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

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  • Registered Users Posts: 951 ✭✭✭Greyian


    Well I am talking about essentials, cooker, fridge, dishwasher, furniture for living room and sitting room, tvs for the living and sitting rooms, bed for main bedroom, kitchen table etc.

    A dishwasher is not an essential item. Neither is having multiple TVs, or multiple living/sitting rooms kitted out.


  • Posts: 0 Cash Spicy Banana


    Greyian wrote: »
    A dishwasher is not an essential item. Neither is having multiple TVs, or multiple living/sitting rooms kitted out.

    If you want to live in a house and not a semi building site then a certain level of furnishing is essential and I'd look on the above as an essential level. Personally i'd be inclined to completely furnish the entire house from the start if I'm building my own place down the line (not necessarily all from the mortgage).

    I would say two tvs would be one of the most essential things in my house. A sport mad person and a person who hates sport living together...... one tv is a recipe for disaster :eek:!!


  • Registered Users Posts: 951 ✭✭✭Greyian


    If you want to live in a house and not a semi building site then a certain level of furnishing is essential and I'd look on the above as an essential level. Personally i'd be inclined to completely furnish the entire house from the start if I'm building my own place down the line (not necessarily all from the mortgage).

    I would say two tvs would be one of the most essential things in my house. A sport mad person and a person who hates sport living together...... one tv is a recipe for disaster :eek:!!

    Plenty of properties don't have dishwashers at all. They are by no means essential.

    As for needing to kit out living rooms and sitting rooms...plenty of properties don't even have separate rooms.

    As for the TV issue being such a potential ticking bomb, I'd imagine there are far bigger issues than what's on TV if that could cause such an issue.


  • Registered Users Posts: 11,460 ✭✭✭✭Ush1


    If you're getting a specific couch from the likes of DFS you'll be waiting weeks anyway for it to get made up in China and shipped.


  • Posts: 0 Cash Spicy Banana


    Greyian wrote: »

    As for the TV issue being such a potential ticking bomb, I'd imagine there are far bigger issues than what's on TV if that could cause such an issue.

    You would be surprised! Its more an issue of fairness for both parties though as opposed to guaranteed arguments.

    As I said why go out and build yourself the house you both want then skimp at the end.


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


    Because a house is never finished, and buying everything all in 1 go at the start is a) expensive, and b) ruins the fun getting things bit by bit after you've figured out how you'll work in the house.
    It's always nice to have a bit of a project on the go and it means some real thought has gone into how the room will be presented. A house is never finished, so no point rushing to the end.

    Oh, and 2 TVs is not essential for move in day. #SnootyFirstWorldProblems


  • Registered Users Posts: 1,494 ✭✭✭Sala


    I currently don't even own 1 tv!! But I do want to keep some money back from our savings if we finally manage to buy somewhere - from renting I own very little. I'm hoping to buy a 3-4 bed house so I'm going to do the ikea thing- bed from ikea
    For the first year, the it moves into the spare room when I get a new bed


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


    We're okay for TVs anyway haha, I've 2 and herself has her iMac. The joys of being full time in work and spending all your money but then to realise you have to grow up and start saving.


  • Registered Users Posts: 1,494 ✭✭✭Sala


    Santy2015 wrote: »
    We're okay for TVs anyway haha, I've 2 and herself has her iMac. The joys of being full time in work and spending all your money but then to realise you have to grow up and start saving.

    Same situation although no tv- we have two desktop pcs, two laptops, two tablets and three smart phones. At least we can watch Netflix while lying in a sleeping bag on the floor :-)


  • Registered Users Posts: 1,494 ✭✭✭Sala


    Santy2015 wrote: »
    We're okay for TVs anyway haha, I've 2 and herself has her iMac. The joys of being full time in work and spending all your money but then to realise you have to grow up and start saving.

    Same situation although no tv- we have two desktop pcs, two laptops, two tablets and three smart phones. At least we can watch Netflix while lying in a sleeping bag on the floor :-)


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  • Registered Users Posts: 24,134 ✭✭✭✭Sleepy


    Santy2015 wrote: »
    We're okay for TVs anyway haha, I've 2 and herself has her iMac. The joys of being full time in work and spending all your money but then to realise you have to grow up and start saving.
    Just be glad you're in a position to do it tbh. Once kids come along it becomes a hell of a lot harder!


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


    Yeah but we'll hopefully be some way ready when that comes around. Get the house bought and we'll take it step by step then. It's easier to buy bits and pieces as we need them. More enjoyable and more thought put into what we do buy. Take always for a few won't kill nobody ;)


  • Registered Users Posts: 33,136 ✭✭✭✭Penn


    Getting ready to submit a mortgage application. I have an existing credit union car loan which I pay €170 monthly. Putting my credit union statement into the application, I noticed that it notes how much I'm supposed to be paying, €186 monthly. I could have f*cking sworn I was meant to be paying about €166 (which I why I rounded it up to €170).

    I've gotten 2 payrises in the last few months so obviously showing I can pay the extra €16 per month isn't a problem, but how likely is this to trip me up or cause a delay?


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


    Penn wrote:
    I've gotten 2 payrises in the last few months so obviously showing I can pay the extra €16 per month isn't a problem, but how likely is this to trip me up or cause a delay?
    From what we were told at the meetings we've been at is to get rid of the loan but obviously that isn't possible in the short term. It knocked €10k off what we would be allowed borrow and that was a car loan of €170 a month too. As you got a pay rise I can't imagine you'll be hit much


  • Closed Accounts Posts: 364 ✭✭lovelystuff


    This is a bit off topic,but I'm also saving for a house deposit and thinking of moving home to my parents for a year to eighteen months to save a big chunk (I'm paying huge rent at the minute). Would this look ok to a bank in terms of getting a mortgage,or would it be better to rent for a while after saving a lump sum to show i can meet repayments? Thanks


  • Registered Users Posts: 753 ✭✭✭Roselm


    Ush1 wrote: »
    If you're getting a specific couch from the likes of DFS you'll be waiting weeks anyway for it to get made up in China and shipped.

    They are made in the UK I think.


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


    This is a bit off topic,but I'm also saving for a house deposit and thinking of moving home to my parents for a year
    from what I was told as long as you show that you save more then what a mortgage costs eg me and my fiancÃ႒©e are saving €1k a months and as long as we show those savings over a 6/12 month period we should have no problem getting the mortgage we can afford


  • Posts: 0 Cash Spicy Banana


    If I was working close enough to home to move in I'd do it in a heart beat (never would have moved out in fact had I got work close to home). The savings you make will be much more useful to you than paying rent just for the sake of paying rent!


  • Registered Users Posts: 455 ✭✭Jen44


    This is a bit off topic,but I'm also saving for a house deposit and thinking of moving home to my parents for a year to eighteen months to save a big chunk (I'm paying huge rent at the minute). Would this look ok to a bank in terms of getting a mortgage,or would it be better to rent for a while after saving a lump sum to show i can meet repayments? Thanks


    Its fine so long as you show regular monthly savings


  • Registered Users Posts: 561 ✭✭✭HiGlo


    Right,
    I’ve been having the thinks recently about mortgages, savings, etc. and I really need to ship myself into shape….
    I am pretty bad with money and spend most of my time living in the moment. I have almost no savings and I’m pretty sure I have a really bad credit rating.
    If I do have a dodgy credit rating is there a chance no bank will touch me? Even for a small mortgage?

    I want to get my finances in order and start proper savings, pension (well, restart my pension that I used to have) and just behave like a proper grown up – for once!
    Where should I start? Should I actually check my credit record with the ICB first? Or speak to a bank and ask their advice? Or would I be better to sort myself an independent financial advisor to guide/assist me?

    Any help/advice?


    Also, I am in a slightly different (lucky!) position in that due to a significant inheritance the mortgage I would need would only be a bit of a top up (maybe €50-70K). This means my LTV would be pretty low and also my repayments would be roughly €300-500 per month so manageable. I earn €32k a year so technically would be able to borrow up to about €110k
    Would this make a difference when proving my ability to repay? Like given that I don’t have a great history of savings, if I start saving like €500 a month now for the next 6 months would that be enough for stress testing?


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  • Posts: 5,121 Rocky Stale Pest


    Do you have debts, credit union loans, car loan, credit cards etc? Are they all up to date?


  • Registered Users Posts: 561 ✭✭✭HiGlo


    No current debt. I don't have loans, credit cards, nothing...

    However, I did have a credit card with a €3k limit previously. I hit the limit and struggled to repay. Ended up taking out a loan to clear the card and that was fine. They capped my new limit on the CC as €1.5k and while I didn't hit that limit again I had about €800/900 on it which I struggled to clear again. (my biggest mistake was that I didn't set up a direct debit for it). It took me about 3 years to clear it with lots of irregular payments and lots of letters from the bank (which I never actually opened). I eventually set up a DD to clear it and it's been gone now for about 1 year.


  • Registered Users Posts: 19,145 ✭✭✭✭MrStuffins


    You might be fine.

    Just request a credit report from the ICB website. Costs €6. I got one a while ago as i wasn't sure about a loan I had before. It was all clear. €6 well spent :)


  • Registered Users Posts: 561 ✭✭✭HiGlo


    Yeah, that might be a good place to start. I guess at least I'll know where I am then.


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


    HiGlo wrote: »
    I want to get my finances in order and start proper savings, pension (well, restart my pension that I used to have) and just behave like a proper grown up – for once!
    Where should I start? Should I actually check my credit record with the ICB first? Or speak to a bank and ask their advice? Or would I be better to sort myself an independent financial advisor to guide/assist me?

    Any help/advice?

    Pay off any outstanding loans as soon as you can.
    Absolutely restart your pension as a matter of priority.
    Start saving a regular amount each month into a separate bank account which you do not withdraw from. This amount plus any amount you're currently spending on rent will be what you can afford to pay off your mortgage each month. You will need to do this for 6+ months before the bank will give you a mortgage.


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


    If your living at home like me and my fiancÃ႒©e our savings will be used as a rent substitute, herself pays €30 a week at home to her parents but obviously you're not going to get a receipt for that. But when your saving €260 a week like us the bank should have no problem giving a mortgage. She does have a car loan but that's small money and ties in with what we can afford for a house anyway so we aren't left short when it comes to getting approval


  • Closed Accounts Posts: 364 ✭✭lovelystuff


    Great to hear peoples opinions and experience on this, thanks! I think we'll move home to save, very luckily we have family willing to take us so we can save. We would likely both move in with my parents and pay our way, but nothing like the 1400 rent we're saying a month now! Does anyone have any experience of this,as in how to not kill each other? The plan so far is pay our way, go out as often as possible, and ensure we only do our washing etc when we're not getting in the way....of course we're apprehensive about the reality though, any advice appreciated! Thanks :)


  • Closed Accounts Posts: 43 F412


    One question on the savings record. Does the bank take all your saving into account or only the money that's going towards the deposit. Say you save x per month into a general purpose savings account and y into a house deposit account do they count x+y as being your monthly saving ability?


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


    Depends on whether you are withdrawing from the "general purpose" account or not? I see a few people saying they still have outstanding loans and are saving. Instead of doing this, you should use the savings to pay off the loan and instead of saving increase the loan repayments until the loan is paid off and then start saving!


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  • Registered Users Posts: 455 ✭✭Jen44


    they dont really care where you save it so long as there are no withdrawls. For example you cant really show savings in a current account so its best to keep it all in a separate savings account so they can clearly see the money coming in and not going out. We had a savings account in my name and husband used to transfer money to my current account that i then I would transfer it to my online savings account. We had to clearly highlight the funds coming into my current account and then show them going into the savings account


This discussion has been closed.
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