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

Frank Castle · 15-02-2019 9:47am

Charlie wrote: »

Do the bank automatically look for new payslips/statements at drawdown or is that time dependent? Our loan offer issued just this week and the provisional closing date is March 30th, so it would seem a little unnecessary to submit this paperwork again.

It is very unlikely that they will ask for any paper work again. Usually they would only ask if your loan offer has expired. Just bear in mind that there is a possibility for this to happen (and even then it is at the banks discretion whether to ask for more paperwork again).

D3V!L · 15-02-2019 10:22am

After a year of scrimping and saving we went sale agreed yesterday on a very nice house in North Dublin. It looks like its moving fast as well so we'll be in soon.

Goose76 · 15-02-2019 12:46pm

Was supposed to close earlier this week - probably will be next week now. Losing my mind, the wait is terrible!!

Sellers should be returning contracts soon but can’t help but worry. EA and solicitor silent this week.

averagejoe123 · 15-02-2019 1:37pm

Ghetofarmulous wrote: »

Hi all,

I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

These should be the most recent interest rates on the market as of this week.

The first table is interest rates per fixed term
The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

Fair play on doing up the table. What term are you looking at for these calculations?

Prospector1989 · 15-02-2019 2:31pm

Got word today that we've been approved for an exemption with PTSB on the condition I can provide a payslip following a recent promotion. This exemption will give us what we need to buy out the rest of the family for the house we're currently living in.

They're looking to send a surveyor out next week.

We've been dealing with our broker for 6 months and it felt like a never ending process. Was pushing for a promotion, got it last week with a bit of a bump in salary.

I know we still have a bit of a way to go and anything can happen but hopefully there is light at the end of the tunnel.

whatever76 · 15-02-2019 6:53pm

just fyi - going through mortgage approval with banks at minute and BOI are now doing 2.9% for 1/2 year fixed rate for FTB ..

hanaimai · 15-02-2019 8:17pm

whatever76 wrote: »

just fyi - going through mortgage approval with banks at minute and BOI are now doing 2.9% for 1/2 year fixed rate for FTB .. 3/5/10 remains 3% ( includes the Cash back promo as well )

The 5 year rate is actually gone up to 3.2% and the 10 year is now 3.7% https://personalbanking.bankofireland.com/borrow/mortgages/rate-table/

whatever76 · 15-02-2019 8:21pm

oh my bad sorry - thanks for that just surprised when I heard 2.9 and missed the rest !

question What the thinking behind 1/2 year low and then increasing the 5 -10 year rate ? Just don't get logic ( clueless !) would have thought they want to lock people in longer with a more attractive rate ?

wally79 · 15-02-2019 9:14pm

whatever76 wrote: »

oh my bad sorry - thanks for that just surprised when I heard 2.9 and missed the rest !

question What the thinking behind 1/2 year low and then increasing the 5 -10 year rate ? Just don't get logic ( clueless !) would have thought they want to lock people in longer with a more attractive rate ?

The lower variable can go up

With the long term fixed you are paying more for security of rate

hanaimai · 15-02-2019 9:40pm

The longer a rate is fixed the more difficult it is for banks to fund the rate. With variable rates the banks can adjust as needed i.e. they can raise if they need more funds. If you fix for 10 years the bank obviously can't change your rate for that 10 years so if margins are tight after 5 years, they can't raise the rate to generate more funds. With a lower fixed rate there's less risk involved, hence rates are usually lower.

I'm no expert on bank funding though so if anyone can explain better feel free!!

Essien · 16-02-2019 6:03pm

Looked at a house during the week and we're considering making an offer.

The house has been on the market since June, with an asking price ~335k. EA says the owners refused an offer of 305k in December.

I'm not a big believer in the idea of made up bids, but would people tend to take this at face value and simply not bother offering any less than 305k?

One thing we do have in our favour is that we're not depending on selling an existing property first, so we could buy immediately, which may be worth something (hopefully).

Sunrise_Sunset · 16-02-2019 6:48pm

Essien wrote: »

I'm not a big believer in the idea of made up bids, but would people tend to take this at face value and simply not bother offering any less than 305k?

I've heard of EA's not even notifying the seller of some offers, if they are below a price that they would consider.

Flyingfast · 16-02-2019 8:27pm

Essien wrote: »

Looked at a house during the week and we're considering making an offer.

The house has been on the market since June, with an asking price ~335k. EA says the owners refused an offer of 305k in December.

I'm not a big believer in the idea of made up bids, but would people tend to take this at face value and simply not bother offering any less than 305k?

One thing we do have in our favour is that we're not depending on selling an existing property first, so we could buy immediately, which may be worth something (hopefully).

I have been in similar positions myself, there really is no right or wrong answer to your query. The most suitable piece of advice I would probably offer is simply offer the amount you are 1. happy to pay for the property and 2. what you really think the property is worth.

And don't just offer for the sake of purchasing a house, I have nearly made this mistake more than once!

Good luck.

raheny red · 17-02-2019 9:25am

We got the keys to our new gaf this weekend after 3 years of saving this month :cool: - Thanks for all the help and advice throughout the thread.

Samuel T. Cogley · 17-02-2019 10:55am

raheny red wrote: »

We got the keys to our new gaf this weekend after 3 years of saving this month :cool: - Thanks for all the help and advice throughout the thread.

In Raheny I hope or you'll have to change your username! :pac:

Massive congrats!

Interested Observer · 17-02-2019 12:42pm

Have been sale agreed for about 3 weeks now and feels like nothing has really happened in that time. My understanding is we're waiting for the vendor (via their solicitor) to get the contracts and deeds sent to our solicitor but all the waiting is a killer!

Samuel T. Cogley · 17-02-2019 12:59pm

Interested Observer wrote: »

Have been sale agreed for about 3 weeks now and feels like nothing has really happened in that time. My understanding is we're waiting for the vendor (via their solicitor) to get the contracts and deeds sent to our solicitor but all the waiting is a killer!

Keep looking while sale agreed, but the average wait is c.4 months so don't worry just yet.

Jack_92 · 17-02-2019 2:10pm

Samuel T. Cogley wrote: »

Keep looking while sale agreed, but the average wait is c.4 months so don't worry just yet.

I know it depends on many things, but is there any way to find out when is vendor's solicitor going to provide the contract? At what stage would any approx. expected date be known?

Goose76 · 17-02-2019 4:32pm

Jack_92 wrote: »

I know it depends on many things, but is there any way to find out when is vendor's solicitor going to provide the contract? At what stage would any approx. expected date be known?

It varies a lot I think, but your own solicitor should keep you up to date on this.

Glen_Quagmire · 17-02-2019 8:50pm

hanaimai wrote:

The 5 year rate is actually gone up to 3.2% and the 10 year is now 3.7%

Ah sh*te we have a mortgage offer from BOI for 5 years at 3% but will need to get the mortgage offer extended as our house won't be ready for another few months.

We have already signed contracts with our solicitor, can we change banks at this stage in the process?

Ulster Bank seem to be offering 4 year fixed at 2.6%

Interested Observer · 17-02-2019 9:15pm

Glen_Quagmire wrote: »

Ah sh*te we have a mortgage offer from BOI for 5 years at 3% but will need to get the mortgage offer extended as our house won't be ready for another few months.

We have already signed contracts with our solicitor, can we change banks at this stage in the process?

Ulster Bank seem to be offering 4 year fixed at 2.6%

BOI are still offering 2% cashback at drawdown though so keep that in mind.

Glen_Quagmire · 17-02-2019 10:39pm

Interested Observer wrote:

BOI are still offering 2% cashback at drawdown though so keep that in mind.

Yeah could still have that if I draw down before the end of June but if I could switch to Ulster Bank I'd probably go for it

Glenbhoy · 18-02-2019 9:22am

Glen_Quagmire wrote: »

Yeah could still have that if I draw down before the end of June but if I could switch to Ulster Bank I'd probably go for it

Boi offer extended to year end. Also, make sure you're taking ltv into account as the rates quoted are for greater than 80% iirc.

Interested Observer · 18-02-2019 9:26am

Glen_Quagmire wrote: »

Yeah could still have that if I draw down before the end of June but if I could switch to Ulster Bank I'd probably go for it

Fair enough. I'm still aiming to go with BOI because the cashback up front is more valuable to me than saving it back over the fixed term. I'll be switching as soon as the term is over most likely.

Glen_Quagmire · 18-02-2019 12:48pm

Glenbhoy wrote:

Boi offer extended to year end. Also, make sure you're taking ltv into account as the rates quoted are for greater than 80% iirc.

Brilliant, I didn't know it was extended. My mortgage is for 90% so I am in the bracket for cashback

Glen_Quagmire · 18-02-2019 12:51pm

Interested Observer wrote:

Fair enough. I'm still aiming to go with BOI because the cashback up front is more valuable to me than saving it back over the fixed term. I'll be switching as soon as the term is over most likely.

I will do the maths and see what's better.

BOI are still offering 3% for a 3 year fixed term so I need to weigh that up against 3.2% over 5 years fixed term.

Frank Castle · 18-02-2019 12:56pm

Glen_Quagmire wrote: »

I will do the maths and see what's better.

BOI are still offering 3% for a 3 year fixed term so I need to weigh that up against 3.2% over 5 years fixed term.

Each to their own, but I intend to take advantage of my current fixed term low interest, then switch bank as soon as that is done. hopefully taking advantage of another cashback and low interest rate. And I'll do that as often as I can.

There is nothing wrong with switching bank for your own benefit as often as you can.

Food for thought.

Glen_Quagmire · 18-02-2019 3:59pm

Frank Castle wrote:

Each to their own, but I intend to take advantage of my current fixed term low interest, then switch bank as soon as that is done. hopefully taking advantage of another cashback and low interest rate. And I'll do that as often as I can.

Frank Castle wrote:

There is nothing wrong with switching bank for your own benefit as often as you can.

Yeah definitely if it saves a few quid each month then I'm all for it.

How much hassle is it to switch banks?

Frank Castle · 18-02-2019 4:16pm

Glen_Quagmire wrote: »

Yeah definitely if it saves a few quid each month then I'm all for it.

How much hassle is it to switch banks?

Quite easy, the bank you are switching to handles it all for you really. It is in their interest to get you on their books after all.

IJS84 · 18-02-2019 4:36pm

What about the legal fees for switching banks?

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

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