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

kellier180

Yeah it's in the bank but we don't a proper savings history but we have ~8k savings. I'm on 36k and partner took over the family business at the start of the year so is self employed but is guaranteed 13k for the next 2 years plus any money the business makes and it's a very low risk business with no overheads. 2 kids and loan repayments a month of 600. House is only valued at 80k and is move in ready

ELM327

kellier180 wrote: »

Yeah it's in the bank but we don't a proper savings history but we have ~8k savings. I'm on 36k and partner took over the family business at the start of the year so is self employed but is guaranteed 13k for the next 2 years plus any money the business makes and it's a very low risk business with no overheads. 2 kids and loan repayments a month of 600. House is only valued at 80k and is move in ready

Self employed will need to show 24 months statements and business projections


Banks don't like self employed people for mortgages

kellier180

Yeah that's what we were thinking but with my income and the guaranteed income that she will have we thought it would help just waiting to hear back now.

wally79

wally79 wrote: »

We paid 7k

It’s refundable until you sign contracts

It also still counts as part of your deposit for the mortgage

I've recently paid 15k booking deposit for the place I'm sale agreed on.

Phillip k

Hi what is everyone's thoughts on buying an apartment instead of a house as your first home . Would it be a better investment Then a house if I plan to rent it out in the near future? Thanks in advance

Samuel T. Cogley

Phillip k wrote: »

Hi what is everyone's thoughts on buying an apartment instead of a house as your first home . Would it be a better investment Then a house if I plan to rent it out in the near future? Thanks in advance

You will (technically) need to switch the mortgage to a BTL. Being a LL in this climate is a mugs game IMHO, if you're going to need alternative accommodation in the near future, hold fast and see what happens over the next 12 months.

On apartments in general you're much better off with a similarly priced house, even if the area isn't as good again IMHO. Apartments in Ireland are absolute crap in terms of build quality and the whole communal fund to carry out work has never been fully compatible with Irish sensibilities.

IJS84

If you could get it at the right price, I would think yes. We had looked at something similar and move in a few years, we could have had a mortgage on the apt paid in 10 years but cash buyers raised the prices on us and we walked away.
We now have a house just up the street from the apartments and much happier with it.
Your question is a very personal question, it will either work for you or you'll have no interest in something like that.

TheShow

Katie1_14 wrote: »

Can anyone tell me if you have to resubmit up to date bank statements before drawdown?

No, you do not need to provide additional bank statements.
Unless they are requested as a condition in your offer letter or, your approval has expired and you need to get re-approval.

TheShow

kellier180 wrote: »

Anybody know about using wedding presents as part of a deposit for a house?

Had money in savings but used it to get married now a house has become available but we have only 2k in savings plus the money we got as wedding gifts Which would cover the deposit.

Lodge the funds to the account or else they don't exist.
You have the record of previous savings, can justify the large expenditure and have replenished savings from wedding gifts, so should be fine.

Iknowbynow

Interesting times. I've got a decent amount saved (enough for a deposit anyway) and on a wage that's just under the rebuilding Ireland scheme limit. Have been thinking of buying but didn't seem worth it at current prices.

However, with the possibility of me getting a small increase over the next year or two and pushing me over the limit to use rebuilding Ireland it almost feels dumb not to at least apply for it and see what happens. Can see myself kicking myself in the future if I don't go for it but the market is nuts right now.

Then again, high prices and a low interest rate would probably still work out better than medium prices and normal interest rates. Ahhh.

el Fenomeno

Potentially silly question, but would a mortgage broker be able to asses your current situation and advise if you would likely get approved/rejected for a mortgage if you applied right now (or potentially advise you to hold off a few months for example)? Or would you have to apply to find that out?

Benny Biscotti

el Fenomeno wrote: »

Potentially silly question, but would a mortgage broker be able to asses your current situation and advise if you would likely get approved/rejected for a mortgage if you applied right now (or potentially advise you to hold off a few months for example)? Or would you have to apply to find that out?

Yes, you can just book an apointment anytime with one and they will go through options. They will show how your current earnings spending would go down if you applied.

And what kind of mortgage you could afford. And they'll give you a list of the forms you need.

We just started saving and we went to see one.

stiofan85

Benny Biscotti wrote: »

Yes, you can just book an apointment anytime with one and they will go through options. They will show how your current earnings spending would go down if you applied.

And what kind of mortgage you could afford. And they'll give you a list of the forms you need.

We just started saving and we went to see one.

Do brokers tend to be faster getting approval than going direct? Just handed over our documentation to a broker but we're a bit tight on time. Any harm in applying directly also?

GaGa21

Having such delays with bank releasing funds since November.They constantly want paperwork.
They wanted house insurance re dated. Did that. Then they queried the insurance not being listed as building under construction. We informed the bank we were moving in as is as there is no big structural work being done, just refurb. Delay another week to be informed we have to put that in writing! Like wtf...

ruaneg

Can anybody recommend a solicitor in South Dublin?

Thanks!

snowflake1989

Went sale agreed mid october.. got loan approval end nov.. signed for house and mortgage 4 weeks ago but theres a delay on the sellers side with paperwork so still waitibg for this to be rectified and to be given a closing date .. my question after signing for loan and getting full approval can the loan offer still lapse ?! Like if it goes over 6 months since approval will we have to go through the process again. Thanks

Samuel T. Cogley

snowflake1989 wrote: »

Went sale agreed mid october.. got loan approval end nov.. signed for house and mortgage 4 weeks ago but theres a delay on the sellers side with paperwork so still waitibg for this to be rectified and to be given a closing date .. my question after signing for loan and getting full approval can the loan offer still lapse ?! Like if it goes over 6 months since approval will we have to go through the process again. Thanks

Yes but they will usually offer an extension if you're that far along.


If you're only at the sale agreed stage - keep looking, you never know if a sale is going to fall through.

TheShow

stiofan85 wrote: »

Do brokers tend to be faster getting approval than going direct? Just handed over our documentation to a broker but we're a bit tight on time. Any harm in applying directly also?

Not really, some may have a bit of pull with some of the banks so might demand a faster service, but its all relative.

The only benefit of a broker is that they are supposed to go to all the lenders and get you the best deal, in reality they go to the banks that pay them the most commission.

If you have all the required docs ready, no harm in checking with your own bank, but be aware that the broker may have already submitted a proposal.

stiofan85

TheShow wrote: »

Not really, some may have a bit of pull with some of the banks so might demand a faster service, but its all relative.

The only benefit of a broker is that they are supposed to go to all the lenders and get you the best deal, in reality they go to the banks that pay them the most commission.

If you have all the required docs ready, no harm in checking with your own bank, but be aware that the broker may have already submitted a proposal.

Thanks, it's what I thought.

In the case my broker applied to my bank already - is that a problem?

TheShow

stiofan85 wrote: »

Thanks, it's what I thought.

In the case my broker applied to my bank already - is that a problem?

not per se, might just raise an eyebrow on why two applications coming in.

stiofan85

TheShow wrote: »

not per se, might just raise an eyebrow on why two applications coming in.

Thanks. Nothing I can't explain - used same broker last time but he was a tad slow. Asked him to be a bit faster this time so we'll see what happens.

Turns out AIB have a rep in work who does mortgage applications directly with us so have spoken to them and meeting them Monday.

Great to have all the documentation together, we are not looking for any exemptions and I've kept the accounts pretty clean for the last 6 months. Hoping this makes it that bit easier/faster!

Mrnew

How do banks look on you if you got a lump some off a parent (not a loan) and didn't save any yourself for a deposit, but have good credit history paying back loans and paying rent ?

Creamy Goodness

Mrnew wrote: »

How do banks look on you if you got a lump some off a parent (not a loan) and didn't save any yourself for a deposit, but have good credit history paying back loans and paying rent ?

They’ll want a letter stating they don’t expect repayment and want no stake in the property.

I still think a bank will want to see some sort of regular savings too and of course pass their affordability calculations

Benny Biscotti

stiofan85 wrote: »

Do brokers tend to be faster getting approval than going direct? Just handed over our documentation to a broker but we're a bit tight on time. Any harm in applying directly also?

Sorry I misunderstood. It was an advisor we went to see and not a broker. So I dont know much about them or if they are quicker.

Frank Castle

Mrnew wrote: »

How do banks look on you if you got a lump some off a parent (not a loan) and didn't save any yourself for a deposit, but have good credit history paying back loans and paying rent ?

Same situation myself, wasn't a problem.

Deposit from parents (5% and other 5% from HTB) and basically no savings ourselves, but good credit rating and 2 years of paying rent.
No problem at all with PTSB.

Edit: They will want your parents to sign a letter stating that the money is a non repayable gift and that they have no stake in the property. Your solicitor will sort this out for you.

TheShow

Mrnew wrote: »

How do banks look on you if you got a lump some off a parent (not a loan) and didn't save any yourself for a deposit, but have good credit history paying back loans and paying rent ?

You will need to be able to demonstrate saving some amount.
if you have loans running off, save the same amount every months etc. have you been paying rent?

If you have zero savings and just a cash lump sum, i'd say you might struggle to get approval be honest.

Samuel T. Cogley

+1 on them wanting to see regular savings not just loans and rent being paid.

Sunrise_Sunset

GingerLily wrote: »

If you're looking to buy a new build be aware that you might need flooring, it was the second largest expense for us after the purchase of the house itself! And it's something you need before moving in

Roughly how much does flooring cost?

Teach30

Recently engaged and have no idea where to begin with mortgage.
I am a full time teacher however I have no savings. Living at home so haven’t been paying rent.

Looking for advice really on what best way to deal with banks considering I have nothing to show for the last few years working.

Never thought I’d see the day when I would be looking to build, as to be honest in my mind I was staying at home and partner would move in but that’s not an option now due to his work.

Thanks in advance .

Creamy Goodness

lililanny wrote: »

Roughly how much does flooring cost?

Really depends we were 130sqm split between wood downstairs and carpet upstairs cost €7-8k including fitting. Bathrooms came with tiles so we saved another 2-3k there too.