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

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    #9812
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    Have a booking deposit down on a property myself and mortgage approval but worried about how things are looking with the economy. Not signing anything just yet. Feel the house is overpriced but it's been that way for a long time with pretty much any property i've looked at, and so I just bit the bullet. But now certainly having second thoughts. Job security might be an issue as this drags on.


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    #9813
    Padre_Pio
    Registered Users Posts: 4,956 ✭✭✭Padre_Pio


    fifth wrote: »
    Have a booking deposit down on a property myself and mortgage approval but worried about how things are looking with the economy. Not signing anything just yet. Feel the house is overpriced but it's been that way for a long time with pretty much any property i've looked at, and so I just bit the bullet. But now certainly having second thoughts. Job security might be an issue as this drags on.

    It'll take 2 to 3 months to close the sale. You can pull out at any time. It's probably a bad tactic, but if you're really worried you could drag out the sale just to be sure.


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    #9814
    ELM327
    Registered Users Posts: 21,544 ✭✭✭✭ELM327


    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!


    It's 10% of the mortgaged amount, or it was when I was applying.
    350k mortgage + 10% of 350k gives 385k.


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    #9815
    un5byh7sqpd2x0
    Closed Accounts Posts: 1,862 ✭✭✭un5byh7sqpd2x0


    ELM327 wrote: »
    It's 10% of the mortgaged amount, or it was when I was applying.
    350k mortgage + 10% of 350k gives 385k.

    You’re not correct.

    90% of 385k is 346.5, the shortfall being the 10% deposit - 38.5k


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    #9816
    ELM327
    Registered Users Posts: 21,544 ✭✭✭✭ELM327


    Remi Hundreds Salamander wrote: »
    You’re not correct.

    90% of 385k is 246.5, the shortfall being the 10% deposit - 38.5k


    100% = 350k mortgage
    10% = 350k * .1
    110% = 350 + .1*350 = 385k
    QED


    Permanent TSB and BOI do it this way for sure.


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    #9817
    Greyian
    Registered Users Posts: 965 ✭✭✭Greyian


    ELM327 wrote: »
    100% = 350k mortgage
    10% = 350k * .1
    110% = 350 + .1*350 = 385k
    QED


    Permanent TSB and BOI do it this way for sure.


    Not according to the PTSB or BOI sites.

    PTSB
    505178.PNG

    BOI
    505180.PNG

    In both cases, the deposit has to be at least 10% of the property value, not the mortgage. This is as per the Central Bank's rules.


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    #9818
    un5byh7sqpd2x0
    Closed Accounts Posts: 1,862 ✭✭✭un5byh7sqpd2x0


    Greyian wrote: »
    In both cases, the deposit has to be at least 10% of the property value, not the mortgage. This is as per the Central Bank's rules.

    Exactly... And here's the exact numbers referenced in case he doesn't believe us...

    BOI
    505182.PNG

    PTSB
    505183.PNG


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    #9819
    JohnnyChimpo
    Registered Users Posts: 1,075 ✭✭✭JohnnyChimpo


    ELM327 wrote: »
    100% = 350k mortgage
    10% = 350k * .1
    110% = 350 + .1*350 = 385k
    QED


    Permanent TSB and BOI do it this way for sure.

    No they definitely don't - you need 10% of the purchase price.

    You’re not correct.

    90% of 385k is 246.5, the shortfall being the 10% deposit - 38.5k

    You probably meant 346.5 tho


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    #9820
    sarahzxe
    Registered Users Posts: 33 ✭sarahzxe


    Hi guys anybody know how long to hear back after applying for mortgage with Bank of Ireland?
    We applied over 3 weeks ago and have offer accepted on house we love. Our mortgage specialist has not been great keeping us updated doesn't respond to emails or calls. When we finally get through we are told they are short staffed. The application is with the underwriter as there has been a few queries but nothing at all since last thursday. I'm getting so impatient !!


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    #9821
    lfen
    Registered Users Posts: 196 ✭✭lfen


    sarahzxe wrote: »
    Hi guys anybody know how long to hear back after applying for mortgage with Bank of Ireland?
    We applied over 3 weeks ago and have offer accepted on house we love. Our mortgage specialist has not been great keeping us updated doesn't respond to emails or calls. When we finally get through we are told they are short staffed. The application is with the underwriter as there has been a few queries but nothing at all since last thursday. I'm getting so impatient !!

    We are 6 weeks waiting....


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    #9822
    sarahzxe
    Registered Users Posts: 33 ✭sarahzxe


    lfen wrote: »
    We are 6 weeks waiting....

    Are you with BOI aswel? 6 weeks is ridiculous?


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    #9823
    fifth
    Registered Users Posts: 3,135 ✭✭✭fifth


    sarahzxe wrote: »
    Hi guys anybody know how long to hear back after applying for mortgage with Bank of Ireland?
    We applied over 3 weeks ago and have offer accepted on house we love. Our mortgage specialist has not been great keeping us updated doesn't respond to emails or calls. When we finally get through we are told they are short staffed. The application is with the underwriter as there has been a few queries but nothing at all since last thursday. I'm getting so impatient !!

    Applied and approved within a week with BOI. :eek:

    (just in the last week!)


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    #9824
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    Those are crazy waiting times. Our mortgage is with PTSB and we had an answer in less than 2 days


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    #9825
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    can i ask, as someone whos applying now. Why would anyone go to BOI when other banks have better rates?

    BOi is my bank it just seems expensive


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    #9826
    Mickiemcfist
    Registered Users Posts: 1,585 ✭✭✭Mickiemcfist


    IvoryTower wrote: »
    can i ask, as someone whos applying now. Why would anyone go to BOI when other banks have better rates?

    BOi is my bank it just seems expensive

    3% Cashback offer is fairly appealing when you're fitting out a house, I went with BOI until the fixed rate is over, taking the cashback & going to go with the best long term option at that point.


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    #9827
    tomister
    Registered Users Posts: 271 ✭✭tomister


    sarahzxe wrote: »
    Hi guys anybody know how long to hear back after applying for mortgage with Bank of Ireland?
    We applied over 3 weeks ago and have offer accepted on house we love. Our mortgage specialist has not been great keeping us updated doesn't respond to emails or calls. When we finally get through we are told they are short staffed. The application is with the underwriter as there has been a few queries but nothing at all since last thursday. I'm getting so impatient !!

    Thats crazy! If you have your application number ring the mortgage helpline. My approval was 3 days from completing the application with the Mortgage specialist to getting the call with the full approval


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    #9828
    lfen
    Registered Users Posts: 196 ✭✭lfen


    No sorry, we are applying to Ulster Bank. They just keep coming back looking for more documents. Strange requests. About 8 additional requests in addition to the original checklist but one of us is self employed.
    They also said that they are out the door at the moment given their rates.


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    #9829
    Micko99
    Registered Users Posts: 23 ✭Micko99


    Mickiemcfist wrote: »
    3% Cashback offer is fairly appealing when you're fitting out a house, I went with BOI until the fixed rate is over, taking the cashback & going to go with the best long term option at that point.

    Be warned the BOI cashback offer ends on June 30th 2020. For this reason alone I am drawing down my mortgage with KBC.


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    #9830
    Knex*
    Registered Users Posts: 22,477 ✭✭✭✭Knex*


    We're currently approved for Ulster Bank 4 year fixed at 2.6%.

    However, I do think there's a decent chance the interest rates will come down again within the next year. Even though I'm happy with the mortgage repayments, I'm half thinking of cutting that fixed rate down to 2 years at 2.3%, and seeing where the rates are at in 2022.

    I don't see rates rising in a recession, but I just can't remotely predict when the downturn ends and rates might rise again. My fear is in 4 years time we're back up to current rates or beyond, and we've basically missed our opportunity for lower rates.

    Anyone else have thoughts around this?


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    #9831
    Black_Knight
    Moderators Posts: 12,367 ✭✭✭✭Black_Knight


    Micko99 wrote: »
    Be warned the BOI cashback offer ends on June 30th 2020. For this reason alone I am drawing down my mortgage with KBC.

    I've heard that before. Think it was either EBS or BOI that spun that at me. And that was at least a year ago. It'll end eventually, but you can't believe them.

    Why not drawdown with BOI, get the cashback and then move to KBC? It's what I did (though I went UB no KBC).


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    #9832
    Black_Knight
    Moderators Posts: 12,367 ✭✭✭✭Black_Knight


    Knex. wrote: »
    We're currently approved for Ulster Bank 4 year fixed at 2.6%.

    However, I do think there's a decent chance the interest rates will come down again within the next year. Even though I'm happy with the mortgage repayments, I'm half thinking of cutting that fixed rate down to 2 years at 2.3%, and seeing where the rates are at in 2022.

    I don't see rates rising in a recession, but I just can't remotely predict when the downturn ends and rates might rise again. My fear is in 4 years time we're back up to current rates or beyond, and we've basically missed our opportunity for lower rates.

    Anyone else have thoughts around this?

    What do you save in the 2 years of a difference? How much will switching cost you in fees?

    UB also have a 5 year 2.6% rate. Saves you having to switch for an extra year (defers switching costs another year).


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    #9833
    Black_Knight
    Moderators Posts: 12,367 ✭✭✭✭Black_Knight


    Mickiemcfist wrote: »
    3% Cashback offer is fairly appealing when you're fitting out a house, I went with BOI until the fixed rate is over, taking the cashback & going to go with the best long term option at that point.

    Check what it costs to break early. I went with a 1 year fixed with BOI. Got my ~5k cashback (2%) and set about switching. UB needed me to be with my current provider for 6 months, so around then I started the process. I switched with about 3 months left on my 1 year Fixed (I was a bit slow getting everything together). Cost about €250 to exit the term early. Between that and solicitors fees etc, UB covered everything with their €1500 payout for fees (no questions, they just lodged €1500 into my account).

    The cashback was great and the rate was on par with what we were paying already, just get out and onto a better rate ASAP. Helped cover works we did to our driveway which we otherwise would had to have saved for the guts of a year for.


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    #9834
    Knex*
    Registered Users Posts: 22,477 ✭✭✭✭Knex*


    Black_Knight wrote: »
    What do you save in the 2 years of a difference? How much will switching cost you in fees?

    UB also have a 5 year 2.6% rate. Saves you having to switch for an extra year (defers switching costs another year).

    Difference in the two years is about 1.5k. Not a massive amount, but its more the difference from year 2-4, if lower rates are indeed available, that has me thinking about this.

    Will look into the switching costs and weigh up the trades offs though, thanks.


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    #9835
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    We're going in to sign contracts on Monday and will need to bring the deposit check made out to the vendors solicitor with us. I can't remember what we did last time we bought a house. Do you just pop into the bank and ask them to draw up a cheque? I can't get through on the phone.


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    #9836
    Techn0
    Registered Users Posts: 37 ✭Techn0


    Hi all,

    With everything going on currently - any thoughts on how this may affect applying for a mortgage?

    I'm applying for a mortgage in the next 8 weeks and going to be looking for a slight exemption (circa. 3.8x LTI). My concern is, given the push on the banks to help with providing working capital to businesses and relaxing payments on existing customers, they (banks) would be very unlikely to be taking on extra risk by way of mortgages and exemptions.

    Anyone currently going through the process now and can share their thoughts?


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    #9837
    tomister
    Registered Users Posts: 271 ✭✭tomister


    Woshy wrote: »
    We're going in to sign contracts on Monday and will need to bring the deposit check made out to the vendors solicitor with us. I can't remember what we did last time we bought a house. Do you just pop into the bank and ask them to draw up a cheque? I can't get through on the phone.

    I'd check with your solicitor what the vendor's solicitor has requested. For mine it was bank transfer only so had to make sure I'd transferred it to my solicitor before I went in to sign the contracts and then he transferred it across to the vendor's solicitor on the day.


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    #9838
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,228 Mod ✭✭✭✭FutureGuy


    Our solicitor has sent over our bill, and while it contains everything we expected, it contains one unusual amount...


    “Balance Purchase Monies”
    “Balance 90% due per contract less mortgage funds”
    €1,800

    I have no idea what this is. Now normally you would simply ask the solicitor. However, 10 days ago, our solicitor last contacted us and he did not return any call, e-mail or text since then until today, when we were told our behaviour to contract him was outrageous (he gave no notice he was out of office) and we answering nothing, even just a courtesy call to say what was going on). So he will won’t contact us until the bill is paid in full. So we are being asked to settle a bill that have no idea what it is.


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    #9839
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    FutureGuy wrote: »
    Our solicitor has sent over our bill, and while it contains everything we expected, it contains one unusual amount...


    “Balance Purchase Monies”
    “Balance 90% due per contract less mortgage funds”
    €1,800

    I have no idea what this is. Now normally you would simply ask the solicitor. However, 10 days ago, our solicitor last contacted us and he did not return any call, e-mail or text since then until today, when we were told our behaviour to contract him was outrageous (he gave no notice he was out of office) and we answering nothing, even just a courtesy call to say what was going on). So he will won’t contact us until the bill is paid in full. So we are being asked to settle a bill that have no idea what it is.

    Honestly, if i were in your situation i would run for the hills.


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    #9840
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,228 Mod ✭✭✭✭FutureGuy


    randoplh134 wrote: »
    Honestly, if i were in your situation i would run for the hills.

    We are sale agreed. Contract signed. He has contracts.


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    #9841
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    FutureGuy wrote: »
    Our solicitor has sent over our bill, and while it contains everything we expected, it contains one unusual amount...


    “Balance Purchase Monies”
    “Balance 90% due per contract less mortgage funds”
    €1,800

    I have no idea what this is. Now normally you would simply ask the solicitor. However, 10 days ago, our solicitor last contacted us and he did not return any call, e-mail or text since then until today, when we were told our behaviour to contract him was outrageous (he gave no notice he was out of office) and we answering nothing, even just a courtesy call to say what was going on). So he will won’t contact us until the bill is paid in full. So we are being asked to settle a bill that have no idea what it is.

    I would equally refuse to pay this until you get confirmation of what it is, as a breakdown.


This discussion has been closed.
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