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

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Comments

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    #7442
    Teach30
    Registered Users Posts: 539 ✭✭✭Teach30


    TheShow wrote: »
    best thing is to start saving whatever you can now and then start to look at your options c6 months down the line. Does your partner have any savings?

    Thanks looking to start with house as soon as possible.. Partner would have a little saved - couple of thousand but nothing major. Like me he’s been enjoying life a little too much. He would have some backing from family also though.

    Long road ahead but thanks for the positive advice, I’m relieved to hear that saving from here on will hopefully stand to me.


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    #7443
    Rfrip
    Registered Users Posts: 5,797 ✭✭✭Rfrip


    Teach30 wrote: »
    Thanks looking to start with house as soon as possible.. Partner would have a little saved - couple of thousand but nothing major. Like me he’s been enjoying life a little too much. He would have some backing from family also though.

    Long road ahead but thanks for the positive advice, I’m relieved to hear that saving from here on will hopefully stand to me.

    I was the same as you...but when I put my heart into saving it all came together. Wasn’t easy mind but once it’s started to properly build up it became easier. Best of luck to you! You’ll get there and will be totally worth it


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    #7444
    laserlad2010
    Registered Users Posts: 514 ✭✭✭laserlad2010


    Isn't it frustrating that all tax relief schemes have either ended or are only aimed at new builds?

    Could do with HTB for second hand properties...


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    #7445
    Charlie
    Registered Users Posts: 9,810 ✭✭✭Charlie


    laserlad2010 wrote: »
    Isn't it frustrating that all tax relief schemes have either ended or are only aimed at new builds?

    Could do with HTB for second hand properties...

    Giving FTB more money to buy second hand houses is in no ones interest really, including the buyers. Prices just rise for everyone. For all it’s faults, at least the current HTB is getting builders building more and increasing stock, which everyone benefits from.


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    #7446
    laserlad2010
    Registered Users Posts: 514 ✭✭✭laserlad2010


    Charlie wrote: »
    Giving FTB more money to buy second hand houses is in no ones interest really, including the buyers. Prices just rise for everyone. For all it’s faults, at least the current HTB is getting builders building more and increasing stock, which everyone benefits from.

    A cursory glance at the Revenue website shows mortgage relief, home renovation scheme (x2!!), help to buy, owner occupier relief - all of which have either expired or only for new builds.


    One could argue that pulling FTBs away from older housing communities does not help those communities. Moving FTBs further out of the city centre doesn't seem a great long term strategy. Besides, haven't new build prices merely increased to accommodate this?


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    #7447
    Tipsy McSwagger
    Registered Users Posts: 9,065 ✭✭✭Tipsy McSwagger


    Stamp Duty should be done away with. Hard enough to save for a deposit, pay a solicitor, kit out a house with this shyte hanging over your head.


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    #7448
    voldejoie
    Registered Users Posts: 225 ✭✭voldejoie


    Hi everyone,

    I was wondering if anyone has advice on how best to save and prepare for a mortgage application as a single applicant?

    I am currently saving €850 euro a month (with a total savings balance at the moment of just under €10,000) and would intend to properly look into buying in 2-3 years or so. I want to make sure I'm putting myself in the best possible position, I know of a few friends who have applied for mortgages in the last couple of weeks who have said it's easier to get an exemption on the amount you can borrow if you are applying as a couple.


  • Options
    #7449
    wally79
    Registered Users Posts: 2,929 ✭✭✭wally79


    Tipsy McSwagger wrote: »
    Stamp Duty should be done away with. Hard enough to save for a deposit, pay a solicitor, kit out a house with this shyte hanging over your head.

    Prices would just rise by 1%


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    #7450
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    I have a mortgage offer which I will be getting extended next month and will hopefully be drawing down in June.

    I also need a new car and am considering PCP finance, am I safe to go ahead with this once I have the mortgage offer or should I wait until the mortgage is drawn down in case the bank gets spooked with the extra outgoings or does it matter once I have the offer agreed already ?


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    #7451
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    I’d be careful doing that until drawdown to be honest.

    We went sale agreed on a house at Xmas time and it fell through. We have gone back in with another house and got that accepted but our broker got us to sign a form stating we have no finance or loans outstanding since the last offer.

    Could be just the broker but I’d check it out just in case.


    Glen_Quagmire wrote: »
    I have a mortgage offer which I will be getting extended next month and will hopefully be drawing down in June.

    I also need a new car and am considering PCP finance, am I safe to go ahead with this once I have the mortgage offer or should I wait until the mortgage is drawn down in case the bank gets spooked with the extra outgoings or does it matter once I have the offer agreed already ?


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  • Options
    #7452
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    I would wait until you have the keys


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    #7453
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    bri007 wrote:
    I’d be careful doing that until drawdown to be honest.

    bri007 wrote:
    We went sale agreed on a house at Xmas time and it fell through. We have gone back in with another house and got that accepted but our broker got us to sign a form stating we have no finance or loans outstanding since the last offer.

    bri007 wrote:
    Could be just the broker but I’d check it out just in case.


    I am buying a new build which is expected to be ready in June and will be extendeding my mortgage offer next month for another 6 months so I shouldn't have to produce anything more for the bank once I have the offer agreed. Can they make the offer void if they see extra outgoings from my account?


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    #7454
    Michellenman
    Registered Users Posts: 11,195 ✭✭✭✭Michellenman


    Glen_Quagmire wrote: »
    I have a mortgage offer which I will be getting extended next month and will hopefully be drawing down in June.

    I also need a new car and am considering PCP finance, am I safe to go ahead with this once I have the mortgage offer or should I wait until the mortgage is drawn down in case the bank gets spooked with the extra outgoings or does it matter once I have the offer agreed already ?

    Wait until you draw down. A friend went to DFS and bought furniture for the house on one of those 0% finance deals and the bank viewed it as another loan (which it is...) and wanted it paid off before they would allow draw down of the agreed loan amount.


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    #7455
    bri007
    Registered Users Posts: 1,375 ✭✭✭bri007


    I would imagine they could yeah, as it is finance and would impact on your repayment capacity. Technically you haven’t the loan until you actually get the house and everything is done and dusted. They probably won’t ask for more bank stuff and pay slips etc but if they did another credit check prior to drawdown which I know a lot of banks will do that could spell disaster.

    It’s up to you, but I would just hold off doing anything like that, my broker asked if I even bought furniture or white goods on finance
    Glen_Quagmire wrote: »
    I am buying a new build which is expected to be ready in June and will be extendeding my mortgage offer next month for another 6 months so I shouldn't have to produce anything more for the bank once I have the offer agreed. Can they make the offer void if they see extra outgoings from my account?


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    #7456
    tigger123
    Registered Users Posts: 4,441 ✭✭✭tigger123


    New loans and financial commitments are going to effect your ability to repay the mortgage, and therefore the bank will more than likely take these into account.

    Smart thing to do is wait until you're in the place before making any changes to your finances.


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    #7457
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Yeah I think you are all correct, I will hold off until I get the keys.

    That's actually a good point about DFS, I was thinking of buying a new sofa soon because it takes a couple of months to make and I may have chosen to pay monthly instead of upfront because of their 0% finance offer. I may have to just pay upfront after all


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    #7458
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Also, it’s not really wise to spend money on furniture before you have the house keys in hand. Until the sale is complete, it could still fall through, leaving you out of pocket and perhaps with a sofa but no house.


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    #7459
    Bigmac1euro
    Registered Users Posts: 1,454 ✭✭✭Bigmac1euro


    dudara wrote: »
    Also, it’s not really wise to spend money on furniture before you have the house keys in hand. Until the sale is complete, it could still fall through, leaving you out of pocket and perhaps with a sofa but no house.

    Someone I know works in DFS.
    People crying down the phone this happens all the time people lose their houses etc


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    #7460
    stevek93
    Registered Users Posts: 3,088 ✭✭✭stevek93


    Hello, can someone recommend a broker in North Dublin by PM please.


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    #7461
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    If you're buying anything from DFS, or indeed any large purchase, buy it on a credit card and then pay it off or use their finance - the cost of which is built into the purchase price. We've no idea what Brexit will do to UK based retailers operating in Ireland and even at the best of times there is nothing to stop a company shutting up shop and taking your hard earned cash with it.


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    #7462
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    myshirt wrote: »
    A good rule is to take the square footage of the new build, and add a zero to it to get a realistic budget for kitting out the house. Floors, furniture, etc. Of course you could do it cheaper and you could do it more expensive, but ballpark the square footage plus a zero is a reasonable estimate and budget for you to work off.

    1,400sq feet = 14 grand
    Etc


    I stand corrected so lads! Seen a house going in Clonsilla, and albeit it is a show house, there is 70 grand on top of the selling price of the property right next door with similar site size. I'll revise my guidance to saying add a zero to the square footage and multiply by 1 and a half.

    Or I'll just say nothing! 70 grand is off the wall, but definitely an indication that you'd need 30k for a house like that.

    This is significant for a FTB. Hard enough to get the deposit for them, but despite that you wouldn't be long seeing another 20 grand go into the house.


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    #7463
    fernandohierro
    Registered Users Posts: 51 ✭✭fernandohierro


    Hi,

    Does anybody have a mortgage broker in Dublin that they can recommend?

    Thanks


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    #7464
    tobsey
    Registered Users Posts: 1,275 ✭✭✭tobsey


    Glen_Quagmire wrote: »
    Yeah I think you are all correct, I will hold off until I get the keys.

    That's actually a good point about DFS, I was thinking of buying a new sofa soon because it takes a couple of months to make and I may have chosen to pay monthly instead of upfront because of their 0% finance offer. I may have to just pay upfront after all

    You won't start making the repayments on a DFS sofa until after it's delivered. The agreement might appear on a credit check but you don't make payments until it arrives.


  • Options
    #7465
    Michellenman
    Registered Users Posts: 11,195 ✭✭✭✭Michellenman


    fernandohierro wrote: »
    Hi,

    Does anybody have a mortgage broker in Dublin that they can recommend?

    Thanks

    We used <SNIP> and they were excellent.


  • Options
    #7466
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Are property prices forecast to stabilise anytime soon? What are the predictions?


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    #7467
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    lililanny wrote: »
    Are property prices forecast to stabilise anytime soon? What are the predictions?


    https://www.boards.ie/vbulletin/showthread.php?t=2057942035


  • Options
    #7468
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    Samuel T. Cogley wrote: »
    https://www.boards.ie/vbulletin/showthread.php?t=2057942035

    Thanks, I'll follow that thread


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    #7469
    GaGa21
    Registered Users Posts: 652 ✭✭✭GaGa21


    The end is near.....collecting keys on Friday!


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    #7470
    snowflake1989
    Registered Users Posts: 54 ✭✭snowflake1989


    GaGa21 wrote: »
    The end is near.....collecting keys on Friday!

    Congrats 😊 how long was the process fom goong sale agreed to now for u?


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    #7471
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Is there any mortgage calculator that shows how paying a lump sum will affect monthly repayments?

    Or how do I figure it out?


This discussion has been closed.
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