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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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Renjit

IHateNewShoes wrote: »

Can anyone tell me the logic behind estate agents putting POA on their online ads?

I find it extremely frustrating!!

Looks like they are transporting the home from across the border on a trailer to the nearest neighborhood :pac:

Lemonee_

Hi all, quick question on savings for a mortgage. We save the same amount each month and transfer it to a joint savings account on payday. Is it better for this to be set up as standing order/direct debit or is consistently transferring it on pay day okay? Thanks in advance!

Snipp

Lemonee_ wrote: »

Hi all, quick question on savings for a mortgage. We save the same amount each month and transfer it to a joint savings account on payday. Is it better for this to be set up as standing order/direct debit or is consistently transferring it on pay day okay? Thanks in advance!

Yes, set up a SO.

G_R

Lemonee_ wrote: »

Hi all, quick question on savings for a mortgage. We save the same amount each month and transfer it to a joint savings account on payday. Is it better for this to be set up as standing order/direct debit or is consistently transferring it on pay day okay? Thanks in advance!

Makes absolutely no difference

brianc27

Lemonee_ wrote: »

Hi all, quick question on savings for a mortgage. We save the same amount each month and transfer it to a joint savings account on payday. Is it better for this to be set up as standing order/direct debit or is consistently transferring it on pay day okay? Thanks in advance!

My savings were all just transfers from current account to savings account, no issues at all, once there's log of it leaving current account and going into savings account it doesn't matter whether its a standing order or online transfer

Lemonee_

Thank you all for the replies, had heard different opinions on it so wanted to see if it made a difference for anyone going for a mortgage. Thanks again!

Creamy Goodness

As said they don’t care as long as it’s consistent. However it’s a bit weird why you wouldn’t set up a SO the day after you get paid. Can never forget and you let them do it for you rather than constantly having to transfer it manually.

Snipp

Lemonee_ wrote: »

Thank you all for the replies, had heard different opinions on it so wanted to see if it made a difference for anyone going for a mortgage. Thanks again!

There is no advantage to not setting up a SO when the goal is to demonstrate consistent saving. Anyone saying it doesn't make a difference is being pedantic for the sake of it.

[Deleted User]

Creamy Goodness wrote: »

As said they don’t care as long as it’s consistent. However it’s a bit weird why you wouldn’t set up a SO the day after you get paid. Can never forget and you let them do it for you rather than constantly having to transfer it manually.

Incase something goes wrong, I presume.

I am like them with my money - everything is done manually. I hate automated payments as I am wholly tied to them and if something goes awry for me, I'm in trouble. I'd rather make no payment than have a flagged missed payment (also, I think, with direct debits, if you miss a payment, you get hit with a fee?).

Creamy Goodness

What could go wrong? I mean you need to show them consistently saving the mortgage amount + stress test amount for 6 months + anyways, whilst also having enough discretionary income left over. I’m a big fan of saving via SO the moment I get paid so I’m not tempted, to spend it. I also save another amount to cover those unusual spends e.g. car break down, appliance failing etc. Much easier to form a habit by having it done automatically.

Fitz*

Does anyone know what happens to the proof of paying rent / savings history if I was to move from Ulster Bank to another bank soon?

Or am I better off just waiting for the new bank to take on Ulster Bank books and have those records 'inherited'?

Markitron

Fitz* wrote: »

Does anyone know what happens to the proof of paying rent / savings history if I was to move from Ulster Bank to another bank soon?

Or am I better off just waiting for the new bank to take on Ulster Bank books and have those records 'inherited'?

I think as long as you have the bank statements and can prove your history it shouldn't matter.

[Deleted User]

Fitz* wrote: »

Does anyone know what happens to the proof of paying rent / savings history if I was to move from Ulster Bank to another bank soon?

Or am I better off just waiting for the new bank to take on Ulster Bank books and have those records 'inherited'?

As long as you have all your old bank statements should be no problem.

xElDeeX

Just got refused a mortgage from avant via finance solutionsmortgagebroker. I was upfront on the application that I had arrears on my mortgage back in 2016 and had it restructured to make more affordable. Every payment on time since then.
I have a large deposit and solid public service job. Was told affordability wasn't an issue as I'm not borrowing that much. My payments will be far below the rent I'm currently paying while saving at the same time.
The thing is, the broker acted surprised about the credit issues today (the ones I told her about) so now I'm wondering should I go direct next time?

ongarite

You can't go direct to Avant, they only deal with brokers.
If you worked with one of their brokers and were turned down, then that's a bust with Avant IMO.

xElDeeX

ongarite wrote: »

You can't go direct to Avant, they only deal with brokers.
If you worked with one of their brokers and were turned down, then that's a bust with Avant IMO.

Thanks. I'm not overly concerned about avant tbh. I just expected the bromer to do a bit more due diligence. I was well capable of getting rejected all by myself!

AD07

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

Renjit

AD07 wrote: »

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

Yeah, any dependents will reduce your repay ability.

Aisling(",)

AD07 wrote: »

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

Generally your repayment ability is tested with an additional 250 per month per dependant.

K.Hawksworth

Aisling(",) wrote: »

Generally your repayment ability is tested with an additional 250 per month per dependant.

I've always found this strange considering average mortgage term lengths are 25-30 (?) years, and the fact most couples try to buy their house before having children.
It makes no sense really but their actuaries have to calculate risk somehow.

[Deleted User]

AD07 wrote: »

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

Made no difference for us. We’ve one child and pay creche fees. We got 3.5 times our income and our broker is pretty certain we’d get an exemption if we wanted. Depends on your income/outgoings.

Antares35

AD07 wrote: »

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

I don't know if it varies between institutions but with EBS they deducted 250 a month for our baby. Well, when I say "deducted" it didn't affect the multiples we could borrow but we had to show living expenses of 1,025 for each of us plus 250 for her i.e. after mortgage repayments stress tested were deducted, we still needed 2300 per month disposable income.

Green Mile

ongarite wrote: »

You can't go direct to Avant, they only deal with brokers.
If you worked with one of their brokers and were turned down, then that's a bust with Avant IMO.

Feel for you! You should try KBC directly, although interest rate is slightly higher than Avant, their €3k cash back offsets the higher monthly payments. KBC are competitive to Avant.

Bubbaclaus

Green Mile wrote: »

Feel for you! You should try KBC directly, although interest rate is slightly higher than Avant, their €3k cash back offsets the higher monthly payments. KBC are competitive to Avant.

You need to also compare how much capital balance is left after the fixed term period. Comparing monthly repayments vs the 3k cash back isn't a full analysis, as more of the monthly replayments with KBC will be interest, so you are not getting the capital down as much.

brianc27

AD07 wrote: »

Does anyone know does having 1 child effect your mortgage - how much you can borrow?

Didn't seem to be an issue with me, hardly came up in any of the calls and emails I had with banks, I've 1 child and got offered 4.5 with BOI and 3.5 with KBC, all depends on how much you have left over after they stress test your ability to pay I think

AD07

brianc27 wrote: »

Didn't seem to be an issue with me, hardly came up in any of the calls and emails I had with banks, I've 1 child and got offered 4.5 with BOI and 3.5 with KBC, all depends on how much you have left over after they stress test your ability to pay I think

Oh very good. How did you get offered the 4.5 do you mind me asking?

solidasarock

Saving question.

I am single and I set up a savings account for a deposit 2 and a bit years ago. Currently it is nearly 30k.

For the first year I was renting but managed to save consistently each month. I have been living at home due to family stuff the last year and been able to save a lot more as a result but if I move back out in the near future and paying rent and saving less how will that effect me at all?

Black_Knight

solidasarock wrote: »

Saving question.

I am single and I set up a savings account for a deposit 2 and a bit years ago. Currently it is nearly 30k.

For the first year I was renting but managed to save consistently each month. I have been living at home due to family stuff the last year and been able to save a lot more as a result but if I move back out in the near future and paying rent and saving less how will that effect me at all?

It shouldn't, other than taking longer to build savings.

xElDeeX

Green Mile wrote: »

Feel for you! You should try KBC directly, although interest rate is slightly higher than Avant, their €3k cash back offsets the higher monthly payments. KBC are competitive to Avant.

I think I will. I've gotten on to CCR to get the mortgage restructuring note removed from 2019 as it occurred in 2016. Anyone have experience with what kind of evidence they need? I have solicitor and lender letters that I've uploaded from the restructuring event.
Once that is sorted I'll apply to KBC directly.

sandman1212

xElDeeX wrote: »

I think I will. I've gotten on to CCR to get the mortgage restructuring note removed from 2019 as it occurred in 2016. Anyone have experience with what kind of evidence they need? I have solicitor and lender letters that I've uploaded from the restructuring event.
Once that is sorted I'll apply to KBC directly.

If the restructure was a one-time or temporary event that completed before June 2017, then it should not appear on your CCR report. You can tell the CCR that you do not believe your report is accurate, and they will get on to the lender to verify and correct it. It should take a max of 40 days to complete.