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

GingerLily

andydurnin wrote: »

GingerLily wrote: »

The two of you will have different amounts that you can claim, you both should have a copy of how much you've been individually approved for.

To be sure we made sure we didn't use the full amount from either applicant

Where you find a copy of how much we been individually approved for

There should be a message sent to your Revenue inbox

Uncle_Joe

Hi Guys,

Apologies if these are silly questions, but I'm sure some of you have been here before on this, so appreciate what experienced heads reading this might say :-)

I have a nice deposit saved and am now ready to approach the big bad world of mortgage approval. So, with that in mind...

I have a Revolut account (which I love) and I use it quite a bit. I have an audible account, I use it for Amazon purchases (and other UK sites) and generally for any online shopping (euro or sterling). I also use it when I go on holiday. I see it as a separate wallet where I can neatly compartmentalise finances that I know I need or budget for.

Therefore my top ups are infrequent and can be in the region of a couple of hundred euro or a tenner here and there.

I have also used it for some online gambling. Bear in mind that I've only have used it for this about three times over the last 7-8 months and the amounts bet were like €5 or €6 at a time.

These Revolut activities have never hampered my savings of which I save €1000 per month or the paying of my rent €650 + €50 incidentals per month.

Will the bank request to see these Revolut statements or should I just include them upfront before they're requested? Will these small gambling bets incur their wrath? :-/

Also, I had a credit card debt of around €1600 which I cleared in one foul swoop a couple of weeks back - I sold some things in the gaff that I no longer use or needed, sold a voucher I got from work to a family member and used what I could in my bank account to clear the balance - again not affecting my savings/rent commitments. I don't have any other liabilities or debts - just wanted to have a cleared C/card before going to the banks looking for a mortgage. Trying to do the right thing! But I've read clearing debts like this raises flags? :-|

Oh and I don't have any utility bills, as I have a work phone and I share electricity/Internet/bins but they're not in my name. However I do have letters (proper mailed bank statements) that show proof of address. I assume these would suffice?

Phew! That's it for now... a weekend of filling out paper work shall commence!

Appreciate any advise guys! Much obliged.

ELM327

Bring in every statement you have.
In my experience it is exponentially better that they do not have to ask for explanation of anything.

Contrary to popular belief, gambling outgoings are not a problem in small doses.

paddles

EriT wrote: »

Regarding the time of year - aib mentioned that at the end of the year the stress test was changed from 3000 after mortgage payment for a couple to 4200. I'm assuming this was due to the fact they gave to many early.

Starting in the road towards a new mortgage because selling to move . Joint applicationthis time. I must be completely under a rock cos how much??? We pay 1200/ month on childcare! So would have max 2500 left over!! Is this a Dublin/ city thing because of the prices?

tobsey

paddles wrote: »

Starting in the road towards a new mortgage because selling to move . Joint applicationthis time. I must be completely under a rock cos how much??? We pay 1200/ month on childcare! So would have max 2500 left over!! Is this a Dublin/ city thing because of the prices?

I think goes numbers are only if you want an exemption from the 3.5 LTI limit. If you stay within the central bank limits its more like 2300 after stress tested mortgage payments.

By the way they’ll also knock 200-250 off per child, after childcare is paid. They don’t count child benefit as income either.

EriT

paddles wrote: »

Starting in the road towards a new mortgage because selling to move . Joint applicationthis time. I must be completely under a rock cos how much??? We pay 1200/ month on childcare! So would have max 2500 left over!! Is this a Dublin/ city thing because of the prices?

tobsey wrote: »

I think goes numbers are only if you want an exemption from the 3.5 LTI limit. If you stay within the central bank limits its more like 2300 after stress tested mortgage payments.

By the way they’ll also knock 200-250 off per child, after childcare is paid. They don’t count child benefit as income either.

Correct it was a requirement for an exemption to the 3.5 rule

Old Perry

Hi, I'm reading here of ppl being offer rates of 2.6, when I've questioned the banks on my side I'm being offered 3.0 and nothing else. Why is this ? Thanks.

Old Perry

Old Perry wrote: »

Hi, I'm reading here of ppl being offer rates of 2.6, when I've questioned the banks on my side I'm being offered 3.0 and nothing else. Why is this ? Thanks.

Are you asking the right bank? UB do the 2.6 fixed rate, I think for 4 years.

Old Perry

Just boi and kbc so far. Does anything else have an effect on rate offered, LTV?

bri007

KBC have 2 year and 3 year fixed for 2.6%? You must be talking about variable rate @3%?

Most people are talking about the 2.5/2.6 and so on rates are usually referring to a fixed rate and not a variable rate. Usually a variable rate is higher than fixed, so that’s where you may be getting the 3% from KBC? If you ask about fixing you will get a lower one!

Old Perry wrote: »

Just boi and kbc so far. Does anything else have an effect on rate offered, LTV?

Old Perry

bri007 wrote: »

KBC have 2 year and 3 year fixed for 2.6%? You must be talking about variable rate @3%?

Most people are talking about the 2.5/2.6 and so on rates are usually referring to a fixed rate and not a variable rate. Usually a variable rate is higher than fixed, so that’s where you may be getting the 3% from KBC? If you ask about fixing you will get a lower one!

It is fixed rate I've been offered. 3% when I questioned was that negotiable as I've seen lower rates I got some spiel about that's the rate being offered now and that's that. Any guesses as to why this might be?

chrismon

Old Perry wrote: »

It is fixed rate I've been offered. 3% when I questioned was that negotiable as I've seen lower rates I got some spiel about that's the rate being offered now and that's that. Any guesses as to why this might be?

How long are you looking for the rate?
Some Banks won't have the same fixed rate for 1 year vs 5 years.

Tipsy McSwagger

Old Perry wrote: »

It is fixed rate I've been offered. 3% when I questioned was that negotiable as I've seen lower rates I got some spiel about that's the rate being offered now and that's that. Any guesses as to why this might be?

What do you mean spiel? That’s the rate they offer and if you want lower then go to a different bank. This isn’t booking.com who will price match a hotel room if you find a lower rate, this is probably the biggest decision of your life. You need to visit as many banks as you can and pick the one you’re happiest with.

bri007

Try a broker, they will try a certain amount of banks and get you the best rate and you pick which one to go for.

You give all your documents and they approach the banks on your behalf and you don’t have to apply to each individual bank yourself.

As previous poster said, shop around for best rate that suits you. Banks are profit orientated unfortunately!

We verbally had a bid accepted on a house late last week. Assuming we hear from the EA today with confirmation, what are the things we should do immediately, as in the next day or two?

Organise survey, get solicitor, pay booking deposit, apply for mortgage protection?

bri007

Definitely start looking for mortgage protection, especially if you or your partner have any health issues at all, may need letters from GP, consultants etc.

Booking deposit probably needs to be paid first as that’s 💯 refundable. Then look at getting a surveyor, but certainly look for mortgage protection ASAP is my advice.

Ayan Prickly Road wrote: »

We verbally had a bid accepted on a house late last week. Assuming we hear from the EA today with confirmation, what are the things we should do immediately, as in the next day or two?

Organise survey, get solicitor, pay booking deposit, apply for mortgage protection?

ELM327

Old Perry wrote: »

Hi, I'm reading here of ppl being offer rates of 2.6, when I've questioned the banks on my side I'm being offered 3.0 and nothing else. Why is this ? Thanks.

Lower LTV will get better rates

moranr7

I paid a deposit of X for a new home and got HTB for Y. X+Y= the total deposit needed for the house. However, when I reapplied I got more from HTB and now the amount I needed to add for the deposit is less. So there is a surplus deposit paid by us. Our solicitor said the surplus will be deducted from the house price on closing. Is there no way we can request to get the surplus deposit back rather than it being deducted from the total amount to be drawn down?

Thanks,

Frank Castle

moranr7 wrote: »

I paid a deposit of X for a new home and got HTB for Y. X+Y= the total deposit needed for the house. However, when I reapplied I got more from HTB and now the amount I needed to add for the deposit is less. So there is a surplus deposit paid by us. Our solicitor said the surplus will be deducted from the house price on closing. Is there no way we can request to get the surplus deposit back rather than it being deducted from the total amount to be drawn down?

Thanks,

You could force the issue and probably get the extra back now, but honestly there is usually extra costs when the house is finished (things you have requested, like different paint or outside tap etc.) the extra you have paid in deposit will go towards that at the end which can be a bigger benefit than taking that money now.

food for thought.

moranr7

Frank Castle wrote: »

You could force the issue and probably get the extra back now, but honestly there is usually extra costs when the house is finished (things you have requested, like different paint or outside tap etc.) the extra you have paid in deposit will go towards that at the end which can be a bigger benefit than taking that money now.

food for thought.

Thanks, We have the final cost and no extra additions. I assumed it wouldn't be an issue, but it appears it may be for some reason. Solicitor is avoiding calls the last couple of days.

Frank Castle

moranr7 wrote: »

Thanks, We have the final cost and no extra additions. I assumed it wouldn't be an issue, but it appears it may be for some reason. Solicitor is avoiding calls the last couple of days.

If you have the final costs I would assume the house is finished and ready to move into? If that's the case given that you are so close to moving in they are probably waiting until closing to make it easier for themselves (which is annoying).

Have you paid your stamp duty, folio fees etc yet?
Money could go towards that if not.

Honestly if you have all paid up, and are not closing in very soon, I would force the issue. No harm visiting their office if they don't answer your calls

GaGa21

bri007 wrote:

Try a broker, they will try a certain amount of banks and get you the best rate and you pick which one to go for.

Be aware that brokers will only come back with offers from banks that they deal with.
AIB and BOI don't so you will miss out if their rates suit better or if they may offer better chance of exemption.
I had better success dealing with the bank directly AND it was a lot quicker than the broker.

awec

Frank Castle wrote: »

You could force the issue and probably get the extra back now, but honestly there is usually extra costs when the house is finished (things you have requested, like different paint or outside tap etc.) the extra you have paid in deposit will go towards that at the end which can be a bigger benefit than taking that money now.

food for thought.

It might not.

Sometimes these sort of changes and additional costs are dealt with outside of the house purchase itself, and don't go through the developer at all. You go directly to the painter / plumber / electrician or whatever and pay them separately.

To do that, he'd need the money back.

AppleBottle

Got the house keys last Friday!

We went sale agreed the second week of November, signed the contracts on the 21st of December and keys last Friday. Pretty straight forward sale for us as we were first time buyers and nobody was living in the house when we first viewed in late October.

D3V!L

Can someone suggest a reliable solicitor for the dublin area. We've had a consultation with one that we thought was good and can't even get the costs off him.

Doop

D3V!L wrote: »

Can someone suggest a reliable solicitor for the dublin area. We've had a consultation with one that we thought was good and can't even get the costs off him.

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

D3V!L

Doop wrote: »

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

Cheers

big syke

Doop wrote: »

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

any chance of a PM also :-)

Glen_Quagmire

Our mortgage offer will expire at the end of March and our house isn't due to be built until June so we will need to get the offer renewed.

Can we proceed and get it renewed now or do we need to wait until closer to the time when it expires?

We would like to get new valid offer now if possible in case the interest rates go up.

awec

Glen_Quagmire wrote: »

Our mortgage offer will expire at the end of March and our house isn't due to be built until June so we will need to get the offer renewed.

Can we proceed and get it renewed now or do we need to wait until closer to the time when it expires?

We would like to get new valid offer now if possible in case the interest rates go up.

You might be able to do it now. But if you do it now, your offer will expire late July / early August, which doesn't give much leeway if your builder is running late.