Saving/Applying for a mortgage 2020-22 Edition

Jasna1982

hey guys,

I got my mortgage saver bonus paid out, minus the DIRT. the bank said as a first time buyer, making use of the HTB scheme, I may be able to get a DIRT refund. Anyone know how this works?

the first time buyer DIRT refund seems to only apply to houses built up to 2017, and while HTB explains it includes DIRT refunds, I've already claimed it as part of the buying process. So I'm not sure if the bank was mistaken, or if I'm reading the information wrong.

L1011

How much was the DIRT? It cant even be in the hundreds surely?

Jasna1982

https://www.boards.ie/discussion/comment/119976118#Comment_119976118

The DIRT was €660

Thistley

https://www.boards.ie/discussion/comment/119956503#Comment_119956503

We went with Finance Ireland. They were sooooo slow and then after the rate increased they went faster. I think it helps if the broker is on their case too.

This is it

We're mortgage approved with PTSB, just wondering are there any banks looking to increase further in the short term? I'm already stressing about finding something, and closing, in the next 6 months and the potential of further interest rate increases.

WhiteWalls

BOI loan offer timeline gone to two months I'm told.

Hopefully no more interest rate rises in the short term

Dante

Whats a reasonable monthly price for mortgage protection? Getting quotes between €16-20, is that a normal range?

blarb

BOI is two months, yikes.

Currently waiting on our loan offer from PTSB - sent in 14 Nov...

Was really hoping to have it by Christmas - might not be realistic if they're any way similar to BOI.

Aisling0987

Do you mean two months to get the loan offer for BOI? Where did you hear that? That is very very slow...

WhiteWalls

https://www.boards.ie/discussion/comment/119995490#Comment_119995490

Yeah I have all of my documents submitted a month for the loan offer and I'm told it will be another month by my mortgage broker. BOI are the lowest in the market atm and are inundated with applications I'm told.

Assume it will take the solicitor another month to sort their side of things then. I've basically accepted that I'll be on a higher rate than agreed

blarb

https://www.boards.ie/discussion/comment/119995124#Comment_119995124

I think so - depends on how much the mortgage is for. Mine works out about €13 per month for the life of the mortgage. My original loan amount was €153,000.

southofthelee

https://www.boards.ie/discussion/comment/119995124#Comment_119995124

It depends on:

~ Your Age

~ Term

~ Principal Sum Insured

howiya

Health comes into it too. The €16-€20 range you're seeing would be a clean bill of health etc. If you'd any issues you might have a loading.

A relative of mine pays about €50 a month due to a health condition.

hardCopy

We're in the middle of building an extension, most of the work is done and we're down to our last drawdown with the bank.

Due to underestimated PC sums for windows and kitchen and couple of things we just missed, we can really only afford a really basic kitchen with the cheapest possible floor covering.

Rather than fitting the kitchen with something we'll want to rip out before long, we're thinking about fitting a decent kitchen and leaving the floor bare for a few months.

Our only worry is that the valuer may not play ball when we have the final valuation done for drawdown.

Does anyone know if there is a minimum spec required for the valuer to sign off? Would we be able to drawdown with concrete floor in the kitchen/living room?

Thanks

Mortgage_2023

Hi all,

I am a 37 year old single male with no dependents living in Dublin.

I have a basic salary of 52,000 and a contractually guaranteed minimum bonus of 5,000 per annum (bonus can be a bit more).

I save 1,500 most months (sometimes less such as December due to Christmas but never less than 1,000) and pay 500 in rent. I currently have 94,000 in savings and no loans or other major expenses.

I hope to apply for a mortgage in January 2023. I am aware that I would be limited in what I can buy to a property of around 300k.

However with interest rate increases and stress testing I am worried that I may not qualify at all? Any advice would be greatly appreciated.

WhiteWalls

Can't see any reason why you wouldn't get one. Some savings.

Unless you have 11 children you're not mentioning?

herbalplants

https://www.boards.ie/discussion/comment/120046700#Comment_120046700

He said he has no dependents.

WhiteWalls

https://www.boards.ie/discussion/comment/120047286#Comment_120047286

Well spotted. You will be the heart amd soul of the party tomorrow night

FedoraTheAura

https://www.boards.ie/discussion/comment/120046666#Comment_120046666

Go to a good broker. You’ll hear people say they’re worth their weight in gold. Mine has been. They will be able to go through your finances, give you an idea of how much they can get you, and hopefully find you some great mortgage offers.

If you got a 4x mortgage your repayments would still be under 1000pm so I can’t imagine it’ll be a problem.

Mazzy Star

What banks fixed rates are the most competitive at the moment would people say?

WhiteWalls

Anyone having contract issue delays with BOI?

Mazzy Star

Hi guys,

The above is a quote I received from my mortgage broker. I am at the end of my tether trying to decide what is the best option for me.

I heard PTSB rates were uncompetitive but based on the above they seem to be very reasonable although I know they and Bank of Ireland are expected to hike them in the coming weeks?

The broker mentioned Haven is the broker channel for AIB? Somebody else had told me AIB don't deal with Brokers so now I am very confused.

Mazzy Star

Anybody?

CIP4

https://www.boards.ie/discussion/comment/120070919#Comment_120070919

So with PTSB the 4 year low rate doesn’t qualify for 2% cash back the others do just bare that in mind. I recently got my mortgage with them and over the 5 years I was better of taking the 5 year fixed rate mortgage with them with the higher interest rate and getting the 2% back but it depends on how much your borrowing and term of the mortgage etc as to which is a better deal.

I can’t really comment on the others I went direct through a PTSB branch as opposed to with a broker and found them good to deal with overall.

its very difficult to know who is giving the best deal because they are all putting up their rates regularly at the minute as you know and the rate you get is the rate that’s on offer the day of drawdown so you are guessing to an extent really.

Mazzy Star

https://www.boards.ie/discussion/comment/120070969#Comment_120070969

May thanks CIP4 it will be over 25 years and I will be borrowing circa 200k.

Creamy Goodness

Not financial advice and I don't know your full financial history but if I was in your position I'd be fixing at the lowest possible rate for peace of mind. As @CIP4 mentioned there's been regular rate hikes recently with the ECB. I think anyone who can tell you with certainty that things will stabilise or go back down is either lying or someone you should ask for tomorrow's EuroMillions numbers from.

If you were planning to overpay, I'd calculate the overpayment and invest it over a 5 year period and once the fix rate is up if you wanted to pay a lump sum off you can do it then.

Having peace of mind knowing that the mortgage won't go up - especially when kitting out the house - is no to be snuffed at.

Mazzy Star

https://www.boards.ie/discussion/comment/120071534#Comment_120071534

Thanks guys.

Yeah my plan is to go for the lowest fixed rate for as long as possible.

Creamy Goodness

Do the sums though on the higher rate with cash back and with the lower rate w/o cashback and see the difference over the fix period. Far more often than not the cash back amount is baked into the higher rate. I guess it comes down to cashflow at the end of the day. Do you need the cash back to help furnish or do you want to save over a longer term.

Mazzy Star

https://www.boards.ie/discussion/comment/120071707#Comment_120071707

Thanks very much Creamy Goodness I will ask the Mortgage Broker for a breakdown.

Yeah all of savings will be liquidated between the purchase, stamp duty conveyancing etc etc.

I will be getting my annual performance bonus in February which is 10% of my salary but all of that will go towards the purchase. You can take up to Euro 1,000 in a One4All voucher tax free, I will keep this for furnishing but I guess I wont get much more than a sofa and an couple of arm chairs with it so some cash back would defiantly be handy.

OEP

https://www.boards.ie/discussion/comment/120070027#Comment_120070027

Is this with Irish Mortgage Corporation? I'm having a nightmare with them at the moment and if your application is straightforward I would advise going direct with the banks as it will be much quicker.