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

Anyone go with KBC and can help with this question? We submitted the application yday for a new build ready this summer. I can see one of their requirements is that a valuation will have to be done before they give loan approval. We are buying off the plans so we need proof of approval for the builders solicitors. How can we give this if the valuation cant be carried out until the build is finished???

Any ideas?

el Fenomeno wrote: »

Is there other houses already built in the development?

Banks tend to value new builds by looking at the plans, the site itself, similar prices in the area, existing houses in the development etc. They don't have to wait until your specific house is built necessarily.

Yes other houses in the development are ready, thats good to hear. i was sure there was some way around it alright seeing as it is obviously a common practice for people to be buying off plans.

pmb wrote: »

This is fantastic information thank you for all your help.

Our combined income is €201,000 plus bonuses so we kind of thought that this would be enough which seems right. What I'm currently in the process of is cleaning the accounts. Since January I have been focusing on reducing outgoings and ensuring there is consistent savings to demonstrate the propensity to manage a 4k a month.

I suppose what is standing out is that an exemption won't necessarily work. There seems to be NO information of their availability. Last year I understand they were fully exhausted by May but this year there doesn't seem to be any information on when they would be used. Does it look likely to be the same?

Thanks
Paul

U don't need an lti, only ltv and they're relatively easy to come by for non ftb, there's no info on availability, as they are issued based on business done. The volume allowable is related to loans approved and advanced.
You'll need savings and there may be queries around the relatively low level of savings given income, wait the three months, keep accounts clean and you shouldn't have many issues, that's assuming income and jobs are stable etc

Very straightforward to do- Ask your bank about their rates and decide on a term

Bargain_Hound wrote: »

Is it typical to have to go through an affordability check to re-fix? considering I might have changed to a lesser-paid job vs. when I originally took out the mortgage.

No, they've already issued you the credit so as long as your term is the same you can refix with your bank without a credit assessment.

Cushtie wrote: »

I havent had time to read the whole psot so apologies if this has been answered already.

We are looking to downsize and have a property in mind.

the property is approx €120,000 but have half of that in savings, so I'm looking for a mortgage of approx 60K. I already have a mortgage on my current house with an LTV of approx 50% 170/340 ish at approx 900 a month.

I have approached both BOI and KBC to get the 60K as a totally separate mortgage. both have come back saying no to a 2nd mortgage of 60K.

I don't want to sell my own house immediately until the other is bought so hoping to buy it outright then concentrate on selling. One I sell the I would be using the proceeds to extend and renovate and would probably end up with 60K Mortgage only or less even.

Am I approaching this all wrong? or is there some way I can get the bridging 60K

Thanks.

To meet the current CB rules, the loan can't be higher than 3.5x your income, so to get extra 60k, you'd need a minimum income of 66k and documented regular savings etc. If you meet these criteria then try other banks, but first I'd try the bank which you currently have your mortgage with.

Letter of Offer/Loan Pack arrived with the solicitor today. (She's out of the office today unfortunately).
We're sorting Mortgage Protection and House Insurance as we speak.
We're already living in the house we're buying.

Just wondering what should we expect in term of the process over the next few days.
Will we be asked for any more documents etc?

Ulster bank declined our application as they wanted 5% of own funds towards our deposit. (16250k). We have 11k in savings at the moment. but we have more than enough as we got a gift of 20k off parents and very healthy current accounts with surplus of around 2k per month. plus HTB!! They did advise us we were short a few current statements which we have submitted now and it might rectify the situation! but they are just so slow!!! Our mortgage broker was shocked also they declined us. and wasnt aware 5% of own funds was a necessity. he is fighting our case.

We have now applied with KBC, broker said they wont insist of 5% of own funds. We should hear back monday or tues. Has anyone gone with KBC and needed 5% towards deposit yourself? Very anxious about it really want to get our offer letter over to solicitor soon!

Natashaw88x wrote: »

I’m not with KBC but we were approved with PTSB with only 6k of our own money. 30k as gift plus 18k HTB. Total deposit needed was 36k, so we had no where near 5%. As far as I’m aware it’s not required once you meet the stress tests!

Thanks a mill, that eases my mind a bit! I think it all depends on the underwriter, luck of the draw! Our broker said even the mortgage rep he deals with in UB said she was sitting down with the underwriter to fight our corner! Very frustrating as they wont give us a yes or No now and its been 10days now since they came looking for the missing statements. Hopefully we will hear from KBC monday/tuesday! Ive heard they have a fast turnaround time!

Tipsy McSwagger wrote: »

Anyone else can only dream of a cash gift?

Nope.

Roughly 8 out of 10 FTB's are estimated as having a gift, with most getting 20k-ish. Some get less. Some get more. And others have a combination of living at home in a high wage county and also getting a gift. Our CAT system is favourable to this.

All this means is property ownership as we go on is being concentrated into those with familial wealth / those that benefited from direct government intervention in the good times. Others will have to rent (and also pay the bill for the benefits given to the prior generation via direct government intervention / fiscal policy). This irks most ethnically Irish people right back to the famine because we like to carry our wealth in bricks and mortar rather than rent, especially when anyone around 30 now will have zero state pension when they get to 67. Zero. And no one talks about it.

How will they pay their rent?

They won't.

Ireland is changing a lot. We're not falling apart but we're just changing. I have confidence in the youth of this country though and yous will get there. Marriage equality, women's rights, you done it, and you will eventually rise up to take down the gravy train public sector milking you, the cushy transport unions, and the baby boomer / early genxer holding the wealth and patting themselves on the back believing it was all through personal effort. I'm one of them but a lot need to be hit with a heavy economics book in the face.

myshirt wrote: »

Nope.

Roughly 8 out of 10 FTB's are estimated as having a gift, with most getting 20k-ish. Some get less. Some get more.

This can’t be true?! 80% is massive! In my group of friends I don’t think any of us got a cash gift from parents. All late twenties / early 30s living and working in Dublin.

mur223 wrote: »

Thanks a mill, that eases my mind a bit! I think it all depends on the underwriter, luck of the draw! Our broker said even the mortgage rep he deals with in UB said she was sitting down with the underwriter to fight our corner! Very frustrating as they wont give us a yes or No now and its been 10days now since they came looking for the missing statements. Hopefully we will hear from KBC monday/tuesday! Ive heard they have a fast turnaround time!

I had a bit of back and forth with KBC around statements and getting a specifically worded salary statements. After that, even though I expected the application to be quick (things weren't too complicated, at least from my perspective) they did take more than 10 days...
So I'd say for whatever reason, you're not in an unusual situation.

mur223 wrote: »

Our broker had my employer fill our his company salary cert so I presume that will suffice.

Yep, that's it.

Michellenman wrote: »

This can’t be true?! 80% is massive! In my group of friends I don’t think any of us got a cash gift from parents. All late twenties / early 30s living and working in Dublin.

This would depend on the socioeconomic group that you associate with, as well as that of each respective group of parents.


It's possible that none of your circle have received gifts, but other people's circles are made up entirely of gift recipients.


Additionally it would be noteworthy to see how "gift" is defined. According to my bank, I would have received a "gift", however I did not actually receive a gift, I just followed the mortgage broker's advice to notate some cash income as a gift, rather than have to document forex trades

Natashaw88x wrote: »

Excuse you we are very independent. We’ve saved for ages and we’re fortunate enough to have been gifted also. We pay extremely high rent in Dublin so haven’t had the luxury of being able to save massively every month. I’ve rented for 10 years in Dublin and worked very hard to buy my home, no less than you just because we got a gift.

I know lots of hard working independent people who also got a gift!