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Saving/Applying for a mortgage 2020-22 Edition

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    #1292
    newfy
    Registered Users Posts: 95 ✭✭newfy


    No you don’t need it for Letter Of offer
    Bubbaclaus wrote: »
    Did you need to have mortgage protection lined up also to get the letter of offer? Can't seem to find whether AIB require that in order to issue letter of offer or whether you can deal with that afterwards.

    Just want to make sure I have everything I need to do done, so that I dont get an email 3 weeks after submitting documents that I need to do more, delaying everything another 3 weeks!


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    #1293
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Bubbaclaus wrote: »
    Did you need to have mortgage protection lined up also to get the letter of offer? Can't seem to find whether AIB require that in order to issue letter of offer or whether you can deal with that afterwards.

    Just want to make sure I have everything I need to do done, so that I dont get an email 3 weeks after submitting documents that I need to do more, delaying everything another 3 weeks!

    Not required for the letter of offer. But before drawdown you must have mortgage protection and propery valuation report.

    Generally, it is less hassle to get mortgage protection from the mortgage provider itself. But you can get better prices elsewhere too.


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    #1294
    Au_Revoir
    Closed Accounts Posts: 3 ✭Au_Revoir


    I am paying €950 monthly rent, sharing house with my mother at the moment, she is unemployed and getting the social welfare. We split the bills in half. I am earning €33,619 euros per year before tax. I am saving about 1000 euro per month, and have 30,000 euro deposit.

    I am planning to apply for mortgage in February/March when I clean up my bank statements, I have applied before just to see how the application process, and I was asked whether my mother would move in with me and I said yes, the mortgage advisor said she will be counted as a dependent - I assume I would not get 3.5x but less, why is that - she would be a lodger and not part of the application.

    Does anyone have ideas what I can do so that I get the full 3.5x loan and get her to live with me in my new house as a lodger?


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    #1295
    thewheel2.0
    Registered Users Posts: 1,065 ✭✭✭thewheel2.0


    Au_Revoir wrote: »
    I am paying €950 monthly rent, sharing house with my mother at the moment, she is unemployed and getting the social welfare. We split the bills in half. I am earning €33,619 euros per year before tax. I am saving about 1000 euro per month, and have 30,000 euro deposit.

    I am planning to apply for mortgage in February/March when I clean up my bank statements, I have applied before just to see how the application process, and I was asked whether my mother would move in with me and I said yes, the mortgage advisor said she will be counted as a dependent - I assume I would not get 3.5x but less, why is that - she would be a lodger and not part of the application.

    Does anyone have ideas what I can do so that I get the full 3.5x loan and get her to live with me in my new house as a lodger?

    I'm no expert here... but... I'm assuming you could just reapply and state that she will not be moving in with you officially to get the 3.5x loan.

    Or if that bank knows too much about your situation, reapply with any other bank.


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    #1296
    Hanaolosdad
    Registered Users Posts: 17 ✭Hanaolosdad


    Hi folks

    Myself and my wife are approved in principle for 203000 with aib and have nearly 85000 in savings

    I posted a few days ago here about an issue I had with kbc and a revoked credit card due to them not updating my new address ..issue was resolved but still shows on my credit report

    Currently have a score of 469

    Very confused by AIP.. will the credit card count against us when applying or will the fact we are AIP mean it's ok


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    #1297
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    thewheel2.0 wrote: »
    I'm no expert here... but... I'm assuming you could just reapply and state that she will not be moving in with you officially to get the 3.5x loan.

    Or if that bank knows too much about your situation, reapply with any other bank.

    I have no experience of this but I'd imagine if you & your mother changed your minds prior to mortgage approval & decided to part ways that you could happily take her in as a lodger post drawdown? Its none of the banks business in my opinion & horrid that they'd consider your mother as a dependant in those circumstances


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    #1298
    eoghan15
    Registered Users Posts: 7 ✭eoghan15


    8-10 wrote: »
    They definitely said they'd be looking to extend but I would definitely check if you can apply this year.

    HTB for 10% is available now on new builds that aren't being built until 2021 so in theory there must be a way of applying that to a self build too

    Hey, maybe you could clear something up for me. I have a booking deposit on a house that will be built by a developer next summer. So if I were to apply for the 10% HTB now am I right in thinking that when it comes around next year I cant include 2020's tax year with it?


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    #1299
    Blarney_man
    Registered Users Posts: 188 ✭✭Blarney_man


    Hanaolosdad wrote: »
    Hi folks

    Myself and my wife are approved in principle for 203000 with aib and have nearly 85000 in savings

    I posted a few days ago here about an issue I had with kbc and a revoked credit card due to them not updating my new address ..issue was resolved but still shows on my credit report

    Currently have a score of 469

    Very confused by AIP.. will the credit card count against us when applying or will the fact we are AIP mean it's ok

    They check credit rating later


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    #1300
    Hanaolosdad
    Registered Users Posts: 17 ✭Hanaolosdad


    Blarney_man wrote: »
    They check credit rating later

    Oh ok thanks .. hope it won't be bad news


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    #1301
    Masala6
    Registered Users Posts: 8 ✭Masala6


    Hi!

    1.Myself and my wife were on subsidy scheme from March to June! Since then we're back to work. We have already 10% savings,but 'm wondering do we need to wait 6 months after our last payslip where we got subsidy scheme,or we can apply now for mortgage? Is that a problem?

    2. Is it problem if we get mortgage approval to buy house for example in Wexford and we're from Cork?

    Thanks!!!


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    #1302
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Masala6 wrote: »
    Hi!

    1.Myself and my wife were on subsidy scheme from March to June! Since then we're back to work. We have already 10% savings,but 'm wondering do we need to wait 6 months after our last payslip where we got subsidy scheme,or we can apply now for mortgage? Is that a problem?

    2. Is it problem if we get mortgage approval to buy house for example in Wexford and we're from Cork?

    Thanks!!!

    1. As far as I know they just ask for proof that you are off it, which won't be a problem for you. They will probably only ask for 3 months payslips so I doubt it will even come up in the first place.

    2. No


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    #1303
    wally79
    Registered Users Posts: 2,929 ✭✭✭wally79


    Markitron wrote: »
    1. As far as I know they just ask for proof that you are off it, which won't be a problem for you. They will probably only ask for 3 months payslips so I doubt it will even come up in the first place.

    2. No

    To add to number 2 I have heard of cases of people being refused where their work is a significant commute from the proposed property


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    #1304
    awec
    Administrators Posts: 53,365 Admin ✭✭✭✭✭awec


    wally79 wrote: »
    To add to number 2 I have heard of cases of people being refused where their work is a significant commute from the proposed property

    There was someone on this forum who got refused cause their commute would have been ridiculous. It was a while ago though and I can't remember the specifics of the thread.

    Edit: some discussion on the subject is here, but this is not the instance I remember.


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    #1305
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Have I any hope of getting more than 3.5x my salary at the moment?


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    #1306
    Masala6
    Registered Users Posts: 8 ✭Masala6


    awec wrote: »
    There was someone on this forum who got refused cause their commute would have been ridiculous. It was a while ago though and I can't remember the specifics of the thread.

    Edit: some discussion on the subject , but this is not the instance I remember.

    Thanks! Maybe someone would know how far away house/apartment can be from your workplace?


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    #1307
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Gael23 wrote: »
    Have I any hope of getting more than 3.5x my salary at the moment?

    Someone earlier in the thread mentioned getting an exemption from AIB I think, but by and large they are off the table until January at least.


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    #1308
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Markitron wrote: »
    Someone earlier in the thread mentioned getting an exemption from AIB I think, but by and large they are off the table until January at least.

    How much above the 3.5 times would you get,?


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    #1309
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Gael23 wrote: »
    How much above the 3.5 times would you get,?

    Max of 4.5x your gross. But you have to be seen as an exceptional candidate and even more difficult if solo applicant as their thresholds for discretionary income are stricter (well that was the case for me and AIB 2 years ago)


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    #1310
    ELM327
    Registered Users Posts: 21,367 ✭✭✭✭ELM327


    wally79 wrote: »
    To add to number 2 I have heard of cases of people being refused where their work is a significant commute from the proposed property


    I was living in a rented house 60km from work and had great difficulty getting approval for a mortgage that was similar distance away.


    Hello.. I'm living that far away anyway!


    Anyway now in the post covid we're both going to be WFH predominantly at least, if not 100%, so we're looking at moving a lot further away to be in Wexford near herself's family.


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    #1311
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Creamy Goodness wrote: »
    Max of 4.5x your gross. But you have to be seen as an exceptional candidate and even more difficult if solo applicant as their thresholds for discretionary income are stricter (well that was the case for me and AIB 2 years ago)

    4.5x would make it work. West makes you an exceptional candidate?


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    #1312
    Creamy Goodness
    Registered Users Posts: 26,556 ✭✭✭✭Creamy Goodness


    Gael23 wrote: »
    4.5x would make it work. West makes you an exceptional candidate?

    For me it was salary over €60k
    Clean bank accounts and Revolut.
    No loans, credit card paid off in full
    20% deposit saved
    €1500 left in account after mortgage and all other existing essentials paid (this includes childcare, dependents any other loans etc.).

    Even with all that I didn’t get 4.5x but got enough to make it work.


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    #1313
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Creamy Goodness wrote: »
    For me it was salary over €60k
    Clean bank accounts and Revolut.
    No loans, credit card paid off in full
    20% deposit saved
    €1500 left in account after mortgage and all other existing essentials paid (this includes childcare, dependents any other loans etc.).

    Even with all that I didn’t get 4.5x but got enough to make it work.

    I could offer all that apart from having a lower salary than you


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    #1314
    Shivvs
    Registered Users Posts: 11 ✭Shivvs


    Hoping to apply for an exemption in January, just a bit confused with the approval process for them - are exemptions house specific as in I need to be sale agreed on a property before I know if I have the mortgage?


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    #1315
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Creamy Goodness wrote: »
    For me it was salary over €60k
    Clean bank accounts and Revolut.
    No loans, credit card paid off in full
    20% deposit saved
    €1500 left in account after mortgage and all other existing essentials paid (this includes childcare, dependents any other loans etc.).

    Even with all that I didn’t get 4.5x but got enough to make it work.

    Called both EBS and AIB today. They stress test you by deducting 2400 Euro off your net salary and then you need to have enough left to pay for your mortgage. Which like said, with a salary of 60k is still nog enough

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



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    #1316
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Jasna1982 wrote: »
    Called both EBS and AIB today. They stress test you by deducting 2400 Euro off your net salary and then you need to have enough left to pay for your mortgage. Which like said, with a salary of 60k is still nog enough

    My total take home is not a huge amount more than that


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    #1317
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Creamy Goodness wrote: »
    For me it was salary over €60k
    Clean bank accounts and Revolut.
    No loans, credit card paid off in full
    20% deposit saved
    €1500 left in account after mortgage and all other existing essentials paid (this includes childcare, dependents any other loans etc.).

    Even with all that I didn’t get 4.5x but got enough to make it work.
    Jasna1982 wrote: »
    Called both EBS and AIB today. They stress test you by deducting 2400 Euro off your net salary and then you need to have enough left to pay for your mortgage. Which like said, with a salary of 60k is still nog enough
    Gael23 wrote: »
    My total take home is not a huge amount more than that



    I was talking to a broker recently, he told me KBS were the most stringent when it came to exemption criteria, and with them you needed €2100 after mortgage and loans.

    It obviously varies massively between them so the best thing to do is shop around come January


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    #1318
    Ikozma
    Registered Users Posts: 1,044 ✭✭✭Ikozma


    Anyone have an idea on what fees or taxes would have to be paid when selling a house, if I sell for say 130,000 and owe the bank 80,000 do revenue take some of the 50,000 I'm left with?


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    #1319
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Markitron wrote: »
    I was talking to a broker recently, he told me KBS were the most stringent when it came to exemption criteria, and with them you needed €2100 after mortgage and loans.

    It obviously varies massively between them so the best thing to do is shop around come January

    Do you mean EBS or KBC?

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



  • Options
    #1320
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    Ikozma wrote: »
    Anyone have an idea on what fees or taxes would have to be paid when selling a house, if I sell for say 130,000 and owe the bank 80,000 do revenue take some of the 50,000 I'm left with?

    No...you don't pay tax on any profit from the sale of your PPR.


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    #1321
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Jasna1982 wrote: »
    Do you mean EBS or KBC?

    Sorry, KBC


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