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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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[Deleted User]

I got the cashback offer from BOI last year and didn't pay any tax on it, the bank didn't deduct anything, they never mentioned tax, the broker never mentioned tax.

dev_ire

Duke of Url wrote: »

What do you mean?

I mean people should not be making offers without having AIP and people should not be entertaining them without AIP proof. It would cut out a lot of issues where offers fall through and only somewhat realistic offers go through.

IvoryTower

i got this email on Wed

Good news! Now that your mortgage has been drawn down, we’ve paid your MortgageSaver interest bonus, which is €2,000 gross, directly into your MortgageSaver account.

As we are obliged to deduct DIRT (Deposit Interest Retention Tax) currently at 33%, the net interest bonus that has been paid to you is €1,340. You can now withdraw your MortgageSaver bonus at a Bank of Ireland Branch (remember to bring ID). Or by calling Banking 365 on 0818 365 365

If you are a first time buyer buying a new build or self-build there is a possibility that you may be able to reclaim the DIRT as part of the Revenue Help to Buy scheme – see www.revenue.ie for more information on the Help to Buy scheme.

Your mortgage cashback will be credited to your account within 45 days of your drawdown date.

Thank you for choosing Bank of Ireland for your mortgage. We hope you love your new home and are very happy there.

dev_ire

MortageSaver is different than cashback.

Shoden

IvoryTower wrote: »

i got this email on Wed

It certainly wouldn't be dirt you would be charged on cashback offeres so I don't know what product that mortgage saver is.

pooch90

Shoden wrote: »

It certainly wouldn't be dirt you would be charged on cashback offeres so I don't know what product that mortgage saver is.

Its a savings account

Leozord

IvoryTower wrote: »

i got this email on Wed

didn't know that

33% is fecking high, was counting it would be 2K tax-free...

whatever76

Morgage Saver product from BOI is subject to DIRT - the Cashback offers are different and not taxed

IvoryTower

whatever76 wrote: »

Morgage Saver product from BOI is subject to DIRT - the Cashback offers are different and not taxed

okay thanks for explaining

brisan

Duke of Url wrote: »

What do you mean?

Well anecdotally I have heard of vendors getting family to view and put bids in to up the ante
They cannot do that if they have to show proof of funds

Sneak

HopsAndJumps wrote:

You need 1% for stamp duty and money for legal fees etc. Maybe another 6k total?

Thanks for that. Looks like they're all gone now though. Looking in the Kildare and it's a nightmare. Everything seems to be gone. All this saving getting everything in order and there's no houses.

Renjit

Sneak wrote: »

Thanks for that. Looks like they're all gone now though. Looking in the Kildare and it's a nightmare. Everything seems to be gone. All this saving getting everything in order and there's no houses.

You need to start few months early. Otherwise when you have the savings, you may not find what you were looking for.

GoldFour4

Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

So really the question is regarding the impact of these two things on an application if I was to send it in the morning.

mojesius

Definitely get rid of the overdraft. To many lenders, it will be seen that you can't stick within your means if you're regularly using it.

The credit card is fine, once you're not missing anypayments. If it were me, I'd just clear both off using savings. Why pay interest on credit card debt when you don't need to.

Zebrag

Hi. Just a quick question. I am saving for a deposit at the minute. I was woundering what are peoples opinions of having a Revolute account while saving? I find that even as I am saving, obviously I have money that I like to spend for myself (not a lot mind you but a treat now and then never harmed anyone) but I don't want to mess around with my account. Does having a revolute account decrease my chances of going for a mortage or does it make the process longer? I'm in two minds to get an account as I've heard it's so much simpler to transfer money between friends and saves the hassel of waiting around. Obviously there's other good factors but I'm weary as I don't want to have to go through the whole process of getting statements causing things to delay. Or am I just being paranoid?

Thephantomsmask

Revolut is no problem, you will need to show the statements but these can be printed off as a pdf from the app instantaneously. I had far less hassle getting that statement than my main bank account statement.

Zebrag

Thephantomsmask wrote: »

Revolut is no problem, you will need to show the statements but these can be printed off as a pdf from the app instantaneously. I had far less hassle getting that statement than my main bank account statement.

Oh really that quick? I might have to give it a try and see how it goes

Markitron

malistheman wrote: »

Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

So really the question is regarding the impact of these two things on an application if I was to send it in the morning.

They need to see 6 months of repayment capacity, it doesn't have to exclusively be savings. So if you were saving 1500 a month, then one month you only saved 1000 but got rid of the overdraft, it should still be seen as the full 1500.

Don't worry about the CC, get it down as best you can but it won't affect your application too much. You should get rid of the overdraft as soon as possible though, if you have the money, do it today.

wally79

To add to above, if your savings are supposed to reflect your repayment capacity but you are dipping into overdraft to maintain the savings then that may not look like a sustainable repayment amount for you

klose

They will just ask for your revolut statement which at the time of our application was only a couple of transactions as we both only just had got ours, I'd be wary if you're using one to try mask over online gambling if you're doing that however?

Markitron

wally79 wrote: »

To add to above, if your savings are supposed to reflect your repayment capacity but you are dipping into overdraft to maintain the savings then that may not look like a sustainable repayment amount for you

Yea this too, just get rid of it. Clearing it will make you look more responsible with your money.

arleitiss

What sort of documentation do I need to bring to mortgage advisor provided by my bank? ( I decided to go for it and see what they recommend)

I have 6 months statements available on me (received it in post recently).
Would that suffice? (My understanding is that mortgage advisor will just assess or give rough idea how much you can get? (if at all))

I have 25% Deposit as first time buyer and according to my estimates: [My Deposit] + [My Salary * 3.5) = I can get property for around 195k.
I am going for an apartment in Dublin (180-200k)

I heard you can also use rent as proof of savings? How can I prove that? Would bank statements showing constant payments going out suffice? (I've been renting for past 5 Years and my bank statement can reflect that).

Jasna1982

malistheman wrote: »

Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

So really the question is regarding the impact of these two things on an application if I was to send it in the morning.

PTSB told me my overdraft is not being looked at

Zebrag

arleitiss wrote: »

What sort of documentation do I need to bring to mortgage advisor provided by my bank? ( I decided to go for it and see what they recommend)

I have 6 months statements available on me (received it in post recently).
Would that suffice? (My understanding is that mortgage advisor will just assess or give rough idea how much you can get? (if at all))

I have 25% Deposit as first time buyer and according to my estimates: [My Deposit] + [My Salary * 3.5) = I can get property for around 195k.
I am going for an apartment in Dublin (180-200k)

I heard you can also use rent as proof of savings? How can I prove that? Would bank statements showing constant payments going out suffice? (I've been renting for past 5 Years and my bank statement can reflect that).

Oh id love to know that as well about the rent. I save €1,000 a month for the deposit on top of €500 a month for rent. Would they take into consideration that I've dropped the savings to say about €800 instead and still pay €500 a month on rent or is it to show how much I can save only? Would that show my decrease was due to not being able to save?

Creamy Goodness

Zebrag wrote: »

Oh id love to know that as well about the rent. I save €1,000 a month for the deposit on top of €500 a month for rent. Would they take into consideration that I've dropped the savings to say about €800 instead and still pay €500 a month on rent or is it to show how much I can save only? Would that show my decrease was due to not being able to save?

yes they take rent payments into the equation, It's better if it's a regular transfer to your landlord/landlady as they'll have questions about cash withdrawals over a certain amount. For example I took out 1000 (in two 500 transactions from an ATM for a car service), KBC were willing to block the mortgage application until I told them what that money was for. It took me a few days to remember what it was for. Once I remembered and told them they were ok with it.

GingerLily

Jasna1982 wrote: »

PTSB told me my overdraft is not being looked at

We got approval with an exemption whilst having an overdraft and CC with a 2k limit that was maxed. We had just got married to be fair when we applied and our finances were all over the place but it didn't go against us.

Id still clear your overdraft if your hoping to apply in the next few months but I wouldn't delay an application because of it.

Marty1983

Has anybody any experience with the foreign credit checks? Just returned from Australia in the summer, does anybody know if they take long? Thanks

pooch90

We got a lowball AIP from ICS because they had doubts about repayment capacity due to dipping into overdraft. Has been totally clear for months. So I'd clear it and credit card. You're paying more interest on your credit card than your savings are earning anyway.

newfy

I got one for New Zealand...it took 24 hours...they send you an email and I sent it to AIB...

Marty1983 wrote: »

Has anybody any experience with the foreign credit checks? Just returned from Australia in the summer, does anybody know if they take long? Thanks

RedXIV

Hey guys, super quick one, we're looking at doing a self build and in pretty good shape for the finances.

However one thing that I heard was that the fees used towards the build, even after they've been paid, can be counted towards your deposit amount. so if I needed 50k deposit, had 45k in savings but spent 5k+ on an architect and had the invoice, that'd be ok?

Anyone able to confirm this is true? Cheers!

Red