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

ChewBerecca wrote: »

Not fact.

AIB gave us 70k more than BOI.

I meant in our case... If you don't mind me asking - when did you apply for the mortgage? Maybe situation was different depends on time of year that you applied or the year itself?

ChewBerecca wrote: »

February, so either we qualified for an exemption or they took consistent overtime into account.

The poor mortgage advisor in BOI had to shake our hands and wish us luck on our journey with AIB because he couldn't budge from the 3.5 limit.

Gazzumped in March, offer submitted on another house May, sale agreed June, signed Monday and now back to dealing with the mortgage advisor to assign policies. The first meeting feels like aons ago at this stage.

Sounds like a nightmare... We are not in a situation where we have just more then a week to expiration of 21 day to sign a contract but still waiting for underwriting. How long did your underwriting take? What can we expect?

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

For us with KBC got keys a few days before the end of July, first payment was 1st September. Payment was higher the first month to allow for the extra days.

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

With BOI you don't pay for at least 30 days after drawdown. If you choose to pay on the 1st and drawdown your mortgage on the 5th of January the 1st payment wont be until 1st of March

drunkmonkey wrote: »

Fair enough it's just EBS told me they couldn't quote if I was approved by AIB. Maybe it's because I'm an AIB customer, I'm not sure it's just what I was told before applying.

AIB own EBS so they are not going to compete for the same business.

VonLuck wrote: »

Does anyone know when the first payment on a mortgage is typically due?

Say if I agreed a payment date of the 1st of the month. If I signed contracts and keys were handed over on the last day of the month, would the first payment be due the following day, or does it depend on the bank?

I'm with Haven and drew down on the 28th of May a few years back and they took first payment the 14th of the June for a full amount of the mortgage. Whatever interest I accrued from 28th to 30th May was just added on to my mortgage total.

Also very annoyingly Haven don't let you change dates of payment. The first payment is the 14th and then every month after that it is the 7th. I would much rather it come out on payday, rather than having the mortgage in an account for 2 weeks thinking I have more money than I do

Yeah we are not in the situation where we have 0.2% off because we are getting a new build. As well if you get an BOI current account you get 3% cash back (2 within 45 days and 1% of mortgage amount after 5 years).

What are people putting in for there value of contents for the home insurance. Also what type of life assurance. Is it worthwhile getting a health insurance life insurance and mortgage protection policy all in one

Dupont wrote: »

What are people putting in for there value of contents for the home insurance. Also what type of life assurance. Is it worthwhile getting a health insurance life insurance and mortgage protection policy all in one

Our bank said 25k was standard for their home insurance for first time buyers (no high value goods yet so will revise when renewing next year when we actually have loads of furniture).

We went with specified illness cover but it hiked the premium up by 50 euro. Insurance company will cover 50% of of mortgage if either of us are diagnosed with a listed illness. For 25/month each we figured it was nice to have the safety net but we will hopefully never need it.

The bank just need mortgage protection insurance which could cost a little as a few pints. You can choose to add on differing levels of cover, like our provider allowed us to choose the % of cover with specified illness, other providers allow you to choose a lump sum. Obviously the bigger the payout, the bigger the premium so it's a personal choice. Medical history plays into the cost as well, if you have any underlying conditions your premium may have additional loading due to risk.

We have health insurance through work, so did not need this as a separate policy.

bush wrote: »

When switching mortgages do you have to show regular savings like when you applied for the original mortgage?

Clean account profile and no missed payments on mortgage or any other credit facilities.

Switchers are treated slightly differently.

Blanco100 wrote: »

need to get home insurance in place before drawdown of the mortgage. Silly question but what do you need to be asking for?

How much do people generally insure the house for? Absolutely ridiculous question I know, but is there a general ball park figure?

Also can anyone recommend any good deals at the moment?

We’re going with 30k for contents. Seems to be what we seen when we looked about and what people recommend as first time buyers for the amount of stuff we would have in the house. Chill and Zurich are worth a shot. We’re going with Zurich

Blanco100 wrote: »

need to get home insurance in place before drawdown of the mortgage. Silly question but what do you need to be asking for?

How much do people generally insure the house for? Absolutely ridiculous question I know, but is there a general ball park figure?

Also can anyone recommend any good deals at the moment?

As the post above said, go with the rebuild figure on the banks valuation report.

You can get discounts for being a first time buyer, having an alarm on the property, paying in one lump sum etc. Each insurance company has their own discounts.

If you want to pay monthly, just be aware that some companies charge more per month than if you pay upfront for the year.

Bez Bing wrote: »

Quick question if I take out a mortgage with a higher rate to avail of cash back offer and fix for one or two years, is there anything there to stop me going back to the lower rate option once the first year is up (assuming the other product is still being offered)?

For example BOI offer cash back on a 1 year fixed but the rate is 2.9%.
They have a separate fixed rate product with a rate of 2.5% that doesn't have the cash back.

Has anyone done anything similar?

seems perfectly legit. I went form 1 yr fixed and moved to a 5 yr fixed at a lower rate when it expire and no consequences other than reduced payments.