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

Mink · 17-02-2016 2:41pm

kala85 wrote: »

Just wondering how the car loan affects the amount you can borrow from the bank. How is it worked out?

The broker didn't explain it to me, all I know is that the difference in buying power was 30k.

quadrifoglio verde wrote: »

Once you have the mortgage, then go out and buy the new 5 series. Not the other way around

Unfortunately no new cars, we just did a slight upgrade to the existing bangers to keep us on the road, it wasn't a big loan at all but just the fact of a loan has cut our spending power, nothing we could have done about it though.

Sleepy wrote: »

That's almost exactly what happened to us Mink except we've been renting the place for 6 years...

Best of luck Sleepy, really hope everything falls into place and all your lives aren't too upended. I'm lucky in that my son is not even started primary and won't til 2017 so he's a bit more pliable.

Santy2015 · 17-02-2016 3:11pm

So got onto my mortgage advisor today after meeting him yesterday as I wasn't fully sure why he said he'd wait till next week to send our application, we have the deposit saved for our maximum spend so that's in order. He said he wanted to send it once we had another weeks savings done. I don't see why that would make a difference? It'll be 540e extra come next Tuesday. He did kind of mention that he'd like us to be somewhere near the stamp duty figure alright so we'd be half way with that 540e

Jen44 · 17-02-2016 3:18pm

usually they wont approve you till you have all that in place so id imagine he is trying to make your application look a bit stronger

Santy2015 · 17-02-2016 3:29pm

Jen44 wrote: »

usually they wont approve you till you have all that in place so id imagine he is trying to make your application look a bit stronger

It'll be a lot stronger but saying that he told me back in December come back when you've the deposit saved and everything will go well from there. He's been good already but it sounded a bit worrying when he said that then. In the next 4 weeks we'd have all the outlays covered with just out savings

Sarn · 17-02-2016 4:19pm

Inspector Coptoor wrote: »

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.

I was just checking through the rates there. Are you sure that's the APR they quoted you and not the interest rate? As the APR is quite a bit higher. The lowest APR for first time buyers, 3 year fixed is 3.8 - 4.0% based on an interest rate of 3.45%.

Inspector Coptoor · 17-02-2016 6:18pm

Sarn wrote: »

I was just checking through the rates there. Are you sure that's the APR they quoted you and not the interest rate? As the APR is quite a bit higher. The lowest APR for first time buyers, 3 year fixed is 3.8 - 4.0% based on an interest rate of 3.45%.

I don't think I mentioned APR at all?

I just said the rate has been reduced from 3.6% to 3.45%.
The APR is probably closer to 3.8

Sarn · 17-02-2016 6:41pm

Inspector Coptoor wrote: »

I don't think I mentioned APR at all?

I just said the rate has been reduced from 3.6% to 3.45%.
The APR is probably closer to 3.8

Ah, ok. It's just easier to compare rates between lenders using APR.

greenorchard · 17-02-2016 7:33pm

sozbox wrote: »

I applied as a single applicant and got 4 times salary. Initially approved to 3.5 but I emailed a few weeks later asking for 4 times and they emailed back saying grand.

EBS

Did you have a big deposit? We're going to be applying in a couple of months but we're hoping to get 4 times our salaries. We have a strong savings record & will have approx 25% deposit

cnlbel · 17-02-2016 10:36pm

We are saving saving and feel we are close to start applying. I'm employed and the other half is self employed. We think a broker is the easiest option in terms of applying. Do we pay broker or does bank?? How do I figure out a good broker to go with? Naieve dot com!!!

Sleepy · 17-02-2016 11:14pm

The bank pays the broker. There's a lot of recommendations on this forum for a user called killers1 who we're using for our application too. So far I've found him incredibly responsive, emailing us back in minutes etc. but can't comment any further as we've yet to apply, never mind get approval!

zl1whqvjs75cdy · 17-02-2016 11:16pm

Just out of interest is anyone still giving voluntary contributions to a pension while trying the save the deposit? I'm torn are to whether to maximise saving or try and keep the pension ticking over. I'm 26.

messy tessy · 17-02-2016 11:27pm

donkeyoaty0099 wrote: »

Just out of interest is anyone still giving voluntary contributions to a pension while trying the save the deposit? I'm torn are to whether to maximise saving or try and keep the pension ticking over. I'm 26.

Yes I pay in about €60 a month. I have always paid that so I don't miss it. I'd say if you can start or keep paying into your pension...

zl1whqvjs75cdy · 17-02-2016 11:31pm

messy tessy wrote: »

Yes I pay in about €60 a month. I have always paid that so I don't miss it. I'd say if you can start paying into your pension...

Yeah we have a mandatory input of 120 and a match (at the moment, increases with years service) up to 90 quid so I'm putting in 210 anyway. At the moment I'm also putting in an extra 150 a month. I'm thinking that 150 would be better going into a deposit.

messy tessy · 17-02-2016 11:35pm

donkeyoaty0099 wrote: »

Yeah we have a mandatory input of 120 and a match (at the moment, increases with years service) up to 90 quid so I'm putting in 210 anyway. At the moment I'm also putting in an extra 150 a month. I'm thinking that 150 would be better going into a deposit.

Agreed

sozbox · 17-02-2016 11:47pm

greenorchard wrote: »

Did you have a big deposit? We're going to be applying in a couple of months but we're hoping to get 4 times our salaries. We have a strong savings record & will have approx 25% deposit

I wish! 10% is all I have. FTB

Glen_Quagmire · 18-02-2016 9:22am

sozbox wrote:

I wish! 10% is all I have. FTB

All I have is 3%. Loooong wait for me

18-02-2016 4:00pm

Those who have gone for approval recently, did you actually go in with a house to show the bank as one you were interested in when getting the approval or did you just get an approval for an amount? I would like to try to get full approval before really looking hard as I'd like to know for sure I will get full approval, they will very quickly tell you "yes there should be no problem getting approval". I'd also be looking for an exception to the 3.5 times rule most likely and would like to see if I would get if.

whiskeyman · 18-02-2016 5:24pm

Azalea Screeching Padding wrote: »

Those who have gone for approval recently, did you actually go in with a house to show the bank as one you were interested in when getting the approval or did you just get an approval for an amount? I would like to try to get full approval before really looking hard as I'd like to know for sure I will get full approval, they will very quickly tell you "yes there should be no problem getting approval". I'd also be looking for an exception to the 3.5 times rule most likely and would like to see if I would get if.

I just went to get approval on an amount we calculated with the mortgage adviser - and this included an exception on the salary total.

messy tessy · 18-02-2016 5:32pm

http://www.irishtimes.com/business/personal-finance/five-things-you-need-to-know-about-the-new-mortgage-rules-1.2088470

Point three of this explains about exceptions. i actually hadn't heard of this before this thread. Thanks!

18-02-2016 5:54pm

whiskeyman wrote: »

I just went to get approval on an amount we calculated with the mortgage adviser - and this included an exception on the salary total.

See I don't even know what exactly I will spend as I'm really only testing the waters at the moment to see where I would stand. When speaking to the advisor I asked for a bit more than 3.5 times my salary to get a nicer figure and she verbally said I'd more than likely get it but what is said and what happens are two very different things.

I have only gone as far as the "having a chat" stage yet, just to get a feel for the whole process really.

krazyklown · 18-02-2016 11:31pm

Azalea Screeching Padding wrote: »

See I don't even know what exactly I will spend as I'm really only testing the waters at the moment to see where I would stand. When speaking to the advisor I asked for a bit more than 3.5 times my salary to get a nicer figure and she verbally said I'd more than likely get it but what is said and what happens are two very different things.

I have only gone as far as the "having a chat" stage yet, just to get a feel for the whole process really.

We went in just before Christmas as we wanted to now how much we could borrow before we started looking for houses. We had a good idea using the Central Bank rules what we could get.
We were in a healthy postion as we had a very good savings record, full deposit ready, no loans, both in full time employment and no dependents.
Our advisor suggested that we make an application for the max amount as she suggested that the amount to borrow could be reduced within that application, but if we needed more than approved amount we would have to submit another application. Having received the approval we know what our max budget is and are now focused on finding the right home.

jennyhayes123 · 18-02-2016 11:37pm

Sleepy wrote:

The bank pays the broker. There's a lot of recommendations on this forum for a user called killers1 who we're using for our application too. So far I've found him incredibly responsive, emailing us back in minutes etc. but can't comment any further as we've yet to apply, never mind get approval!

Killian is absolutely amazing. Only for him we still wouldn't have our mortgage. He is so lovely and will go above and beyond for you.

Pseudorandom · 19-02-2016 1:58pm

Does anyone have an email address for killers1/Killian they could PM me?

Konata · 19-02-2016 2:29pm

messy tessy wrote: »

http://www.irishtimes.com/business/personal-finance/five-things-you-need-to-know-about-the-new-mortgage-rules-1.2088470

Point three of this explains about exceptions. i actually hadn't heard of this before this thread. Thanks!

So the exceptions are on a case by case basis? Myself and partner won't be buying for another 2-3 years but we've been doing a lot of research into mortgages and where we want to live etc so we can be in the best position possible when it comes time to apply. What we will definitely be most limited by is the 3.5x multiple though so I wonder would we be good candidates for an exception to that rule does anyone think? We both work in the public sector - I'm permanent, my boyfriend is not yet but is on track to be by the time we'd be buying. So we both have guaranteed increments for quite a number of years, as well as good promotional opportunities in my job in particular. We have no loans, no late bills or rent payments or anything like that. We would have well enough for a 10% deposit and would be hoping to put forward a 15% or even 20% if can save hard enough.

I've been very disappointed with what we could get on 3.5x time our salary at the moment so it would be great if we could get an exception! Is there anything else we could do to improve our chances or are we on the right track I wonder?

messy tessy · 19-02-2016 3:18pm

Konata wrote: »

So the exceptions are on a case by case basis? Myself and partner won't be buying for another 2-3 years but we've been doing a lot of research into mortgages and where we want to live etc so we can be in the best position possible when it comes time to apply. What we will definitely be most limited by is the 3.5x multiple though so I wonder would we be good candidates for an exception to that rule does anyone think? We both work in the public sector - I'm permanent, my boyfriend is not yet but is on track to be by the time we'd be buying. So we both have guaranteed increments for quite a number of years, as well as good promotional opportunities in my job in particular. We have no loans, no late bills or rent payments or anything like that. We would have well enough for a 10% deposit and would be hoping to put forward a 15% or even 20% if can save hard enough.

I've been very disappointed with what we could get on 3.5x time our salary at the moment so it would be great if we could get an exception! Is there anything else we could do to improve our chances or are we on the right track I wonder?

I am applying as a single person, so very restricted on the 3.5 multiplier - especially for Dublin. I am having a chat with AIB at the end of next month, just to get an indication of what I should be doing / what I would need to have. If I get any tips / info on the exception I will post them on here. It looks like 2 -3 years for me too, unless I get a significant bump in salary.

messy tessy · 19-02-2016 3:19pm

Konata wrote: »

We have no loans, no late bills or rent payments or anything like that. We would have well enough for a 10% deposit and would be hoping to put forward a 15% or even 20% if can save hard enough.
Is there anything else we could do to improve our chances or are we on the right track I wonder?

You sound like you are on the right track!

19-02-2016 3:23pm

I want to apply on my own too so the 3.5 times salary is also an issue for me. Also not permanent (on shortish fixed term contracts) but the mortgage advisor didn't appear too concerned with that. I'd be hoping to apply sooner rather than later but not setting any specific time frame.

Alkers · 19-02-2016 5:31pm

Konata wrote: »

So the exceptions are on a case by case basis? Myself and partner won't be buying for another 2-3 years but we've been doing a lot of research into mortgages and where we want to live etc so we can be in the best position possible when it comes time to apply. What we will definitely be most limited by is the 3.5x multiple though so I wonder would we be good candidates for an exception to that rule does anyone think? We both work in the public sector - I'm permanent, my boyfriend is not yet but is on track to be by the time we'd be buying. So we both have guaranteed increments for quite a number of years, as well as good promotional opportunities in my job in particular. We have no loans, no late bills or rent payments or anything like that. We would have well enough for a 10% deposit and would be hoping to put forward a 15% or even 20% if can save hard enough.

I've been very disappointed with what we could get on 3.5x time our salary at the moment so it would be great if we could get an exception! Is there anything else we could do to improve our chances or are we on the right track I wonder?

The more deposit you have save with a good record of saving over a longer period of time, the more likely you are to get an exception. Bear in mind you'll probably only get 4 * salary as an exception though.

Rothmans · 19-02-2016 6:12pm

Quick question, and it may be silly, but I'm slightly confused from seeing contradictory posts. The 3.5 times income rule. Say if you had an income of €40k. Would this entitle you to a loan of 3.5 x 40k, i.e. €140k, which would entitle you to buy a house worth a max of €154k provided you have a €15,400 deposit? Or, does it mean that an income of 40k only allows you to buy a house with a max value of 140k i.e. a loan of 126k and a 14k deposit?

kaisersose77 · 19-02-2016 6:27pm

I applied for a mortgage though BOI online and got the offer letter pack through the post. In the pack there is a salary cert and sepa direct debit mandate amongst other things. Do the salary cert and mandate need to be returned with the offer letter? If not when do they need to be returned? (I'm a BOI customer so salry cert wasn't requested earlier). Didnt get a chance today with work to speak to my local branch mortgate adviser so was just wondering.

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

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