Just get a short term loan from your family. I smell a bit of BS here but if you are stuck for 80k to pay solicitors and furnish a property. A mortgage is the least friendly way to do it. I somehow doubt any bank would go to the trouble or risk of a mortgage for 80k eitherway.
Minimum mortgage amount is 25K. I'm not sure why they wouldn't?
Its more why would you? You are risking your house for the cost of a car loan. Mortgage free is more important than kitting your house out to impress your friends.
I'm not spending money on kitting out my house to impress my friends. You seem to be under the impression that I'm looking to piss a load of money down a drain, when what I said is that I just want to be secure. I'll probably take less than the amount I stated. The amount actually isn't important to the question I asked, which relates to how the bank treats gifts, and allowing for a mortgage/gift which is more than the sale value of the property.
Extremely strange remarks by other poster. What you’re doing is completely normal.
Under declare the ‘gift’ so that the mortgage gets you up to the amount of the house. After drawdown take the rest of the gift. Fairly common and easiest way to avoid awkward conversations with the bank.
Your solicitor should be approx 2k, your stamp duty 3k. The other 75k is impressing your friends or kitting out your house to a very luxury standard. Dont get me wrong here. You are in an enviable position of being mortgage free. Do not risk it by mortgaging your property and being adhoc to a bank.
Thanks for the reply, I'll do that
Bonkers advice here. Get a mortgage over possibly be mortgage free..As a successful property investor I worry. For your PPR if you can at all dont go the bank route.
I have solicitor, duty, deed, engineer, insurance, local tax etc coming to about 9k by rough calculations. A Google tells me the average cost of furnishing a home is 15k. So that would leave me with 16k left over to live on.
Thats expensive for your costs but either way if you are in trouble in your job which you want your mortgage to cover. You will be in even worse trouble when the bank takes your 380k house for a mortgage of 80k that you cannnot afford to pay and sells it for 200k and you are left without a house and homeless and gives you 120k before their costs.
We sent our application into PTSB on 26th September, still waiting !
Really ?
As in still waiting on AIP or to what stage are you at? Not the news I wanted to hear hahaha
A bit over the top here.
The house is worth 350k and the mortgage would be 80k. That means the person would have almost 80% worth of equity in the house.
An 80k mortgage at even 4% over 20 years is 435 a month. That is an easy mortgage to pay back. And this is Ireland where repossessions are very rare, especially if it's a family home, which this may well be.
Once you have a mortgage of that size, you can overpay and easily have it paid off in a few years.
The mortgage is just a thing to get over the shortfall for now.
They seem to be desperately slow! BOI have had our documents for 2 weeks now and keep coming back every 2 days looking for more but we're no closer to going to underwriter. EBS on the other hand were 4 days for underwritten AIP. Found them very speedy.
On that note, has anyone any experience with EBS as a mortgage provider? I've never banked with them before so curious.
I've had a look at EBS. They have high fixed interest rates compared to BOI and PTSB which may be why they have a quicker turn around.
We went sale agreed based on our AIP with BOI, while also waiting on AIP from PTSB. Is this normal or how long do you think we will have until the EA is asking us for the valuation? We had an email from the solicitor saying they will proceed once they have the sale deposit receipt and the loan offer.. which means they are waiting on our bank loan offer.
Any body else have and light to shed if this is normal? How long does it take from sale agreed to having the keys ? 8-12 weeks?
Any update on BOI time lines?
Not sure of the correct wording here but I sent in my final documents today, I'm sale agreed and looking for contract to be sent out by bank to my solicitor.
Ye I'm at the same stage. I rang up yesterday and was told they have started to prep my file for the underwriter which takes about 4 days. Then they said it could be 6 to 10 days for the underwriter to approve if there's no issue.
I'm also anxious if the house seller get annoyed and pulls out if they don't see any progress. I still need to get the house valuated but I was hoping PTSB would get back to me first as they have the lower interest rate. I'll update you once I head back from BOI. I'm trying to buy some time as the banks seems very slow
Yes our broker said the PTSB AIP is approved by their underwriters as they review all documents before giving AIP unlike BOI etc.
I would add another 2 weeks or so if you do find a house and need to get it valuated, surveyed etc. They won't issue a loan offer until the property is valuated, then the solicitor does their bit which can take a while...
5 weeks for PTSB ! When did your broker send the documents off?
I was 6 weeks waiting for PTSB underwritten AIP. Applied Sept. 26th.
I am in the same situation. Had AIP with BOI and went sale agreed. They were very slow to prepare the file for the underwriter and kept coming back every few days for more documents, even ones which had already been uploaded.
Application finally went to the underwriters last week. I was told 5 to 7 working days for a decision. On day 8 now but still no word from them!
Editing to say that we finally got the underwriters approval from BOI at lunch time today.
Quick question that actually wont apply until next year. Myself and my partner are both in probation which we will be out of next September so can't apply until then, we will have 35k saved for a deposit and are planning a self build. I'm not planning on drawing down the mortgage until the new year (2024) as we will then qualify for the full 30k help to buy. Can we start the process in september/october hoping to draw down in January or will they not consider the 30k help to buy until we can show we certainly will qualify (we will have our return for all years and our payslips will show we will be over the necessary amount by the time we are applying)
Hey congrats!! It took them 4 days to prep our file for the underwriter and they didn't ask us any questions about our documents.... not even deductions on my payslip for a stock programme I pay into with the job. I'm expecting the underwriter to ask a few things.
Did the underwriter ask you anything? We were told 5 to 10 days for approval, really hoping this comes through as my PTSB application has risen to 3.25 percent from 2.35.
No the underwriter didn't ask any questions at all. Our mortgage advisor had asked loads though and asked for extra documents so I was expecting the underwriter wouldn't need to ask anything else!
Fingers crossed you get approval with BOI! The rate increases are a pain.
Can anyone explain in simple language why when I go on switcher.ie and enter in a house price 500k, mortgage for 25 years for 350k that why the indicative APRC is at 2.54% with Avant for the 2.55% 4 year fixed rate while the indicative APRC is at 3.6% for the BOI 2.45% 4 year Fixed rate?
I know what APRC stands for but just dont understand why the APRC is a lot higher for BOI.
Thanks
That's because BOI (in this case) charge a higher rate of interest.
The APRC is based on the whole term of the mortgage. Avant have a low variable rate at present - which in theory you would switch to after your fixed rate expires until the end of your mortgage.
If as would be prudent you look to switch or fix when your planned fixed interest rate expires, this number is largely irrelevant.
Thank you, clear explanation.
As you said, once the fixed term is about to expire one would likely switch to wherever the cheapest rate is.
After having the documents for the guts of two weeks, BOI application finally went to the underwriter today. Hopefully will have a decision soon.
Did you go through a broker ?
They had my documents for about 8 days. It went to the underwriter last firday. Hoping to hear back next week which they said about 8 days.
Did they ask you any questions prior to going to the underwriter?
