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

NearlyForty · 27-11-2019 3:51pm

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Fia11 · 27-11-2019 4:05pm

NearlyForty wrote: »

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Some banks do a quick same day AIP which might help you get a holding deposit down on a property, however our broker said they 'aren't worth the paper they're written on' but it might do for now. For a full underwritten AIP they will require all of the info - salary certs being the most important documentation I would say, as they won't be able to determined how much you're approved to borrow without the verified salary figure.

You can submit what you have though, and send the rest in after. Get the ball rolling for sure.

Stark · 27-11-2019 6:17pm

Yeah for my AIP they required everything. On the plus side, they said actual approval should be just a formality once I have a place picked out.

XsApollo · 27-11-2019 6:28pm

VonLuck wrote: »

Was told recently that KBC are doing a cashback offer of €3000 for anyone that draws down a mortgage before the end of the year, only to later be told that it's for applicants who haven't sought an exemption!

What a kick in the teeth.

Anybody know does that apply to PTSB also?
I don’t see anything mentioned anywhere on their site about that.

whatever76 · 27-11-2019 6:37pm

NearlyForty wrote: »

When you’re applying for your approval in principal, are you required to supply every bit of documentation required for assessment or do they only look for basics and then follow up with everything else at the full approval with underwriters? We’re still waiting on one salary cert and something else and we are supposed to be submitting everything tomorrow to get the ball rolling.. Looks like we might have to wait another bit.. I suppose you could prob hand items in as they are required or does it really slow down the process..?

Submit everything they ask for and get in the system for the udnerwriters to review and come back with any questions etc - it avoids any surprises down the line so advise get this sorted as early as possible … you will need to go through it anyway so earlier this starts the better - I had to submit forms and salary cert at least 3 times as my 6 month period kept expiring as I hadn't found a place but its worth it as when you go sale agreed and proceeding with the sale then its one less thing to worry about and banks didn't need to come back asking me for more stuff as I was ready to go !

Atomic Pineapple · 27-11-2019 8:08pm

Has anyone recently applied for a mortgage to build their own house? If so, were you able to use the land you were building on (the site) as part or all of your deposit? We had visited a bank a couple of years ago who said the site was considered as part of a mortgage application. However, now that we have a site, the same bank (albeit a couple of years later) is saying that site/land cannot be considered of any value to the deposit when applying for a loan. Has some regulatory change occurred preventing it, or is it a banks decision? Should we try other banks? Wondering if someone within the last year or so has in fact used their site as part of a deposit?

NearlyForty · 27-11-2019 9:49pm

Great, thanks for that guys!

SteelyDanJalapeno · 27-11-2019 10:33pm

XsApollo wrote: »

Anybody know does that apply to PTSB also?
I don’t see anything mentioned anywhere on their site about that.

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

Padre_Pio · 27-11-2019 10:42pm

SteelyDanJalapeno wrote: »

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

I didn't need a P60 for mine.

Salary cert and details of bonusses ,savings, shares etc.

XsApollo · 27-11-2019 11:00pm

SteelyDanJalapeno wrote: »

Yep got approval with ptsb 2 months ago

- salary certs
- P60
- 6 months bank/cu/cc/revolut statements

I was wondering if the cash back offer doesn’t apply to mortgages with exemptions?
As with KBC.
I have drawn down a mortgage but that was the first time I heard of no cash back on mortgages with exemptions.
Different bank I know but wondering does it apply to PTSB also as I was not told that and was implied I would get cash back.

ILikeBoats · 28-11-2019 10:13am

3 years ago but we got the cashback from PTSB with an exemption

daithi55 · 28-11-2019 9:14pm

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

ECO_Mental · 28-11-2019 9:17pm

daithi55 wrote: »

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

Stopitwillya · 28-11-2019 9:17pm

daithi55 wrote: »

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

Exempt if it's your own home.
Pay capital gains tax if it's a investment property.
So the answer is no tax for you.

Addle · 28-11-2019 9:18pm

Is there a limit now on the exemption?
I know it used to be €500k.

listermint · 28-11-2019 9:18pm

ECO_Mental wrote: »

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

A year ? Is this true . Wasn't aware of that. Why a year.

aido79 · 28-11-2019 9:19pm

Is Google broken?

listermint · 28-11-2019 9:19pm

aido79 wrote: »

Is Google broken?

Is the questions part of a forum not the place to... Ask questions.

daithi55 · 28-11-2019 9:31pm

aido79 wrote: »

Is Google broken?

i tried it but all i was getting was results for capital gains tax..

also no need for the smart comment..
if you have noting productive to say on the matter wht didnt you just scroll on past..

thanks everyone for the kind replies
it what makes boards so good

it is our principle private residence so we should be ok
thanks again

28-11-2019 9:32pm

ECO_Mental wrote: »

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

Where did this total misinformation come from?

You could sell your house and never buy another one and you wouldn’t have to pay any tax on the gains.

If it’s your ppr you are exempt from capital gains tax, even if it was your ppr for a time and then was rented for a time you wouldn’t have to pay the full CGT on any gain there would be a reduction based on how long you lived there vs how long it was rented.

aido79 · 28-11-2019 9:38pm

daithi55 wrote: »

i tried it but all i was getting was results for capital gains tax..

also no need for the smart comment..
if you have noting productive to say on the matter wht didnt you just scroll on past..

thanks everyone for the kind replies
it what makes boards so good

it is our principle private residence so we should be ok
thanks again

Does this help?

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

Sorry I'm just of the opinion that with stuff like this I prefer to do my own research. You have already received some misinformation in some of the posts above.

daithi55 · 28-11-2019 9:48pm

aido79 wrote: »

Does this help?

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

Sorry I'm just of the opinion that with stuff like this I prefer to do my own research. You have already received some misinformation in some of the posts above.

thanks
from what im reading we shouldnt have to pay any cgt
we own the house for 9 years have lived in it all the time and it hasnt been used as a business
just a family home which we would be selling on as a family home

aido79 · 28-11-2019 9:59pm

daithi55 wrote: »

thanks
from what im reading we shouldnt have to pay any cgt
we own the house for 9 years have lived in it all the time and it hasnt been used as a business
just a family home which we would be selling on as a family home

You're welcome. Yes you will be exempt from cgt and there are no other taxes due on the sale.

I apologise for the smartass comment. There are just some things I think people should do their own research on and this is one of them. I have seen a lot of misinformation on things like this previously and would prefer people get the facts and not half truths.

daithi55 · 28-11-2019 10:05pm

aido79 wrote: »

You're welcome. Yes you will be exempt from cgt and there are no other taxes due on the sale.

I apologise for the smartass comment. There are just some things I think people should do their own research on and this is one of them. I have seen a lot of misinformation on things like this previously and would prefer people get the facts and not half truths.

dont worry i dont take evreything i read on the www as granted..
i will be seeking legal advise at some stage and i would be asking all the relevant questions..
but if i had to pay cgt it wouldnt be worth our time

thanks again

pmfcnl · 03-12-2019 10:51am

We moved into our dream home last Friday the 29th. It was the best feeling ever getting those keys.

Thank you to everyone within this forum as it really gave us more in-dept knowledge on what was/was not expected when going about a mortgage. Any questions I asked, were answered from experience which was a great help!!

For anyone starting out and reading through the comments. My advice is to be patient, be organised and be open for setbacks as it can be a stressful process (ours was personally) but stay positive and I'm sure you will be writing a post like this at the end of it. (Surreal as it sounds)

I will be glad to answer any questions anyone may have as I know it can be daunting process.

Uglysoik1 · 03-12-2019 12:03pm

pmfcnl wrote: »

We moved into our dream home last Friday the 29th. It was the best feeling ever getting those keys.

Thank you to everyone within this forum as it really gave us more in-dept knowledge on what was/was not expected when going about a mortgage. Any questions I asked, were answered from experience which was a great help!!

For anyone starting out and reading through the comments. My advice is to be patient, be organised and be open for setbacks as it can be a stressful process (ours was personally) but stay positive and I'm sure you will be writing a post like this at the end of it. (Surreal as it sounds)

I will be glad to answer any questions anyone may have as I know it can be daunting process.

Congrats on your new home!
What's your timeline?
Thanks

scarepanda · 03-12-2019 12:33pm

We're sale agreed 7 weeks now. We have received the letter from the estate agents with everyone's details listed, but that's pretty much the height of communication. Our solicitor has been trying to make contact with the vendors solicitors, but they haven't responded. Our engineer has been in to survey the house, he has some queries logged, but we can't get any answers till theres communication from the vendors solicitors. The lack of communication is very frustrating.

pmfcnl · 03-12-2019 12:57pm

Uglysoik1 wrote: »

Congrats on your new home!
What's your timeline?
Thanks

From the first day we went about our Mortgage to the day we got our keys was 12 weeks. There was 1 or 2 hiccups which set us back but overall we were lucky that both solicitors were on the ball, previous owners didn't drag their feet either when we were ready and agreed on a completion date we were good to go then.

Dolbhad · 03-12-2019 9:26pm

scarepanda wrote: »

We're sale agreed 7 weeks now. We have received the letter from the estate agents with everyone's details listed, but that's pretty much the height of communication. Our solicitor has been trying to make contact with the vendors solicitors, but they haven't responded. Our engineer has been in to survey the house, he has some queries logged, but we can't get any answers till theres communication from the vendors solicitors. The lack of communication is very frustrating.

Have you contacted the auctioneer and let them know lack of progress? They can contact sellers directly to see what the issue is.

un5byh7sqpd2x0 · 05-12-2019 3:38pm

Should I or my solicitor have gotten the BER certificate on closing? It's a new build, and it has one because I can check by MPRN on the SEAI website but there's not much information when you search that way.

Dolbhad · 05-12-2019 5:00pm

Remi Hundreds Salamander wrote: »

Should I or my solicitor have gotten the BER certificate on closing? It's a new build, and it has one because I can check by MPRN on the SEAI website but there's not much information when you search that way.

Your solicitor will have gotten the final BER Cert and advisory report on closing with all the closing documents.

FutureGuy · 05-12-2019 8:33pm

Just went sale agreed on a property again (last one fell though because the vendor was completely unreasonable).

Closer to city, better area, bigger house, 24k cheaper.

Will need a bit of work but nothing major (new bathroom).

We go again!

scarepanda · 05-12-2019 8:52pm

Dolbhad wrote:

Have you contacted the auctioneer and let them know lack of progress? They can contact sellers directly to see what the issue is.

No not yet. We've only started to get properly frustrated with the delay over the last couple of weeks and we were waiting to see if the vendors solicitors replied to our solicitors letters. But no joy.

I think at this stage we might leave things lie till the new year and then start putting proper pressure on them to hurry things up. First port of call with be contacting the EA. Is there any other effective ways of putting pressure on the vendors to get a move on?

whatever76 · 05-12-2019 9:02pm

scarepanda wrote: »

No not yet. We've only started to get properly frustrated with the delay over the last couple of weeks and we were waiting to see if the vendors solicitors replied to our solicitors letters. But no joy.

I think at this stage we might leave things lie till the new year and then start putting proper pressure on them to hurry things up. First port of call with be contacting the EA. Is there any other effective ways of putting pressure on the vendors to get a move on?

IMO the estate agent is best route now - as I learned from my own experience recently ; EA on your side now to get the sale through so will want to push it along as fast as they can and will be putting pressure on the vendors to get their act together if they are causing delays !! best of luck !!

EireinOZ · 05-12-2019 9:16pm

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

alwald · 05-12-2019 9:26pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Budgeting, planning, determination, willpower...rinse repeat.

wally79 · 05-12-2019 9:35pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Figure out how much you need and when by.

Eg 12k by next December

Work out how much per month that equals

Eg 1000 a month

On Pay day direct debit that amount to a notice savings account. I think we used a 21 day notice account or something .
That means you have to give the bank that many days notice before you can access it.

Takes away the temptation to dip in and out

Its tough but you will get there

topmanamillion · 05-12-2019 9:46pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Draw up a weekly budget and stick to it.
Look at the main expenses and see if you can make any cut backs. The likes of food, rent, travel and household bills.
With food there's alot of savings to be made by switching to own brand products.
If you both own a car, could you use public transport or car share with people you work with?
With rent maybe you could find a cheaper place or move home for a while if that's a possibility.

Consider cutting back on non essentials like holidays, TV packages and nights out.

Maybe it's possible to increase income by taking extra shifts/doing over time.

Pick an amount you can transfer into your savings account via standing order every payday.
Think of it as another bill that has to be paid and what you have remaining is your budget until the next payday.

Mickiemcfist · 05-12-2019 11:24pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

I'm not an expert in saving by any means, however when I need to watch myself, the first thing I do is take out cash at the start of the week rather than use my bank card, you end up deliberating more about spending on discretionary stuff.

Creamy Goodness · 05-12-2019 11:32pm

Change your bills every year, change gas electric. This year I switched electric provider with projected savings of €250. If you have insurance for car or anything ring around I saved €100 doing that this year. Change to a payg or sim only plane gomo is €9,99 a month I was on a €25 a month plan before, over a year that’s a €180 saving.

Three phone calls there have saved €500 without much effort.

If you eat out, cut down to twice a month and when eating out with a partner (if you have one) share a starter and dessert it’s enough to satisfy the cravings without feeling like your penny pinching.

Find out how much you can save comfortably and have a standing order for this going to a credit union or another not easily accessible account to discourage dipping into it.

purpleisafruit · 06-12-2019 8:33am

Mickiemcfist wrote: »

I'm not an expert in saving by any means, however when I need to watch myself, the first thing I do is take out cash at the start of the week rather than use my bank card, you end up deliberating more about spending on discretionary stuff.

Definitely agree with this. When using cash, you're much more conscious of what you're doing. Contactless meant I was spending way more without thinking about it. It also has the added bonus of less showing on your bank statements when you do apply for a mortgage. Do you really want to bank to know you spend 200 a month on coffee

EireinOZ · 06-12-2019 9:11am

purpleisafruit wrote: »

Definitely agree with this. When using cash, you're much more conscious of what you're doing. Contactless meant I was spending way more without thinking about it. It also has the added bonus of less showing on your bank statements when you do apply for a mortgage. Do you really want to bank to know you spend 200 a month on coffee

I would worried I would lose cash but I recently got a revoult card to help me save! I have it 3 weeks and so far I find it so handy to keep control of ur spending! I top it with 25 Euro a week. The first week I literally used 25 Euro on coffeeðŸ€£ , let's just say the coffee spending has now be cut in more than half . And by the end of the second week I have money left on it! I would recommend the card for day to day spending!

purpleisafruit · 06-12-2019 9:42am

EireinOZ wrote: »

I would worried I would lose cash but I recently got a revoult card to help me save! I have it 3 weeks and so far I find it so handy to keep control of ur spending! I top it with 25 Euro a week. The first week I literally used 25 Euro on coffee&#55356;&#56355; , let's just say the coffee spending has now be cut in more than half . And by the end of the second week I have money left on it! I would recommend the card for day to day spending!

Just remember that you'll have to provide the revolut statements for a mortgage application too. They'll want to see that it's not going to Paddy Power!

scarepanda · 06-12-2019 10:44am

We've been saving for a deposit for a while, so we're used to not having that money available each month. But we both signed up to revolut this time last year and it's honestly been a game changer in terms of everything else. Combined with an excel sheet all our finances are tracked and savings each month put away for both monthly and yearly expenditure and it's taken so much stress out of keeping an eye on where we are each month.

We had to give both revolut and N26 account statements for our mortgage application and there were no issues with them. And both statements were on hand when we needed them. No hassle or wait for them like with the bricks and mortar bank.

8-10 · 06-12-2019 11:02am

Creamy Goodness wrote: »

If you eat out, cut down to twice a month and when eating out with a partner (if you have one) share a starter and dessert it’s enough to satisfy the cravings without feeling like your penny pinching.

I would try to cut this out completely, nobody should have to eat out twice a month. If you're 'cutting down' to only twice I'm very interested to know how many times you were doing this previously! Anniversary and Birthdays only, and only if really necessary I'd say.

And no takeout.

Properly planning meals and groceries alone will save you a lot of money if you're already eating out more than twice a month/getting a takaway every other week.

If you want to get a takeout or eat out and decide against it - immediately transfer that amount you were about to spend to your savings account. Do that with every purchase you're thinking twice about.

I know it's penny pinching but it becomes routine and it's a short term pain to reach your savings goal even sooner

Creamy Goodness · 06-12-2019 11:06am

8-10 wrote: »

I would try to cut this out completely, nobody should have to eat out twice a month. If you're 'cutting down' to only twice I'm very interested to know how many times you were doing this previously! Anniversary and Birthdays only, and only if really necessary I'd say.

And no takeout.

Properly planning meals and groceries alone will save you a lot of money if you're already eating out more than twice a month/getting a takaway every other week.

If you want to get a takeout or eat out and decide against it - immediately transfer that amount you were about to spend to your savings account. Do that with every purchase you're thinking twice about.

I know it's penny pinching but it becomes routine and it's a short term pain to reach your savings goal even sooner

It really depends what you're used to and what's normal for you. Since the poster gave very little information on what's what for them i was more generalising. My partner and I ate out roughly twice a month whilst saving. We did my suggestion of share starter and share dessert (if we were still hungry) and it cost €30-35 each time, €60-70 a month isn't a terrible expense in the grand scheme of things, people spend more on smokes/alcohol/penney's a week for example

When saving there's zero point to cutting out all luxuries, you'll end up hating yourself and your partner. It's best to figure out what your big discretionary spends are and cutting down not entirely out.

Eating Koka noodles (extreme example) whilst penny pinching isn't exactly appealing for 2-3 years

awec · 06-12-2019 11:07am

You need to find the middle ground. Save as much as you can, but don't end up in a miserable existence either.

Rx713B · 10-12-2019 3:42pm

Hi All,

Myself and the girlfriend started saving for a mortgage 1 year ago - currently sitting at 16k its a 3 year plan. We have this money sitting in a joint savings account with AIB. Is this the right place for it ? or should we have it elsewhere is it right to have it all in 1 account

mycro2013 · 10-12-2019 3:45pm

Rx713B wrote: »

Hi All,

Myself and the girlfriend started saving for a mortgage 1 year ago - currently sitting at 16k its a 3 year plan. We have this money sitting in a joint savings account with AIB. Is this the right place for it ? or should we have it elsewhere is it right to have it all in 1 account

Bank of Ireland have a mortgage saver account and a bonus payment at draw down.

whatever76 · 10-12-2019 3:51pm

mycro2013 wrote: »

Bank of Ireland have a mortgage saver account and a bonus payment at draw down.

this * 2 !! Got advised this earlier in year and at draw down recently got a nice little 1300 k back ( its 2k but they take DIRT tax) . you are not tied in to taking mortgage with BOI either - just a criteria of having to save X amount for at least 6 months consecutively and have X amount of money saved at drawdown ( cant remember the figures but ur well on the way by sounds of it ) - its just a savings incentive worth thinking about for that return and proof of savings etc.

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

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