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

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Comments

  • #9302
    Chesty08
    Registered Users Posts: 6,083 ✭✭✭Chesty08


    GingerLily wrote: »
    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 was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

    Probsbly makes sense though from an interest paying perspective


  • #9303
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Chesty08 wrote: »
    This was mentioned to me but wasn’t sure entirely how it works, how much I need at fixed & how much %. Required at variable

    Probsbly makes sense though from an interest paying perspective

    Thats up to you- if it were me, I'd figure out what the max amount I'd be overpaying in the space of the fixed term and just assign that much to the variable amount.


  • #9304
    KingCong
    Registered Users Posts: 220 ✭✭KingCong


    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

    Looks at Ulster Bank, some of the lowest fixed rates and you can overpay up to 10% of the total mortgage each year while fixed without penalty.


  • #9305
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Has anybody successfully drawn down a mortgage while on probation in a new job?


  • #9306
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Bargain_Hound wrote: »
    Has anybody successfully drawn down a mortgage while on probation in a new job?

    As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.


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  • #9307
    Trimm Trabb
    Registered Users Posts: 1,959 ✭✭✭Trimm Trabb


    Dolbhad wrote: »
    As far as I know you can’t, they will issue a loan offer while your on probation but it will be a special condition that probation must be over by the time you drawn down.

    Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?


  • #9308
    Interested Observer
    Registered Users Posts: 12,987 ✭✭✭✭Interested Observer


    Trimm Trabb wrote: »
    Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

    From my experience they don't ask for any more documents, just a letter from your employer stating you're off probation.

    I applied while on probation with a view to drawing down once through it, worked out fine. Our broker told us KBC were willing to waive the probation condition but I never saw that in writing and as things turned out we drew down afterwards anyway.


  • #9309
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Trimm Trabb wrote: »
    Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

    They will say they may require updated document on drawdown but don’t know anybody whose has been asked. Also if your mortgage bank is the same bank as your current account is with, they could easily check anyway so I would keep the finances the same. Maybe if your about a week away from loan offer expiring and requesting funds they will ask. They will do another credit check to ensure no additional loans or credit cards have been taken out.


  • #9310
    Dylan94
    Banned (with Prison Access) Posts: 179 ✭✭Dylan94


    Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

    The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?


  • #9311
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    Dylan94 wrote: »
    Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

    The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?

    The market will have an impact I think.

    Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

    I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
    Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.


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  • #9312
    Dylan94
    Banned (with Prison Access) Posts: 179 ✭✭Dylan94


    Empty_Space wrote: »
    The market will have an impact I think.

    Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

    I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
    Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.

    We aren't sure yet about the size, it'll depend on what variation they have when we are buying, I was going for a four bed, but I prefer the upstairs layout of the three bed. I suppose it will depend on what types they have when we are ready.

    I'll check it out, but the motorway noise won't bother me. I previously lived 150 meters from a train track, and about 800m from the m50.


  • #9313
    scarepanda
    Registered Users Posts: 3,434 ✭✭✭scarepanda


    I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

    Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?


  • #9314
    Interested Observer
    Registered Users Posts: 12,987 ✭✭✭✭Interested Observer


    scarepanda wrote: »
    I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

    Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?

    Anybody who gives you an actual answer to this is a spoofer.


  • #9315
    scarepanda
    Registered Users Posts: 3,434 ✭✭✭scarepanda


    Interested Observer wrote:
    Anybody who gives you an actual answer to this is a spoofer.


    I figured as much.... :-/ worth asking for opinions though


  • #9316
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Do people think it's likely Ulster Bank will extend their €1500 cashback towards legal fees? It's currently due to run until Dec 31st.


  • #9317
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.


  • #9318
    scarepanda
    Registered Users Posts: 3,434 ✭✭✭scarepanda


    Corruptedmorals wrote:
    My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.


    Are you responding to me?


  • #9319
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Corruptedmorals wrote: »
    My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

    Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?


  • #9320
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Amber Round Eyelid wrote: »
    Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?

    Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.


  • #9321
    r93kaey5p2izun
    Closed Accounts Posts: 3,962 ✭✭✭r93kaey5p2izun


    Corruptedmorals wrote: »
    Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.

    Fingers crossed for you - I know you've had some unexpected delays. My offer doesn't expire until early March. I'm not sure if the cashback remains valid until then because the offer was made before it expires, even if drawdown doesn't happen until the new year? I'll check in with my broker about it I think. It's not make or break for me anyway.


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  • #9322
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    Interested Observer wrote: »
    Anybody who gives you an actual answer to this is a spoofer.

    I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

    We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.


  • #9323
    Padre_Pio
    Registered Users Posts: 4,874 ✭✭✭Padre_Pio


    ChewBerecca wrote: »
    I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

    We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.

    Is there any way to get a mortgage from banks outside ireland?

    You see German banks offering 0.5 - 1% mortgages.


  • #9324
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Padre_Pio wrote: »
    Is there any way to get a mortgage from banks outside ireland?

    You see German banks offering 0.5 - 1% mortgages.

    Yup, you have to buy a house outside of Ireland though!


  • #9325
    8-10
    Registered Users Posts: 13,289 ✭✭✭✭8-10


    scarepanda wrote: »
    I figured as much.... :-/ worth asking for opinions though

    My opinion would be to budget based on a 1.5% increase. You definitely shouldn't be looking to max out at current rates regardless of what the outlook might be


  • #9326
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    The “legal fees” sum will have been around for ages now. I’d expect it to keep going esp as it’s one of the lowest cash backs out there. But it’s really cashback as solicitor will require fees beforehand. There isn’t a time limit on them so provided it’s in loan offer and you draw down within the 6 months of the Loan.

    I’ve heard the kbc loan offers have clauses giving 3k additional cashback provided your a FTB and your not getting an exemption provided you draw down by 31st December. So that has a time limit. Extra incentive to get the books balance for end of year but really if the sale isn’t ready to close, it’s not going to close. Extra 3k won’t move things along.


  • #9327
    tomister
    Registered Users Posts: 271 ✭✭tomister


    BOI recently extended their Cashback offer so I would be confident that other banks will extend their offering to stay somewhat competitive. I know people will say the rate should be the deciding factor and that should be the bigger draw to one bank over another but the cashback/legal fees is a nice incentive


  • #9328
    drunkmonkey
    Registered Users Posts: 28,067 ✭✭✭✭drunkmonkey


    Total cost should be deciding factor and possibly worked out over the time period for full cash back eg a 5yr deal as you'll have other offers to tempt you after that. Comparing them both over a 20/30yr period isn't necessarily the correct way to view the offer.


  • #9329
    wirelessdude01
    Registered Users Posts: 8,417 ✭✭✭wirelessdude01


    How long before drawdown does mortgage protection have to be in place?


  • #9330
    whatever76
    Registered Users Posts: 1,007 ✭✭✭whatever76


    wirelessdude01 wrote: »
    How long before drawdown does mortgage protection have to be in place?

    Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !


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  • #9331
    wirelessdude01
    Registered Users Posts: 8,417 ✭✭✭wirelessdude01


    whatever76 wrote: »
    Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !

    Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?


This discussion has been closed.
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