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

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    #9782
    Boozybooze
    Banned (with Prison Access) Posts: 60 ✭✭Boozybooze


    lfen wrote: »
    Best advice we got was to prove we could afford the monthly repayment through savings. Like you, we had a lump sum so planned to save €1000 monthly. I called a broker to just run it by them and he said that our repayment would be €1400 based on how much we wanted to borrow, so to actually save €1700 to show we can more than afford it. Great advice I thought.

    Thanks probably should of setting aside the money in a seperate account. With 3100 a month income after tax and a twenty year mortgage at around 950 with 10% deposit hopefully I'll be okay.


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    #9783
    tolow
    Registered Users Posts: 183 ✭✭tolow


    ebayissues wrote: »
    I got an AIP which was an exception till the end of this month. Was going to renew it but wondering if anyone has done so.

    To get the exception did you need an address of a property you were planning on bidding on?


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    #9784
    ebayissues
    Registered Users Posts: 448 ✭✭ebayissues


    tolow wrote: »
    To get the exception did you need an address of a property you were planning on bidding on?


    Nope, maybe a rough idea location wise.


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    #9785
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Boozybooze wrote: »
    Thanks probably should of setting aside the money in a seperate account. With 3100 a month income after tax and a twenty year mortgage at around 950 with 10% deposit hopefully I'll be okay.

    Just sure to show 6 months of saving more than €950 monthly


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    #9786
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    We bought our house about 8 months ago.

    We originally had an offer from BOI for 5 years fixed at 3% however the house wasnt built in time and this offer expired after 6 months and we had to get a revised offer and the rates with BOI had risen to 3.2% for 5 years fixed.

    We took the offer at 3.2% for 5 years fixed.

    I now see BOI rates have gone back down to 3% again.

    Bad luck with timing on our part..

    Probably a stupid question but I assume the banks dont renegotiate the rates with situations like this and offer the lower rate if it changes shortly after? I know some industries offer customers a refund of the difference if something they buy goes down in a sale in the near future.

    I doubt banks are the same and its probably a stupid question as the rates could have easily gone up rather than down but I said I would ask the question as there maybe something there which I'm not aware of.


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    #9787
    Maz2016
    Registered Users Posts: 1,104 ✭✭✭Maz2016


    Hi, I am a single man in my mid 30’s just about to apply. I missed 8 weeks of work last year due to an old health injury that pops up every now and then. I continued to save €1000 a month when out of work. Will missing work go against me? Also, I told my employer a few weeks ago I was going to apply for a mortgage. He has given me a substantial pay rise (from 33k to 40k. Will the banks take my new salary into account even though I only have 1 payslip to prove my new salary?


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    #9788
    DelBoy Trotter
    Registered Users Posts: 1,477 ✭✭✭DelBoy Trotter


    Maz2016 wrote: »
    Hi, I am a single man in my mid 30’s just about to apply. I missed 8 weeks of work last year due to an old health injury that pops up every now and then. I continued to save €1000 a month when out of work. Will missing work go against me? Also, I told my employer a few weeks ago I was going to apply for a mortgage. He has given me a substantial pay rise (from 33k to 40k. Will the banks take my new salary into account even though I only have 1 payslip to prove my new salary?

    You will have to provide the bank with a salary cert from your employer, and as you have one payslip showing that your pay rise has gone through, the bank will take your new salary into account


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    #9789
    Looptheloop30
    Registered Users Posts: 214 ✭✭Looptheloop30


    lfen wrote: »
    Just sure to show 6 months of saving more than €950 monthly

    Possibly a daft question: Does rent payments count towards being able to show saving ability?

    I.e if living at home you'd need to show 900/1000 savings each month whereas if renting you'd need to show monthly rent payments + savings to make up to the 900 or whatever ball park figure?


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    #9790
    lir6777
    Registered Users Posts: 214 ✭✭lir6777


    Looptheloop30 wrote: »
    Possibly a daft question: Does rent payments count towards being able to show saving ability?

    I.e if living at home you'd need to show 900/1000 savings each month whereas if renting you'd need to show monthly rent payments + savings to make up to the 900 or whatever ball park figure?

    Yes, rent will count towards repayment calculations. Also I believe any loan repayments where the loan will be paid off before drawdown


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    #9791
    hanaimai
    Registered Users Posts: 207 ✭✭hanaimai


    Glen_Quagmire wrote: »

    Probably a stupid question but I assume the banks dont renegotiate the rates with situations like this and offer the lower rate if it changes shortly after? I know some industries offer customers a refund of the difference if something they buy goes down in a sale in the near future.

    I doubt banks are the same and its probably a stupid question as the rates could have easily gone up rather than down but I said I would ask the question as there maybe something there which I'm not aware of.

    Short answer - no. If you signed a contract for a fixed rate, you're locked into that rate for the duration of the contract. Whether the banks rates go up or down won't affect your fixed rate until it expires.

    Longer answer - you are of course free to break contract during the term of the fixed rate and move to a lower rate (either with BOI or a different bank). This may incur a penalty known as a break fee. The break fee can vary greatly but you can ring up BOI for a quote. It's possible that even with the break fee, the lower rate will save you money in the longer term so you should certainly look into it.


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    #9792
    Padre_Pio
    Registered Users Posts: 5,038 ✭✭✭Padre_Pio


    I've been following this thread for a year. Just went sale agreed on a nice cottage on a half acre.
    Sorted solicitor and bank today.
    Going for Ulsterbank as they seem to have competitive rates.

    Thanks a million for all the advice and help.


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    #9793
    z0oT
    Registered Users Posts: 740 ✭✭✭z0oT


    For anyone who's bought a new build:

    At what point can you get Home Insurance & Mortgage Protection in place? Mortgage Protection can probably be done whenever the mortgage amount & term is finalized. For Home Insurance the house probably needs to be finished?

    We're buying a new build (which is being built at the minute), and hoping for drawdown around the middle of April. We've just got what will likely be our final Mortgage Letter of Offer last week. Does one have to specify a start date on those policys or can the start date change? I obviously don't know the exact date we'll be getting the keys.

    We're new to all of this, but I want to move on the Mortgage Protection & Home Insurance probably this week if I can.


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    #9794
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    z0oT wrote: »
    For anyone who's bought a new build:

    At what point can you get Home Insurance & Mortgage Protection in place? Mortgage Protection can probably be done whenever the mortgage amount & term is finalized. For Home Insurance the house probably needs to be finished?

    We're buying a new build (which is being built at the minute), and hoping for drawdown around the middle of April. We've just got what will likely be our final Mortgage Letter of Offer last week. Does one have to specify a start date on those policys or can the start date change? I obviously don't know the exact date we'll be getting the keys.

    We're new to all of this, but I want to move on the Mortgage Protection & Home Insurance probably this week if I can.

    Both can be put in place basically as soon as you've gotten underwritten AIP and can be held until you need them. Get Mortgage protection done first, depending on your - and your family's - medical history it could end up taking extra time.

    Home insurance can be pretty much done in a day (one phone call).

    You activate the mortgage protection the day your solicitor draw the funds down. You activate the home insurance the day you get the keys.


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    #9795
    tomister
    Registered Users Posts: 271 ✭✭tomister


    z0oT wrote: »
    For anyone who's bought a new build:

    At what point can you get Home Insurance & Mortgage Protection in place? Mortgage Protection can probably be done whenever the mortgage amount & term is finalized. For Home Insurance the house probably needs to be finished?

    We're buying a new build (which is being built at the minute), and hoping for drawdown around the middle of April. We've just got what will likely be our final Mortgage Letter of Offer last week. Does one have to specify a start date on those policys or can the start date change? I obviously don't know the exact date we'll be getting the keys.

    We're new to all of this, but I want to move on the Mortgage Protection & Home Insurance probably this week if I can.

    For Mortgage Protection you can get it done whenever however for the Home Insurance you need to have the valuation carried out. This is because you need the rebuild cost of the property which you will only get on the valuation


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    #9796
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    forgot about that, yeah you'll need a valuation done to get the home insurance, still rest of my post remains valid. You get the valuation done once the builder has stated the building is complete.


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    #9797
    Klaudia.
    Registered Users Posts: 39 ✭Klaudia.


    Guys, how banks look at investment accounts? I saw on this forum some people are opting out of pension contributions. Would that be the same with investments? Let's say I put away each month the same amount and invest + save on separate account for a house... do I need to stop investing?

    Also, I'm thinking about moving back to family house for a few months (rent-free; parents want to help). It will help with savings, but would banks question my ability to repay the mortgage?


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    #9798
    gnf_ireland
    Registered Users Posts: 431 ✭✭gnf_ireland


    Glen_Quagmire wrote: »
    We bought our house about 8 months ago.

    We originally had an offer from BOI for 5 years fixed at 3% however the house wasnt built in time and this offer expired after 6 months and we had to get a revised offer and the rates with BOI had risen to 3.2% for 5 years fixed.

    We took the offer at 3.2% for 5 years fixed.

    I now see BOI rates have gone back down to 3% again.

    Bad luck with timing on our part..

    Probably a stupid question but I assume the banks dont renegotiate the rates with situations like this and offer the lower rate if it changes shortly after? I know some industries offer customers a refund of the difference if something they buy goes down in a sale in the near future.

    I doubt banks are the same and its probably a stupid question as the rates could have easily gone up rather than down but I said I would ask the question as there maybe something there which I'm not aware of.

    No they won't - but you can ask them what the break fee is for fixed mortgage. If the number is negligible, you tell them you wish to break the fixed mortgage and then sign up to another 5 years at 3% ! Absolutely nothing wrong with it and you might find the break free is actually zero

    No harm in asking ! The worst that can happen is you waste a bit of time and the fee does not make sense. Its worth 200 euro a year (1k over the 5 year term) for every 100k of a mortgage you have !


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    #9799
    KilOit
    Registered Users Posts: 2,987 ✭✭✭KilOit


    z0oT wrote: »
    For anyone who's bought a new build:

    At what point can you get Home Insurance & Mortgage Protection in place? Mortgage Protection can probably be done whenever the mortgage amount & term is finalized. For Home Insurance the house probably needs to be finished?

    We're buying a new build (which is being built at the minute), and hoping for drawdown around the middle of April. We've just got what will likely be our final Mortgage Letter of Offer last week. Does one have to specify a start date on those policys or can the start date change? I obviously don't know the exact date we'll be getting the keys.

    We're new to all of this, but I want to move on the Mortgage Protection & Home Insurance probably this week if I can.

    Get mortgage protection done asap, i was 6 weeks waiting on my one, i bought second hand and it almost fell through because of it.
    I'm sure new builds isn't so rough and under huge time constraints though


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    #9800
    Monitor1985
    Registered Users Posts: 43 ✭Monitor1985


    Has anyone any experience with ICS mortgages lately? Thinking of going with them as my missus works with the HSE.

    Was thinking of going with Ulster Bank first for two years at 2.3% then switching, but it will cost €1500 roughly to swap and the difference is only about €240 over 2 years if I go with ICS straight up.

    We'll hopefully be going in at under 80% LTV.


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    #9801
    Maz2016
    Registered Users Posts: 1,104 ✭✭✭Maz2016


    Has anyone had difficulty with the mortgage/insurance when they have a pre existing health condition? I have a heart condition but it doesn’t affect my day to day life. Had surgery 3 years ago


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    #9802
    Naked Lepper
    Registered Users Posts: 1,514 ✭✭✭Naked Lepper


    prob a stupid question but regarding mortgage, you can get 3.5 times your salary ok
    so that means if you earn 100k you can get 350,000 and you need 35k deposit for ftb

    does this mean the total value of the property you can buy is 350k + 35k so you can get a property for 385k (in theory)

    or if you saved 50k and your salary is 100k that means you can buy a house for 400k if you get +3.5x your salary plus the 50k you saved?


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    #9803
    thunderdog
    Registered Users Posts: 2,675 ✭✭✭thunderdog


    Naked Lepper wrote: »
    prob a stupid question but regarding mortgage, you can get 3.5 times your salary ok
    so that means if you earn 100k you can get 350,000 and you need 35k deposit for ftb

    does this mean the total value of the property you can buy is 350k + 35k so you can get a property for 385k (in theory)

    or if you saved 50k and your salary is 100k that means you can buy a house for 400k if you get +3.5x your salary plus the 50k you saved?

    Yes, that’s right


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    #9804
    Naked Lepper
    Registered Users Posts: 1,514 ✭✭✭Naked Lepper


    thanks for the confirmation


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    #9805
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Naked Lepper wrote: »
    prob a stupid question but regarding mortgage, you can get 3.5 times your salary ok
    so that means if you earn 100k you can get 350,000 and you need 35k deposit for ftb

    does this mean the total value of the property you can buy is 350k + 35k so you can get a property for 385k (in theory)

    or if you saved 50k and your salary is 100k that means you can buy a house for 400k if you get +3.5x your salary plus the 50k you saved?

    You still will need the 10% deposit if your a FTB, so10% of 385k is 38.5k, so you'd need a bigger deposit then 35k!


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    #9806
    Uglysoik1
    Registered Users Posts: 42 ✭Uglysoik1


    GingerLily wrote: »
    You still will need the 10% deposit if your a FTB, so10% of 385k is 38.5k, so you'd need a bigger deposit then 35k!

    I'll add 5 - 7k for solicitors fee and stamp duty.


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    #9807
    Summer2020
    Registered Users Posts: 609 ✭✭✭Summer2020


    Are people considering holding off to see what happens to the economy and property market due to the Coronavirus before buying?


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    #9808
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    I wouldn’t. If you need a home, the time is right and you can afford the stress payments just go for it. If you put it off the next thing will be there to put you off.

    Foot and mouth
    Swine flu
    Bird flu
    Brexit
    Corona virus
    Etc. Etc.


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    #9809
    Padre_Pio
    Registered Users Posts: 5,038 ✭✭✭Padre_Pio


    Creamy Goodness wrote: »
    I wouldn’t. If you need a home, the time is right and you can afford the stress payments just go for it. If you put it off the next thing will be there to put you off.

    Foot and mouth
    Swine flu
    Bird flu
    Brexit
    Corona virus
    Etc. Etc.

    Foot and mouth,
    2012,
    Y2K,
    Boom and Bust etc.

    There's no good or bad time really to buy a house (unless it was peak boom maybe)


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    #9810
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    Summer2020 wrote: »
    Are people considering holding off to see what happens to the economy and property market due to the Coronavirus before buying?

    We're sale agreed on somewhere and I do have the odd thought where I think will we regret it?

    But we need somewhere to live, we have the 20% deposit and mortgage approval. We have a growing family and need a bigger house. We've purposely not gone as expensive/big as we could have and the mortgage repayments will be 18% of our monthly wages so can be paid if one of us loses our job (mine is pretty recession proof).


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    #9811
    Flyonawall
    Registered Users Posts: 2 ✭Flyonawall


    I wonder what is the view on this. Will this effect house prices?
    Thinking of buying here myself, mortgage approved and I am bidding and looking but this has the feel of 2008 alright. There is not the same issue with cheap credit and over supply though.


This discussion has been closed.
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