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

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Comments

  • Registered Users, Registered Users 2 Posts: 3,014 ✭✭✭Monife


    That just shows the bank that when important payments come up like insurance you’ll pay that before they’ll get their money.

    Also depending where you are in the country €800 a month isn’t great savings to show unless you have a decent chunk going on rent.

    I disagree. If the amount I am saving plus rent is way above my future stress tested mortgage repayment, i don't see the problem, the bank would always get their money. It shows that I budget my money accordingly and don't dip into my savings.

    I pay €1,200 per month on rent and will be looking for a single applicant mortgage of €180k which is under €800 a month mortgage repayment stress tested plus 6%.


  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭TheShow


    Heres one for you.

    I lived in Dublin for 5 years - moved back to Tyrone back in August 2018 on the basis that I could save my ass off for a deposit on a house. I kept my job in Dublin and have been managing it by a combination of working from Home, commuting and cheap air bnbs.

    I'm now getting into a position where I could afford something under HTB scheme if the right property came up. (I'd say I have paid more than €100k in Tax over the years so should be no problem in that regard) wondering is it possible to apply and get the HTB tax rebate if my address is in the North now and also will this cause an issue with getting a mortgage.

    only open to residents of ROI.


  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭TheShow


    It’s better to show the same amount each each month than various amounts.

    Save the 200 a week in one account. Any surplus throw into another savings account or credit union.

    thats simply not true.

    save as much as you can on a regular basis. that is all.


  • Registered Users, Registered Users 2 Posts: 2,579 ✭✭✭charlietheminxx


    TheShow wrote: »
    thats simply not true.

    save as much as you can on a regular basis. that is all.

    This can actually vary from lender to lender. What AIB advised me is that you need to have a standing order for a set amount (in this case, for €200 per week) and then you can add any extra over and above that into your savings account as well, but setting an amount shows that you can commit to a savings plan. They want to see regular, consistent savings. Of course the more you save the better, but they don't like to see massive amounts of variation.


  • Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Saint Sonner


    TheShow wrote: »
    only open to residents of ROI.

    If I was to go back to Dublin to live with my aunt for a month or two would this solve the problem


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  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭TheShow


    If I was to go back to Dublin to live with my aunt for a month or two would this solve the problem

    https://www.revenue.ie/en/property/documents/htb-summary-applicants.pdf

    The fact that you've been paying income tax here may be sufficient, but the only way that to can answer your question with any real clarity is to contact the operators of the scheme.
    All you will get here is conjecture and opinions.


  • Registered Users, Registered Users 2 Posts: 412 ✭✭Reversal


    Have gotten a bit confused looking at the new build sale prices on the property price register.

    Am I correct in thinking the sale price shown on the PPR is exclusive of VAT? But the price you actually pay is inclusive of VAT?

    If so, why is the PPR exclusive of VAT?


  • Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    Reversal wrote: »
    Have gotten a bit confused looking at the new build sale prices on the property price register.

    Am I correct in thinking the sale price shown on the PPR is exclusive of VAT? But the price you actually pay is inclusive of VAT?

    If so, why is the PPR exclusive of VAT?
    Exclusive of vat. Why? I’m not sure, but not hard to add it on.


  • Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    It is ex VAT for new houses, second hand houses are VAT exempt.


  • Registered Users, Registered Users 2 Posts: 270 ✭✭averagejoe123


    Reversal wrote: »
    Have gotten a bit confused looking at the new build sale prices on the property price register.

    Am I correct in thinking the sale price shown on the PPR is exclusive of VAT? But the price you actually pay is inclusive of VAT?

    If so, why is the PPR exclusive of VAT?

    Multiply the PPR price for new builds by 1.135 to get the actual price paid. The VAT free amount is the figure used for stamp duty.

    2nd hand homes on the PPR should be the total price paid


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  • Registered Users, Registered Users 2 Posts: 75 ✭✭Radsky


    Need advice. We have underwritten AIP valid for 6 months. We can sign contract for a new build with just the AIP. The new build will not be completed until December. Do we process the offer letter now, which will require us to renew this prior to December, or do we wait until at least a month before the AIP expires to process the offer letter? In the latter scenario, the offer letter will be valid beyond December. What are the pros and cons of either scenario?


  • Registered Users, Registered Users 2 Posts: 207 ✭✭hanaimai


    Radsky wrote: »
    Need advice. We have underwritten AIP valid for 6 months. We can sign contract for a new build with just the AIP. The new build will not be completed until December. Do we process the offer letter now, which will require us to renew this prior to December, or do we wait until at least a month before the AIP expires to process the offer letter? In the latter scenario, the offer letter will be valid beyond December. What are the pros and cons of either scenario?

    You'll need your letter of offer to sign contracts, so it depends on when you expect to get contracts.


  • Registered Users, Registered Users 2 Posts: 75 ✭✭Radsky


    hanaimai wrote: »
    You'll need your letter of offer to sign contracts, so it depends on when you expect to get contracts.

    We got confirmation that we can sign contracts with just the underwritten AIP.


  • Registered Users, Registered Users 2 Posts: 4,766 ✭✭✭GingerLily


    Radsky wrote: »
    hanaimai wrote: »
    You'll need your letter of offer to sign contracts, so it depends on when you expect to get contracts.

    We got confirmation that we can sign contracts with just the underwritten AIP.

    Really?? We needed a full loan offer at contract signing stage


  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭TheShow


    Reversal wrote: »
    Have gotten a bit confused looking at the new build sale prices on the property price register.

    Am I correct in thinking the sale price shown on the PPR is exclusive of VAT? But the price you actually pay is inclusive of VAT?

    If so, why is the PPR exclusive of VAT?

    PPR is updated when Stamp duty is paid. Stamp Duty is only eligible on EX Vat cost as you don't pay tax on a tax.

    The full sale price for a new house includes Vat, there is no VAT on "used" houses.


  • Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭TheShow


    Radsky wrote: »
    We got confirmation that we can sign contracts with just the underwritten AIP.

    from the vendors solicitor or yours? seems unusual to be honest.

    If that is the case, wait as long as you can on the AIP, then request contracts...


  • Registered Users, Registered Users 2 Posts: 35 Natashaw88x


    TheShow wrote: »
    from the vendors solicitor or yours? seems unusual to be honest.

    If that is the case, wait as long as you can on the AIP, then request contracts...

    Never heard of that. We have underwritten AIP and solicitor required letter of offer for contracts. It’s very unusual, I personally would be vary of doing it. Nothing is official till you get your letter of offer.


  • Registered Users, Registered Users 2 Posts: 1,137 ✭✭✭Glen_Quagmire


    Has anyone have any difficulties with using online payslips and if so how you got around it?

    The OH gets her payslips through an online portal but there is a separate window/tab for each section of the payslip so you cannot see all the details in one screen. I saved all the different sections and them combined them into one PDF for each month but the bank has comeback to us saying they are not sufficient as it is an online version and are asking for a "proper" payslip, however the OH says her employer doesn't give out payslips any other way but the online portal.

    Any suggestions?


  • Posts: 0 Van Low Munchies


    Has anyone have any difficulties with using online payslips and if so how you got around it?

    The OH gets her payslips through an online portal but there is a separate window/tab for each section of the payslip so you cannot see all the details in one screen. I saved all the different sections and them combined them into one PDF for each month but the bank has comeback to us saying they are not sufficient as it is an online version and are asking for a "proper" payslip, however the OH says her employer doesn't give out payslips any other way but the online portal.

    Any suggestions?

    Who are you with? I was with bank of Ireland and they accepted online payslips. Like there’s no other option in my work so they have to accept them....


  • Registered Users, Registered Users 2 Posts: 1,137 ✭✭✭Glen_Quagmire


    Who are you with? I was with bank of Ireland and they accepted online payslips. Like there’s no other option in my work so they have to accept them....


    We are applying with BOI. Yeah I think 90% of people get online payslip these days, I think it's just the way the OH's are formatted is the issue. The stupid things omit her name also but has her PPS number.

    She emailed her HR department a while ago but she reckons they won't do anything as it's a large company with HR is based in the UK and are apparently not great to deal with.


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  • Registered Users, Registered Users 2 Posts: 776 ✭✭✭Musefan


    Hi all,

    Wondering if anyone has a bit of advice!

    My spouse and I were previously considering buying in Dublin/surrounding counties as this is where we work at the minute. After a number of years here we have realised that we're not tied to city living.

    In the last few months our priorities have changed and we have decided that we would prefer to move back closer to our family. Both of us have the option to work from home/relocate closer to where our families are based.

    According to the 3.5 rule, we would be able to borrow about 390000. We would be looking to purchase a house in the 280000-300000 range. We have one car loan which has <10,000 left on it and will be completed in Nov 20. We currently pay out 2100 a month (rent and car loan included) and manage this comfortably without any debts. No previous debts/no credit cards etc.

    At the min, we have about 7000 saving. We have access to RSUs which we cash in as soon as they vest, so they should add about 5000 this year.

    My first question is what should we be budgeting in for extra costs (solicitor etc), and will anyone even look at us with less than 10% of the deposit considering that we pay out more on a monthly basis than we would be spending on mortgage repayments. We don't need to factor in the cost of a survey as we have a family member who is qualified to complete this.

    Thanks.




  • Survey is relatively cheap anyway. The biggest cost is stamp duty which is 1% of the purchase price.

    And no I don't think you'll get a mortgage without the deposit saved. You'll need 11% of the house price plus an extra few thousand for solicitor.


  • Registered Users, Registered Users 2 Posts: 3,553 ✭✭✭el Fenomeno


    For new build mortgage where you're looking for 90% LTV, is it sufficient to provide proof of 5% mortgage saved and confirmation that you're approved for help to buy (which covers the other 5%)?


  • Closed Accounts Posts: 4,121 ✭✭✭amcalester


    For new build mortgage where you're looking for 90% LTV, is it sufficient to provide proof of 5% mortgage saved and confirmation that you're approved for help to buy (which covers the other 5%)?

    Yes, but they'll also want to see funds to cover stamp duty, legal fees etc as well.

    BOI asked me for proof I had enough to kit out the house, I think it was about €10 for that, though UB didn't ask for this.


  • Registered Users, Registered Users 2 Posts: 4,766 ✭✭✭GingerLily


    Musefan wrote: »


    My first question is what should we be budgeting in for extra costs (solicitor etc), and will anyone even look at us with less than 10% of the deposit considering that we pay out more on a monthly basis than we would be spending on mortgage repayments. We don't need to factor in the cost of a survey as we have a family member who is qualified to complete this.

    Thanks.

    Budget 11.5% to be safe (1% stamp and the rest legal fees) .

    I've not heard of lending with less than 10% deposit (allowing for HTB), you'll need to save more, you may need to get rid of your car loan.


  • Registered Users, Registered Users 2 Posts: 67 ✭✭mur223


    Apologies if this has been asked before.
    We are in the process of buying a house off the plans, our contracts and remaining 10% deposit are to be signed/paid next week.

    I am wondering for whatever reason when we go to draw down the mortgage in a couple of months the bank refuses to offer us the money they agreed to. Does this mean we would loose our whole deposit? Anxious to meet the solicitor now face to face to discuss the contract but I am just wondering has anyone been in the same position?

    thanks in advance


  • Registered Users, Registered Users 2 Posts: 2,579 ✭✭✭charlietheminxx


    mur223 wrote: »
    Apologies if this has been asked before.
    We are in the process of buying a house off the plans, our contracts and remaining 10% deposit are to be signed/paid next week.

    I am wondering for whatever reason when we go to draw down the mortgage in a couple of months the bank refuses to offer us the money they agreed to. Does this mean we would loose our whole deposit? Anxious to meet the solicitor now face to face to discuss the contract but I am just wondering has anyone been in the same position?

    thanks in advance

    You're a little bit ahead of me in the same process but I think you can ask for a "subject to loan" clause to be included in the contracts. Your solicitor will be able to advise you properly on this.

    As a matter of interest, for anyone who knows, does this happen much? The bank deciding to withdraw their loan offer at drawdown stage?


  • Registered Users, Registered Users 2 Posts: 2,874 ✭✭✭Julez


    You're a little bit ahead of me in the same process but I think you can ask for a "subject to loan" clause to be included in the contracts. Your solicitor will be able to advise you properly on this.

    As a matter of interest, for anyone who knows, does this happen much? The bank deciding to withdraw their loan offer at drawdown stage?

    I'm in the exact same boat right now. Will definitely be asking solicitor about "subject to loan clause". As for banks withdrawing loan, I'd say it's rare enough and probably only when there is some major change in circumstances or something you didn't declare before. But, I don't know for sure.


  • Registered Users, Registered Users 2 Posts: 534 ✭✭✭Bargain_Hound


    This subject has been mentioned a few times in this thread now; but here's my experience of it - we got the clause written into our contract and agreed by the developer. This is at their discretion though. Not sure I would have been comfortable handing over my deposit with no plan b should the bank refuse to release the funds when you are due to close sale. Our new build was due to be ready within 6 months but took 10 months so we had to re-apply for the mortgage as the original offer expired after 6 months. I was on shaky ground in work as there was redundancies happening at the time so I was very glad I had the condition written into the purchase contract, worst case I'll get my deposit back (FYI - wasn't made redundant and sale completed last year). Worth noting it appears a lot of developers flat out refuse to write the condition into contracts as the demand is quite high for new builds.


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  • Registered Users, Registered Users 2 Posts: 2,579 ✭✭✭charlietheminxx


    Fingers crossed! Hoping it's not something else to worry about at this stressful enough time. As it is, we have been waiting a month for our contracts...! But I had read up on it a bit and will be making sure that the solicitor checks that there is either a subject to loan clause or that we can add one.


This discussion has been closed.
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