that help much?


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    #7244
    august12
    Registered Users Posts: 1,275 ✭✭✭august12


    Would have to be permanent part-time I would think and you would need to be there 6 to 12 months.


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    #7245
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    august12 wrote: »
    Would have to be permanent part-time I would think and you would need to be there 6 to 12 months.

    A permanent part-time job would be hard to come by I think.


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    #7246
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    We applied in similar circumstances but with a large deposit, it's possible to do - I wouldn't bother with a broker just go direct to the banks.


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    #7247
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    Samuel T. Cogley wrote: »
    We applied in similar circumstances but with a large deposit, it's possible to do - I wouldn't bother with a broker just go direct to the banks.

    Thanks for your help. Was a government payment taken into account?


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    #7248
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Sureal wrote: »
    Thanks for your help. Was a government payment taken into account?


    I never really got an answer on that. At a guess not for LTI but for affordability I think it was.


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    #7249
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    Samuel T. Cogley wrote: »
    I never really got an answer on that. At a guess not for LTI but for affordability I think it was.

    Oh ok. So you think we should go in together and not just have him apply? We don't have a huge deposit so maybe we should save some more also.


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    #7250
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Sureal wrote: »
    Oh ok. So you think we should go in together and not just have him apply? We don't have a huge deposit so maybe we should save some more also.


    No harm in going in and asking. The agents are there to help you. It's the underwriters (second stage) that will go into everything with a fine tooth comb. Take the agents (in the bank) advice, they're not trying to catch you out. We found KBC the best and BOI wouldn't touch us.

    Be a bit careful though as 194K could lead you to a bad area or a one bed apartment, both of which are best avoided IMHO.

    The very best of luck!


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    #7251
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Threads merged.


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    #7252
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    Samuel T. Cogley wrote: »
    No harm in going in and asking. The agents are there to help you. It's the underwriters (second stage) that will go into everything with a fine tooth comb. Take the agents (in the bank) advice, they're not trying to catch you out. We found KBC the best and BOI wouldn't touch us.

    Be a bit careful though as 194K could lead you to a bad area or a one bed apartment, both of which are best avoided IMHO.

    The very best of luck!

    Ok, thanks very much. Yeah, I was worried about going into a bank. Might as well go in and see.


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    #7253
    iHungry
    Registered Users Posts: 409 ✭✭iHungry


    Hi, just a quick question if anybody can advise.


    I'm with a company 5 years but I'm now thinking of applying to a new employer as the pay is better elsewhere

    How long do I need to be employed in a company for to get a mortgage?


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    #7254
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    iHungry wrote: »
    Hi, just a quick question if anybody can advise.


    I'm with a company 5 years but I'm now thinking of applying to a new employer as the pay is better elsewhere

    How long do I need to be employed in a company for to get a mortgage?

    Usually you need to finish probation! This depends on the company you're working for.


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    #7255
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    Sureal wrote: »
    Hello. I have a few questions on getting a mortgage, I'm hoping someone can help.

    Me and my partner are looking to buy a place. He is earning 44k per year but I've gone back to college to study in a different area because work in my area has dried up. That means I'm only in receipt of back to education allowance. Am I right in thinking that the back to education allowance won't be taken into account when the bank is evaluating our application?

    If so then our limit is 3.5 times his salary which leaves us at 154k plus our deposit which is at 40k combined. So if approved we could get a place for 194k. We are looking to buy in the Dublin area and surroundings, there are a few but not many places available for that price. What is the best course of action for us to take? Just wait until I'm finished college (a few years), get a job and then try? Would me going in on the application make a difference at all? Maybe he'd be better off applying by himself?

    Sorry, I'm not highly educated on this area. Any help would be appreciated. Thanks.

    How are you getting BTEA if your partner is on that level of money? I have a friend (barrister) who reviews BTEA cases and is familiar with the scheme, and the above doesn't make sense unless you are getting it at a rate of zero euro so your stamps record is maintained and the department have a record you are at college.

    In any event, the answer to your question is no, the bank won't take BTEA, but I'd have a double check on how you are getting it at all. When it comes to the summer you have to go onto Jobseekers Allowance (not benefit) and you can't reenter the BTEA for your next year unless you are on a qualifying payment. With a 44k salary you won't get it. Social welfare treat you as one unit though you are married, whereas Revenue don't unless you are actually married.


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    #7256
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    myshirt wrote: »
    How are you getting BTEA if your partner is on that level of money? I have a friend (barrister) who reviews BTEA cases and is familiar with the scheme, and the above doesn't make sense unless you are getting it at a rate of zero euro so your stamps record is maintained and the department have a record you are at college.

    In any event, the answer to your question is no, the bank won't take BTEA, but I'd have a double check on how you are getting it at all. When it comes to the summer you have to go onto Jobseekers Allowance (not benefit) and you can't reenter the BTEA for your next year unless you are on a qualifying payment. With a 44k salary you won't get it. Social welfare treat you as one unit though you are married, whereas Revenue don't unless you are actually married.


    I never had that issue with a spouse on a similar level of pay.


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    #7257
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Don’t forget to factor in stamp duty and solicitors fees. The bank will want to see that left over from the 194k.


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    #7258
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    Sureal wrote:
    Me and my partner are looking to buy a place. He is earning 44k per year but I've gone back to college to study in a different area because work in my area has dried up. That means I'm only in receipt of back to education allowance. Am I right in thinking that the back to education allowance won't be taken into account when the bank is evaluating our application?


    Would you not try the Rebuilding Ireland Home Loan with Dublin Coco?
    You may have a better chance and possibly get more funds than with the banks which will be better when trying to buy in Dublin?


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    #7259
    IJS84
    Registered Users Posts: 179 ✭✭IJS84


    Just an update on my last post about 2Wks back, we since closed and got our keys at the end of last week. Almost 9 months later since we went sale agreed.

    Now the fun starts with moving, and tying up deliveries and the decorating...

    Thankfully the issues were just to sign more stuff off given the initial delays from the vendors side early on, and we closed the week later.


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    #7260
    Cuddlesworth
    Registered Users Posts: 13,980 ✭✭✭✭Cuddlesworth


    soc wrote: »
    I'm not saying that. I'm saying that if they want to show repayment history to bank regarding a credit card then clearing the balance every month shows good repayment history and not making monthly payments to chip away at a balance. I don't know how good or not the person is with a credit card...

    We are not Americans, we are not rewarded for piling on debt. If you want to show ability to repay and you don't need to spend it, save that amount instead.
    Misssally wrote: »
    I don’t use the card. It’s an old balance that I’ve reduced down. My question isn’t so much about the card, I’m aware it’s not a good thing to have so I’m trying to get rid of it. My concern is about reducing my savings. I have shown over 6 months that I can save over the expected repayments but if I take this 2k out it will reduce the average down. Obviously going forward I can save more as I won’t be paying the card but I’m not sure how it will look & if it will set me back another 6 months

    If you have 10k of credit card debt and 10k of savings, you have no savings. And paying interest on the credit card debt when you don't have to, is just financially stupid.


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    #7261
    Sureal
    Closed Accounts Posts: 39 ✭Sureal


    Thanks for all the advice I received earlier. I've set a meeting up with a broker. Will see how it goes but I've got a question arising from an earlier comment.

    On an application for a mortgage, you obviously have to provide bank statements etc. Do the bank look into how some money is earned? For example and I'm not saying I'm going to do this. If someone is earning money on top of a social welfare payment. Do they look past that and take into consideration the money earned through employment? What happens here? Again, I'm not going to do this, I'm just wondering if anyone has heard what happens.


This discussion has been closed.
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