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

purpleisafruit wrote: »

Stress test might cause you an issue. Banks reckon on 2000pm + 250 pm per child. This leaves you with very little wiggle room on the stress test.
The fact your seeking an exemption from the 3.5x rule too might make it very difficult

Ok fair point. So what would be the stress test interest rate? I've seen between 6-8% but tbh there's a big difference in two percent points. Does Ireland still do 35 year mortgages? All the calculators seem to be basing it on 30 year max. Based on age maybe?

big syke wrote: »

All banks stress to different rates.

Yes but also based on age up to 65 as far as I know. So if you are 35 max is 30 year mortgage.

Thanks. I've always banked with BOI but there's been no activity in either of our accounts for 4+ years. Is it more straightforward to get a mortgage with your own bank? What banks are showing the most leniency toward the stress test? Eg. BOI 8% stress test, Ulster 6%....

R11 wrote: »

Anyone have any experience of getting mortgage to 68 or even 70? Do any banks do this?

They used to, I think my last one was only to 65 though. I plan to be working well past 70.

pilly wrote: »

Yes but do you want a mortgage around your neck if your in ill health?

Not ideal,but getting a mortgage until 68 or 70 will be the only way I can afford one currently.

relax carry on wrote: »

Got one from Ulster Bank in December which runs until I'm 69. Just had to get a letter from my employer stating that's when my pension would start. Am public sector though.

Good to hear,am public sector also. Can I ask what rate did you get from them?

relax carry on wrote: »

Fixed for 7 years at 3.99℅. Only way we could borrow what we needed.

Interesting. We're going in to our broker tomorrow with all our documents so hopefully we'll know in 2 weeks. Did Ulster Bank pay €1500 towards solicitor fee's?

R11 wrote: »

Interesting. We're going in to our broker tomorrow with all our documents so hopefully we'll know in 2 weeks. Did Ulster Bank pay €1500 towards solicitor fee's?

Yeah. Came in within 3 weeks of draw down.

relax carry on wrote: »

Yeah. Came in within 3 weeks of draw down.

Good to hear. AIB and KBC seem to offer best rates, did they offer you a mortgage?

R11 wrote: »

Good to hear. AIB and KBC seem to offer best rates, did they offer you a mortgage?

Went through a broker and it was UB and PTSB that offered. Nothing from AIB or KBC.

morrga wrote: »

Don't ever ask to see your interest bill versus a 25 year mortgage. Shocking the difference.

You can overpay so it hardly matters. Banks will put your mortgage over ridiculously long terms so as to meet their stringent stress-testing. We've calculated that we'd easily be able to overpay our mortgage by 800 per month which will reduce our interest by over 100k and the term by 15yrs.

pilly wrote: »

I wouldn't say "most" people do that, no. A lucky few maybe.

Most people I've recently talked to about mortgages have told me they overpay every month. We're planning on overpaying too. Most people on this thread agree that the banks are so stringent about their rules that they massively underestimate a person's ability to pay a mortgage at current rates. So most people who are mortgage approved right now can afford to overpay.

Starting our saving for a house soon - has anyone got any recommendations for a good bank for a savers account? Not thinking mortgage yet as we want to save for at least 2 years, but might be beneficial to save with a bank who also offers good mortgage rates and such?

Be saving a minimum of 24,000 in the 2 years (what we currently pay in rent X2) but hoping much more.

Is it true you can only get 3 times your salary? Seems very unfair if I'm paying it off for 35 years .... surely my salary will be higher in 10 years time :pac:

Yep 3.5 times your salary unless you are given an exemption but I think they are for the very safe applicants (high earners, no dependants, huge deposit).
Unfortunately they can't judge on potential earnings, only what you actually have, if it was on potential earnings (I'm due increments each year) I'd be living in a lovely house right now it's a pain! But the longer you wait for your salary to increase, the more you will be saving towards your deposit. Best of luck!