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

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  • Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    How soon are you planning to buy? If you can wait 15 months the best savings account is the nationwide uk Ireland one:

    http://www.nationwideuk.ie/savings/regularsaveraccount.asp

    You can claim back any dirt on it once you're ready to buy as well.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Hoping to buy in the summer of next year. We already have money in bank savings and credit union. Hoping to have around 16k by end of May 15


  • Registered Users Posts: 19,307 ✭✭✭✭alastair


    Santy2015 wrote: »
    Hoping to buy in the summer of next year. We already have money in bank savings and credit union. Hoping to have around 16k by end of May 15

    You've missed that boat, but good luck saving for Spring '16!


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah should've looked earlier but should be okay


  • Registered Users Posts: 13 valovalo


    Hi, we are in same boat about 8k saved, and hope to reach 15k by mid next year and then have that to back up mortgage application, but alas not much in galway City to even match that so it will be out the country a bit, ie athenry , headfirst ect,
    Paying 895 per month here in city and saving 150 per week and 50 towards loan, (loan needed to move in here!!)
    Wages between us is not great but we survive , is there any one in same boat in regards saving, deposits , galway region or any one know of any thing house wise coming up in next year to keep eye out for,
    Thanks guys


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    We are looking in the north cork region mallow Kanturk, there's plenty of properties in the region we can afford but it's the furnishing of the house after all the other expenses are taken into account is the problem, we already talked to the ebs as they seem the best to deal with so far


  • Registered Users Posts: 846 ✭✭✭April 73


    Let's say you borrow €130,000. As first time buyers you can borrow 90% of the value of the property. So you could purchase a property costing €144,000 needing a deposit of €14,400.
    Add to that a survey at €300 to €500, solicitor of approx €2000 to €2500 including land registration, and stamp duty at €1,440.
    Somewhere in the region of €18,000 to €19,000 to buy & complete the purchase.

    Saving that kind of money is quite a task. Best of luck with it.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Would the solicitor cost €2k plus? Always taught it would be similar to the stamp duty? We are saving €250 a week and hope to save more after Xmas. My goal is to have at least €15k by start of May 16 and go for mortgage approval then


  • Registered Users Posts: 846 ✭✭✭April 73


    I based that on the quote I got from a solicitor as below:
    The bit you might be able to negotiate on is the professional fee. I don't think they can do anything about the registration & search fees.

    Purchase:
    Land Registry fee to lodge Transfer €800.00
    Land Registry fee to lodge Deed of Mortgage €175.00
    Copy Folio €6.00 €981.00

    Stamp Duty @ 1%

    Search fees as required by the Lending Institution and against the vendor €125.00
    V.A.T @ 23% €28.75 €153.75

    Professional fee €1,250.00
    V.A.T @ 23% €287.50 €1,537.50


  • Registered Users Posts: 846 ✭✭✭April 73


    If you had €15000 you'd be in a good position to look for a mortgage for the kind of money you're talking about.
    Don't forget that you'll need some decorating/furniture cash too though.


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  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah getting the money for getting the house is fine, saving for furnishings and so on is what I need to get sorted. We've bits and pieces gathered already


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive.

    That said, i'd take a different approach to this - Get your essentials (bed, couch, table) in first (IKEA/second hand/friends etc) and plan on not having them for a long time. Let them tie you over for a year or whatever, and when delivery times aren't a factor in purchasing, buy what you really want. Sell the other stuff second hand, or move your temp couch into a kids toy room, and bed into the 2nd bed room.


  • Posts: 0 Cash Spicy Banana


    Expect stupidly long wait times on furniture. Beds, kitchen tables, coffee tables, couches etc can all take months. I've seen/heard anything from 3-7 months for furniture to arrive.

    I would say it's rare to wait so long, I haven't seen people I know furnishing houses wait more than a few weeks for stuff they bought.


  • Moderators Posts: 12,352 ✭✭✭✭Black_Knight


    Just going on what ive heard and seen.


  • Registered Users Posts: 6,539 ✭✭✭ghostdancer


    unless you're ordering special custom made pieces, it shouldn't take any more than a few weeks for items to arrive.
    many of the larger places will have popular items on stock and can be delivered within a number of days.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah we have a few things got already, well we own them already, we've a bed, TVs coffee table, pc, ps4,(essential) and all of the other bits and bobs, knives glasses cups etc... Have a few vouchers to help us get kettle toaster etc too, it's the big purchases like ye said, the couch, kitchen appliances that will catch us. You don't realise how hard it is once you start the saving. I suppose it's lucky that we can both live at home and save still in our mid twenties


  • Registered Users Posts: 846 ✭✭✭April 73


    It's worth it though.

    I can still remember clearly the thrill of getting the keys to our first house. We moved in with a bed, kitchen table & chairs & a second-hand sofa. We ate takeaway chips outside on the back step that first night & all was right in the world.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    That'll be perfect, we can't wait hence why we are saving so hard, once we get the house we can think about our wedding, saying that though herself has half it planned already haha


  • Registered Users Posts: 6,784 ✭✭✭Alkers


    Saving 1k a month at the moment and have about 16k saved so far. Problem is we're still n Dublin so to get anything decent we're looking at 250-300k. Very difficult with the lending limits as we only make 65k between us. Also we do not want to buy an apartment or a 'starter home' with the difficulty in trading up under the new rules. We're both under 30 though so we can hang on a year or two.


  • Registered Users Posts: 1,065 ✭✭✭Santy2015


    Yeah we're saving 1k a month too but on about €44k between us. Obviously down here in the sticks you'd get a 3 bed semi for less then €150000. Ye will get there no problem. We only started saving so once we hit €15k we'll go for mortgage approval


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  • Registered Users Posts: 6,784 ✭✭✭Alkers


    valovalo wrote: »
    Paying 895 per month here in city and saving 150 per week and 50 towards loan, (loan needed to move in here!!)

    Would you not be better off using whatever savings you have to repay the loan and putting all your available extra income into paying off the loan before you start building up your savings?


  • Registered Users Posts: 13 valovalo


    Simona1986 wrote: »
    Would you not be better off using whatever savings you have to repay the loan and putting all your available extra income into paying off the loan before you start building up your savings?


    Yes. Exactly what we now plan to do,


  • Registered Users Posts: 1,239 ✭✭✭lima


    Simona1986 wrote: »
    Saving 1k a month at the moment and have about 16k saved so far. Problem is we're still n Dublin so to get anything decent we're looking at 250-300k. Very difficult with the lending limits as we only make 65k between us. Also we do not want to buy an apartment or a 'starter home' with the difficulty in trading up under the new rules. We're both under 30 though so we can hang on a year or two.

    I wouldn't knock apartments - they only have a negative connotation because in Ireland for some reason (perhaps peoples parents who are not familiar with them gossiping down their neck over a barrys). You'd almost get a bigger apt for that amount than a house. Certainly in a nicer area.

    I found it interesting when I bought an apt this year and noticed many foreign families with one/two kids living happily in apartments. These would be people involved in tech, doctors, pilots etc. so not rent allowance

    Seems to be an Irish thing


  • Registered Users Posts: 241 ✭✭BobBobBobBob


    Santy2015 wrote: »
    We are looking in the north cork region mallow Kanturk, there's plenty of properties in the region we can afford but it's the furnishing of the house after all the other expenses are taken into account is the problem, we already talked to the ebs as they seem the best to deal with so far

    We are buying in the Kanturk area (deposit paid), plenty of houses for sale and prices are very good too. Best of luck!


  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    lima wrote: »
    I wouldn't knock apartments - they only have a negative connotation because in Ireland for some reason (perhaps peoples parents who are not familiar with them gossiping down their neck over a barrys). You'd almost get a bigger apt for that amount than a house. Certainly in a nicer area.

    I found it interesting when I bought an apt this year and noticed many foreign families with one/two kids living happily in apartments. These would be people involved in tech, doctors, pilots etc. so not rent allowance

    Seems to be an Irish thing

    You'd be doing well to get an apartment in a desirable location that's bigger and cheaper than a house.

    Take into account most houses being 2 stories, It's sq feet x2.

    Having lived in both, I'd never go back to apartment living.

    I don't know what you mean by "an Irish thing" but with a family, a back garden is an invaluable space.


  • Registered Users Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • Registered Users Posts: 1,239 ✭✭✭lima


    You'd be doing well to get an apartment in a desirable location that's bigger and cheaper than a house.

    Take into account most houses being 2 stories, It's sq feet x2.

    Having lived in both, I'd never go back to apartment living.

    I don't know what you mean by "an Irish thing" but with a family, a back garden is an invaluable space.

    Take into account apartments are wider :)

    For 250-300k you'd get an apt in a nice area for a lot cheaper than a house in the same area.

    I bought a 2br 72sqm apt in a desirable area and there's no way I'd get a house of the same size.

    I pay a management company to take care of a lot of stuff for a fee but it's still worth it.

    A garden is always a bonus (I lived in London, I learned to do without one!), but personally I'd rather to be more central with less of a commute than to be further out. I get a buzz from living close to everything, I see my place as an urban pad within the city that I can pop into whenever I want a sanctuary away from the city :) I'm not ready for the suburban grey grind

    Each to their own but apt living still needs to be considered as some people like it (like me).


  • Closed Accounts Posts: 4,935 ✭✭✭TallGlass


    What type of mortgage could one expect to get if on 24k a year and with say 16k savings?


  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    lima wrote: »
    Take into account apartments are wider :)

    What? It's total sq feet/meters you go off...
    lima wrote: »
    For 250-300k you'd get an apt in a nice area for a lot cheaper than a house in the same area.

    You lose out on floor space & private garden front & back in most cases. Add on annual mgt fee & car parking fees.
    lima wrote: »
    I pay a management company to take care of a lot of stuff for a fee but it's still worth it.

    You also lose out on freedom. Your mgt co. may not allow satellite dishes for Sky for example... and you may have to clear renovations are ok with them...
    lima wrote: »
    A garden is always a bonus

    Agreed
    lima wrote: »
    I see my place as an urban pad within the city that I can pop into whenever I want a sanctuary away from the city :) I'm not ready for the suburban grey grind

    There's affordable houses close to the city.


    On top of all this, take into account issues that may arise - such as what's happening in Dublin in Longboat Quay apartments. Residents are stuck with at least a €2,000,000 bill at present.


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  • Registered Users Posts: 562 ✭✭✭Flatzie_poo


    TallGlass wrote: »
    What type of mortgage could one expect to get if on 24k a year and with say 16k savings?

    You're restricted maximum borrow amount of 3.5x your annual salary at present. (84k)

    If you want more, best going in at the start of next year and trying to be one bank's electives to be exempted from the Central Bank rules.


This discussion has been closed.
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