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Saving/Applying for a mortgage 2020-22 Edition

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    #1142
    faith76
    Registered Users Posts: 21 ✭faith76


    LoonyLovegood wrote: »
    It depends on where you want to buy. I'm on substantially less money per year than you are, and I'm sale agreed on a 2 bed house with less than my maximum mortgage. You can borrow 3.5x your salary, and if it's your first time buying a house you need a 10% deposit. On those numbers, you'd be able to buy houses up to €210,000. That's a €21,000 deposit and €189,000 maximum loan.

    Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

    In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

    http://www.housingagency.ie/housing-information/affordable-home-purchase

    is it possible to apply for it? thank you very much


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    #1143
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    faith76 wrote: »
    Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

    In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

    http://www.housingagency.ie/housing-information/affordable-home-purchase

    is it possible to apply for it? thank you very much

    I think you have to earn less than 50k to qualify for that, otherwise you should have no issues getting started with it. You should apply for the Help to Buy scheme if you haven't already.


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    #1144
    gandalfio
    Registered Users Posts: 701 ✭✭✭gandalfio


    faith76 wrote: »
    Thank you for your reply. My work is in D4 so I am looking for a place somewhere in the south country Dublin.

    In terms loan opportunities supported by the government, for example the Affordable Home Purchase:

    http://www.housingagency.ie/housing-information/affordable-home-purchase

    is it possible to apply for it? thank you very much

    This scheme could help you in your situation
    http://rebuildingirelandhomeloan.ie/


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    #1145
    faith76
    Registered Users Posts: 21 ✭faith76


    Markitron wrote: »
    I think you have to earn less than 50k to qualify for that, otherwise you should have no issues getting started with it. You should apply for the Help to Buy scheme if you haven't already.

    Thank you for your reply. The Help to Buy scheme is very helpful but unfortunately it seems that it is only valid for buying or building a new house or apartment. It may not be applied for a second hand property :(


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    #1146
    faith76
    Registered Users Posts: 21 ✭faith76


    gandalfio wrote: »
    This scheme could help you in your situation
    http://rebuildingirelandhomeloan.ie/


    Thank you for your reply. Unfortunately, Rebuilding Ireland Home loan is only valid for gross incomes up to a maximum of €50,000 for single applicants.


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    #1147
    thewheel2.0
    Registered Users Posts: 1,065 ✭✭✭thewheel2.0


    faith76 wrote: »
    Thank you for your reply. Unfortunately, Rebuilding Ireland Home loan is only valid for gross incomes up to a maximum of €50,000 for single applicants.

    Not fully sure how it works, but surely you could apply as a joint applicant with your partner and then the new cap for you would be €75,000?


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    #1148
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    faith76 wrote: »
    Thank you for your reply. The Help to Buy scheme is very helpful but unfortunately it seems that it is only valid for buying or building a new house or apartment. It may not be applied for a second hand property :(

    It costs nothing to apply for it, you never know you might see a new place that suits you. It doesn't hurt to have it in your back pocket anyway.


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    #1149
    Aron722
    Banned (with Prison Access) Posts: 50 ✭✭Aron722


    awec wrote: »
    It will look really odd, and be pretty obvious that you're withholding if you give them bank statements that show no day-to-day spending.


    True , I do use it but not as much as my other bank .
    Wouldn't look obvious as most people who are saving for a mortgage would cut down on alot of things .

    I think it would look worse if I was using the card every week as the bank want to see you save the more the better . They know people cut down for a year or two to save for a mortgage. especially if they are back living at home.


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    #1150
    TheMilkyPirate
    Registered Users Posts: 5,979 ✭✭✭TheMilkyPirate


    Any websites that show what people have built in Ireland for certain price ranges. Maybe something like a building blog? Were thinking of building but finding it hard to figure out what out money could get us.


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    #1151
    RedXIV
    Registered Users Posts: 8,408 ✭✭✭RedXIV


    faith76 wrote: »
    Hi,
    I am wondering if it is possible to seek your feedback on mortgage options available for a buyer (married and has two little kids) who seeks to buy a 2-bed house/apartment for the first time. The annual gross salary is 54k, and the loan should be planned based on a signal application as wife is not working.

    Before the lockdown, we checked with a broker and he advised us that the maximum amount we can get from a bank is around 180k which is not enough for a 2-bed property in general. Any ideas? we are new here and any feedback from you will have a significant impact on our search. Thank you for your time.

    I'd argue that 180K is quite possibly enough in a few areas for a 2-bed but may not be in the areas you are looking? Could you consider other areas? Have you transport in that case?


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    #1152
    faith76
    Registered Users Posts: 21 ✭faith76


    RedXIV wrote: »
    I'd argue that 180K is quite possibly enough in a few areas for a 2-bed but may not be in the areas you are looking? Could you consider other areas? Have you transport in that case?

    Thank you for your reply. Yeah I have to consider other areas. I hope I can find something suitable.


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    #1153
    wassie
    Registered Users Posts: 3,310 ✭✭✭wassie


    TheMilkyPirate wrote: »
    Any websites that show what people have built in Ireland for certain price ranges. Maybe something like a building blog? Were thinking of building but finding it hard to figure out what out money could get us.

    Head on over to this forum - you'll get plenty of help: Construction & Planning breadcrumb_divider.png Prices & Costs
    Link here https://www.boards.ie/vbulletin/forumdisplay.php?f=1245


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    #1154
    wassie
    Registered Users Posts: 3,310 ✭✭✭wassie


    Aron722 wrote: »
    True , I do use it but not as much as my other bank .
    Wouldn't look obvious as most people who are saving for a mortgage would cut down on alot of things .

    I think it would look worse if I was using the card every week as the bank want to see you save the more the better . They know people cut down for a year or two to save for a mortgage. especially if they are back living at home.

    No it wouldn't look worse. Having a high volume of transactions isn't a problem provided you can demonstrate your ability to service a mortgage (i.e. save & repay) in accordance with their criteria.

    Remember they process thousands of applications every year and can probably spot quite readily if someone is not giving full disclosure of their personal finances. If a lender feels you are hiding bank accounts then your probably going to have your application refused.

    Also by failing to disclose you could be committing fraud.


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    #1155
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Any sign of mortgage exemptions back on the table folks? Need one, so holding off on getting approval in principal until they're back again in some form!


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    #1156
    donnaille
    Registered Users Posts: 246 ✭✭donnaille


    I saw somewhere that EBS are an option for exemptions - worth checking with them.


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    #1157
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    donnaille wrote: »
    I saw somewhere that EBS are an option for exemptions - worth checking with them.

    Not anymore. They told me they’re all off

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



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    #1158
    keaves
    Registered Users Posts: 85 ✭✭keaves


    Was told none left this year by a broker and I phoned PTSB, Ulster and BOI who all told me they don't know if they will be considering them at all in the new year


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    #1159
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    keaves wrote: »
    Was told none left this year by a broker and I phoned PTSB, Ulster and BOI who all told me they don't know if they will be considering them at all in the new year


    Well that's not what I wanted to read on a Wednesday morning 🀣 Thank you though


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    #1160
    Bubbaclaus
    Registered Users Posts: 4,461 ✭✭✭Bubbaclaus


    HungryRepair54 wrote: »
    Any sign of mortgage exemptions back on the table folks? Need one, so holding off on getting approval in principal until they're back again in some form!

    I got AIP with AIB 2 weeks ago that had a LTI exemption.


  • Options
    #1161
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Bubbaclaus wrote: »
    I got AIP with AIB 2 weeks ago that had a LTI exemption.


    Interesting! Good to hear, and congrats!


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    #1162
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    Has anyone been able to get Approval over the line with AIB working in the following sectors:

    Agriculture, Fishing, Hotels/Hospitality, Leisure, Non Food Retail, Motor Retail, Transport, Aviation, Car Hire, Advertising?

    They block all online applications for workers in the above sectors automatically on the online portal, and tell you to phone them for consideration on a case by case basis.


  • Options
    #1163
    Duke of Url
    Closed Accounts Posts: 1,662 ✭✭✭Duke of Url


    Pivot Eoin wrote: »
    Has anyone been able to get Approval over the line with AIB working in the following sectors:

    Agriculture, Fishing, Hotels/Hospitality, Leisure, Non Food Retail, Motor Retail, Transport, Aviation, Car Hire, Advertising?

    They block all online applications for workers in the above sectors automatically on the online portal, and tell you to phone them for consideration on a case by case basis.

    If it was me I would make an appointment with the AIB Mortgage Adviser to discuss this.


  • Options
    #1164
    keaves
    Registered Users Posts: 85 ✭✭keaves


    Bubbaclaus wrote: »
    I got AIP with AIB 2 weeks ago that had a LTI exemption.

    Brilliant!! Looking for a LTI exemption myself so will try them! Thanks!


  • Options
    #1165
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Bubbaclaus wrote: »
    I got AIP with AIB 2 weeks ago that had a LTI exemption.

    Wow, that’s great to hear! My broker also said none

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



  • Options
    #1166
    Doctorsamuel
    Registered Users Posts: 16 ✭Doctorsamuel


    Dear all,

    just wondering if somebody could advise with my current situation.

    Me and my wife want to apply for mortgage, we are full time employed and we have around 60K of deposit already saved (between saving and current accounts). Our total income is 73K per year

    We only have an existing personal loan of 12K with 270 euros monthly repayment so my question is: is it better to use our savings to close the loan or keep paying every month? Do you think we will face any problem while applying for mortgage?

    Thanks for your help!


  • Options
    #1167
    ELM327
    Registered Users Posts: 21,506 ✭✭✭✭ELM327


    Unless you will need the 60k for the deposit I would clear the loan and ensure you are able to borrow as much as needed.
    Others will tell you opposite I'm sure.


  • Options
    #1168
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    It doesnt matter if you clear it or keep paying it once you have enough deposit saved and can show you can make the repayments.


  • Options
    #1169
    Starlord_01
    Registered Users Posts: 443 ✭✭Starlord_01


    Doctorsamuel wrote: »
    Dear all,

    just wondering if somebody could advise with my current situation.

    Me and my wife want to apply for mortgage, we are full time employed and we have around 60K of deposit already saved (between saving and current accounts). Our total income is 73K per year

    We only have an existing personal loan of 12K with 270 euros monthly repayment so my question is: is it better to use our savings to close the loan or keep paying every month? Do you think we will face any problem while applying for mortgage?

    Thanks for your help!

    Are you FTB?


  • Options
    #1170
    Doctorsamuel
    Registered Users Posts: 16 ✭Doctorsamuel


    yes, I am :)


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    #1171
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    faith76 wrote: »
    Thank you for your reply. Unfortunately, Rebuilding Ireland Home loan is only valid for gross incomes up to a maximum of €50,000 for single applicants.

    You are not a single applicant though, as you are married. The threshold for couples is 75k.


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