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

Santy2015

May I ask which bank?

leelee77

Santy2015 wrote: »

May I ask which bank?

Ulster Bank. We went through Killers1, the broker that has been mentioned here loads of times

Santy2015

Thanks. Just another question. Did they say the deposit was all you needed? How long did it take for you to save for the rest?

leelee77

Santy2015 wrote: »

Thanks. Just another question. Did they say the deposit was all you needed? How long did it take for you to save for the rest?

We were mortgage approved mid November (with the deposit saved, including deposit money for over and above €220,000, which the house we wanted was). We went sale agreed end Nov. We have the money now so took us about 3 months but depends how much you are saving. We are hoping to close end of Feb.

Santy2015

leelee77 wrote: »

We were mortgage approved mid November (with the deposit saved, including deposit money for over and above €220,000, which the house we wanted was). We went sale agreed end Nov. We have the money now so took us about 3 months but depends how much you are saving. We are hoping to close end of Feb.

we'll have the deposit next week circa 140k for the house we are looking at. was told by boi to come back when we've 15k at least so that by my calculations is the 20th of feb. Over the next few weeks we'll be saving 560 a week

leelee77

Santy2015 wrote: »

we'll have the deposit next week circa 140k for the house we are looking at. was told by boi to come back when we've 15k at least so that by my calculations is the 20th of feb. Over the next few weeks we'll be saving 560 a week

Ah sure that's not long to wait at all!

Santy2015

leelee77 wrote: »

Ah sure that's not long to wait at all!

it isnt haha, i was hoping then to save 5k on top of that whilst we wait for approval and then obviously we wont be in a house immediately. I dont know did ulster bank do this. but was told that they'd give money to finish the house we are looking at as its builders finish, house would be 120k only that we'd need 20k on top of that to get a start on finishing it, thats why we need 14k deposit.

Inspector Coptoor

14k deposit?
I wish we could have a deposit like that.
Buying in south Dublin is a huge outlay.

It's taken us 3 years or so but we have finally saved €86k deposit for our house which we've gone sale agreed on for €430k.

Signing contracts This evening and hope to be in the house by Feb 13th all going well.

Santy2015

Inspector Coptoor wrote: »

14k deposit?
I wish we could have a deposit like that.
Buying in south Dublin is a huge outlay.





It's taken us 3 years or so but we have

finally saved 86k deposit for our house which we've gone sale agreed on for 430k.



Signing contracts This evening and hope to be in the house by Feb 13th all going well.

Add your reply here.
Cork is a different story. I'm in north cork the difference between there and cork city is crazy. House we hope to get is a new 4 bed detached well new as in it was built in 2008 and that estate is only starting to fill up now

Black_Knight

Inspector Coptoor wrote: »

14k deposit?
I wish we could have a deposit like that.
Buying in south Dublin is a huge outlay.

It's taken us 3 years or so but we have finally saved €86k deposit for our house which we've gone sale agreed on for €430k.

Signing contracts This evening and hope to be in the house by Feb 13th all going well.

Thats some going, even on Dublin wages. Saving 28k a year, while I assume renting. Fair play.

Inspector Coptoor

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

Black_Knight

Inspector Coptoor wrote: »

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

I get hit with the "you have to live a little too" every now and again. The woes of being the financial police in the relationship :pac: That said I did just buy a nice big telly last week.

Getting married ourselves, so while our savings in total are pretty awesome, the majority of it are not being directed towards a house just yet. Probably be ready to buy just as prices peak.:(

Santy2015

We're putting the house first and then start wedding planning even though herself is preoccupied with it haha

zweton

Folks, just wondering who are the best to go with at the moment.
Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?

Santy2015

zweton wrote: »

Folks, just wondering who are the best to go with at the moment.
Have a meeting with PTSB next week so will see how that goes, i know they are doing a new cash back offer. We could be potentially looking to buy at the end of this year all going to plan etc. What bank are most going with here?

Add your reply here.
We will be going with BOI. We're both customers and have been very helpful have another meeting in February with them to finalise our application. We went before Xmas but hadn't enough saved but will have our deposit and stamp duty saved by the next meeting and new and improved salary Cert for my OH that now says permanent

Inspector Coptoor

We've gone with BOI as well.

We are gonna pay a 20% deposit and we're getting a rate of 3.6% fixed for 3 years and 4.1% after that.

If we had less than 20% deposit, APR after fixed period would be 4.5% or 4.6%.

Have taken it over 30 years but hope to pay it back in 22-25 years all going well.

Tasden

Inspector Coptoor wrote: »

It was a little more than 3 years, say 3 years and 3 months.

Worked out at €850 rent a month and €2200 savings per month.

We got married last year and didn't go on honeymoon and haven't had a holiday in a long time.

Have to cut the cloth to measure at times

Fair play, and congrats on the marriage!

zweton

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

Inspector Coptoor

zweton wrote: »

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

No, you can't I'm afraid.

€150k house requires a €15k deposit and €1.5k stamp duty so you'd need €16,500 just to cover that plus money to cover valuation, structural survey and solicitors fees.

Santy2015

zweton wrote: »

New to all this but can you up your mortgage above the price of the house to cover house improvements e.g a house for 150k can i get 160k to cover costs. im guessing not but said i would ask:)

Add your reply here.
I was told you could by my advisor in BOI. For example house costs 120k but you need 18k to finish a builders finish house you'd need a 14k deposit but this a fake deposit. You'll only pay 12k and 1.2k stamp duty. That's the way I was told about it. Now I hope I'm not being fooled.

Sleepy

I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.

Santy2015

Sleepy wrote: »

I'm guessing that's some form of "self-build" mortgage rather than an ordinary "buying an already completed house that needs renovations" mortgage.

Add your reply here.
Not that I know of. I'll let ye that once I go back to them in a few weeks. I didn't get that feeling talking to them the last few times.

Santy2015

Just a question, wondering if it's possible to view a house without mortgage approval? we wouldn't be putting in a bid at that time just looking.

Alkers

Yup, no issue there.

Santy2015

Simona1986 wrote: »

Yup, no issue there.

Add your reply here.
Thanks, was thinking it'd be okay.

Santy2015

Santy2015 wrote: »

Add your reply here.
Thanks, was thinking it'd be okay.

Tell the agent you have approval though or they probably won't give you the time of day.

Black_Knight

Azalea Screeching Padding wrote: »

Tell the agent you have approval though or they probably won't give you the time of day.

Tell them you have approval and they'll probably tell you the wrong time.

Santy2015

Yeah I was going to do that and then hold off while we get approval

Sleepy

Just don't mention it tbh.

I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

Anything else you volunteer, they'll attempt to use against you.

Sleepy

Sleepy wrote: »

Just don't mention it tbh.

I'm picking up a rule of thumb is to tell the agent only two things: the time you'll be there to meet them for a viewing and the terms of your offer should you choose to make one.

Anything else you volunteer, they'll attempt to use against you.

Yeah, I agree I was sort of working off the assumption of them asking if you had approval rather than telling them of your own accord.