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Saving/Applying for a mortgage 2015/16/17/18/19

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    #272
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    So say nothing only if they ask.


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    #273
    REFLINE1
    Registered Users Posts: 377 ✭✭REFLINE1


    Anyone been approved with a deposit exemption yet this year?


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    #274
    Alkers
    Registered Users Posts: 6,811 ✭✭✭Alkers


    No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?


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    #275
    REFLINE1
    Registered Users Posts: 377 ✭✭REFLINE1


    Simona1986 wrote: »
    No, but be aware you will very unlikely get an exception for both criteria. Can you still afford to buy with a smaller deposit and a mortgage of 3.5 times your salaries?

    yes the income multiples isn't an issue for the size of mortgage we want but we are prob only 60% of the way to the required deposit size currently.


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    #276
    Alkers
    Registered Users Posts: 6,811 ✭✭✭Alkers


    I would say it's a possibility so, once you are demonstrating good repayment capacity (be it in rent or current savings habits).


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    #277
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Is it wise to put a bid on a house going by the property price register? I'd assume it's good practice on our part?


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    #278
    tharmor
    Banned (with Prison Access) Posts: 1,201 ✭✭✭tharmor


    Santy2015 wrote:
    Hi, me and my fiancée are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of €130000/€140000 as herself has a car loan at present. We are saving €250 a week at the moment. We have about €7000 saved so far. Any help would be greatly appreciated. Thanks

    El_Dangeroso wrote:
    How soon are you planning to buy? If you can wait 15 months the best savings account is the nationwide uk Ireland one:

    El_Dangeroso wrote:
    You can claim back any dirt on it once you're ready to buy as well.

    Is the interest liable for any income tax ??


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    #279
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    tharmor wrote: »
    Is the interest liable for any income tax ??

    Nope, tax free as long it's being used as a deposit for a first time buyer.


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    #280
    Parchment
    Closed Accounts Posts: 2,203 ✭✭✭Parchment


    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.


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    #281
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    Parchment wrote: »
    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.

    Just be aware that there are a lot of horror stories about BOI when it comes to drawdown time, a lot of messing around, lost paperwork, requesting things that have already been provided etc. and I say this as a current account customer of theirs.

    The only additional hassle of applying with another bank was providing 6 months statements, which was simply a matter of downloading from online banking and uploading them to the mortgage portal (we went with AIB, all done completely online so no time off work required)


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    #282
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Parchment wrote: »
    We are going with BOI - both customers. It was easy to deal with them, they met us at a time that suited us.

    At the risk of sounding like lazy loafs - it was handy to have all of the info there at the bank rather than having to present it all ourselves. We considered going to the other bigger banks to apply also but getting time off work etc to do all that was virtually impossible so we are happy to go with BOI.



    Add your reply here
    We're going with BOI as well. They were the most helpful and we're both customers. I hope they don't mess us around when it comes to drawing down the mortgage though. They've been good so far


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    #283
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.


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    #284
    whiskeyman
    Registered Users Posts: 12,564 ✭✭✭✭whiskeyman


    Azalea Screeching Padding wrote: »
    I know someone who went with BOI recently, same reason went with them as they were always customers and wanted as little hassle as possible, didn't even talk to other banks. They had no issues and said it was very easy from start to finish. All accounts were in BOI so salary proof etc is he only thing he had to provide. Draw down was easy also no hassle.

    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!


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    #285
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    whiskeyman wrote: »
    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!

    I suppose if you don't mind paying an additional 50 quid a month for 30 years to avoid some paperwork :)


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    #286
    Sleepy
    Registered Users Posts: 24,151 ✭✭✭✭Sleepy


    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!


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    #287
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    whiskeyman wrote: »
    Did they even shop around or look at what the rates are elsewhere?
    It is a kind of important, and big, purchase decision after all!

    They said the rates were only a bit different and not worth the hassle of dealing with another bank so had a look yes but didn't actually go to talk to another bank or broker.


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    #288
    matrim
    Registered Users Posts: 7,516 ✭✭✭matrim


    Sleepy wrote: »
    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

    There is always the option to move mortgage in a few years if the BOI rates remain as the highest.


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    #289
    Jentle Grenade
    Closed Accounts Posts: 415 ✭✭Jentle Grenade


    We're reapplying tomorrow. When we initially applied about six months back we had minor credit card debt and my OH still had her GEM loan outstanding. Now we're in a better position, debt free and a further 15.5k added to our savings, but house prices in our preferred area have risen slightly in the last six months. We have two places in mind at the moment, one is a serious fixer upper but the location is great. Hopefully it'll be an easy approval process this time around.


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    #290
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval


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    #291
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,737 Mod ✭✭✭✭L1011


    Santy2015 wrote: »
    Going viewing a couple of houses tomorrow without mortgage approval but meeting with the bank again tomorrow as we have the required deposit saved reapplying tomorrow. So what will we say when viewing the houses? I don't want them to know that we don't have approval

    Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)


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    #292
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    L1011 wrote: »
    Don't volunteer anything. There is a decent chance you won't be asked unless you're making an offer (which I wouldn't)

    Thanks, yeah we won't be making any offer. Not until I know fully that we've got approval.


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    #293
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    I suppose I can start participating in this thread - it's starting to look like we could be in a position to buy in 2016. Where we're looking there's a range of properties we're interested in from 220-320k. Obviously if we go for one at the lower end of the range there'd be a lot of work to do but I think we'd be ok with doing it piece by piece as we really want to only buy one house ever. It may not be practical but that's our intention for now anyway.

    We called in to KBC on Saturday just because they were open and had a chat with someone who seemed very positive about our position. Based on the 3.5x gross salary we'd qualify for a mortgage that would allow us to buy at the top of our range but we'd need a lot more for deposit. We have 21k saved currently so need to just keep the head down. We've a small amount of credit card debt which he didn't actually think would affect it so much as the stressed repayment was coming up at 1400ish and we've been paying 1100 rent for over a year and saving a good amount too even when I was on maternity leave.


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    #294
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    We've just over 15k saved but we'd be in the range of 130/150k so we'd be pretty okay. Living in a area where house prices aren't extortionate too helps. BOI told us we'd have no problem as we're saving nearly 1600 a month as we dont pay rent


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    #295
    Inspector Coptoor
    Registered Users Posts: 6,818 ✭✭✭Inspector Coptoor


    Sleepy wrote: »
    I've been a customer of BOI for 35 years and my parents actually met while working for them and they're still the bank I'm least interested in getting a mortgage from: the cashback deal is nice but their rates are amongst the highest in the market!

    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.


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    #296
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Inspector Coptoor wrote: »
    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.
    That's great. That 2% will be handy for us too. Were you waiting long for approval?


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    #297
    Inspector Coptoor
    Registered Users Posts: 6,818 ✭✭✭Inspector Coptoor


    No.
    Got approval in March last year.
    Took 10 months to find the house we wanted though.


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    #298
    Santy2015
    Registered Users Posts: 1,065 ✭✭✭Santy2015


    Inspector Coptoor wrote: »
    No.
    Got approval in March last year.
    Took 10 months to find the house we wanted though.

    From when ye applied did it take more then the 72 hours they've told us? When we first applied which was really only a tester really as we knew didn't have enough saved took 15 days


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    #299
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    Just thought of something, if we go with a broker do we pay them or do they get paid by the bank??

    The 2% cash back would be very handy as my parents may help us out if we need it at the end and it would be a quick way to repay them but we don't want to pay over the odds over the years either


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    #300
    Alkers
    Registered Users Posts: 6,811 ✭✭✭Alkers


    Inspector Coptoor wrote: »
    I got an email From BOI today telling me pending mortgage which I had fixed for 3 years at 3.6% will be reduced to 3.45% so pretty happy with that when you add in the 2% cash back - €6900 for us which overs all stamp duty and legal fees.

    Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

    We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.


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    #301
    Inspector Coptoor
    Registered Users Posts: 6,818 ✭✭✭Inspector Coptoor


    Simona1986 wrote: »
    Is that 3 years fixed at 3.45%. I thought KBC were the lowest at 3.65%?

    We just got approval back from two banks for slightly above the 3.5 * salaries limit, the rest of the banks all approved us but only for 3.5 times.

    Yeah, 3 years fixed at 3.45%.

    The caveat is that we are paying a full 20% deposit of €86k on the house we are buying.

    To the previous poster, I can't remember exactly how long approval took.
    There was a lot paperwork to hand in but once it was all in, it took less than a working week.


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