Saving/Applying for a mortgage 2020-22 Edition

Jasna1982

Meandyou999 wrote: »

According to the official Central Bank of Ireland definition, a first-time buyer (FTB) is an individual who has never before, either by themselves or with others, purchased a house, apartment, or a site to build a home, in Ireland or abroad. When it comes to applying this definition to the sale and purchase of mortgages, a FTB is, “a borrower to whom no housing loan has ever before been advanced”.
My parents sold there house and bought a house and put it in my name.
As im my case i have never been advanced a loan to purchase a house. When it comes to applying this definition to the sale and purchase of mortgages, a FTB is, “a borrower to whom no housing loan has ever before been advanced”.
Am i still a first to buyer when appling for a mortage. 10% deposit rather than 20% deposit.

Why don’t you just call one bank at and ask? It seems no one here has been able to answer the question

Meandyou999

Jasna1982 wrote: »

Why don’t you just call one bank at and ask? It seems no one here has been able to answer the question

Me being silly asking a question on a forum where people ask questions. What was i thinking🙄

CarMc

Meandyou999 wrote: »

Cheers.
Thanks for the reply in the property section on the house insurance. Ok if i continue that here.
Why do i need it when taking out the mortage if its not there to pay off the mortgage and shouldn't the cover amount cover the mortgage amount.

Buildings insurance is in place to replace the building if it burns down etc. It only covers the rebuilding cost as the land is still there etc.

You also need to take out mortgage protection / life insurance to cover the full mortgage value in the case of your death (or serious illness if you opt for that as an extra).

The bank will want both of these in place before drawdown to protect themselves.

Jasna1982

Meandyou999 wrote: »

Me being silly asking a question on a forum where people ask questions. What was i thinking🙄

I wasn’t trying to be mean.
Just saying you’ve asked the same question in multiple threads and no one seems to have a straight answer. If you call just one bank for advice would save you a lot of time

mimimcmc

Meandyou999 wrote: »

Me being silly asking a question on a forum where people ask questions. What was i thinking��

no need to get narky.. it's a complicated question and nobody here is an expert in that field.
Call a bank.

Gael23

I’m currently paying €800 a month in rent which I can afford ok. Would the bank take rent payments as an indicator of affordability of a mortgage or am I better to move home and save that money?

Pete123456

Gael23 wrote: »

I’m currently paying €800 a month in rent which I can afford ok. Would the bank take rent payments as an indicator of affordability of a mortgage or am I better to move home and save that money?

they will consider the rent as part of the affordability, assuming its visible on a bank account going out regularly etc.

Billythekid19

dev_ire wrote: »

Anyone have any knowledge of when bank of ireland announced last time the extension of the cashback offer and/or if they are likely to extend it this time? I am sale agreed but looking tight to drawdown before it runs out and bank is saying it is not extended so far.

I hounded them for a few months last year asking the same question.
They usually announce and extension around a month before the next one is up.
There is a lot of competition, you only have to see the amount of tv ads daily with the likes of EBS also offering 3% so expect BOI to announce an extension in early December.

dev_ire

Billythekid19 wrote: »

I hounded them for a few months last year asking the same question.
They usually announce and extension around a month before the next one is up.
There is a lot of competition, you only have to see the amount of tv ads daily with the likes of EBS also offering 3% so expect BOI to announce an extension in early December.

Hopefully, cheers. I think they have to extend it as it is their only competitive advantage as they are one of the higher fixed rates but the cashback helps if fixing for short term.

Shoden

Anyone know how long it takes for ICS to go from AIP to letter of offer?

I've been sale agreed for a few weeks now but couldn't move forward to offer stage with ICS because of reasons outside my control (a grant had to be confirmed with council) until a few days ago. Now the vendor wants contract signed in next two weeks.

It should be straightforward, very little has changed since I got my AIP. Just nervous about timelines. Thanks.

Milena009

Hi all,
Quick question
Where does everyone look for new build developments?
Especially upcoming phases for these
Other than daft / myhome.
We gonna be looking to buy mid next year, commuting distance to dublin when all comes back to "normal"

Brandon75

Hi first time buyer. Myself and parnter have been left just over 20 acres In kildare.
We plan to build our house on it

My parents will be giving me 30k and my partner will be getting help aswell which would give us plenty for 10% deposit.

is it possible to still get a mortgage if on second or 3rd year of apprenticeship?

IvoryTower

Brandon75 wrote: »

Hi first time buyer. Myself and parnter have been left just over 20 acres In kildare.
We plan to build our house on it

My parents will be giving me 30k and my partner will be getting help aswell which would give us plenty for 10% deposit.

is it possible to still get a mortgage if on second or 3rd year of apprenticeship?

you still have to show ability to save/pay mortgage. 6 months saving that will be enough to cover mortgage. proof of income & not on covid payment. Apprenticeship is fine as long as you can pay the mortgage between you.

klose

Is land not taken as deposit when building?

Brandon75

IvoryTower wrote: »

you still have to show ability to save/pay mortgage. 6 months saving that will be enough to cover mortgage. proof of income & not on covid payment. Apprenticeship is fine as long as you can pay the mortgage between you.

That's great thanks. We will probably be paying 1200 a month back for mortgage between the two of us so will be easy to pay compared to paying rent .

ELM327

klose wrote: »

Is land not taken as deposit when building?

It is once you own it outright

Kevhog1988

Brandon75 wrote: »

That's great thanks. We will probably be paying 1200 a month back for mortgage between the two of us so will be easy to pay compared to paying rent .

You could also have a bit of an income off the 20 acres also if you lease out the remainder or sell hay etc off it.

Highroad12

Hi, is anyone applying to PTSB through a broker? If so how long is it to get approval? Not sure if the broker is giving me the run around

lcarrol3

Just been informed by an advisor in PTSB they are now offering exemptions to second time buyers. Thought this would be of interest to some here.

cant26

Highroad12 wrote: »

Hi, is anyone applying to PTSB through a broker? If so how long is it to get approval? Not sure if the broker is giving me the run around

Hi we’ve just completed the process with PTSB through a broker. From when he submitted our application to when we got underwritten AIP was four working days. PTSB seem to be one of the fastest.

itsusuallyjazz

Highroad12 wrote: »

Hi, is anyone applying to PTSB through a broker? If so how long is it to get approval? Not sure if the broker is giving me the run around

I applied through a broker nearly 3 weeks ago and no response yet

TM2015

Markitron wrote: »

Apparently (according to this thread) AIB are too.

Yes, they are. We are a combined income of 140k, rent 1550, save anywhere between 2000 to 3000 a month, one is a public servant, the other one a professional, 1 child in school. The "exemption" AIB gave was 5k above the 3.5 LTI. I didn't know whether to laugh or cry.

Sneak

Pretty silly question just hoping I'm not missing something. My partner and I are looking at a house for 380k. We've been approved a 300k mortgage and we've 50k savings. We've been approved the full amount on the help to buy scheme which in my head adds up to 380k. Just wondering am I missing something?

Local_Chap

Sneak wrote: »

Pretty silly question just hoping I'm not missing something. My partner and I are looking at a house for 380k. We've been approved a 300k mortgage and we've 50k savings. We've been approved the full amount on the help to buy scheme which in my head adds up to 380k. Just wondering am I missing something?

As long as it's a new build that's fine. If it's a second hand home then the help to buy scheme won't cover it

DubLad69

Does anyone know how long it is taking AIB to assess applications right now?

Lux23

It took them a few weeks with me, they kept asking for proof our earnings weren't affected by COVID etc.

Highroad12

cant26 wrote: »

Hi we’ve just completed the process with PTSB through a broker. From when he submitted our application to when we got underwritten AIP was four working days. PTSB seem to be one of the fastest.

What?! Me broker told me they are running a week behind!!

Interested Observer

Question, my parents are currently thinking of downsizing, they have no mortgage and the house being sold would be a lot more valuable (at least 100k) than the house being bought. The thing is, they wouldn't have a huge amount of cash so would probably struggle to pay an initial deposit to the estate agent on the house they're looking to buy. Is there any suggestion on what to do here? Options would be get a short term loan, or myself + siblings scrape the money together and lend it, and get it back when the house sells, but none of us are exactly loaded either.

HopsAndJumps

Sneak wrote: »

Pretty silly question just hoping I'm not missing something. My partner and I are looking at a house for 380k. We've been approved a 300k mortgage and we've 50k savings. We've been approved the full amount on the help to buy scheme which in my head adds up to 380k. Just wondering am I missing something?

You need 1% for stamp duty and money for legal fees etc. Maybe another 6k total?

MickyPearse

First time buyer. Taking out a 150K Mortgage to buy a house for 280k. I am paying 130k myself.

BOI are offering me 2.9% fixed rate. I feel like I can do much better giving how much I am paying myself. Any advice would be greatly appreciated.