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

ILikeBoats · 28-11-2019 10:13am

3 years ago but we got the cashback from PTSB with an exemption

daithi55 · 28-11-2019 9:14pm

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

ECO_Mental · 28-11-2019 9:17pm

daithi55 wrote: »

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

Stopitwillya · 28-11-2019 9:17pm

daithi55 wrote: »

hi we are considering selling our home and using the profits to purchase another home..
im just wondering if we would have to pay tax on the profits from the sale of the first house or would we be exempt,,

Exempt if it's your own home.
Pay capital gains tax if it's a investment property.
So the answer is no tax for you.

Addle · 28-11-2019 9:18pm

Is there a limit now on the exemption?
I know it used to be €500k.

listermint · 28-11-2019 9:18pm

ECO_Mental wrote: »

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

A year ? Is this true . Wasn't aware of that. Why a year.

aido79 · 28-11-2019 9:19pm

Is Google broken?

listermint · 28-11-2019 9:19pm

aido79 wrote: »

Is Google broken?

Is the questions part of a forum not the place to... Ask questions.

daithi55 · 28-11-2019 9:31pm

aido79 wrote: »

Is Google broken?

i tried it but all i was getting was results for capital gains tax..

also no need for the smart comment..
if you have noting productive to say on the matter wht didnt you just scroll on past..

thanks everyone for the kind replies
it what makes boards so good

it is our principle private residence so we should be ok
thanks again

28-11-2019 9:32pm

ECO_Mental wrote: »

If it's your principle private residence then you don't pay any tax on any profit from selling the house for one year. So you have to buy another house within a year.

Where did this total misinformation come from?

You could sell your house and never buy another one and you wouldn’t have to pay any tax on the gains.

If it’s your ppr you are exempt from capital gains tax, even if it was your ppr for a time and then was rented for a time you wouldn’t have to pay the full CGT on any gain there would be a reduction based on how long you lived there vs how long it was rented.

aido79 · 28-11-2019 9:38pm

daithi55 wrote: »

i tried it but all i was getting was results for capital gains tax..

also no need for the smart comment..
if you have noting productive to say on the matter wht didnt you just scroll on past..

thanks everyone for the kind replies
it what makes boards so good

it is our principle private residence so we should be ok
thanks again

Does this help?

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

Sorry I'm just of the opinion that with stuff like this I prefer to do my own research. You have already received some misinformation in some of the posts above.

daithi55 · 28-11-2019 9:48pm

aido79 wrote: »

Does this help?

https://www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

Sorry I'm just of the opinion that with stuff like this I prefer to do my own research. You have already received some misinformation in some of the posts above.

thanks
from what im reading we shouldnt have to pay any cgt
we own the house for 9 years have lived in it all the time and it hasnt been used as a business
just a family home which we would be selling on as a family home

aido79 · 28-11-2019 9:59pm

daithi55 wrote: »

thanks
from what im reading we shouldnt have to pay any cgt
we own the house for 9 years have lived in it all the time and it hasnt been used as a business
just a family home which we would be selling on as a family home

You're welcome. Yes you will be exempt from cgt and there are no other taxes due on the sale.

I apologise for the smartass comment. There are just some things I think people should do their own research on and this is one of them. I have seen a lot of misinformation on things like this previously and would prefer people get the facts and not half truths.

daithi55 · 28-11-2019 10:05pm

aido79 wrote: »

You're welcome. Yes you will be exempt from cgt and there are no other taxes due on the sale.

I apologise for the smartass comment. There are just some things I think people should do their own research on and this is one of them. I have seen a lot of misinformation on things like this previously and would prefer people get the facts and not half truths.

dont worry i dont take evreything i read on the www as granted..
i will be seeking legal advise at some stage and i would be asking all the relevant questions..
but if i had to pay cgt it wouldnt be worth our time

thanks again

pmfcnl · 03-12-2019 10:51am

We moved into our dream home last Friday the 29th. It was the best feeling ever getting those keys.

Thank you to everyone within this forum as it really gave us more in-dept knowledge on what was/was not expected when going about a mortgage. Any questions I asked, were answered from experience which was a great help!!

For anyone starting out and reading through the comments. My advice is to be patient, be organised and be open for setbacks as it can be a stressful process (ours was personally) but stay positive and I'm sure you will be writing a post like this at the end of it. (Surreal as it sounds)

I will be glad to answer any questions anyone may have as I know it can be daunting process.

Uglysoik1 · 03-12-2019 12:03pm

pmfcnl wrote: »

We moved into our dream home last Friday the 29th. It was the best feeling ever getting those keys.

Thank you to everyone within this forum as it really gave us more in-dept knowledge on what was/was not expected when going about a mortgage. Any questions I asked, were answered from experience which was a great help!!

For anyone starting out and reading through the comments. My advice is to be patient, be organised and be open for setbacks as it can be a stressful process (ours was personally) but stay positive and I'm sure you will be writing a post like this at the end of it. (Surreal as it sounds)

I will be glad to answer any questions anyone may have as I know it can be daunting process.

Congrats on your new home!
What's your timeline?
Thanks

scarepanda · 03-12-2019 12:33pm

We're sale agreed 7 weeks now. We have received the letter from the estate agents with everyone's details listed, but that's pretty much the height of communication. Our solicitor has been trying to make contact with the vendors solicitors, but they haven't responded. Our engineer has been in to survey the house, he has some queries logged, but we can't get any answers till theres communication from the vendors solicitors. The lack of communication is very frustrating.

pmfcnl · 03-12-2019 12:57pm

Uglysoik1 wrote: »

Congrats on your new home!
What's your timeline?
Thanks

From the first day we went about our Mortgage to the day we got our keys was 12 weeks. There was 1 or 2 hiccups which set us back but overall we were lucky that both solicitors were on the ball, previous owners didn't drag their feet either when we were ready and agreed on a completion date we were good to go then.

Dolbhad · 03-12-2019 9:26pm

scarepanda wrote: »

We're sale agreed 7 weeks now. We have received the letter from the estate agents with everyone's details listed, but that's pretty much the height of communication. Our solicitor has been trying to make contact with the vendors solicitors, but they haven't responded. Our engineer has been in to survey the house, he has some queries logged, but we can't get any answers till theres communication from the vendors solicitors. The lack of communication is very frustrating.

Have you contacted the auctioneer and let them know lack of progress? They can contact sellers directly to see what the issue is.

05-12-2019 3:38pm

Should I or my solicitor have gotten the BER certificate on closing? It's a new build, and it has one because I can check by MPRN on the SEAI website but there's not much information when you search that way.

Dolbhad · 05-12-2019 5:00pm

Remi Hundreds Salamander wrote: »

Should I or my solicitor have gotten the BER certificate on closing? It's a new build, and it has one because I can check by MPRN on the SEAI website but there's not much information when you search that way.

Your solicitor will have gotten the final BER Cert and advisory report on closing with all the closing documents.

FutureGuy · 05-12-2019 8:33pm

Just went sale agreed on a property again (last one fell though because the vendor was completely unreasonable).

Closer to city, better area, bigger house, 24k cheaper.

Will need a bit of work but nothing major (new bathroom).

We go again!

scarepanda · 05-12-2019 8:52pm

Dolbhad wrote:

Have you contacted the auctioneer and let them know lack of progress? They can contact sellers directly to see what the issue is.

No not yet. We've only started to get properly frustrated with the delay over the last couple of weeks and we were waiting to see if the vendors solicitors replied to our solicitors letters. But no joy.

I think at this stage we might leave things lie till the new year and then start putting proper pressure on them to hurry things up. First port of call with be contacting the EA. Is there any other effective ways of putting pressure on the vendors to get a move on?

whatever76 · 05-12-2019 9:02pm

scarepanda wrote: »

No not yet. We've only started to get properly frustrated with the delay over the last couple of weeks and we were waiting to see if the vendors solicitors replied to our solicitors letters. But no joy.

I think at this stage we might leave things lie till the new year and then start putting proper pressure on them to hurry things up. First port of call with be contacting the EA. Is there any other effective ways of putting pressure on the vendors to get a move on?

IMO the estate agent is best route now - as I learned from my own experience recently ; EA on your side now to get the sale through so will want to push it along as fast as they can and will be putting pressure on the vendors to get their act together if they are causing delays !! best of luck !!

EireinOZ · 05-12-2019 9:16pm

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

alwald · 05-12-2019 9:26pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Budgeting, planning, determination, willpower...rinse repeat.

wally79 · 05-12-2019 9:35pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Figure out how much you need and when by.

Eg 12k by next December

Work out how much per month that equals

Eg 1000 a month

On Pay day direct debit that amount to a notice savings account. I think we used a 21 day notice account or something .
That means you have to give the bank that many days notice before you can access it.

Takes away the temptation to dip in and out

Its tough but you will get there

topmanamillion · 05-12-2019 9:46pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

Draw up a weekly budget and stick to it.
Look at the main expenses and see if you can make any cut backs. The likes of food, rent, travel and household bills.
With food there's alot of savings to be made by switching to own brand products.
If you both own a car, could you use public transport or car share with people you work with?
With rent maybe you could find a cheaper place or move home for a while if that's a possibility.

Consider cutting back on non essentials like holidays, TV packages and nights out.

Maybe it's possible to increase income by taking extra shifts/doing over time.

Pick an amount you can transfer into your savings account via standing order every payday.
Think of it as another bill that has to be paid and what you have remaining is your budget until the next payday.

Mickiemcfist · 05-12-2019 11:24pm

EireinOZ wrote: »

Hi everyone,

We have started saving for a house. We are first time buyers. We are hoping to buy in cork, never blarney direction. Does anybody have tips on saving ?we are finding it so tough

I'm not an expert in saving by any means, however when I need to watch myself, the first thing I do is take out cash at the start of the week rather than use my bank card, you end up deliberating more about spending on discretionary stuff.

Creamy Goodness · 05-12-2019 11:32pm

Change your bills every year, change gas electric. This year I switched electric provider with projected savings of €250. If you have insurance for car or anything ring around I saved €100 doing that this year. Change to a payg or sim only plane gomo is €9,99 a month I was on a €25 a month plan before, over a year that’s a €180 saving.

Three phone calls there have saved €500 without much effort.

If you eat out, cut down to twice a month and when eating out with a partner (if you have one) share a starter and dessert it’s enough to satisfy the cravings without feeling like your penny pinching.

Find out how much you can save comfortably and have a standing order for this going to a credit union or another not easily accessible account to discourage dipping into it.

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

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