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

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Comments

  • #8132
    zweton
    Registered Users, Registered Users 2 Posts: 2,693 ✭✭✭zweton


    Creamy Goodness wrote: »
    Depends on your income, however the bank will take whatever the monthly payment of the loan for the car and factor it into your affordability.

    20k loan for a car whilst you’re about to make the biggest purchase of your life is a bit worrisome. You can get some real nice comfortable cars for half what you’re thinking of and possibly have it paid off before you go for the mortgage or at least be in there hone stretch of paying off the car loan.

    Combined income would be 115k, i guess i could ask the question in the bank to see what they would say.


  • #8133
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    zweton wrote: »
    Combined income would be 115k, i guess i could ask the question in the bank to see what they would say.

    Income doesn't really matter, it's the affordability after the mortgage payments come out is what will decide it


  • #8134
    sp00k
    Registered Users, Registered Users 2 Posts: 118 ✭✭sp00k


    zweton wrote: »
    Combined income would be 115k, i guess i could ask the question in the bank to see what they would say.

    FWIW I had a car loan that had 4k left on it, which I paid €280 per month off. It drastically reduced the amount I could borrow with some lenders, and it didn't with others. Mind you I was a single applicant. I ended up having to clear it.


  • #8135
    zweton
    Registered Users, Registered Users 2 Posts: 2,693 ✭✭✭zweton


    sp00k wrote: »
    FWIW I had a car loan that had 4k left on it, which I paid €280 per month off. It drastically reduced the amount I could borrow with some lenders, and it didn't with others. Mind you I was a single applicant. I ended up having to clear it.

    Mind me asking what lenders were ok with it?


  • #8136
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    zweton wrote: »
    Combined income would be 115k, i guess i could ask the question in the bank to see what they would say.

    We had an existing car loan. Only 2-3k left on it. We got an exemption to policy with AIB who had no problem with then car loan. Ulster Bank wouldn’t give reduced what we could borrow by 32k over the loan so we said we’d pay it off before drawdown and it was a condition in loan offer. I’d take out a small car loan and be prepared to pay it off if needs be.


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  • #8137
    Jaelynn Eager Kindle
    Posts: 0 ✭ Jaelynn Eager Kindle


    I had a car on PCP and a personal loan and neither KBC nor BOI seemed to care.


  • #8138
    kilburn
    Registered Users, Registered Users 2 Posts: 3,912 ✭✭✭kilburn


    It all comes back to your ability to pay your mortgage, bills and loans shouldn't come to more than 50% of your net income

    Not sure if that is the correct figure but there is a rule around it


  • #8139
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    End of the day, it’s all about ability to repay without stretching yourself. You could have 5 loans, but if you have cash flow to service them, as well as the mortgage, and have enough left over to live on, then you’ll get the mortgage.


  • #8140
    sp00k
    Registered Users, Registered Users 2 Posts: 118 ✭✭sp00k


    zweton wrote: »
    Mind me asking what lenders were ok with it?

    EBS were fine with the loan. Ulster Bank would not offer the full amount unless I pledged to clear it.

    Those are the only 2 I went the distance with but Permanent TSB and AIB didn't seem to care either.

    Of course as other posters pointed out it all depends on your own circumstances, but Ulster Bank seem to be a lot stricter than others.


  • #8141
    zweton
    Registered Users, Registered Users 2 Posts: 2,693 ✭✭✭zweton


    Thanks folks should be good so


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  • #8142
    hairyprincess
    Registered Users, Registered Users 2 Posts: 2,300 ✭✭✭hairyprincess


    Am I right in saying that mortgage providers like applicants to be in employment for two years? If so, is that continuous employment with the same company or does it matter if you have changed jobs?


  • #8143
    pnecilcaser
    Registered Users, Registered Users 2 Posts: 95 ✭✭pnecilcaser


    hairyprincess wrote: »
    Am I right in saying that mortgage providers like applicants to be in employment for two years? If so, is that continuous employment with the same company or does it matter if you have changed jobs?

    Continuous employment in the same place would be looked at more favourably because, if you changed jobs, it means there is a P45 rather than a P60 (even though P60's no longer exist from this year onwards) and you need to be in a job for 12 months or have a permanent contract.


  • #8144
    Jaelynn Eager Kindle
    Posts: 0 ✭ Jaelynn Eager Kindle


    hairyprincess wrote: »
    Am I right in saying that mortgage providers like applicants to be in employment for two years? If so, is that continuous employment with the same company or does it matter if you have changed jobs?

    I don't think that's the case no. If you're on probation you will probably not be able to draw down, but I got approval from a few banks having been with my company for 6 months.


  • #8145
    zweton
    Registered Users, Registered Users 2 Posts: 2,693 ✭✭✭zweton


    Ayan Prickly Road wrote: »
    I don't think that's the case no. If you're on probation you will probably not be able to draw down, but I got approval from a few banks having been with my company for 6 months.

    yip have heard the same, they got one before 6 mths. Said because they worked in i.t theres no problem!


  • #8146
    hairyprincess
    Registered Users, Registered Users 2 Posts: 2,300 ✭✭✭hairyprincess


    That’s very positive. Thanks.


  • #8147
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    pnecilcaser wrote: »
    Continuous employment in the same place would be looked at more favourably because, if you changed jobs, it means there is a P45 rather than a P60 (even though P60's no longer exist from this year onwards) and you need to be in a job for 12 months or have a permanent contract.

    I had changed roles in my company and it was no issue. I had a pay increase so I was seeking a mortgage on that. But didn’t have 6 months payslips on the new wage so they just said underwriter may put a condition on the loan offer that I need 6 months payslips at new wage for drawdown. Thinks it’s seem if in probation. They would put a clause in that you have to before past the probation period on drawdown


  • #8148
    skippy123!
    Registered Users, Registered Users 2 Posts: 60 ✭✭skippy123!


    I am looking into getting a joined mortgage with my "new" (together for years but not married to) partner but I am still not officially divorced. Would a bank issue approval in principle without divorce papers? Was thinking of seeing how much I would be approved for and I wouldn't take it before actual proceedings are completed. Is that possible?


  • #8149
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    skippy123! wrote: »
    Would a bank issue approval in principle without divorce papers?

    Not unless you have a Deed of Waiver.


  • #8150
    Tipsy McSwagger
    Registered Users, Registered Users 2 Posts: 9,072 ✭✭✭Tipsy McSwagger


    The bank I’m going with told me they would get a local company to do a valuation of the new build I’m buying. The local company said I have to pay the fee of €150. Is this right? I thought the bank payed it.


  • #8151
    el Fenomeno
    Registered Users, Registered Users 2 Posts: 3,563 ✭✭✭el Fenomeno


    Tipsy McSwagger wrote: »
    The bank I’m going with told me they would get a local company to do a valuation of the new build I’m buying. The local company said I have to pay the fee of €150. Is this right? I thought the bank payed it.

    Some do, some don't.

    TSB don't as far as I know.


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  • #8152
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,766 ✭✭✭GingerLily


    Tipsy McSwagger wrote: »
    The bank I’m going with told me they would get a local company to do a valuation of the new build I’m buying. The local company said I have to pay the fee of €150. Is this right? I thought the bank payed it.

    I payed!


  • #8153
    Tipsy McSwagger
    Registered Users, Registered Users 2 Posts: 9,072 ✭✭✭Tipsy McSwagger


    el Fenomeno wrote: »
    Some do, some don't.

    TSB don't as far as I know.

    That’s who I’m with, they never mentioned me paying


  • #8154
    MissElle
    Registered Users, Registered Users 2 Posts: 244 ✭✭MissElle


    Tipsy McSwagger wrote: »
    The bank I’m going with told me they would get a local company to do a valuation of the new build I’m buying. The local company said I have to pay the fee of €150. Is this right? I thought the bank payed it.

    I went with EBS and had to pay for mine. I also had to pay another 60 euro to get it “revalued” as I was buying a new build and it was more than 6 months since the original valuation when I went to draw down.....really annoyed me having to pay again!


  • #8155
    heebusjeebus
    Registered Users, Registered Users 2 Posts: 3,783 ✭✭✭heebusjeebus


    You have to pay for BoI and PTSB too.


  • #8156
    yaboya1
    Registered Users, Registered Users 2 Posts: 4,610 ✭✭✭yaboya1


    heebusjeebus wrote: »
    You have to pay for BoI and PTSB too.

    Never heard of any case that the Bank PAID.


  • #8157
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,947 ✭✭✭0gac3yjefb5sv7


    May be a stupid question...but how do they value the house? Is it just the building cost I assume vs the actual location etc


  • #8158
    heebusjeebus
    Registered Users, Registered Users 2 Posts: 3,783 ✭✭✭heebusjeebus


    Pheonix10 wrote: »
    May be a stupid question...but how do they value the house? Is it just the building cost I assume vs the actual location etc

    They would usually check the house and then compare it with similar house price sale prices from the last 6 months.


  • #8159
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,947 ✭✭✭0gac3yjefb5sv7


    heebusjeebus wrote: »
    They would usually check the house and then compare it with similar house price sale prices from the last 6 months.

    Thanks and if it varies from the sale price do they do anything?


  • #8160
    heebusjeebus
    Registered Users, Registered Users 2 Posts: 3,783 ✭✭✭heebusjeebus


    Pheonix10 wrote: »
    Thanks and if it varies from the sale price do they do anything?

    That I don't know. I'm going through a valuation at the moment so I'll update you when I get through the process.


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  • #8161
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Pheonix10 wrote: »
    May be a stupid question...but how do they value the house? Is it just the building cost I assume vs the actual location etc

    It's the value the house would be expected to achieve on the open market.
    Pheonix10 wrote: »
    Thanks and if it varies from the sale price do they do anything?

    If the valuation is lower than the price you've agreed, it is likely any mortgage offer would be based on their valuation. i.e. they would loan you less money.

    It doesn't happen all that often.


This discussion has been closed.
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