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Saving/Applying for a mortgage 2020-22 Edition

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Comments

  • #242
    Water2626262
    Registered Users Posts: 212 ✭✭Water2626262


    Rosstopher wrote: »
    Yeah, they weren’t consecutive fortunately but it’s still not a nice card to be holding regardless.

    This may be a silly question. But will a CCR report differ from the ICB? I ordered an ICB report yesterday but hadn’t really considered a CCR report. Is either more valuable to check? Or should both always be requested (if any way curious about a mortgage).

    CCR is the new central credit register. More comprehensive than the ICB. Will have all credit union history and other lenders who traditionally wouldn’t have been on the icb. All lending institutions run CCR now in parallel with the icb.

    You should definitely be getting one of these too. Think they are free.


  • #243
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    Submitted all the documents to the broker today. He said it all looks positive my side, so now the waiting game for the banks to get back in touch. It's going to be a long two weeks. Even though he said it's positive I still feel the bank will say no.

    Hoping to buy in Kildare north/Dublin west but going to wait and see how market fairs over next few months.


  • #244
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    We have submitted our Joint application as FTB

    So much documents to submit


  • #245
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    Duke of Url wrote: »
    We have submitted our Joint application as FTB

    So much documents to submit

    Did you go to one bank or a broker. I went with a broker was amazed at all the paperwork, it was like a book of paperwork. Took hours to fill out and get all the paperwork.


  • #246
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    bulmersgal wrote: »
    Did you go to one bank or a broker. I went with a broker was amazed at all the paperwork, it was like a book of paperwork. Took hours to fill out and get all the paperwork.

    Directly with BOI as Our Current accounts, Savings Accounts, Mortgage Savers account and Credit card accounts are with them.


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  • #247
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    I have been saving my deposit in the Credit Union, this won't be a problem will it? Does it need to be in a specific type of savings account?


  • #248
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Markitron wrote: »
    I have been saving my deposit in the Credit Union, this won't be a problem will it? Does it need to be in a specific type of savings account?

    No. Its about proof of saving . doesnt matter where your Savings are stored once you can provide Statements.

    We have a Bank Of Ireland Mortgage Savers account as we will get cash back.


  • #249
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    Markitron wrote: »
    I have been saving my deposit in the Credit Union, this won't be a problem will it? Does it need to be in a specific type of savings account?


    No I set mine up in BOI we they have a mortgage saver account and if I get my mortgage with them I get 2k back but after dirt it's 1,300 I think. I just picked them as I don't bank with them so I'm not tempted to access the funds


  • #250
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    Duke of Url wrote: »
    Directly with BOI as Our Current accounts, Savings Accounts, Mortgage Savers account and Credit card accounts are with them.

    Yeah I've accounts with Ulster Bank and KBC, I just went with broker as I want to compare all the rates before I pick one.


  • #251
    Looptheloop30
    Registered Users Posts: 213 ✭✭Looptheloop30


    On bank statements, how are the purchasing of shares viewed on an application? Would a few hundred euro raise a red flag?


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  • #252
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Duke of Url wrote: »
    No. Its about proof of saving . doesnt matter where your Savings are stored once you can provide Statements.

    We have a Bank Of Ireland Mortgage Savers account as we will get cash back.
    bulmersgal wrote: »
    No I set mine up in BOI we they have a mortgage saver account and if I get my mortgage with them I get 2k back but after dirt it's 1,300 I think. I just picked them as I don't bank with them so I'm not tempted to access the funds

    Ah grand, I went with the CU as it would make it much harder for me to access it.


  • #253
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Markitron wrote: »
    Ah grand, I went with the CU as it would make it much harder for me to access it.

    What I like about the Mortgage Savers account with BOI is we have a direct Debit of 800 going into it each month which is proof of savings and also we will get cashback.


  • #254
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    Saving can be so disheartening. Saw a place I like (via virtual tour). The asking price is €185k. I rang the EA there to go see it. He said viewings are starting next week and someone has already put an offer in of 195k. So annoying!


  • #255
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Maz2016 wrote: »
    Saving can be so disheartening. Saw a place I like (via virtual tour). The asking price is €185k. I rang the EA there to go see it. He said viewings are starting next week and someone has already put an offer in of 195k. So annoying!

    Dont believe everything you are told by EAs

    View the house and if you like it then put in an offer below asking price.


  • #256
    EamoCork
    Registered Users Posts: 3 ✭EamoCork


    Duke of Url wrote: »
    Dont believe everything you are told by EAs

    View the house and if you like it then put in an offer below asking price.

    For those who have already experienced bidding on a house, would this be a very common scenario? Would Estate Agents usually try and hike up bids when first approached by a potential buyer?

    I intend on bidding under the asking price if buying after the summer. But I'm not sure if estate agents would just plain ignore me if its a bid well below the price on the property.


  • #257
    Captainsatnav
    Registered Users Posts: 910 ✭✭✭Captainsatnav


    EamoCork wrote: »
    For those who have already experienced bidding on a house, would this be a very common scenario? Would Estate Agents usually try and hike up bids when first approached by a potential buyer?

    I intend on bidding under the asking price if buying after the summer. But I'm not sure if estate agents would just plain ignore me if its a bid well below the price on the property.
    They're trustworthy ppl. They don't lie.


  • #258
    EamoCork
    Registered Users Posts: 3 ✭EamoCork


    Captainsatnav wrote: »
    They're trustworthy ppl. They don't lie.

    I'll get my haggling hat on in that case 😅


  • #259
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    EamoCork wrote: »
    For those who have already experienced bidding on a house, would this be a very common scenario? Would Estate Agents usually try and hike up bids when first approached by a potential buyer?

    I intend on bidding under the asking price if buying after the summer. But I'm not sure if estate agents would just plain ignore me if its a bid well below the price on the property.
    It will be very commonly said on here, but from experience and the fact estate agents are expected to keep records of bids for legal reasons (and could be audited at any time) I don't think this is common at all.

    What I will say is that anything coming from an EA apart apart from verifiable facts (which bids ultimately are) should be taken with a grain of salt. By this, I don't mean that all EAs are liars - what I mean is that they have existed in a career where the past six or so years have rewarded volume of sales above else, and things like attention to detail or forthrightness are far less important in this kind of environment where honestly what makes the 'best' EA is probably the most amount of viewings you can show up to in an evening.

    I've lost count of the amount of times where EAs said they'd get back on basic queries and didn't, basic details in ads like square footage being wrong (and always flatteringly wrong), or EAs being visibly confused or resentful at basic questions like requesting management company details. I don't think this is a symptom of them setting out to mislead people at the outset, I think it's that they've learned that when every house is under such demand, closing sales doesn't require following through on this non-legally binding stuff - so they don't.

    In your case if you were concerned about being misled, I would just figure out the maximum of what you're willing to bid on the property and mention in front of the EA that it's a shame the bid was in as you're only willing to go to €x, and to maybe contact you if the bid falls through. If it really is a case of a phantom bid, he should attempt to bring you along. If he ignores your underbid, then it's either a case of being a real bid or the seller isn't willing to take any less, but in either case it's time to move on.


  • #260
    antimatterx
    Registered Users Posts: 2,644 ✭✭✭antimatterx


    I recommend the podcast 'The Home Stretch' to people. It's a 6 part series on buying your first house in Ireland.


  • #261
    jenno86
    Registered Users Posts: 2,634 ✭✭✭jenno86


    antimatterx wrote: »
    I recommend the podcast 'The Home Stretch' to people. It's a 6 part series on buying your first house in Ireland.

    +1!


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  • #262
    Dylan94
    Banned (with Prison Access) Posts: 179 ✭✭Dylan94


    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?


  • #263
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    Dylan94 wrote: »
    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?

    I have seen it reported that stressed payments are tested at 6% higher, but I'm fairly sure AIB stress tested mine by 20% when I went to them a few years ago.


  • #264
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    Dylan94 wrote: »
    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?

    Don’t know if it’s any help but I went to PTSB. They wanted mortgage repayments to be under 35% of your salary


  • #265
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Dylan94 wrote: »
    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?

    when I went for a mortgage with AIB in 2018 they stress tested the rate I was getting 2.95% and added 3% onto it so it was stressed tested at 5.95%.

    Can't speak for the couple aspect - as I was a single applicant - but they wanted me to have €1700 left over after mortgage paid for and all loans (which I had none at the time).


  • #266
    lir6777
    Registered Users Posts: 214 ✭✭lir6777


    Dylan94 wrote: »
    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?

    As I understand it banks will stress test you at their variable rate- which I never understood as most people opt for fixed but apparently this is their policy!

    Amount left over varies for each bank I think, for a single person no dependents it's often around 1800 but I've heard as high as 2400 (AIB)


  • #267
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    While we are talking about exemptions, as a single applicant I will probably need one. Lets say hypothetically they will be giving them out again next year, would I be better off clearing my car loan as soon as I have my deposit or should I keep saving? There will be about 7k left on it by then which I could probably get rid of in a few months.


  • #268
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Markitron wrote: »
    While we are talking about exemptions, as a single applicant I will probably need one. Lets say hypothetically they will be giving them out again next year, would I be better off clearing my car loan as soon as I have my deposit or should I keep saving? There will be about 7k left on it by then which I could probably get rid of in a few months.


    What's the repayment on the car loan? Generally the mortgage advisors will take the repayment off your discretionary income, so if it's quite low say under 200, it might not have a big affect on your ability to repay.

    if it's slightly higher try to get rid of it and build 6months of (regular) savings after it's cleared then do this, even better if you can add the monthly repayment of the car loan into your savings further boosting your deposit.


  • #269
    TM2015
    Registered Users Posts: 55 ✭✭TM2015


    Dylan94 wrote: »
    I know that exceptions aren't readily avaliable at the moment, but does anyone know at what intrest rate they stress test you at?

    Or does anyone know how much they want a couple to have left over after mortgage and loans each month?
    With KBC it's variable rate plus 2%.


  • #270
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    What's the repayment on the car loan? Generally the mortgage advisors will take the repayment off your discretionary income, so if it's quite low say under 200, it might not have a big affect on your ability to repay.

    if it's slightly higher try to get rid of it and build 6months of (regular) savings after it's cleared then do this, even better if you can add the monthly repayment of the car loan into your savings further boosting your deposit.

    Its closer to 300 tbh. Although I have no dependents or other outgoings, after an average mortgage and the car loan I would still have well over 2000 a month leftover so I should be fine for any stress tests.


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  • #271
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    Very frustrating, Been denied/deferred by KBC for AIP this morning. EBS last week.

    Saving 4.5k per month since October, 20% Deposit Saved, Combined Income of 115k.

    My business is Travel, but is domestic Travel and we've actually seen business increase in last few weeks vs. Business last year. Employer is availing of Wage Subsidy but I am on full take home pay. Not even an option of AIP subject to returning to normal pay without Subsidy, which will be ending soon.


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