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

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Comments

  • Registered Users Posts: 553 ✭✭✭morrga


    lbyrne121 wrote: »
    How long did it take you to find out if you don't mind me asking?

    I think about two weeks. We received it on the 9th August and it was the last week of July when I went into the back to apply.


  • Registered Users Posts: 235 ✭✭Bradz213


    Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?


  • Registered Users Posts: 1,879 ✭✭✭kala85


    Bradz213 wrote: »
    Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?
    Was wondering this myself as well.


  • Registered Users Posts: 33,377 ✭✭✭✭listermint


    Bradz213 wrote: »
    Curious question. I'm looking at applying for a mortgage soon. If i buy a house now and say 5 years down the line I wish to relocate/upgrade, do i need to have a 20% cash deposit for the new house or does the first house go towards this assuming the value is worth more than the remaining loan?

    You will need to abide by the current rules at that time. No one here knows the future. Currently you would need 20% deposit.



    the notion of starter homes needs to be abolished somewhat.


  • Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    You won't always need the deposit, the bank will take into account any equity in the property you're selling and count that at your contribution.


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  • Registered Users Posts: 3,014 ✭✭✭Monife


    listermint wrote: »
    You will need to abide by the current rules at that time. No one here knows the future. Currently you would need 20% deposit.



    the notion of starter homes needs to be abolished somewhat.

    Would equity in the current house not count towards deposit?


  • Registered Users Posts: 33,377 ✭✭✭✭listermint


    Monife wrote: »
    Would equity in the current house not count towards deposit?

    depends on the equity and house.


  • Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    Monife wrote: »
    Would equity in the current house not count towards deposit?

    It will.


  • Registered Users Posts: 235 ✭✭Bradz213


    I would never have went for a "starter home" before but the fact that I have enough a deposit for a smaller home and in the current market mortgages seem to be approx 60% of what rent is in a similar property. I just wasn't exactly sure if equity went towards a deposit. Better to be paying off a house than me paying dead rent money. Obviously its a risk but prices seem to be going one way for the next while


  • Registered Users Posts: 1,879 ✭✭✭kala85


    Say if you had a house worth 150k and 90k outstanding on the mortgage, I presume you would be able to trade up and get a mortgage.as a second time buyer.


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  • Registered Users Posts: 1,326 ✭✭✭Blingy


    kala85 wrote: »
    Say if you had a house worth 150k and 90k outstanding on the mortgage, I presume you would be able to trade up and get a mortgage.as a second time buyer.

    Yes you could use the equity as a deposit on the new house as long as you meet the conditions at the time for second time buyers (20% deposit at the moment).


  • Registered Users Posts: 921 ✭✭✭benjamin d


    Does anyone have any advice on where to keep my savings if I'm a good 4-5 years off buying a place?
    It's too short a time frame to seriously invest it but seems like a long time to have cash sitting in a savings account earning practically nothing. I currently have a deposit account with KBC and a regular saver with Nationwide, which are the best on offer at the moment AFAIK.
    What have others done in that situation?


  • Moderators, Society & Culture Moderators Posts: 13,381 Mod ✭✭✭✭Paulw


    benjamin d wrote: »
    Does anyone have any advice on where to keep my savings if I'm a good 4-5 years off buying a place?
    It's too short a time frame to seriously invest it but seems like a long time to have cash sitting in a savings account earning practically nothing. I currently have a deposit account with KBC and a regular saver with Nationwide, which are the best on offer at the moment AFAIK.
    What have others done in that situation?

    You might want to ask that in the Investment section.


  • Registered Users Posts: 921 ✭✭✭benjamin d


    Paulw wrote: »
    You might want to ask that in the Investment section.

    Yes I'd considered that but I figured this thread would be filled with people who've recently been in my position so I thought I'd ask what their experiences had been.


  • Registered Users Posts: 508 ✭✭✭purpleisafruit


    Can anyone advise if a bank will take Carer's Benefit into account as income? My partner currently receives this for looking after a family member and doesn't work outside of the home.


  • Moderators, Society & Culture Moderators Posts: 7,223 Mod ✭✭✭✭Michael D Not Higgins


    Can anyone advise if a bank will take Carer's Benefit into account as income? My partner currently receives this for looking after a family member and doesn't work outside of the home.

    Carer's benefit is a temporary payment so it's unlikely to be taken into account for a mortgage.


  • Registered Users Posts: 206 ✭✭lbyrne121


    I got mortgage approval yesterday but I am considering getting the mortgage protection and house insurance myself as the package with the bank is 100 euro extra a month on top of mortgage repayments.

    Does anyone know the best places to go for this and what specifically should I be looking for is it mortgage protection insurance or life insurance?  Is it just standard house in insurance? 

    TIA


  • Closed Accounts Posts: 426 ✭✭Utah


    lbyrne121 wrote: »
    I got mortgage approval yesterday but I am considering getting the mortgage protection and house insurance myself as the package with the bank is 100 euro extra a month on top of mortgage repayments.

    Does anyone know the best places to go for this and what specifically should I be looking for is it mortgage protection insurance or life insurance?  Is it just standard house in insurance? 

    TIA

    We went with Zurich for both as they were the cheapest per month for us.

    Just get the basic mortgage protection for now, you can add serious illness cover etc at a later date if you want.


  • Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    lbyrne121 wrote: »
    Does anyone know the best places to go for this and what specifically should I be looking for is it mortgage protection insurance or life insurance? 

    Depends on your family circumstances. We stuck with mortgage protection for the first 10 years or so of a mortgage, then when we switched we took out life as we now have 2 young kids. Serious illness cover I'm not convinced by, it's pretty expensive, has limitations and you could save as much yourself for what you're covered. But it's all down to your personal circumstances and outlook.


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


    We went for the basic mortgage protection policy and then got income protection cover on top of this. These policies cover more then the sickness cover and are also tax deductible so are good value


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  • Closed Accounts Posts: 61 ✭✭Larry SR


    I have my first meeting to discuss applying for a mortgage with AIB in the next couple of weeks. I have been advised I don't need to bring any documents to the meeting. Can some one give me advice on what to expect?


  • Registered Users Posts: 7,977 ✭✭✭youcancallmeal


    Larry SR wrote: »
    I have my first meeting to discuss applying for a mortgage with AIB in the next couple of weeks. I have been advised I don't need to bring any documents to the meeting. Can some one give me advice on what to expect?

    Questions about your income, expenses and just generally trying to figure out if you have the ability to pay a mortgage.


  • Registered Users Posts: 33 spiderlover


    Hi everyone,
    Long time lurker first time poster. Myself and the other half have AIP and have gone sale agreed on a place and have paid booking deposit. The valuation survey report has been sent to the bank so hoping for letter of offer this week. We have a structural survey booked for later this week so everything is moving along. What I was wondering was when we should expect contracts to come across from the sellers solicitor, we're heading into week 3 at this point and I thought they'd be over by now.


  • Registered Users Posts: 271 ✭✭Paddytheman


    Larry SR wrote: »
    I have my first meeting to discuss applying for a mortgage with AIB in the next couple of weeks. I have been advised I don't need to bring any documents to the meeting. Can some one give me advice on what to expect?

    Ours was vague enough, income vs outgoings, loans,c cards etc. Basically threw a rough figure at us, then picked up on our baby needing creche and dropped offer by €40,000. Went to a broker who advised us around the obvious red flags for banks and to apply before creche fees hit our statements....boom job done!


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


    Larry SR wrote:
    I have my first meeting to discuss applying for a mortgage with AIB in the next couple of weeks. I have been advised I don't need to bring any documents to the meeting. Can some one give me advice on what to expect?


    You mag as well bring your documents there and then so you can go ahead and apply if the meeting is favourable.


  • Registered Users Posts: 1,248 ✭✭✭bikeman1


    Hi,

    It's nearly time for me to take the leap and head to the banks to apply for a mortgage. Just wondering what I should apply for when I go in and what to arrange before. A little background.

    After January's pay cheque I will have just over €30k saved up. My salary is €46k per annum. I have no car loan or other loans apart from a credit card which I pay each month. I will be applying for the mortgage on my own.

    My hope is to have €220k to put on a house, so a mortgage of €190k. I know I'm covered for the 10% rule, but over for the 3.5 times salary, but I have good job prospects and no problem paying a mortgage of €900 per month. I'm planning on getting a 2 bed place and getting a lodger in to help. Should I mention this to the bank?

    I've reviewed my PAYE paid over the last 4 years and it amounts to over €12k for the help to buy scheme. If I find a new build can I simply (pending Revenue approval) add this to the €190 mortgage plus €30k saved = €232k?

    Last question for now, does anyone know of any new build 2 bed homes in North Dublin for €230k or less? I see there are new apartments going up near Belmayne / Balgriffin but I can't find any details on them anywhere.

    Cheers!


  • Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    I think you're jumping the gun here, looking for over 4 times your salary. Exemptions are made but generally for people on higher salaries. No harm in talking to the bank but try not to get too far ahead of yourself.


  • Registered Users Posts: 357 ✭✭Bored Accountant


    bikeman1 wrote: »
    Hi,
    My hope is to have €220k to put on a house, so a mortgage of €190k. I know I'm covered for the 10% rule, but over for the 3.5 times salary, but I have good job prospects and no problem paying a mortgage of €900 per month.
    You can pay off 900 now, but if interest rates rise to worst case scenario of 6% or 8% would you still be able to cover the mortgage??
    I've reviewed my PAYE paid over the last 4 years and it amounts to over €12k for the help to buy scheme. If I find a new build can I simply (pending Revenue approval) add this to the €190 mortgage plus €30k saved = €232k?
    I think you can only claim 5% of the house price. So for house of 220,000, grant of 11,000. This really would just reduce the amount of mortgage needed, which maybe means 179,000 needed instead of 190,000 so might then have more chance of being given exemption from 3.5 rule.
    But talking to a broker might be your best bet to see what kind of chance you might have.


  • Registered Users Posts: 167 ✭✭kwat


    Quick question.

    Currently saving towards a deposit and as part of this, along with my own savings, I'm hoping to be gifted an amount by my parents. I understand I will need a letter from them stating it's a gift and they don't require it back however in reality I will pay them back this amount over time.

    Does anyone know if this letter usually suffices or if the banks can look for further information on the source of funds for the gift e.g. bank statements from my parents etc.

    Thanks


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  • Closed Accounts Posts: 3,502 ✭✭✭ Reese Lively Cabinet


    In order to get approval in principal, you won't even need the letter from them. The bank only need to look further if the gift is above €20,000. At least this was the case for my application (didn't need gift in the end however).


This discussion has been closed.
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