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

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  • Options
    #9272
    wirelessdude01
    Registered Users Posts: 8,417 ✭✭✭wirelessdude01


    Trimm Trabb wrote: »
    What do people do if you don't have enough money for appliances and essential furniture when moving into a new build? Can we take a credit union loan or will we have a problem from the bank if we take on new debt before drawing down the mortgage?

    We got our approval in principle in January which lasts for a year and then in August contacted them again as new build was ready to go but they didn’t ask for all our payslips/account statements again - they just gave us the loan offer, which lasts for 6 months. We paid the 10% deposit at the beginning of the year and our current savings just about cover extras with the builder (our parents are going to pay the solicitors fees/stamp duty) - so basically we are just scraping by but I don't think they will look for statements again before drawdown? But they might do a credit check to see do we have any new debts?

    Alot of places do 0% finance on bedding, furniture and white goods. Don't do anything though until you have drawn down would be my advice.


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    #9273
    Trimm Trabb
    Registered Users Posts: 1,959 ✭✭✭Trimm Trabb


    GingerLily wrote: »
    DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

    If the bank find out they will change your loan offer or remove it, it's not worth it.

    Ok thanks for the tip!

    Some stores offer interest free credit etc for this stuff - will this show up if the bank check?

    We actually have no other debt at the moment but will definitely need to borrow to get the basics in. Kitchen maker will fit and integrate the appliances when he's putting kitchen in so makes little sense not to buy them while he's doing it.


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    #9274
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    GingerLily wrote: »
    DO NOT BORROW ANY MONEY BEFORE DRAWDOWN.

    If the bank find out they will change your loan offer or remove it, it's not worth it.

    On that note also do not take out a new credit card either before drawdown. The bank will make you pay it off and cancel it.


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    #9275
    Trimm Trabb
    Registered Users Posts: 1,959 ✭✭✭Trimm Trabb


    wirelessdude01 wrote: »
    Alot of places do 0% finance on bedding, furniture and white goods. Don't do anything though until you have drawn down would be my advice.

    Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

    Taking one of these offers in a shop now would still turn up in a credit check?


  • Options
    #9276
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    Trimm Trabb wrote: »
    Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

    Taking one of these offers in a shop now would still turn up in a credit check?
    Any credit shows up on a credit search, even if it is 0%
    If you really need to buy the appliances etc, why not have a parent take out the loan and you make the payments. Hold off until as late as possible and have your parent repay the loan and you give them cash.
    No sense losing a house because you want to buy a fridge


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    #9277
    oleard1987
    Registered Users Posts: 171 ✭✭oleard1987


    purpleisafruit wrote: »
    Any credit shows up on a credit search, even if it is 0%
    If you really need to buy the appliances etc, why not have a parent take out the loan and you make the payments. Hold off until as late as possible and have your parent repay the loan and you give them cash.
    No sense losing a house because you want to buy a fridge

    We got my sister to get all the appliances through a store that does flexi finance
    The just transfer the money to her before the payment comes out of her account
    Soon as we drawdown we will just wipe the fiance before they apply the interest rate

    As said above i would get any loans ,finance etc in you or your partners name till you have the keys in your hand


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    #9278
    topmanamillion
    Registered Users Posts: 3,293 ✭✭✭topmanamillion


    Trimm Trabb wrote: »
    Just to be clear you aren’t suggesting getting the 0% finance until we have drawn down the mortgage?

    Taking one of these offers in a shop now would still turn up in a credit check?

    You're still taking a loan. The shop most likely isn't offering the finance, they've teamed up with a bank to give a loan.
    On a related note, there's really no such thing as 0% finance. They've just added in the interest in some other charge. Alot of these 0% finance deals end up costing the equivalent of around 15% interest.
    It's similar to those "free" commemorative coins they sell on TV. You just pay €5 postage to have a coin posted to you.


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    #9279
    scarepanda
    Registered Users Posts: 3,438 ✭✭✭scarepanda


    Hi guys,

    This is a question I've in with our solicitor, but would love to hear what people think here as they haven't gotten back to us yet.

    We think we are in a chain, although the sellers have not been up front about it. What we are afraid of is signing contracts and then being locked into following through with the sale even if the sellers then start dragging their feet and stringing us along while they find somewhere else themselves, which could take months. Is it possible to add into the contract a clause that states that if the sale doesn't close by a certain date that we can walk away without any penalties?


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    #9280
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    oleard1987 wrote: »
    We got my sister to get all the appliances through a store that does flexi finance
    The just transfer the money to her before the payment comes out of her account
    Soon as we drawdown we will just wipe the fiance before they apply the interest rate

    As said above i would get any loans ,finance etc in you or your partners name till you have the keys in your hand
    I'd do it with cash as you don't want the bank requesting new statements before drawdown and questioning why you're moving cash to a sibling


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    #9281
    wirelessdude01
    Registered Users Posts: 8,417 ✭✭✭wirelessdude01


    Has anyone used the likes of N26 to pay the mortgage and mortgage protection out of?


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    #9282
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    scarepanda wrote: »
    Hi guys,

    This is a question I've in with our solicitor, but would love to hear what people think here as they haven't gotten back to us yet.

    We think we are in a chain, although the sellers have not been up front about it. What we are afraid of is signing contracts and then being locked into following through with the sale even if the sellers then start dragging their feet and stringing us along while they find somewhere else themselves, which could take months. Is it possible to add into the contract a clause that states that if the sale doesn't close by a certain date that we can walk away without any penalties?

    I would tell your solicitor you can’t be in an open ended contract. There needs to be a date in it. Now you’ll need to be flexible on that date. Being in a chain are a pain but if all parties in a chain are reasonable, it can be pulled off. Your solicitor will I assume be of the same mind set of having some sort of date.

    Your sellers won’t return signed contracts to you until they have signed contracts in place to buy. So really depends on that transaction. Is there a further chain down the line?


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    #9283
    Trimm Trabb
    Registered Users Posts: 1,959 ✭✭✭Trimm Trabb


    Another question re drawdown - do banks look for updated bank statements and proof of savings again at this time?


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    #9284
    scarepanda
    Registered Users Posts: 3,438 ✭✭✭scarepanda


    So putting in an end date is possible so?

    I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

    We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property


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    #9285
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    scarepanda wrote: »
    So putting in an end date is possible so?

    I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

    We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property

    You can do but I think you need more information so ask your solicitor to ring the sellers solicitor and see what the situation is


  • Options
    #9286
    scarepanda
    Registered Users Posts: 3,438 ✭✭✭scarepanda


    Dolbhad wrote:
    You can do but I think you need more information so ask your solicitor to ring the sellers solicitor and see what the situation is

    Ya I know we do, but tbh we don't know who to ask for more info, and what info to actually believe.


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    #9287
    JohnnyChimpo
    Registered Users Posts: 1,074 ✭✭✭JohnnyChimpo


    Good to see that as of today, BOI have extended their cashback to June 2020. Was a little skeptical if we'd be able to draw down before the end of the year, so this takes some pressure off


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    #9288
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    scarepanda wrote: »
    Ya I know we do, but tbh we don't know who to ask for more info, and what info to actually believe.

    If there is a change, the sellers solicitor will know (as presumably that solicitor will be dealing with the sale and purchase so trying to balance them). Auctioneer may only be working off what info the sellers are passing on which may be vague. I’d push your solicitor to chat with the sellers solicitor and see what information is available and a timeline on when contracts can be signed. You can use the excuse of “our loan offer is only valid for 6 months and has been issued and no guarantee it could be renewed again”.


  • Options
    #9289
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    JohnnyChimpo wrote: »
    Good to see that as of today, BOI have extended their cashback to June 2020. Was a little skeptical if we'd be able to draw down before the end of the year, so this takes some pressure off

    That is good. The BOI cashback is biggest on market so I think they could lose business if it was not extended.

    I’ve heard kbc are giving €3000 back in loan offers if it’s drawn down by end of year and are a FTB and not getting an exemption to policy.


  • Options
    #9290
    scarepanda
    Registered Users Posts: 3,438 ✭✭✭scarepanda


    Dolbhad wrote:
    Auctioneer may only be working off what info the sellers are passing on which may be vague.

    This could be the case, but something tells us that it's not. Time will tell!

    Thank you though for your advice!


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    #9291
    wally79
    Registered Users Posts: 2,929 ✭✭✭wally79


    scarepanda wrote: »
    So putting in an end date is possible so?

    I honestly don't know how far the chain goes. Being in a chain hasn't been confirmed to us. Is it possible to ask via the solicitors and expect an answer? We asked the agent a couple of times and didn't get an answer really, said he didn't know, but he wasn't convincing. I was chatting to a neighbour over the weekend and he said that as far as he was aware they didn't have anything else sorted out yet. That's obviously not a definitive answer, but from the chat with him a few questions we had ourselves in general kind of became clear.

    We're first time buyers, so we can be a bit flexible, we just don't want to dicked about waiting for who knows how long to get the deal done, especially after we have the contracts signed if something else comes up and there's no movement on the current property

    If their solicitor is worth what they are paying him he won’t let them sign a contract with an end date. Puts them under huge pressure to buy or they end up renting.

    I’m not even sure if it is legally enforceable. We were in a similar situation and there was something my solicitor said about this that I just can’t recall.

    They are in the drivers seat. The only real bargaining chip you have is that you can pull out any time before you sign contracts with no penalty except perhaps solicitor fees


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    #9292
    scarepanda
    Registered Users Posts: 3,438 ✭✭✭scarepanda


    wally79 wrote:
    They are in the drivers seat. The only real bargaining chip you have is that you can pull out any time before you sign contracts with no penalty except perhaps solicitor fees


    Ya, at the moment we're not overly bothered about being in a chain coz were not locked in and can leave things as they are and keep looking. Our landlord knows we've gone sale agreed and he just wants to be kept in the loop about when we might be moving out, so we're not under pressure from that point of view.

    What we're afraid of is them playing ball up until we sign contracts and then start dicking us about by dragging things out. We're just very suspicious that that's very liable to happen.


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    #9293
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    Kiwi5449 wrote: »
    I’m currently on probation and went for a mortgage with AIB, got AIP first, then underwritten AIP. We now have full approval but a condition that we cannot draw down until my probation is passed which suits us as it’s a new build and won’t need to draw down until April 2020 and my probation ends in December. We let our solicitor know, we have paid the booking deposit but won’t sign contracts until December when I have completed probation and we can move to get the loan offer from the bank then. Hope this helps!

    Thank you. We are buying a house from a family member so it would be a quick sale and we would want to drawdown straight away. I might just apply with our own bank and see what they say but I also don't mind waiting if we have to. We are already living in the house.


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    #9294
    JohnnyChimpo
    Registered Users Posts: 1,074 ✭✭✭JohnnyChimpo


    Dolbhad wrote: »
    That is good. The BOI cashback is biggest on market so I think they could lose business if it was not extended.

    I’ve heard kbc are giving €3000 back in loan offers if it’s drawn down by end of year and are a FTB and not getting an exemption to policy.

    I think EBS are basically head-to-head with BOI in terms of cashback, both require 5 years to get the 2+1%.

    As regards KBC, I'm pretty sure the €3000 is only for switchers unless I'm mistaken. Pretty ****e to only reward switchers and not new customers but there you have it. Will probably go there myself if the offer's still going after 2 years of my BOI mortgage


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    #9295
    Fia11
    Registered Users Posts: 61 ✭✭Fia11


    JohnnyChimpo wrote: »
    I think EBS are basically head-to-head with BOI in terms of cashback, both require 5 years to get the 2+1%.

    As regards KBC, I'm pretty sure the €3000 is only for switchers unless I'm mistaken. Pretty ****e to only reward switchers and not new customers but there you have it. Will probably go there myself if the offer's still going after 2 years of my BOI mortgage

    KBC are 100% offering cashback to FTBs. I have no loyalty to them myself, but will be glad to see the 3k coming our way soon.


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    #9296
    JohnnyChimpo
    Registered Users Posts: 1,074 ✭✭✭JohnnyChimpo


    Fia11 wrote: »
    KBC are 100% offering cashback to FTBs. I have no loyalty to them myself, but will be glad to see the 3k coming our way soon.

    Very interesting, couldn't find anything about it on their website...

    And even recent Irish Times article indicates it's only for switchers. https://www.irishtimes.com/business/financial-services/kbc-cuts-fixed-mortgage-rates-for-borrowers-1.3974183

    Not doubting you've done your homework, just find it a little bizarre that they wouldn't advertise it


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    #9297
    Fia11
    Registered Users Posts: 61 ✭✭Fia11


    JohnnyChimpo wrote: »
    Very interesting, couldn't find anything about it on their website...

    And even recent Irish Times article indicates it's only for switchers. https://www.irishtimes.com/business/financial-services/kbc-cuts-fixed-mortgage-rates-for-borrowers-1.3974183

    Not doubting you've done your homework, just find it a little bizarre that they wouldn't advertise it

    When we first went for AIP with KBC it didn't exist, the broker only informed us of it two weeks ago. I also haven't seen it advertised anywhere. I will be combing through the offer letter for sure.


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    #9298
    Playoff_Beard
    Registered Users Posts: 40 ✭Playoff_Beard


    Is it often possible to switch after paying a mortgage for 1-year only? I took out a mortgage last year and started out on a 1-year fixed. Also is it possible to switch and top-up at the same time? Thanks!


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    #9299
    heebusjeebus
    Registered Users Posts: 3,783 ✭✭✭heebusjeebus


    Playoff_Beard wrote: »
    Is it often possible to switch after paying a mortgage for 1-year only? I took out a mortgage last year and started out on a 1-year fixed. Also is it possible to switch and top-up at the same time? Thanks!

    Yes & Yes


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    #9300
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

    Ideally I want variable rate so I can put lump sums off over the period of time.

    Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

    Any insights would be much appreciated


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    #9301
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Chesty08 wrote: »
    I am looking to start drawing down on a mortgage from January 2020 for a self build. Everything else is lined up and ready to go.

    Ideally I want variable rate so I can put lump sums off over the period of time.

    Who is currently best on market for FTB for variable rate. I’m reading BOI as 4.2% and AIB as 2.95% which is a big difference.

    Any insights would be much appreciated

    Have you considered partially fixing your loan? That way you can get the benefit of fixing with good interest rates and certainty but leave a percentage variable that you can pay back at any time over the fixed life cycle!


This discussion has been closed.
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