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Saving/Applying for a mortgage 2020-22 Edition

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    #1412
    Glory83
    Registered Users Posts: 54 ✭✭Glory83


    dodo87 wrote: »
    I would black out the amount you were approved for before you send it across. This is what I was planning on doing but never had to give it in the end. I wouldn't want them to know my position however good or bad it is.

    In my case, I did blackout the amount on my AIP. But EA insisted to see it to make sure I had enough funds to proceed with the sales. Which I did and that did not affect or change anything and we are sale agreed now.


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    #1413
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    klose wrote: »
    We have recently been approved in principle for our mortgage ( and thank you for all the help and answers we've seen around here) and are ready to start viewing houses, however in order to do so we need to send the letter of approval to the estate agents (they're asking for it)

    That's fine however the amont we are offered is on the letter, which ultimately weakens our position as they know how high we can go, I'm just curious is this the norm or can we ask our bank to forward a letter without the amount on it?

    Can we ask for proof of bids on houses? It's in their best interest to get the highest price after all so it's easy to say the current bid is higher that what it actually is.

    You can certainly block it out and send that but you can also ask your mortgage advisor for a letter to state that you are approved for that amount.

    And you can probably ask for proof of bids, but i can't imagine any estate agent ever giving that information.. it's all part of the "game"


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    #1414
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    klose wrote: »
    We have recently been approved in principle for our mortgage ( and thank you for all the help and answers we've seen around here) and are ready to start viewing houses, however in order to do so we need to send the letter of approval to the estate agents (they're asking for it)

    That's fine however the amont we are offered is on the letter, which ultimately weakens our position as they know how high we can go, I'm just curious is this the norm or can we ask our bank to forward a letter without the amount on it?

    Can we ask for proof of bids on houses? It's in their best interest to get the highest price after all so it's easy to say the current bid is higher that what it actually is.

    You can redact your letter of offer
    Good luck with getting to see the bids
    Legally they are obliged to have a written record of all bids but excuses include but not limited to
    Angela has the book at home to update it
    Jimmy has it in his car to show someone else
    its misplaced but as soon as I find it I will be back to you


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    #1415
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    mimimcmc wrote: »
    You can certainly block it out and send that but you can also ask your mortgage advisor for a letter to state that you are approved for that amount.

    And you can probably ask for proof of bids, but i can't imagine any estate agent ever giving that information.. it's all part of the "game"

    Legally they are obliged
    However legally they are supposed to advertise the BER number and Ber rating but don't always do it
    They are self regulating to an extent
    Even DAFT and MYHOME will not make them take down or amend illegal adverts


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    #1416
    Cosle
    Registered Users Posts: 37 ✭Cosle


    Hello folks, myself and my wife are FTBs looking to
    get a mortgage for approx 400,000.

    Is there a mortgage offer from one bank that is considered the best deal, I.e. KBC fixed rate 3 years ago.

    Or is getting a broker the way to go?


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    #1417
    wassie
    Registered Users Posts: 3,315 ✭✭✭wassie


    Depends on your circumstance really.
    Check this out.: https://www.askaboutmoney.com/threads/best-buy-mortgage-for-a-first-time-buyer.214950/


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    #1418
    sparkle109
    Registered Users Posts: 174 ✭✭sparkle109


    Hi all,
    We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?


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    #1419
    into_the_wild
    Registered Users Posts: 142 ✭✭into_the_wild


    sparkle109 wrote: »
    Hi all,
    We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?

    Just make sure to get your solicitor to add the "subject to finance" clause in your contacts and you'll be grand


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    #1420
    fin12
    Registered Users Posts: 10,934 ✭✭✭✭fin12


    Sorry off topic but I read today that Boris is looking to introduce 95% mortgages in the Uk.

    Wish they would increases the borrowing limit here. Plenty of people would have a deposit saved it’s the 3.5% holding them back.


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    #1421
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    fin12 wrote: »
    Sorry off topic but I read today that Boris is looking to introduce 95% mortgages in the Uk.

    Wish they would increases the borrowing limit here. Plenty of people would have a deposit saved it’s the 3.5% holding them back.

    the 3.5x your salary discussion is done to death here, I ultimately think it's a good thing and stops people getting themselves into huge amounts of debt.

    if we increased the baseline to 4.5x times you'll still have people say they want it increased more, all the while house prices just shoot up and up and up.

    we do need to supplement this borrowing cap with decent supply and that's where we're failing.

    all of the above in just my opinion though.


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    #1422
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Creamy Goodness wrote: »
    the 3.5x your salary discussion is done to death here, I ultimately think it's a good thing and stops people getting themselves into huge amounts of debt.

    if we increased the baseline to 4.5x times you'll still have people say they want it increased more, all the while house prices just shoot up and up and up.

    we do need to supplement this borrowing cap with decent supply and that's where we're failing.

    all of the above in just my opinion though.

    I think it heavily depends on people’s salaries and shouldn’t be a blanket cap.
    People who earn 60k can afford 4.5 times much easier than people who earn 30k

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



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    #1423
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Jasna1982 wrote: »
    I think it heavily depends on people’s salaries and shouldn’t be a blanket cap.
    People who earn 60k can afford 4.5 times much easier than people who earn 30k

    And there are exceptions at 60k (I was offered 4.5x myself in 2018).

    Problem now is banks who have already been strict with lending rules are now getting stricter due the C19. It’ll be interesting to see how 2021 pans out.


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    #1424
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    And there are exceptions at 60k (I was offered 4.5x myself in 2018).

    Problem now is banks who have already been strict with lending rules are now getting stricter due the C19. It’ll be interesting to see how 2021 pans out.

    This is what I will be hoping for. My outgoings are practically zero so if the exemptions are back on, I should have a decent chance at one.


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    #1425
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Markitron wrote: »
    This is what I will be hoping for. My outgoings are practically zero so if the exemptions are back on, I should have a decent chance at one.

    Wishing you the best of luck, it’s a hard slog keeping everything clean and dealing with some of the curveballs banks can throw at you but it’s absolutely worth it in the end.


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    #1426
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    Wishing you the best of luck, it’s a hard slog keeping everything clean and dealing with some of the curveballs banks can throw at you but it’s absolutely worth it in the end.

    Yea I have been living this life for 9 months now and it is driving me mental. I am all set to apply first thing in January.

    Hopefully the bank doesn't question the PS5-shaped hole in my bank account in November :D


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    #1427
    Starlord_01
    Registered Users Posts: 443 ✭✭Starlord_01


    What insurance do we have to have in place before drawdown? Is it just mortagage protection or life insurance too?

    Also, would anyone have any recommendations for a solicitor in the Dublin 22 area?


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    #1428
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Markitron wrote: »
    Yea I have been living this life for 9 months now and it is driving me mental. I am all set to apply first thing in January.

    Hopefully the bank doesn't question the PS5-shaped hole in my bank account in November :D

    Ah that should be fine, a €300-400 transaction in a toy retailer in the run up to Christmas, ten a penny I would assume :D.

    One thing that stuck out for me I'll never forget it, was the bank going through my statements (in September) with a ruler under every transaction. I had taken out €1,000 from an ATM in two goes (2 x €500) in August. They paused and asked me what this was for, I had zero idea despite it being less than 4 weeks since I did it. They sent me home saying unless I can remember what that €1,000 was for, they couldn't give me the go ahead. It took me a week to figure it out that it was for replacing car shocks, new tyres and a car service :pac:.


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    #1429
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Starlord_01 wrote: »
    What insurance do we have to have in place before drawdown? Is it just mortagage protection or life insurance too?

    Also, would anyone have any recommendations for a solicitor in the Dublin 22 area?

    Legally you just need mortgage protection. Many banks will encourage you to have life assurance too, which is good but it’s not legally required.


  • Options
    #1430
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    Ah that should be fine, a €300-400 transaction in a toy retailer in the run up to Christmas, ten a penny I would assume :D.

    One thing that stuck out for me I'll never forget it, was the bank going through my statements (in September) with a ruler under every transaction. I had taken out €1,000 from an ATM in two goes (2 x €500) in August. They paused and asked me what this was for, I had zero idea despite it being less than 4 weeks since I did it. They sent me home saying unless I can remember what that €1,000 was for, they couldn't give me the go ahead. It took me a week to figure it out that it was for replacing car shocks, new tyres and a car service :pac:.

    ****ing hell. Would they really care about your transactions as long as you are saving the required money each month? There will be a fairly large transaction this month as I need a new computer for WFH.


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    #1431
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Markitron wrote: »
    ****ing hell. Would they really care about your transactions as long as you are saving the required money each month? There will be a fairly large transaction this month as I need a new computer for WFH.

    As long as you have an answer for it, it’ll be grand. It was more the fact that I didn’t have an answer was the issue. Once I said car repairs they were like “grand job, let’s continue”.


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    #1432
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    As long as you have an answer for it, it’ll be grand. It was more the fact that I didn’t have an answer was the issue. Once I said car repairs they were like “grand job, let’s continue”.

    That's a relief!


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    #1433
    Starlord_01
    Registered Users Posts: 443 ✭✭Starlord_01


    Creamy Goodness wrote: »
    Legally you just need mortgage protection. Many banks will encourage you to have life assurance too, which is good but it’s not legally required.

    Perfect thanks for that, just want to make sure what we need! :D


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    #1434
    Brock Turnpike
    Registered Users Posts: 3,744 ✭✭✭Brock Turnpike


    Hi all

    We're going to our first house viewing on Saturday. Anyone have a handy list of questions available that they would advise asking? The house is in a rural location so anyone with experience of buying in that kind of area might be able to offer some advice also?

    Thanks


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    #1435
    stingz
    Registered Users Posts: 19 ✭stingz


    Hi all
    Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000?
    Thanks


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    #1436
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    stingz wrote: »
    Hi all
    Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000?
    Thanks

    Taking out a loan so you have enough money to take out a loan is clearly not going to be accepted by any bank.


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    #1437
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    stingz wrote: »
    Hi all
    Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000?
    Thanks

    I am no expert but IMO you would be FAR FAR better off just saving the 30k up. I obviously don't know your circumstances but that should be doable in a decent timeframe with an 85k income.


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    #1438
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    stingz wrote: »
    Hi all
    Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000?
    Thanks

    You got your answer here:

    https://www.boards.ie/vbulletin/showthread.php?t=2058119967


    No bank in their right mind won't check this, and will ask you what that loan was for. It'll be highly unlikely that this loan will no affect your repayment capacity that any loan they'll give you won't be enough to buy a second home/apartment.


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    #1439
    Interested Observer
    Registered Users Posts: 13,021 ✭✭✭✭Interested Observer


    stingz wrote: »
    Hi all
    Planning to buy apartment but I don't have enough money for deposit if I will take loan 30000 how much that will reduce my chance for mortgage? Second time buyer joint applications income around 85 000?
    Thanks

    It will reduce your chances of a mortgage to zero. There is absolutely no chance you will get your mortgage if you try borrow the deposit. Or else we might as well just go back to 100% mortgages.


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    #1440
    BEdS_83
    Registered Users Posts: 58 ✭✭BEdS_83


    Hi folks,

    I was talking to my bank manager this morning and I was told that exception doesn't give the person AIP, because they are house based and for that house only.

    but how does that work lately? since we are seeing EAs ask AIP even before booking a view.


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    #1441
    keaves
    Registered Users Posts: 85 ✭✭keaves


    Just wondering if it is possible to apply for mortgages online anymore? Every bank website I check just directs me to request a call back or book an appointment. I just want to submit everything and wait to hear back then :o


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