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

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Comments

  • #9852
    fifth
    Registered Users, Registered Users 2 Posts: 3,135 ✭✭✭fifth


    lir6777 wrote: »
    Thanks, yeah that makes sense. I'm half afraid if the crash comes (as seems likely) I will struggle even more to get a mortgage as a single applicant. It's a really tough call!

    Yeah that's the other side of it. Banks might reign in their lending after this.

    I've just gotten mortgage approved and this is available to me for around six months I think. The house isn't ready yet, so I have some time to figure out what I'm going to do and see how the situation unfolds.


  • #9853
    DianeMc2018
    Registered Users Posts: 21 ✭DianeMc2018


    lir6777 wrote: »
    Thanks, yeah that makes sense. I'm half afraid if the crash comes (as seems likely) I will struggle even more to get a mortgage as a single applicant. It's a really tough call!

    Yes we’re wondering all this too.Application with broker.Hes talking to KBC for us.Extra docs needed as we’re both self-employed.In the past week both our workloads have fallen off (my income halved).Who knows how it’ll go over the next few months.I might return to almost what I was earning.Husband too.Do you think it’s a crazy idea to apply for the social welfare 6-week pandemic emergency fund at this stage of our mortgage application, as in when they ask for recent statements before drawdown will it look bad? Crazy times and making sure my kids are fed and bills are paid is the priority so I may not have a choice...but I’m nervous about how banks might view it.

    Also haven’t a clue like previous poster said about how house prices might go.Will they plummet?Will banks respond by not lending?

    It’s all a bit crazy


  • #9854
    Deco99
    Registered Users, Registered Users 2 Posts: 1,642 ✭✭✭Deco99


    What's the best rate to go with currently? Thinking 5 year fixed?


  • #9855
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,223 ✭✭✭✭Donald Trump


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?


    It's not something I have been following or analysing. I don't know what rates are now. There is not much scope (if any) for lowering current ECB rates. But depending on how long this goes on for (and it looks like it will be a while) it wouldn't appear to be much scope for those rates to go up either. (It doesn't mean that the spread for the Irish Banks is going to sit there either though).


  • #9856
    DubCount
    Registered Users, Registered Users 2 Posts: 1,092 ✭✭✭DubCount


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?

    Just my view, but I'd go for the cheapest rate available - fixed or variable. I don't see a big movement in ECB rates any time soon (especially upwards).


  • #9857
    BaguMka
    Registered Users Posts: 131 ✭✭BaguMka


    Hi everyone. I and my partner going to apply for a mortgage. I'm 34 years old whereas my partner is 42 years old. I wonder if the banks will apply any age restrictions to my partner (she is part time worker and I'm the main earner) or we still can get an offer of term of 30years to repay the mortgage.
    Thanks


  • #9858
    awec
    Administrators Posts: 54,091 Admin ✭✭✭✭✭awec


    BaguMka wrote: »
    Hi everyone. I and my partner going to apply for a mortgage. I'm 34 years old whereas my partner is 42 years old. I wonder if the banks will apply any age restrictions to my partner (she is part time worker and I'm the main earner) or we still can get an offer of term of 30years to repay the mortgage.
    Thanks

    Mortgage can’t extend past the retirement date of the older person.

    Or at least that was my experience.


  • #9859
    El Gato De Negocios
    Registered Users, Registered Users 2 Posts: 7,107 ✭✭✭El Gato De Negocios


    awec wrote: »
    Mortgage can’t extend past the retirement date of the older person.

    Or at least that was my experience.

    Us too, my wife will be 42 next birthday and the max repayment period was based on her age.


  • #9860
    AuldDaysul
    Registered Users, Registered Users 2 Posts: 132 ✭✭AuldDaysul


    Deco99 wrote: »
    What's the best rate to go with currently? Thinking 5 year fixed?

    I think the best 5 year fixed is 2.2% with Ulster bank but thats 60-80% LTV.


  • #9861
    wirelessdude01
    Registered Users, Registered Users 2 Posts: 8,426 ✭✭✭wirelessdude01


    AuldDaysul wrote: »
    I think the best 5 year fixed is 2.2% with Ulster bank but thats 60-80% LTV.

    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?


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  • #9862
    listermint
    Registered Users, Registered Users 2 Posts: 34,105 ✭✭✭✭listermint


    wirelessdude01 wrote: »
    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?

    No.


  • #9863
    AuldDaysul
    Registered Users, Registered Users 2 Posts: 132 ✭✭AuldDaysul


    wirelessdude01 wrote: »
    It is not 2.45% with ICS, Finance Ireland the Green option with AIB that are the lowest 5yr fixed?

    Maybe for 90% LTV, if you had a bigger deposit then Ulster Bank had the 2.2% for 5 years for sure.


  • #9864
    wirelessdude01
    Registered Users, Registered Users 2 Posts: 8,426 ✭✭✭wirelessdude01


    AuldDaysul wrote: »
    Maybe for 90% LTV, if you had a bigger deposit then Ulster Bank had the 2.2% for 5 years for sure.

    I plugged in value of 255000 and mortgage of 175000 with bonkers and UB comes up at 2.6%.


  • #9865
    Millem
    Registered Users, Registered Users 2 Posts: 7,729 ✭✭✭Millem


    wirelessdude01 wrote: »
    I plugged in value of 255000 and mortgage of 175000 with bonkers and UB comes up at 2.6%.

    I think you need a mortgage of €300,000 minimum to avail of the 2.2% rate.

    Aib have 2.45% if you have a BER B3 minimum or 2.55% otherwise.


  • #9866
    memoirs
    Registered Users Posts: 35 ✭memoirs


    DianeMc2018 wrote: »
    Yes we’re wondering all this too.Application with broker.Hes talking to KBC for us.Extra docs needed as we’re both self-employed.In the past week both our workloads have fallen off (my income halved).Who knows how it’ll go over the next few months.I might return to almost what I was earning.Husband too.Do you think it’s a crazy idea to apply for the social welfare 6-week pandemic emergency fund at this stage of our mortgage application, as in when they ask for recent statements before drawdown will it look bad? Crazy times and making sure my kids are fed and bills are paid is the priority so I may not have a choice...but I’m nervous about how banks might view it.

    Hi, we're in a very similar position, except we got mortgage approval (both self employed, a very long and hard process to get to this point!). As the AIP is from our main bank, they'll be able to view our statements anyway in a few months when/if we go to draw down. My business is down due to the crisis and ordinarily I would take the Covid payment. BUT I'm wondering now whether the bank will look on me taking the payment as a prudent measure to at least ensure money was coming in, or whether they'll take the opinion that its precarious employment and ask us to reapply. Like you - no idea what to do! Any advice from OPs welcome!


  • #9867
    antimatterx
    Registered Users, Registered Users 2 Posts: 3,000 ✭✭✭antimatterx


    What are people's experiences buying as a single person? I'm 24 and looking to get an apartment in the next few years. Current salary 32k. Will be ~50K within 2 years, and I saved 70%. I should be in a good financial situation.


  • #9868
    antimatterx
    Registered Users, Registered Users 2 Posts: 3,000 ✭✭✭antimatterx


    What are people's experiences buying as a single person? I'm 24 and looking to get an apartment in the next few years. Current salary 32k. Will be ~50K within 2 years, and I saved 70%. I should be in a good financial situation.


  • #9869
    iQuestion
    Closed Accounts Posts: 17 ✭iQuestion


    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)


  • #9870
    Creamy Goodness
    Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    iQuestion wrote: »
    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)

    How high? is there a history of health related issues in the family that are directly related to being overweight (diabetes, heart conditions etc?). I’m in the 30’s and it did have an affect but we’re talking maybe €5 extra a month.

    Best thing to do is ring all providers and be truthful, omitting info will result in a non payout if you need to claim.


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  • #9871
    ZX7R
    Registered Users Posts: 3,428 ✭✭✭ZX7R


    iQuestion wrote: »
    Does anyone knows what my options are if I want to get a mortgage but I am overweight with High BMI.

    What is the process of getting Mortgage Protection, are there any providers that accept overweight people? What if I get refused?

    Thanks a lot... :)

    I had to pay more for mine at the time as I was a smoker


  • #9872
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    First time I can recall a thread getting close to the 10k limit.

    New thread can be found here: https://www.boards.ie/vbulletin/showthread.php?t=2058066263


This discussion has been closed.
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