Property Market 2018

bri007

Where did you hear that about KBC and ulster bank only giving out mortgages?

My friend got one recently with PTSB?

TSQ wrote: »

I have heard that only KBC and Ulsterbank are still giving out mortgages at the moment.. Do you think there will be a resumption of lending (and perhaps price increases) in early 2019, when the banks can resume issuing (some) mortgages in excess of the CBI limits on loan to value and loan to income?

Bob24

bri007 wrote: »

Where did you hear that about KBC and ulster bank only giving out mortgages?

My friend got one recently with PTSB?

Yes, of course all banks grant mortgages at any time of the year. I guess the OP meant mortgages which don’t meet LTV/LTI requirements.

the butcher

KevinCavan wrote: »

If you were one of the first with your snout in the trough in Jan/February 2019 you would have a good chance of the bigger mortgage allowance..

I'd rather say you have a good chance of taking on more debt.

Saints#33

the butcher wrote: »

I'd rather say you have a good chance of taking on more debt.

Very negative way of looking at it.

If they are renting for example and paying 2K per month, if they can get an extra 500 per month and stay under 2k then they are more than capable of taking the extra money.

In my own case I've a second business less than 3 years old, so banks won't factor it's revenue towards my amount. I pull in 5K per month but bank will only loan 1K per month. Rent was 1.7K before we moved out. So many, many people can use the exemptions without loading themselves with debt.

Interested Observer

Banks generally don't account for overtime when calculating the amount you can borrow right?

Creamy Goodness

Interested Observer wrote: »

Banks generally don't account for overtime when calculating the amount you can borrow right?

Unless it's guaranteed overtime, no. Even then they may only take a portion of it.

Interested Observer

Creamy Goodness wrote: »

Unless it's guaranteed overtime, no. Even then they may only take a portion of it.

Frustrating. My wife makes over a third of her total salary in overtime. In reality it is guaranteed but it's not 'guaranteed'.

sightband

am on contract outside of my regular day job....i took in €16k last year and had my tax declaration on that income to produce, pay slips, countersigned contracts. furthermore, this work is on rolling contracts with an established reputable state supported institution and they supplied me with a letter confirming as much and also stating I am a regular contract employee where they will keep offering rolling contracts. this income was for 3 consecutive years as per requirements of self employed workers applying for a mortgage. not a cent of it was accounted for in mortgage offer by all the banks.

The_Conductor

sightband wrote: »

am on contract outside of my regular day job....i took in €16k last year and had my tax declaration on that income to produce, pay slips, countersigned contracts. furthermore, this work is on rolling contracts with an established reputable state supported institution and they supplied me with a letter confirming as much and also stating I am a regular contract employee where they will keep offering rolling contracts. this income was for 3 consecutive years as per requirements of self employed workers applying for a mortgage. not a cent of it was accounted for in mortgage offer by all the banks.

There is a specific instruction from Finance that the very scenario you've outlined is not allowable and should cease at as early an opportunity as possible- cognisant of the fixed term working act. The State supported institution you're referring to- will have their knuckles severely rapped and risk public funding- if rolling contracts such as yours are found to be the case.

sightband

Probably off topic....but I'm not sure I follow...I have contracts to fulfil certain definite days of work...usually 2 weekends a month and then certain hours during the week. I can stop accepting contracts at any stage and they can stop offering them. There is no commitment by either party, in fact I turn down offers more often than not. Contract work such as this is not permissible?

Naos

How do banks account for the bonus portion of your income when it come to mortgage applications?

Eg. Sales job where say base is 30k and bonus is 15k.

Samuel T. Cogley

Naos wrote: »

How do banks account for the bonus portion of your income when it come to mortgage applications?

Eg. Sales job where say base is 30k and bonus is 15k.

They may take some or none of it into account.

vivase

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

The_Conductor

Naos wrote: »

How do banks account for the bonus portion of your income when it come to mortgage applications?

Eg. Sales job where say base is 30k and bonus is 15k.

Bonuses or any income that is not guaranteed- is, in general, not considered for the purpose of calculating mortgage offers. On the brightside- it does mean your mortgage repayments will be considerably easier than they might otherwise be- however, it doesn't help your income multiple at the outset.

zl1whqvjs75cdy

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

Think you need 3 years of verified accounts first.

sightband

Naos wrote: »

How do banks account for the bonus portion of your income when it come to mortgage applications?

Eg. Sales job where say base is 30k and bonus is 15k.

I’m guessing your salary certificate would have to state both base and a guaranteed bonus of at least 15k....otherwise, in my experience the 15k will not be accounted for.

Shedite27

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

You need to prove a consistent record of employment, with no large gaps. Most banks understand the nature of the job these days, but if you're taking 4/5 months to get rehired each time between contract then that's a big black mark

Samuel T. Cogley

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

Some will, some won't. Some will consider some types of contractors and not others. Try KBC.

sightband

Samuel T. Cogley wrote: »

Some will, some won't. Some will consider some types of contractors and not others. Try KBC.

Isn’t Pepper the best one to go to for self employed

vivase

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

There are generally two type of contractor, contractor who are doing it as a means to an end who want permanent jobs and actual thoroughbred contractors.

The later can sell their livelyhood as being self employed consultants, the former more often than not would refuse their own mortgage applications :pac:

Bigmac1euro

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

I am also an IT contractor. Many of my colleagues who are also contractors got mortgages last year and this year. Should be no problem. Helps to be on the same contract for longer periods I think. Once there’s no breaks in employment from the last few years you shouldn’t have any problem.

Marius34

vivase wrote: »

What about IT contract jobs? You can take home the equivalent of 80/90k with a contract job compared with the 50k/60k you usually get as permanent. And if you have good programming skills you can easily find the next contract before the notice from the previous expired. Do they give mortgages to contractors?

Yes they give, but you should pay your salary in Ireland for over 2 years without longer breaks. But secondly, your figures is not usual, that's ~87K gross for Perm, ~150K gross for Contract. Possible, but not Usual.

vivase

Marius34 wrote: »

Yes they give, but you should pay your salary in Ireland for over 2 years without longer breaks. But secondly, your figures is not usual, that's ~87K gross for Perm, ~150K gross for Contract. Possible, but not Usual.

My figures are ~50/60k gross and ~80/90k gross. And just based on my personal experience, could be unusual.

vivase

vivase wrote: »

My figures are ~50/60k gross and ~80/90k gross. And just based on my personal experience, could be unusual.

To be fair you said "take home", to many that suggests net wages after tax etc etc.
I'd have thought an IT contractor in Dublin would gross more than €90k, taking 4 weeks off and all the public holidays that's €1956/week or €49/hour ish for 40 hour weeks.

vivase

Augeo wrote: »

To be fair you said "take home", to many that suggests net wages after tax etc etc.
I'd have thought an IT contractor in Dublin would gross more than €90k, taking 4 weeks off and all the public holidays that's €1956/week or €49/hour ish for 40 hour weeks.

You're right, my bad.

Zenify

A lot of housing markets in big cities around the world are slowing and some are declining. Does anyone think this could have a knock on effect in Ireland?

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Zenify wrote: »

A lot of housing markets in big cities around the world are slowing and some are declining. Does anyone think this could have a knock on effect in Ireland?

Over the 500k mark maybe, below that not a chance.

Gentleman Off The Pitch

This is the genuine question, I'll preface it by stating my knowledge of economics etc, needs much improving but anyway... when the economy crashed circa 2008 and so many found themselves in deep negative equity, and many landlords found themselves both in deep negative equity and receiving extremely low rents, the general response from the masses to anyone one from those two groups of people that expressed concern or complained, particularly landlords, was to suck it up, that they'd have to deal with what the market throws at them.

Fast forward to today and things have changed and now circumstances have determined that rents are at record high levels for the moment, to the masses this seems to a completely unacceptable situation. What is the difference between the two situations, why is one 'acceptable' and the other not? Does it come down to peoples different opinions about whether or not the availability of housing should be exposed to market conditions in this way?

I suspect I am guilty of letting my own circumstances colour my views, so it would be helpful to have this explained to me in layman's terms

alwald

Eleanor Howling Anorexic wrote:

Over the 500k mark maybe, below that not a chance.

Do you have figures or data to support your statement?
Because I can say that over 280k maybe, below that no chance.

draiochtanois

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