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

We are lmsot coming towards the end of Januray, why is it that most banks have reached their limits on exemptions?

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Ours is approx 1/5th of our joint income. Been in the house for just over a year now and it's perfectly manageable.

Techn0 wrote: »

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

Pm sent

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Mortgage is about 1/5. 330k over 30 years at 2.6%. Just bought it. Currently doing up the house so that's eating my money. Once I have that sorted the plan is to bang as much of the mortgage off over the next 5 years as possible. If I can get it to 200k in them years. She might be able to go flexi time.

lir6777 wrote: »

Could I also ask for those details please? Im not at that stage yet but great to have a recommendation to hand when I get there!

Pm sent. Always worth having a chat with a solicitor when going about AIP to be talked through the process etc.

[Deleted User] wrote: »

Anyone doing the Bank of Ireland mortgage saver? Apparently they won't accept cash deposits, does anyone know if that's stuck to? Would be handier for me for transferring from my CU account.

Also doing boi mortgage saver via standing order each month. Lump sum transfers via a C/A are allowed up to 20k each calendar year.

lir6777 wrote: »

Totally agree, however these terms are particularly tight. The stress test is there to allow for increases in interest but to then also stipulate that a single person with no debts or dependents needs to have €2400 net disposable income per month is hard to grasp for me (much as I'd love to have it!!) I fully agree that exceptions should be, well, the exception, and caution is needed in giving them out, however these rules largely seem to be just leaving single applicants in a poor position even if they manage to save a deposit or plan to use HTB. I would love to see some help in that for single applicants (and I know people will likely point out that one person is riskier than two, which I get and agree with but that's what mortgage protection and all those other insurances are for too)

2400 per month after making stress re-payment is high.. You need to make income of 65kish upwards

lir6777 wrote: »

I make 62k and wouldn't have that so I think you'd need to be on higher again! (The stressed repayments were over 1400)

I actually dont get this. What rate are they using to derive that figures?


If I have a mortgage of 305k, my mortgage payment is approx 1.2k(Including both principal and interest).



Like the rate being used would have to be more than doubled to make this stressed repayment of 1400.


Makes no sense

SteelyDanJalapeno wrote: »

Are the mortgage value fractions above of your take home or your gross income?

Presume take home but just double checking.

If we can get an exception ours will be close to 1/4 after deductions and pension etc.

1/5 of take home pay.

Knex. wrote: »

We're looking at purchasing with a mortgage that is about 25% of our combined take home, after tax.

Little worried that we might be stretching ourselves here, after seeing the couple of posters say that they're at 1/5th or 20%.

Anything that we should be considering here?

If it helps, mine could end up at almost 1/3! To reassure myself that I can manage that, I've been looking at my outgoings over the past few months. The mortgage will be the same or even slightly less than the combination of my rent and saving for a deposit each month, so I know I can live on the rest already. It just feels more stressful as the money isn't accessible to fall back on in a savings account should the unexpected happen, so I'll be working to get even a tiny bit of savings put aside to ease my mind!! Also I'm factoring in increments in my salary, which may or may not be relevant to ye. The percentage matters less than the actual amount of course- 25% of 30000 is very different to 25% of 100k in terms of living off the rest.. Other debts and monthly outgoings etc would be things to consider I guess, whether these tot up and amount to your general living expenses being just too much. For what it's worth (that's not much as I'm no expert!!) 25% doesn't sound mad to me. 20% is amazing but probably not realistic for most people. See how it fits your own budget currently would be my opinion, and good luck with it!

Does anyone have any recommendations for a good solicitor? Around South Dublin preferably, but not a deal breaker.

Would love a PM if you had a good experience with yours. Thanks!

Techn0 wrote: »

Hey guys,

Has anyone had experience with applying for a mortgage and only having a certificate of income to satisfy gross pay? I hope to get a promotion in May and will be drawing down funds in either May or early June (i.e. before I get paid my new salary rate) and am wondering if the banks would accept a certificate in lieu of payslips?

No they’ll want to see confirmation of the new pay rise money hitting your account before taking it into account.

A salary cert is not really worth the paper it’s written on by itself.

Techn0 wrote: »

Thanks for the reply - on that basis do you think just one payslip (say first month) suffice along with the certificate? I can't do much outside of waiting 3 months to build up 3 months of payslips which isn't practical when trying to close out on a house.

When I went for mortgage with AIB I was in a similar position. They said they would want 1 month payslips and an updated salary cert. can’t confirm this isn’t the same now (I applied 2019) and that other banks offer the same.