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Saving/Applying for a mortgage 2020-22 Edition

Graham

Continued from here: https://www.boards.ie/vbulletin/showthread.php?t=2057501206

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CarMc

Meandyou999 wrote: »

If when switching mortgages, if it is a joint original mortgage can you make an application as one person when switching say if your other half is out of work due to childbirth.

I doubt it, you'd have to apply in both names and be assessed on the one income, if original house/mortgage is in joint names you can't transfer to your single name when switching. Would be very unfair on the other half.

Meandyou999

CarMc wrote: »

I doubt it, you'd have to apply in both names and be assessed on the one income, if original house/mortgage is in joint names you can't transfer to your single name when switching. Would be very unfair on the other half.

Mortage will be be in both names on initial application, house deeds in her name in full but my income is 1/3 more than hers per month. There will/may be a situation where she will/may be out of work when will/may have a baby. Can i still switch in that scenario. Also to add to that, what do working couples do when they have a baby, how do we arrange childcare if we both have to still work. We both work the same days more or less. Surley im not the first to have this issue. Please help

L1011

three putt wrote: »

Yes fully legal. Read the related threads on askaboutmoney - plenty of case studies there. Also links to solicitors with experience of doing it.
I'm amazed more people haven't done this.
Some of the cashback offers are expiring in Dec 2020 (I think BOI), so would be tight on time if starting the process now. But still banks there with the offer.

The work involved and needing a solicitor that doesn't hang around are the two main reasons more people wouldn't do it.

If I get my KBC switch done in time - expires 31/12/2020 there too - the 3k is likely more than the profit they will ever make from me; its equivalent two years interest on the entire 9 year loan!

Got a copy bank statement for the closed current account so only waiting on payroll to do a salary cert up now. If they take til Friday to do it I'll have a second payslip without TWSS (company is not on EWSS) which would be handy as KBC only ask for two; though the artificially low YTD amount would still make it clear it was TWSS at some point.

wally79

Meandyou999 wrote: »

Mortage will be be in both names on initial application, house deeds in her name in full but my income is 1/3 more than hers per month. There will/may be a situation where she will/may be out of work when will/may have a baby. Can i still switch in that scenario. Also to add to that, what do working couples do when they have a baby, how do we arrange childcare if we both have to still work. We both work the same days more or less. Surley im not the first to have this issue. Please help

I don’t know if you will get a mortgage if your name isn’t on the house deeds. What security does the bank have?

On the second question people use a creche, childminder or family.

Meandyou999

wally79 wrote: »

I don’t know if you will get a mortgage if your name isn’t on the house deeds. What security does the bank have?

On the second question people use a creche, childminder or family.

How much to add name to deeds?
Most creche will be closed. And we are working 12 hrs shifts all creches dont work 12 hr shifts.

SteelyDanJalapeno

Is the cashback a taxable event?

whatever76

SteelyDanJalapeno wrote: »

Is the cashback a taxable event?

No but the cash you receive on BOI Mortgage Saver account is subject to DIRT.

Shoden

So, I have read online that BOI are currently giving exemptions. Is there any other mortgage providers that are at the moment also?

Markitron

Shoden wrote: »

So, I have read online that BOI are currently giving exemptions. Is there any other mortgage providers that are at the moment also?

Apparently (according to this thread) AIB are too.

Do you mind if I ask where you read this?

Shoden

Markitron wrote: »

Apparently (according to this thread) AIB are too.

Do you mind if I ask where you read this?

People on the first time buyers group on Facebook were saying they got exemptions from boi recently.

klose

I wonder how the upcoming lockdown will effect mortgages and people currently in the process of buying if they're going to be out of work for a couple of weeks, will the banks throw a blanket of any apications with any people who will be forced out of work for a few weeks due to lock down?

Meandyou999

Hey people, Reaching out here. We have a deposit paid on a house.
House is sale agreed. Signing contacts in december. House price albeit is more expensive than it was 4 years ago. 4 years ago was a new build costing 270k, now second hand costing 335k, went sale agreed at 330k. Working in secure pharma industry, well secure for now. Take home pay is 3.2k per month. Im looking for advice on the mortgage term. 270/280k mortgage over 25years or 270/280k mortgage over 27-30 years. In my job i will get about 1200 euro pay year increase on basic salary. So in 10 years time my basic pay will be about 10k more than it is now.
So a longer term means higher interest but lower monthly repayments and shorter term means less interest but higher monthly repayments.
Any you have or are in a similar situation.
Im under the impression that i would like to pay the most while i can while i am young. 33 yrs old now. Feedback welcome. Thanks

awec

I would go for the longer term and then overpay. Gives you a safety net.

You'd need to clarify your banks policy around overpayments if you plan on fixing.

Meandyou999

awec wrote: »

I would go for the longer term and then overpay. Gives you a safety net.

You'd need to clarify your banks policy around overpayments if you plan on fixing.

Thank you.
Will be with ptsb for 3 or 5 years initially due to the cashback., after that will be switching to a lower rate.
Not sure whether to throw all my savings at the deposit to reduce the amount of mortgage i draw down or say keep 10k back and get a 10k bigger mortgage.
House is finished and we have most of everything we need, we just going get a new couch and new bed. And touch up painting.

awec

Meandyou999 wrote: »

Thank you.
Will be with ptsb for 3 or 5 years initially due to the cashback., after that will be switching to a lower rate.
Not sure whether to throw all my savings at the deposit to reduce the amount of mortgage i draw down or say keep 10k back and get a 10k bigger mortgage.
House is finished and we have most of everything we need, we just going get a new couch and new bed. And touch up painting.

Again, it's your call, but personally I would keep the 10k as a rainy day fund.

You can always make lump sum overpayments down the line if you want to save more on interest.

There will always be unexpected costs when you move into a new house. Something will be more expensive than you think, there'll be something you forgot to budget for etc, so whatever you decide you definitely shouldn't put every cent you have into the deposit.

Meandyou999

awec wrote: »

Again, it's your call, but personally I would keep the 10k as a rainy day fund.

You can always make lump sum overpayments down the line if you want to save more on interest.

Thank you.
Do you have a mortgage at the moment?.
Cheers

awec

Meandyou999 wrote: »

Thank you.
Do you have a mortgage at the moment?.
Cheers

Yes.

Meandyou999

awec wrote: »

Yes.

Are you in a similar situation witj repayments as i will be. Cheers

awec

Meandyou999 wrote: »

Are you in a similar situation witj repayments as i will be. Cheers

Yes, I didn't put everything into the deposit, kept some back.

Meandyou999

awec wrote: »

Yes, I didn't put everything into the deposit, kept some back.

Cheers.
Thanks for the reply in the property section on the house insurance. Ok if i continue that here.
Why do i need it when taking out the mortage if its not there to pay off the mortgage and shouldn't the cover amount cover the mortgage amount.

Danzy

I'd keep the 10k as a rainy day fund, have kept 20 for that reason.

Are bank back offices still open with level 5? Waiting on a loan offer, everything needed in 2 weeks ago, their valuer out etc, all boxes.

Hoping that things aren't stalled. I don't work in an office environment now so bit sure what is going on in such spheres.

Meandyou999

Danzy wrote: »

I'd keep the 10k as a rainy day fund, have kept 20 for that reason.

Are bank back offices still open with level 5? Waiting on a loan offer, everything needed in 2 weeks ago, their valuer out etc, all boxes.

Hoping that things aren't stalled. I don't work in an office environment now so bit sure what is going on in such spheres.

Thanks, one would be foolish to think it will never rain.

Kop On

klose wrote: »

I wonder how the upcoming lockdown will effect mortgages and people currently in the process of buying if they're going to be out of work for a couple of weeks, will the banks throw a blanket of any apications with any people who will be forced out of work for a few weeks due to lock down?

I know someone approximately a week away from signing, surveyor, valuation everything done and today BOI pulled the rug from under his feet. It’s all due to the company he works for receiving government support. The company had to complete an additional form last week and that’s the outcome today.

Really **** situation. Any banks currently accepting applicants whose company are receiving financial support?

Springy Turf

Hi Folks,

I am wondering if any folks here have recent experience of banks giving approval in principal for a mortgage in relatively short order? I am currently sale agreed on the house but there is a risk the bank won't get the valuation done before the current mortgage approval expires. I would like to have a backup application going so that the sale doesn't fall through. Ideally with a small (3.8) exemption!

I'd be particularly interested to hear if Avant money can be dealt with quickly.

Thanks

Bluefoam

Springy Turf wrote: »

Hi Folks,

I am wondering if any folks here have recent experience of banks giving approval in principal for a mortgage in relatively short order? I am currently sale agreed on the house but there is a risk the bank won't get the valuation done before the current mortgage approval expires. I would like to have a backup application going so that the sale doesn't fall through. Ideally with a small (3.8) exemption!

I'd be particularly interested to hear if Avant money can be dealt with quickly.

Thanks

Can you get two exemptions at once? This is a central bank undertaking, and I'm sure they would see that you had two applications for exemptions at one time... Exemptions are limited in quantity, so they'd probably reject it on the basis that someone else could use it...

1. You can send in the valuer early... Have everything prepared
2. All banks have a different approach... But have you asked for an extension on your loan offer. During the TWSS they were allowing 30 day extensions, but that has passed for some banks. But a good broker might help you with that.

However, I'm no expert.

mtoutlemonde

Silly question ... can you have two mortgages for a self build? If the bank won't give you enough, would it be possible to take what they offer and get a credit union mortgage for the remainder?

awec

mtoutlemonde wrote: »

Silly question ... can you have two mortgages for a self build? If the bank won't give you enough, would it be possible to take what they offer and get a credit union mortgage for the remainder?

Not really, no. Presumably the bank aren't giving you enough due to affordability, so if you took out another loan, then this would again reduce your affordability, and the bank would reduce the amount they'd lend you.

BEdS_83

Bluefoam wrote: »

Can you get two exemptions at once? This is a central bank undertaking, and I'm sure they would see that you had two applications for exemptions at one time... Exemptions are limited in quantity, so they'd probably reject it on the basis that someone else could use it...

1. You can send in the valuer early... Have everything prepared
2. All banks have a different approach... But have you asked for an extension on your loan offer. During the TWSS they were allowing 30 day extensions, but that has passed for some banks. But a good broker might help you with that.

However, I'm no expert.

my bank told me that my offer ends at the end of this year, and I must say she emphasised that a lot.. builder said the house is ready for snagging at the end of November, and middle of December (if everything goes ok)
I have to say, but every time that I pass never to the state it doesn't seem they will be ready by end of November, EA keeps saying that they will all good from their end, but I guess that is just seller talking.

I was in the first time buyer's group on Facebook, saw some people saying about doing the drawdown before the house is ready, that sounded super strange to me, and I'm pretty sure the banks will have something to block such thing..

so my question is, have you folks ever seen someone securing an extension from their mortgage offer in such case?

from what I understood pretty much all money is refundable, but the solicitor, but even that sounds a lot since we are at the end of October already and new lockdown upon us..

Meandyou999

According to the official Central Bank of Ireland definition, a first-time buyer (FTB) is an individual who has never before, either by themselves or with others, purchased a house, apartment, or a site to build a home, in Ireland or abroad. When it comes to applying this definition to the sale and purchase of mortgages, a FTB is, “a borrower to whom no housing loan has ever before been advanced”.
My parents sold there house and bought a house and put it in my name.
As im my case i have never been advanced a loan to purchase a house. When it comes to applying this definition to the sale and purchase of mortgages, a FTB is, “a borrower to whom no housing loan has ever before been advanced”.
Am i still a first to buyer when appling for a mortage. 10% deposit rather than 20% deposit.

dev_ire

Anyone have any knowledge of when bank of ireland announced last time the extension of the cashback offer and/or if they are likely to extend it this time? I am sale agreed but looking tight to drawdown before it runs out and bank is saying it is not extended so far.