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

Prospector1989

An Ri rua wrote: »

Silly question maybe but do all banks require 6 months bank statements or will anyone accept 3?

Anyone know which banks are better for accepting a long rental history and a quickly built-up deposit?

I've seen the odd advertisment for banks looking for 3 months but that might only be initially. I think 6 is probably standard?

Edit: 3 months mentioned here: https://digital.ulsterbank.ie/personal/mortgages/guides/mortgage-application-guide.html?intcam=I_PC_HPTO_0_Mtg_Rate_MtgJan2018_FTB_a2

and here: https://www.permanenttsb.ie/mortgages/first-time-buyer-mortgage-how-to-apply/

We have been living rent-free for nearly two years but saving as if we were renting. We were told that as long as you can prove ability to repay then the banks are happy. They will generally count rental payments in your ability to repay.
With regard to the deposit, as long as you can prove where it came from I don't see any issue. If it's a gift, a letter from the 'gifter' will be required.

Phillip k

Hi can anyone tell me what other costs I would need to cover before building a home . I am using my family's land based in kildare area . Note my family member will be doing the foundations . Thanks in advance

el Fenomeno

Prospector1989 wrote: »

I've seen the odd advertisment for banks looking for 3 months but that might only be initially. I think 6 is probably standard?

Edit: 3 months mentioned here: https://digital.ulsterbank.ie/personal/mortgages/guides/mortgage-application-guide.html?intcam=I_PC_HPTO_0_Mtg_Rate_MtgJan2018_FTB_a2

and here: https://www.permanenttsb.ie/mortgages/first-time-buyer-mortgage-how-to-apply/

Interesting - has anyone recently applied to these and if so, was it only 3 months statements required?

GingerLily

el Fenomeno wrote: »

Interesting - has anyone recently applied to these and if so, was it only 3 months statements required?

What are you trying to hide?

el Fenomeno

GingerLily wrote: »

What are you trying to hide?

Dipped into savings when I was in between jobs in September/October. Easily explainable, but just wary of the stories of banks seeing any outgoings from a savings account and immediately rejecting.

Happy to wait a couple of months if need be, but obviously good news if there's banks that won't look back that far.

That, and my massive drugs, hookers and gambling debts. But all easily-explainable.

GingerLily

el Fenomeno wrote: »

GingerLily wrote: »

What are you trying to hide?

Dipped into savings when I was in between jobs in September/October. Easily explainable, but just wary of the stories of banks seeing any outgoings from a savings account and immediately rejecting.

Happy to wait a couple of months if need be, but obviously good news if there's banks that won't look back that far.

That, and my massive drugs, hookers and gambling debts. But all easily-explainable.

They'll know you were between jobs anyway when you submit your salary cert, so they'll definitely look for 6 months of statements

Ohmeha

Can anyone advise is it possible for a single FTB in permanent job to get an exemption above 3.5 on a salary of 42k? Would you need to be on 50k plus?

Samuel T. Cogley

Ohmeha wrote: »

Can anyone advise is it possible for a single FTB in permanent job to get an exemption above 3.5 on a salary of 42k? Would you need to be on 50k plus?

It's possible.

Goose76

Got our keys yesterday evening. Exhilaration was soon replaced by exhaustion and relief! I cannot believe the whole thing is done.

We went with PTSB and the cashback was paid nine business days after drawdown.

Found the bank and our solicitors to be great and the EA was absolutely out of this world to be honest. And yet I still found the entire process to be one of the most stressful things I have ever ever done. What it’s like for people who have lazy EAs and solicitors, I can’t imagine.

Genuinely think the entire process of buying a home in this country is completely outdated and needs revising. But that’s a whole other thread

Prospector1989

el Fenomeno wrote: »

Dipped into savings when I was in between jobs in September/October. Easily explainable, but just wary of the stories of banks seeing any outgoings from a savings account and immediately rejecting.

Happy to wait a couple of months if need be, but obviously good news if there's banks that won't look back that far.

That, and my massive drugs, hookers and gambling debts. But all easily-explainable.

Also they'll look to confirm you're not on any sort of probation in the new job so worth keeping that in mind as well.

el Fenomeno

Prospector1989 wrote: »

Also they'll look to confirm you're not on any sort of probation in the new job so worth keeping that in mind as well.

Yeah, I spoke to a broker who said that they're likely to give you AIP even if you're on probation, but you'll need to confirm you're permanent before you draw-down so I don't expect that to be a problem. Hopefully!

GingerLily

el Fenomeno wrote: »

Prospector1989 wrote: »

Also they'll look to confirm you're not on any sort of probation in the new job so worth keeping that in mind as well.

Yeah, I spoke to a broker who said that they're likely to give you AIP even if you're on probation, but you'll need to confirm you're permanent before you draw-down so I don't expect that to be a problem. Hopefully!

There's usually a higher level of scrutiny for these cases, I'd be surprised if they didn't ask for 12 months of bank statements, let alone 6!!

el Fenomeno

GingerLily wrote: »

There's usually a higher level of scrutiny for these cases, I'd be surprised if they didn't ask for 12 months of bank statements, let alone 6!!

Will hopefully be permanent at the end of March so happy to leave applying until then anyway.

Tipsy McSwagger

Silly question but what is a definite when you get a mortgage, mortgage protection, home insurance or life insurance? Also which can be paid annually rather than monthly?

Frank Castle

Tipsy McSwagger wrote: »

Silly question but what is a definite when you get a mortgage, mortgage protection, home insurance or life insurance?

You will need home insurance (don't think any bank lets you avoid this).

And you will need either mortgage protection or life insurance - which one is best for you is your personal decision (I went for mortgage protection)

Tipsy McSwagger

Frank Castle wrote: »

You will need home insurance (don't think any bank lets you avoid this).

And you will need either mortgage protection or life insurance - which one is best for you is your personal decision (I went for mortgage protection)

I have life insurance through work.

Frank Castle

Tipsy McSwagger wrote: »

I have life insurance through work.

Your bank will tell you what they require, but you will probably need to have that signed over to the bank, so that the money is paid directly to them if something happens.

you will need home insurance too probably, if the bank require you to have this they will put it in as one of their pre draw down conditions

GingerLily

GingerLily wrote: »

There's usually a higher level of scrutiny for these cases, I'd be surprised if they didn't ask for 12 months of bank statements, let alone 6!!

I was on probation when I applied for my mortgage and there was no such requirement. It was the exact same as any other application with the condition that draw down would be after I was made permanent which was fine.

limnam

Goose76 wrote: »

Genuinely think the entire process of buying a home in this country is completely outdated and needs revising. But that’s a whole other thread

Buyers could also chill out a bit.


Purchasing a home tends to turn grown adults into impatient spoiled children waiting for xmas.

charlietheminxx

limnam wrote: »

Buyers could also chill out a bit.


Purchasing a home tends to turn grown adults into impatient spoiled children waiting for xmas.

God forbid people be eager to move into a home that they have spent years saving for :rolleyes:

Ohmeha

Samuel T. Cogley wrote: »

It's possible.

Would you think a loan of 4.5 on 42k is likely?

myshirt

Ohmeha wrote: »

Would you think a loan of 4.5 on 42k is likely?

No. Definitely not.

Ggkoy

Myself and my partner are looking into building an extension on to her parents home with the aim to have this as a separate living area (approx size of 80sq m, with 2 bedrooms, bathroom & open plan kitchen/living area).

Has anyone done something similar? Looking for advice around funding & very new to all of this. My partners name will be added to the deeds of the house. There is no current mortgage on the house.

Would it be possible for us to get a joint mortgage for this due to it being an extension rather than a new build for example? Would a home improvement loan be another option? Again, would the lender have any issue with this for myself as my name is not tied to the house in any way?

Thanks in advance.

Samuel T. Cogley

myshirt wrote: »

No. Definitely not.

A friend has just got a similar approval on a similar salary - it all depends on the surrounding circumstances. There is no harm in asking.

RachBrissie

Hi all, been following this thread with interest over the past few months. Partner and I have received AIP and have found property we are interested in and intend to place an offer. Thinking it's time to get a solicitor in place, we are based in North Dublin.

Any suggestions for good solicitors would be very welcome, please PM me!

An Ri rua

Does anyone know, apart from a self build if there's any way to leverage the ownership of agricultural land in improving your mortgage application? E.g. bank uses it as collateral?

L1011

An Ri rua wrote: »

Does anyone know, apart from a self build if there's any way to leverage the ownership of agricultural land in improving your mortgage application? E.g. bank uses it as collateral?

No standard mortgages work on that basis anymore. Central Bank LTI and LTV rules cannot either so you'd be looking at an exemption on one/both even if you found a bank willing to.

tweety123456

I am looking for help regarding buying a house. Me and my partner are hoping to purchase in 2020. We will have a deposit of circa 350k and will hopefully buy a house for approx 450k. We are FTB, in our early 30s adn do not have children but hopefully in the future.

Should we spend all our savings on the house or take out a bigger mortgage and keep some money back?

Thanks in advance.

tweety123456

tweety123456 wrote: »

I am looking for help regarding buying a house. Me and my partner are hoping to purchase in 2020. We will have a deposit of circa 350k and will hopefully buy a house for approx 450k. We are FTB, in our early 30s adn do not have children but hopefully in the future.

Should we spend all our savings on the house or take out a bigger mortgage and keep some money back?

Thanks in advance.

I don't really think anyone can answer this for you, it's down to your own circumstances.

Do you need to keep some of the money in reserve for anything, if you do are you happy to pay the extra on your mortgage, do you want to extend the house, do you plan to have kids soon etc etc. Personally if I had a deposit that size I wouldn't be putting all of it into the house but that's just me.

The_Fitz

We aren't considered first time buyers are we? I know FF tried to lobby for a change to this for folk returning home (sometime last year).

We own a house in England, and are both returning home to Dublin this month. We will be renting and saving for a deposit. We can't take advantage of FTB can we?