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

Techn0 · 28-01-2020 09:50PM

Creamy Goodness wrote: »

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.

Thanks a million - I won't have any other choice so let's hope one month will suffice!

niall5098 · 30-01-2020 03:36PM

HI All,

apoligies if i amin the wrong thread, if so could someone point in the right forum.

i was in a relationship when we bought a house pre-first time buyers grant. that relationship has since ended and i was bought out of that mortgage.

i am now looking to apply for a new mortgage. am i still considered a second time buyer and is there any reliefe for a second time buyer?

Thanks

DelBoy Trotter · 30-01-2020 03:52PM

niall5098 wrote: »

HI All,

apoligies if i amin the wrong thread, if so could someone point in the right forum.

i was in a relationship when we bought a house pre-first time buyers grant. that relationship has since ended and i was bought out of that mortgage.

i am now looking to apply for a new mortgage. am i still considered a second time buyer and is there any reliefe for a second time buyer?

Thanks

Yes you are considered a second time buyer, and no, there isn't any relief for a second time buyer afaik

coffeelover · 30-01-2020 08:06PM

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

Creamy Goodness · 30-01-2020 09:28PM

coffeelover wrote: »

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

Whichever gives the best interest rate. It doesn’t matter where your money is saved.

paul-2008 · 31-01-2020 11:15AM

Creamy Goodness wrote: »

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

While you cant exactly overpay while in a fixed rate - you can increase your monthly payment to reduce your term before you enter into the fixed period and this will result in an overpayment. but you have to be sure you can afford the extra payment obviously

whatever76 · 31-01-2020 11:20AM

coffeelover wrote: »

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

BOI do a mortgage Saver account that gives a bonus on draw down if you take it out with them ( 2k - 1300K after DIRT )

But yea it doesn't matter once you show consistent savings that you haven't touched and you prove that you can save X amount a month

red_bairn · 31-01-2020 08:02PM

whatever76 wrote: »

BOI do a mortgage Saver account that gives a bonus on draw down if you take it out with them ( 2k - 1300K after DIRT )

But yea it doesn't matter once you show consistent savings that you haven't touched and you prove that you can save X amount a month

1300k!!

boi89 · 01-02-2020 12:52PM

Hi Folks,

Just wondering if anyone knows if banks take into account non taxable income?. I receive an allowance every month as part of my job which is guaranteed and works out €2700 a year.

Appreciate if anyone has any advice on this.

lir6777 · 01-02-2020 05:46PM

boi89 wrote: »

Hi Folks,

Just wondering if anyone knows if banks take into account non taxable income?. I receive an allowance every month as part of my job which is guaranteed and works out €2700 a year.

Appreciate if anyone has any advice on this.

I could be wrong because my travel is variable but I think the bank said non-taxable isn't taken into account

boi89 · 01-02-2020 06:10PM

lir6777 wrote: »

I could be wrong because my travel is variable but I think the bank said non-taxable isn't taken into account

Yeah I can understand if the allowance changed from month to month but this is a fixed allowance which I receive every month.

Had a meeting with ulsterbank mortgage adviser last week and he suggested that they wouldn't be able to count it as income but he wasn't 100% sure and said he would come back to me. It doesn't make sense to me as its guaranteed and I have a salary cert stating it.

Gael23 · 01-02-2020 08:11PM

What’s the best deal for a single first time buyer. Looking to borrow around 160k

GarIT · 01-02-2020 08:55PM

boi89 wrote: »

Yeah I can understand if the allowance changed from month to month but this is a fixed allowance which I receive every month.

Had a meeting with ulsterbank mortgage adviser last week and he suggested that they wouldn't be able to count it as income but he wasn't 100% sure and said he would come back to me. It doesn't make sense to me as its guaranteed and I have a salary cert stating it.

No it can't be counted, and if any of that isn't spent on work related expenses you are legally required to return it to the company or inform Revenue so you can pay the appropraite tax on it at which point it could be counted.

8-10 · 05-02-2020 12:36PM

Anybody know what banks do allow you to overpay?

I want to be a bit more aggressive in the first couple of years when I know I can afford it but don't want to commit to higher payments by up front reducing the length

Stark · 05-02-2020 12:37PM

Bank of Ireland and Ulster Bank both let you overpay.

whatever76 · 05-02-2020 12:55PM

8-10 wrote: »

Anybody know what banks do allow you to overpay?

I want to be a bit more aggressive in the first couple of years when I know I can afford it but don't want to commit to higher payments by up front reducing the length

Went 2yr fixed last year with BOI and they all up to 10% overpayment a month.
Hoping to do start this myself over next few months while I can afford it and chip away at it as every little helps when it comes to that pesky compound interest !

TM2015 · 05-02-2020 01:27PM

We have approx 70k in savings, looking to buy a house in the next 6 months. The 70k will cover our deposit, somewhere between 55 to 60k, and the other fees quite comfortably.

The problem is that we now want to book a few holiday for the summer and to do so I don't think we'll be able to put away our usual monthly savings.

Would this be an issue with the bank? We are obviously gonna keep saving but instead of 1500 a month we'd only put away 1000. The 1500 was the recommended amount to ensure we pass the stress test for an exemption.

GingerLily · 05-02-2020 01:36PM

TM2015 wrote: »

We have approx 70k in savings, looking to buy a house in the next 6 months. The 70k will cover our deposit, somewhere between 55 to 60k, and the other fees quite comfortably.

The problem is that we now want to book a few holiday for the summer and to do so I don't think we'll be able to put away our usual monthly savings.

Would this be an issue with the bank? We are obviously gonna keep saving but instead of 1500 a month we'd only put away 1000. The 1500 was the recommended amount to ensure we pass the stress test for an exemption.

If you were recommended to save 1500 to make sure your over the stress testing level then you have to save 1500 each and every money until drawdown. Holiday in Ireland this year!

TM2015 · 05-02-2020 02:00PM

GingerLily wrote: »

Holiday in Ireland this year!

Don't say that! :eek:

I suppose I just didn't want to put the flights and hotel on the credit card and thought we could just not put in full savings amount one month and use that money to pay for the holiday.

Creamy Goodness · 05-02-2020 02:07PM

TM2015 wrote: »

Don't say that! :eek:

Why is that bad? our country is gorgeous and it's a small sacrifice for a long term gain. go on a holiday when you've got the house.

If you go from renting to a mortgage you'll generally free up more money after moving in settles and more importantly you're not having someone scrutinising your accounts once you've got the keys.

TM2015 · 05-02-2020 02:26PM

Creamy Goodness wrote: »

Why is that bad? our country is gorgeous and it's a small sacrifice for a long term gain. go on a holiday when you've got the house.

If you go from renting to a mortgage you'll generally free up more money after moving in settles and more importantly you're not having someone scrutinising your accounts once you've got the keys.

Did an Irish holiday last year x 2 and the year before. Cost us a bomb! I personally find that a holiday in ireland costs a lot more than abroad and I'm not even talking about a tacky package deal in Costa Del Sol.

We will keep on saving the 1500 until the drawdown. It's manageable but had hoped i could just pay for the holiday in one go and not have to worry about it again.

GingerLily · 05-02-2020 06:08PM

TM2015 wrote: »

Did an Irish holiday last year x 2 and the year before. Cost us a bomb! I personally find that a holiday in ireland costs a lot more than abroad and I'm not even talking about a tacky package deal in Costa Del Sol.

We will keep on saving the 1500 until the drawdown. It's manageable but had hoped i could just pay for the holiday in one go and not have to worry about it again.

Are you paying rent or mortgage at the moment? If not then you'll have to save that at least each and every month for the 6 months or longer before you apply and drawdown.

If you're paying rent /morrgage then it's that amount plus savings that need to be above the stressed amount.

You have 6 months, you should be able to save for a modest holiday on top of consistent saving.

TM2015 · 05-02-2020 09:16PM

GingerLily wrote: »

Are you paying rent or mortgage at the moment? If not then you'll have to save that at least each and every month for the 6 months or longer before you apply and drawdown.

If you're paying rent /morrgage then it's that amount plus savings that need to be above the stressed amount.

You have 6 months, you should be able to save for a modest holiday on top of consistent saving.

We pay rent of nearly 1600. We are above the stressed amount with the 1500 savings on top of it. My question was whether now that we have the deposit, funds for the fees and tax etc, can we just take a break from saving as much. Like, what if we can’t find the house we like for another 12 months.

As I said we will manage with the savings and can book the holidays too but had hoped that the bank would have no issue with us not putting in the full savings amount for a month or 2.

SteelyDanJalapeno · 05-02-2020 09:58PM

TM2015 wrote: »

Don't say that! :eek:

I suppose I just didn't want to put the flights and hotel on the credit card and thought we could just not put in full savings amount one month and use that money to pay for the holiday.

I definetly wouldn't put them on the credit card anyway

TM2015 · 05-02-2020 10:05PM

SteelyDanJalapeno wrote: »

I definetly wouldn't put them on the credit card anyway

we put things on the cc to get cash back. It’s always paid off within 4 weeks. Surely the bank wouldn’t have a problem with this?

SteelyDanJalapeno · 05-02-2020 10:53PM

TM2015 wrote: »

we put things on the cc to get cash back. It’s always paid off within 4 weeks. Surely the bank wouldn’t have a problem with this?

If that's the case yeah, you just don't wanna look like you're spending money you don't have on luxuries, but you're example sounds fine!

Brock Turnpike · 06-02-2020 05:20PM

TM2015 wrote: »

We pay rent of nearly 1600. We are above the stressed amount with the 1500 savings on top of it. My question was whether now that we have the deposit, funds for the fees and tax etc, can we just take a break from saving as much. Like, what if we can’t find the house we like for another 12 months.

As I said we will manage with the savings and can book the holidays too but had hoped that the bank would have no issue with us not putting in the full savings amount for a month or 2.

I'm in a similar kind of situation, so would also like to know this

Also, do banks look for Revolut statements?

Creamy Goodness · 06-02-2020 05:26PM

Brock Turnpike wrote: »

Also, do banks look for Revolut statements?

Some do, some don't I think it really depends on the advisor you get. If you've a good chunk of regular change going out to Revolut you can be sure it'll be flagged by the underwriters and they'll want statements.

Stark · 06-02-2020 05:40PM

I got my AIP from Ulster Bank and they looked for my Revolut statements. So much for hiding my Pornhub subscription.

scarepanda · 06-02-2020 05:55PM

Brock Turnpike wrote: »

Also, do banks look for Revolut statements?

We use revolut and N26 for most of our banking, so we needed to submit statements regardless. However they were the easiest for us to submit and we didn't get any questions about either from the bank. We did however need to explain how they worked to the broker we've gone through.

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

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