Saving/Applying for a mortgage 2020-22 Edition

Markitron

Deleted User wrote: »

I think it's five years.

Makes sense

Creamy Goodness

Markitron wrote: »

Makes sense

You can sell before the 5 years and they can claw back the HTB.

e.g. you sell after 2.5 years, they'll ask for 50% of your HTB amount.

I know circumstances change but imagine all the work you've done buying/moving only to jump into it again after 5 years~. I'm exhausted even thinking about it!

Markitron

Creamy Goodness wrote: »

You can sell before the 5 years and they can claw back the HTB.

e.g. you sell after 2.5 years, they'll ask for 50% of your HTB amount.

I know circumstances change but imagine all the work you've done buying/moving only to jump into it again after 5 years~. I'm exhausted even thinking about it!

Yea, its a process that tends to dominate every aspect of your life while you are in it. Once I am done I am saying never again.

GirlatdRockShow

Downloaded wrote: »

We have been approved for a mortgage with UB and have paid our 10% deposit to the developer already, however the house is still under construction and is now delayed due to the Level 5 restrictions :rolleyes: so we have yet to 'draw down' any funds.

Does this mean that we will now need to reapply to another lender for a new mortgage or would the approved mortgage with UB be already considered 'on their loan book', despite not drawing down any funds?

We are in the exact same same position.
Going by their faq up on their page we should be OK, however I'm not sure how much I trust that. They only launched their green mortgages rate recently with a lot of fanfare, so why would they do that if they knew they were winding down, just seems like its all a bit smoke and mirrors.

Creamy Goodness

Markitron wrote: »

Yea, its a process that tends to dominate every aspect of your life while you are in it. Once I am done I am saying never again.

You say that, look at me. I bought October 2018 and I'm still in this thread, it's like my form of rehab :pac:.

It's nice not to worry about the whole process and help out others that are going through it now.

Needed some extra documentation for banks. So hopefully at end of that for now. Housing market seems to be dead in Cork so really don't mind how long it takes to get approval.

wally79

Creamy Goodness wrote: »

You say that, look at me. I bought October 2018 and I'm still in this thread, it's like my form of rehab :pac:.

It's nice not to worry about the whole process and help out others that are going through it now.

Snap

ms vieria

When you have AIP do you need to keep saving the same as before that each month? Do they check when you go to drawdown that you saved the same each month again?

ms vieria

ms vieria wrote: »

When you have AIP do you need to keep saving the same as before that each month? Do they check when you go to drawdown that you saved the same each month again?

From what I gather you get asked for up to date statements etc around drawdown.

brianc27

ms vieria wrote: »

When you have AIP do you need to keep saving the same as before that each month? Do they check when you go to drawdown that you saved the same each month again?

Probably wise to keep your spending/savings as it was when you were looking to get AIP, incase you need to reapply if the AIP runs out

GingerLily

brianc27 wrote: »

Probably wise to keep your spending/savings as it was when you were looking to get AIP, incase you need to reapply if the AIP runs out

This and don't start buying anything on credit until you drawdown. I've heard of full approval being revoked because people purchased sofas on finance.
You have to keep up the good behaviour until you drawdown you never know

usernamegoes

Jumping on-board this thread now as I have found myself in a position with mortgage approval albeit with the help to buy scheme. I'm continuing to save a few grand a month in case I don't get anything by the end of the year.

But, my main issue is I have no idea how to buy a house and covid seems to be making it harder. Obviously it needs to be a new build so I check out daft within my budget and lots of them seem to be sold and advertising for another phase to be built sometime in the future and those seem to have waiting lists.

Then there's a load with "Price on Application" some are obviously outside by budget but other could be inside. Why do they expect me to reach out to them for them to tell me if it's in budget or not? Also, unless I hadn't accidently left the budget filter off daft I wouldn't have known about them. So now I know this, I have to leave the filter off and wade through loads of houses I can't afford to find "Price on Application" ones that I might be able to afford if I email the estate agent and ask how much their 3 beds type X Y and Z are and 4 bed type A B C.

GingerLily

usernamegoes wrote: »

Jumping on-board this thread now as I have found myself in a position with mortgage approval albeit with the help to buy scheme. I'm continuing to save a few grand a month in case I don't get anything by the end of the year.

But, my main issue is I have no idea how to buy a house and covid seems to be making it harder. Obviously it needs to be a new build so I check out daft within my budget and lots of them seem to be sold and advertising for another phase to be built sometime in the future and those seem to have waiting lists.

Then there's a load with "Price on Application" some are obviously outside by budget but other could be inside. Why do they expect me to reach out to them for them to tell me if it's in budget or not? Also, unless I hadn't accidently left the budget filter off daft I wouldn't have known about them. So now I know this, I have to leave the filter off and wade through loads of houses I can't afford to find "Price on Application" ones that I might be able to afford if I email the estate agent and ask how much their 3 beds type X Y and Z are and 4 bed type A B C.

If your looking for help to buy I'd ask what houses they that are eligible for HTB in the development.

Id imagine not many if the developers are putting up POA.

The property price register can give you a guide to the rough price rang other houses in an estate have already sold for

DubLad69

We've went sale agreed on a new build that will be ready in a years time. We are waiting on the full loan offer. Once we get that is it okay to make a withdrawal from our savings? Our house won't be ready for about a 9 months to a year.

With our savings and mortgage amount we have about 40k to spare. We were hoping to withdraw about 10k to use on various things. We will still be keeping our savings each month the same.

usernamegoes

GingerLily wrote: »

If your looking for help to buy I'd ask what houses they that are eligible for HTB in the development.

Id imagine not many if the developers are putting up POA.

The property price register can give you a guide to the rough price rang other houses in an estate have already sold for

That's a fair comment, I have had most back that are 500k or under which is within HTB range. Now that's likely because I am not asking for ones that are clearly >500k.

newhouse87

Snipp wrote: »

Is this a joke? If not, you're an absolute parasite on society.
This is what is wrong with this country.

So i shouldn't avail of this because im a good saver?, i pay extremely high taxes, its nice to see that works in my favour for a change. Bit ironic calling me a parasite on society when i pay enough in taxes per year to keep a few people on the dole, i think you should look up the meaning of the word parasite.

Snipp

newhouse87 wrote: »

So i shouldn't avail of this because im a good saver?, i pay extremely high taxes, its nice to see that works in my favour for a change. Bit ironic calling me a parasite on society when i pay enough in taxes per year to keep a few people on the dole, i think you should look up the meaning of the word parasite.

Morally, I just have a different perspective. Its your attitude that indirectly affects funding for our health system for example. I would just have too much pride to avail of a dig out from the state when I didn't require it.

newhouse87

Snipp wrote: »

Morally, I just have a different perspective. Its your attitude that indirectly affects funding for our health system for example. I would just have too much pride to avail of a dig out from the state when I didn't require it.

Well im gone to the stage, **** it, i see self employed people getting cash for jobs and availing of everything along with farmers and the lifelong benefits crowd so i said why not avail of the one opportunity from my high taxes, and btw i worked hard and saved hard and as i said im not rich by any means, i just saved well the last 10years, most of my cash will be gone on this house.

Snipp

DubLad69 wrote: »

We've went sale agreed on a new build that will be ready in a years time. We are waiting on the full loan offer. Once we get that is it okay to make a withdrawal from our savings? Our house won't be ready for about a 9 months to a year.

With our savings and mortgage amount we have about 40k to spare. We were hoping to withdraw about 10k to use on various things. We will still be keeping our savings each month the same.

I actually checked this last week with boi. The withdrawal has to be for the purpose of the mortgage. The initial deposit, solicitor fee, valuation etc. Otherwise, it will be seen as a break in savings which is just not worth risking. Hope this helps!

Snipp

newhouse87 wrote: »

Well im gone to the stage, **** it, i see self employed people getting cash for jobs and availing of everything along with farmers and the lifelong benefits crowd so i said why not avail of the one opportunity from my high taxes, and btw i worked hard and saved hard and as i said im not rich by any means, i just saved well the last 10years, most of my cash will be gone on this house.

Fair enough if you can justify it in your own mind. It's just not something I would do. Best of luck

newhouse87

Snipp wrote: »

Fair enough if you can justify it in your own mind. It's just not something I would do. Best of luck

Oh its well justified believe me.

Hanaolosdad

Hi Folks


myself and my wife have recently been granted planning permission for a site and are hoping to apply for a mortgage

We are both 39...my life is a civil servant and I work in pharma

We have just under 90,000 in savings and we expect to be gifted 40,000.


The house is 208 square metres and we anticipate a build cost of about 275,000 ( currently being priced)

my wife also has a house in in her name - it's been signed over by her parents but they have a life interest in it


What we are worried about is an issue we had with KBC credit card in 2018/ 2019

We moved in 2018 and i updated my address with the app and had not been getting my KBC statements as they had an incorrect address for me..they were sending my post to another village( where I have never lived ) and after 3 month I realized this ( missing July August and September) I immediately started paying off the credit card balance not realizing it was revoked as KBC despite being made aware of my incorrect address and assuring me it was changed ( which they hadn't)

I made my first complaint to KBC in writing in March 2019 and they wrote to me saying the card had been cancelled as of April 2019

In June 2019 I found out the account was still open and I called to the KBC branch in Limerick who assured me it was closed .

Fast forward to September 2019 and finding out it was still open - eventually a prolonged phone call made sure it was cancelled

I have written to KBC requesting them to update my record on the central credit register ...I have also received all documents KBC hold on me showing my requests to cancel the credit card and I have also submitted a amendment request to the central credit register

Will all this stand against us applying for a mortgage?

Renjit

Hanaolosdad wrote: »

Hi Folks


myself and my wife have recently been granted planning permission for a site and are hoping to apply for a mortgage

We are both 39...my life is a civil servant and I work in pharma

We have just under 90,000 in savings and we expect to be gifted 40,000.


The house is 208 square metres and we anticipate a build cost of about 275,000 ( currently being priced)

my wife also has a house in in her name - it's been signed over by her parents but they have a life interest in it


What we are worried about is an issue we had with KBC credit card in 2018/ 2019

We moved in 2018 and i updated my address with the app and had not been getting my KBC statements as they had an incorrect address for me..they were sending my post to another village( where I have never lived ) and after 3 month I realized this ( missing July August and September) I immediately started paying off the credit card balance not realizing it was revoked as KBC despite being made aware of my incorrect address and assuring me it was changed ( which they hadn't)

I made my first complaint to KBC in writing in March 2019 and they wrote to me saying the card had been cancelled as of April 2019

In June 2019 I found out the account was still open and I called to the KBC branch in Limerick who assured me it was closed .

Fast forward to September 2019 and finding out it was still open - eventually a prolonged phone call made sure it was cancelled

I have written to KBC requesting them to update my record on the central credit register ...I have also received all documents KBC hold on me showing my requests to cancel the credit card and I have also submitted a amendment request to the central credit register

Will all this stand against us applying for a mortgage?

Include that documentation as part of application for mortgage. Specifically tell your bank representatives and underwriters. They may ask you for a letter from the bank confirming the same or something.

omicron

Hanaolosdad wrote: »

The house is 208 square metres and we anticipate a build cost of about 275,000 ( currently being priced)

my wife also has a house in in her name - it's been signed over by her parents but they have a life interest in it

Going by friends quotes on builds recently in a rural area you wont get a quote for less than 300 and probably more for the build even if it's fairly straightforward.

Also your wife having a house in her name will make you ineligible for the self build Help to buy I think?

Creamy Goodness

omicron wrote: »

Also your wife having a house in her name will make you ineligible for the self build Help to buy I think?

You’re not legally obliged to put the wife on the mortgage. Yes the bank may insist (as it’s pretty **** situation if there’s a split) but you can walk out to another bank. But this assumes you don’t need their salary taken into account for the mortgage amount.

Also first time buyer status means you’ve owned a property with a mortgage attached to it if you’ve been gifted or inherited a property this does affect your eligibility

Green Mile

Is there anyway to get an Avant Mortgage without a broker? I really don’t want to engage with a broker.

bilbot79

DubLad69 wrote: »

We've went sale agreed on a new build that will be ready in a years time. We are waiting on the full loan offer. Once we get that is it okay to make a withdrawal from our savings? Our house won't be ready for about a 9 months to a year.

With our savings and mortgage amount we have about 40k to spare. We were hoping to withdraw about 10k to use on various things. We will still be keeping our savings each month the same.

A year? That's a long lead time. Where did you buy if you don't mind me asking?

dubal

Green Mile wrote: »

Is there anyway to get an Avant Mortgage without a broker? I really don’t want to engage with a broker.

No

Hanaolosdad

Ya you are right about the HTB- we are going direct labour in the building so hope to make a few savings there- so we are hoping 275k but could be closer to 300k

TheMilkyPirate

Will the banks know if I have a prepaid credit card such as a Swirl card or 3v card?

My partner seems to think they will know I have it because I used my passport to increase the limit on it. So because I used ID they will know.

I was going to use it to throw a tenner in paddy power at the weekend and over Cheltenham but won't bother if it's traceable. I'll only top the card up in a shop with cash