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

sorry if folks already aware of this but no harm mentioning again … it was news to me a few months back as I was just doing reg. saving for Morgtgage deposit - BOI have this offer or Mortgage saving account … https://personalbanking.bankofireland.com/save-and-invest/savings/regular-savings-accounts/mortgagesaver-account/exclusive-offer-for-first-time-buyers/

2k ( less DIRT) when you draw down ( few conditions but a good offer if you are FTB and in middle of deposit saving) … this does not impact any cashback offer for actual Mortgage as wel

Craftylee wrote: »

Is it me or does the BOI "lure" people in with these nice offers of cash - but you get totally nailed on the interest compared to other lenders? It feels like they're distracting you with "look over here with our awesome chashback" while in the other hand you're paying back a much higher % interest.

Example:
5 Year Fixed rate mortgage from BoI (3.9% APRC)
Loan amount: €162,000
Total cost: €233,054
Total interest: €71,054
Property price: €180,000
Loan-to-value ratio: 90%
5 years of €898.45/month (3% interest rate)
15 years of €995.26/month (4.5% interest rate)

Compared with say a no thrills mortage from KBC:

5 Year Fixed rate mortgage from KBC (3.5% APRC)
Loan amount: €162,000
Total cost: €217,375
Total interest: €55,375
Property price: €180,000
Loan-to-value ratio: 90%
5 years of €882.32/month (2.8% interest rate)
15 years of €913.53/month (3.3% interest rate)

That's a differecne of €15k in interest over the 20 years - or am I missing something?

Collect the BOI cashback then switch to another bank with better interest rates, like Ulster Bank or KBC. Or switch to EBS/PTSB first and collect more cashback before switching again to a bank with decent rates. You only lose on the cashback deals if you stay with the bank long term, people should be reviewing their mortgage at least yearly and switching if there's a better deal, like they do with electricity and gas utilities etc.

KingCong wrote: »

Collect the BOI cashback then switch to another bank with better interest rates, like Ulster Bank or KBC. Or switch to EBS/PTSB first and collect more cashback before switching again to a bank with decent rates. You only lose on the cashback deals if you stay with the bank long term, people should be reviewing their mortgage at least yearly and switching if there's a better deal, like they do with electricity and gas utilities etc.

Also if you’re buying an A rated home you get a 0.2% off the interest rate. Now if you fix it then it’s only for the duration of the initial fixed period

Blanco100 wrote: »

what happens if you sell your house in 5-10 years (you borrow 250k, but over 30 years youre contracted to pay 350k including interest).

Do you still have to pay the bank the full amount back including interest? or is there like a sliding scale?

unbelievably stupid question i know

I came here to post a very similar question:

Are there certain mortgage types where you can pay off lumps of the capital, above and beyond your regular payments every few years, which will have the effect of not only reducing the lifetime of your mortgage but also reducing the total interest payments?

Guys
How long does it usually take from sale agreed to receive the keys. It is a second hand house, no one lives there. Its been already one month and no news.
Getting crazy.

Anyone here used Finance Ireland for their mortgage? Any pros or cons to them?

Ayan Prickly Road wrote: »

A month is nothing really.

If the house is vacant, it isn't in probate is it? Because that will take a long time to sort.

Probate can go quickly. Can be a lot quicker than waiting on a seller who's in a chain to move on as well

scarepanda wrote: »

Hi All,

We're bidding on a house at the moment and just doing up a proper/Final excel sheet of all additional costs of buying a house. From the following list, is there anything im forgetting?

-Bank valuation fee (ive allowed €150, is this reasonable?)
-Legal Fees
-Stamp Duty
-Surveyor fee
-Rent (allowing 2 months jic)

This might be a stupid question, but how quickly do the bills from the solicitors etc come in?

Bank should be able to inform you of their valuation cost, I think AIB charged me €160.

with regards to solicitors fees mine charged me one bill (itemised) as they received the funds from the bank, their bill for me was roughly €6k and that included stamp duty.

-Bank valuation fee (ive allowed €150, is this reasonable?)
Yes - I paid 150 and you get this done after Survey report and you are happy to proceed with purchase if any doubt at all with survey result do not get one done

-Legal Fees
Depends on Solicitor but usual around 1% of the sale of house or could be less …… I have budget for 6.5 k ( inc 3200 stamp duty) so that's for everything

-Stamp Duty
1% of the sale price

-Surveyor fee
ranges from 500 - 600 euro - shop about first but advise go with a recommendation they are your friend in the process especially if 2nd house house

-Rent (allowing 2 months jic)
this maybe tight ... ideally if u can stop renting and move somewhere for a bit so not under pressure as its a long process with a lot of back and forth you don't want the stress of having to deal with a move out deadline of a house as well if things get delayed

hope this helps - best of luck !
Tough process … AM near the end I hope - where I am waiting for its was all worth it to kick in - not happening yet with all the things that need sorting

Hey everyone,

Have an odd query and wondering if anyone else has had the same. Not sure if this belongs here or in the Help to Buy thread...
Bank have approved my mortgage this morning however have come back with a query on the Help to Buy.
I've been approved on Help to Buy to the max €20k rebate however as the rebate is the lesser of the €20k or 5% of the purchase price of the house I would only be taking €14k (house is €280k).
The underwriter has now come back requesting proof that I will only receive the €14k and not the full €20k. I thought this was odd as these are the rules set by Revenue and I will only be able to prove this once I submit the claim and to do this I need the loan pack.
To be fair my mortgage advisor in the branch has been amazing and cannot understand why they are asking for this. We've gone back with an extract from the Revenue website hoping this will suffice.
Contracts landed today and I would like to get everything closed off.
Has anyone experienced the same?

wirelessdude01 wrote: »

Anyone here used Finance Ireland for their mortgage? Any pros or cons to them?

From what I’ve heard from my broker, it’s the bank you go to when every other bank has turned the client down for the mortgage. It is the mortgage lending part of Pepper. Pepper are more used to vulture funds so broker had said the mortgage department aren’t the best as for the most part don’t know what their doing. However I haven’t looked into interest rates etc.

Also as other poster has said, people should be remortgaging every few years. It can be a bit of hassle doing paperwork and getting a solicitor involved. But usually the bank cover legal fees anyway and presumably if you used the solicitor to buy the house, they know the legal title and it shouldn’t be much. My sister recently remortgaged. She bought in 2013 so was a great time to buy and her LTV is very good now. She kept the same repayment capacity but knocked off 5 years off her mortgage. That’s well worth doing the paperwork.

Uglysoik1 wrote: »

Hi all,

I got an offer accepted on a property. Paid deposit etc.. Now the EA is asking to see the full amount on the AIP letter(which I blocked off) and my savings statements.

Just wondering if this is normal, sounds very bizarre to me.

Thanks

Very normal. Started around two or three years ago when market started taking off to show you weren’t a time waster and actually have funds to buy. What you did should be sufficient. If for some reason it’s not, you can get your solicitor or bank person to confirm you have funds to purchase the house instead of showing the amount on AIP

Sorry if this is asked before - am close to draw down.
FTB , 2nd hand house , PAYE worker - am I entitled to any Income tax credits /Mortgage relief ? I think I know the answer in that all this has been taken away but double checking...