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

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Comments

  • Moderators, Category Moderators, Sports Moderators Posts: 48,796 CMod ✭✭✭✭ awec


    FutureGuy wrote: »
    We are sale agreed. Contract signed. He has contracts.

    Get him to clarify that cost. I don’t know what that is.


  • Registered Users Posts: 42,887 ✭✭✭✭ Mitch Connor


    FutureGuy wrote: »
    Our solicitor has sent over our bill, and while it contains everything we expected, it contains one unusual amount...


    “Balance Purchase Monies”
    “Balance 90% due per contract less mortgage funds”
    €1,800

    I have no idea what this is. Now normally you would simply ask the solicitor. However, 10 days ago, our solicitor last contacted us and he did not return any call, e-mail or text since then until today, when we were told our behaviour to contract him was outrageous (he gave no notice he was out of office) and we answering nothing, even just a courtesy call to say what was going on). So he will won’t contact us until the bill is paid in full. So we are being asked to settle a bill that have no idea what it is.

    Is it a first time buyer purchase and is there a shortfall between the mortgage amount, the 10% deposit and the purchase price?

    Its the only thing that makes sense, but i would think that would have been known.

    We had a 2k difference between our 10%, mortgage and purchase price.


  • Moderators, Education Moderators Posts: 4,805 Mod ✭✭✭✭ G_R


    Have you paid a 10pc deposit and gotten a mortgage amount for 1800 less than 90%?

    Is this the balance of funds required complete the purchase (assuming S/Duty and legal fees have been paid/have provision made for them)?


  • Registered Users Posts: 2,908 ✭✭✭ Padre_Pio


    TheSheriff wrote: »
    I would equally refuse to pay this until you get confirmation of what it is, as a breakdown.

    You're paying his wages and be works for you. You're perfectly entitled to call him up, or even drop into his offices.


  • Registered Users Posts: 868 ✭✭✭ JohnnyChimpo


    Padre_Pio wrote: »
    You're paying his wages and be works for you. You're perfectly entitled to call him up, or even drop into his offices.

    Dropping into his office is probably a more debatable proposition atm


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  • Registered Users Posts: 33 sarahzxe


    Hi all we got our mortgage approval yesterday after a month waiting to hear back. We have the house picked out and price agreed.
    However with the uncertainty of economy we are wondering if we should hold off? It's the dream house but looks like we might be heading into another recession?


  • Registered Users Posts: 3,094 ✭✭✭ fifth


    sarahzxe wrote: »
    Hi all we got our mortgage approval yesterday after a month waiting to hear back. We have the house picked out and price agreed.
    However with the uncertainty of economy we are wondering if we should hold off? It's the dream house but looks like we might be heading into another recession?

    In the same boat here but as a single applicant. Mortgage approved, but the house was priced quite high. Thinking I'm gonna pull back my booking deposit from the process now and see how the rest of the year goes.

    Other people I know in the same boat. Could be a major crash on the cards. (Just my speculative opinion)


  • Registered Users Posts: 214 ✭✭ lir6777


    fifth wrote: »
    In the same boat here but as a single applicant. Mortgage approved, but the house was priced quite high. Thinking I'm gonna pull back my booking deposit from the process now and see how the rest of the year goes.

    Other people I know in the same boat. Could be a major crash on the cards. (Just my speculative opinion)

    I'm in a similar position, can I ask what you're specifically concerned about? I don't mean that sarcastically in case it sounds it! I know prices could drop etc but are you thinking of holding off for fear of rates increasing or ending up in negative equity or that? Just wondering what I should be considering! Thanks!


  • Registered Users Posts: 3,094 ✭✭✭ fifth


    lir6777 wrote: »
    I'm in a similar position, can I ask what you're specifically concerned about? I don't mean that sarcastically in case it sounds it! I know prices could drop etc but are you thinking of holding off for fear of rates increasing or ending up in negative equity or that? Just wondering what I should be considering! Thanks!

    Don't mind you asking. I suppose I remember the 2008 crash and friends of mine snapped up houses for massive discounts. And I am kind of loathed to pay peak property prices right now when there is likely to be a bigger crash heading our way now.

    Yes I'd be in negative equity if I bought at the price right now..and who knows if things will ever 'recover' after this or get to these kinds of prices again.

    If anyone has any ideas to the contrary let me know. I'm just reading the situation as I see it..


  • Registered Users Posts: 214 ✭✭ lir6777


    fifth wrote: »
    Don't mind you asking. I suppose I remember the 2008 crash and friends of mine snapped up houses for massive discounts. And I am kind of loathed to pay peak property prices right now when there is likely to be a bigger crash heading our way now.

    Yes I'd be in negative equity if I bought at the price right now..and who knows if things will ever 'recover' after this or get to these kinds of prices again.

    If anyone has any ideas to the contrary let me know. I'm just reading the situation as I see it..

    Thanks, yeah that makes sense. I'm half afraid if the crash comes (as seems likely) I will struggle even more to get a mortgage as a single applicant. It's a really tough call!


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  • Registered Users Posts: 3,094 ✭✭✭ fifth


    lir6777 wrote: »
    Thanks, yeah that makes sense. I'm half afraid if the crash comes (as seems likely) I will struggle even more to get a mortgage as a single applicant. It's a really tough call!

    Yeah that's the other side of it. Banks might reign in their lending after this.

    I've just gotten mortgage approved and this is available to me for around six months I think. The house isn't ready yet, so I have some time to figure out what I'm going to do and see how the situation unfolds.


  • Registered Users Posts: 21 ✭✭✭ DianeMc2018


    lir6777 wrote: »
    Thanks, yeah that makes sense. I'm half afraid if the crash comes (as seems likely) I will struggle even more to get a mortgage as a single applicant. It's a really tough call!

    Yes we’re wondering all this too.Application with broker.Hes talking to KBC for us.Extra docs needed as we’re both self-employed.In the past week both our workloads have fallen off (my income halved).Who knows how it’ll go over the next few months.I might return to almost what I was earning.Husband too.Do you think it’s a crazy idea to apply for the social welfare 6-week pandemic emergency fund at this stage of our mortgage application, as in when they ask for recent statements before drawdown will it look bad? Crazy times and making sure my kids are fed and bills are paid is the priority so I may not have a choice...but I’m nervous about how banks might view it.

    Also haven’t a clue like previous poster said about how house prices might go.Will they plummet?Will banks respond by not lending?

    It’s all a bit crazy


  • Registered Users Posts: 1,641 ✭✭✭ Deco99


    What's the best rate to go with currently? Thinking 5 year fixed?


  • Registered Users Posts: 13,324 ✭✭✭✭ Donald Trump


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?


    It's not something I have been following or analysing. I don't know what rates are now. There is not much scope (if any) for lowering current ECB rates. But depending on how long this goes on for (and it looks like it will be a while) it wouldn't appear to be much scope for those rates to go up either. (It doesn't mean that the spread for the Irish Banks is going to sit there either though).


  • Registered Users Posts: 839 ✭✭✭ DubCount


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?

    Just my view, but I'd go for the cheapest rate available - fixed or variable. I don't see a big movement in ECB rates any time soon (especially upwards).


  • Registered Users Posts: 129 ✭✭ BaguMka


    Hi everyone. I and my partner going to apply for a mortgage. I'm 34 years old whereas my partner is 42 years old. I wonder if the banks will apply any age restrictions to my partner (she is part time worker and I'm the main earner) or we still can get an offer of term of 30years to repay the mortgage.
    Thanks


  • Moderators, Category Moderators, Sports Moderators Posts: 48,796 CMod ✭✭✭✭ awec


    BaguMka wrote: »
    Hi everyone. I and my partner going to apply for a mortgage. I'm 34 years old whereas my partner is 42 years old. I wonder if the banks will apply any age restrictions to my partner (she is part time worker and I'm the main earner) or we still can get an offer of term of 30years to repay the mortgage.
    Thanks

    Mortgage can’t extend past the retirement date of the older person.

    Or at least that was my experience.


  • Registered Users Posts: 4,146 ✭✭✭ El Gato De Negocios


    awec wrote: »
    Mortgage can’t extend past the retirement date of the older person.

    Or at least that was my experience.

    Us too, my wife will be 42 next birthday and the max repayment period was based on her age.


  • Registered Users Posts: 123 ✭✭ AuldDaysul


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?

    I think the best 5 year fixed is 2.2% with Ulster bank but thats 60-80% LTV.


  • Registered Users Posts: 8,399 ✭✭✭ wirelessdude01


    AuldDaysul wrote: »
    I think the best 5 year fixed is 2.2% with Ulster bank but thats 60-80% LTV.

    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?


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  • Registered Users Posts: 30,609 ✭✭✭✭ listermint


    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?

    No.


  • Registered Users Posts: 123 ✭✭ AuldDaysul


    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?

    Maybe for 90% LTV, if you had a bigger deposit then Ulster Bank had the 2.2% for 5 years for sure.


  • Registered Users Posts: 8,399 ✭✭✭ wirelessdude01


    AuldDaysul wrote: »
    Maybe for 90% LTV, if you had a bigger deposit then Ulster Bank had the 2.2% for 5 years for sure.

    I plugged in value of 255000 and mortgage of 175000 with bonkers and UB comes up at 2.6%.


  • Registered Users Posts: 7,728 ✭✭✭ Millem


    I plugged in value of 255000 and mortgage of 175000 with bonkers and UB comes up at 2.6%.

    I think you need a mortgage of €300,000 minimum to avail of the 2.2% rate.

    Aib have 2.45% if you have a BER B3 minimum or 2.55% otherwise.


  • Registered Users Posts: 35 ✭✭✭ memoirs


    Yes we’re wondering all this too.Application with broker.Hes talking to KBC for us.Extra docs needed as we’re both self-employed.In the past week both our workloads have fallen off (my income halved).Who knows how it’ll go over the next few months.I might return to almost what I was earning.Husband too.Do you think it’s a crazy idea to apply for the social welfare 6-week pandemic emergency fund at this stage of our mortgage application, as in when they ask for recent statements before drawdown will it look bad? Crazy times and making sure my kids are fed and bills are paid is the priority so I may not have a choice...but I’m nervous about how banks might view it.

    Hi, we're in a very similar position, except we got mortgage approval (both self employed, a very long and hard process to get to this point!). As the AIP is from our main bank, they'll be able to view our statements anyway in a few months when/if we go to draw down. My business is down due to the crisis and ordinarily I would take the Covid payment. BUT I'm wondering now whether the bank will look on me taking the payment as a prudent measure to at least ensure money was coming in, or whether they'll take the opinion that its precarious employment and ask us to reapply. Like you - no idea what to do! Any advice from OPs welcome!


  • Registered Users Posts: 1,766 ✭✭✭ antimatterx


    What are people's experiences buying as a single person? I'm 24 and looking to get an apartment in the next few years. Current salary 32k. Will be ~50K within 2 years, and I saved 70%. I should be in a good financial situation.


  • Registered Users Posts: 1,766 ✭✭✭ antimatterx


    What are people's experiences buying as a single person? I'm 24 and looking to get an apartment in the next few years. Current salary 32k. Will be ~50K within 2 years, and I saved 70%. I should be in a good financial situation.


  • Closed Accounts Posts: 17 ✭✭✭ iQuestion


    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)


  • Registered Users Posts: 26,363 ✭✭✭✭ Creamy Goodness


    iQuestion wrote: »
    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)

    How high? is there a history of health related issues in the family that are directly related to being overweight (diabetes, heart conditions etc?). I’m in the 30’s and it did have an affect but we’re talking maybe €5 extra a month.

    Best thing to do is ring all providers and be truthful, omitting info will result in a non payout if you need to claim.


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  • Registered Users Posts: 3,268 ✭✭✭ ZX7R


    iQuestion wrote: »
    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)

    I had to pay more for mine at the time as I was a smoker


This discussion has been closed.
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