Saving/Applying for a mortgage 2020-22 Edition

Is your age the problem? Most banks want the mortgage repaid by 67 or so and if you’re eligible to retire in 15 years then you’d be paying it back over a fairly short period of time so repayments would be higher.

Are you still on the mortgage for your first house/ your husband’s house? That could impact your repayment capacity even if you’re not paying that mortgage.

Yes that's right, once your fixed term ends after 5 years, you'll be able to make a lump sum repayment before you enter a new fixed term (assuming you didn't want to stay on the variable). However many banks will allow you to make overpayments during the fixed term, so you don't necessarily need to wait until the end of the 5 years before making an additional payment.

As an aside - it will vary depending on circumstances but generally it's considered better to get a lower interest rate rather than get cashback. The benefit of the cashback is usually swallowed up by higher interest within a few years.

It's the disposable income that is effecting our application, we have 4 children. That was the feedback from PTSB anyway.

In general when you're on probation you can get AIP so can look to start bidding etc, but they let you draw down (on a house you have gone SA on) until you're off probation.

However if it's a promotion, that sounds a bit muddled... it would be best to perhaps ask the bank directly.

That’s not probation as the banks see it. You’re still a full time permanent employee to them. Worst case scenario (and the banks know it’s hugely unlikely) is you’ll revert to your previous grade

congrats on the promotion and good luck with the house hunting

It is though as banks wont take the higher salary as the base for the 3.5 times, as the individual can fail probation and go back to lower pay.

Everything depends on the banks preferences though, so ask your bank.

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Sorry, what part of the process is the 20 working days in relation to? I've an application in with them so good to know when to expect the delays.

Savings is fine. They take the total and divide by X months to get your average. Obviously the more consistent the better.

On your overdraft, just cancel it before applying to make things go smoother. But you don't owe any money so it shouldn't reduce the amount you can borrow or anything.

Many single people getting mortgages these days successfully? I got approval for a second mortgage via ICS through a broker. Have a small mortgage on existing place, plan to hold onto it and move to new place. Hasn’t been easy- I look with envy at the amounts some couples here seem to be able to borrow and buy! Have a fairly decent salary €60k plus benefits but multiplied by 3.5 and our property market it won’t exactly get a mansion. Part of the country I live in (Kilkenny) is very expensive. Again I look with envy at prices in other parts of the country. Also it is 80% loan to value with ICS so need a big whack saved. Not moaning but again not easy when buying as a single!

Thanks ciara, no I didn’t bother. With keeping my existing property I’m a good bit more constrained. Was happy enough to get approval for what I did to be honest. They won’t go above the 80% ltv either. How are you getting on looking for property in Dublin with that budget?

Ics= Irish civil service mortgages