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

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Comments

  • #7452
    bush
    Closed Accounts Posts: 2,878 ✭✭✭bush


    I would wait until you have the keys


  • #7453
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    bri007 wrote:
    I’d be careful doing that until drawdown to be honest.

    bri007 wrote:
    We went sale agreed on a house at Xmas time and it fell through. We have gone back in with another house and got that accepted but our broker got us to sign a form stating we have no finance or loans outstanding since the last offer.

    bri007 wrote:
    Could be just the broker but I’d check it out just in case.


    I am buying a new build which is expected to be ready in June and will be extendeding my mortgage offer next month for another 6 months so I shouldn't have to produce anything more for the bank once I have the offer agreed. Can they make the offer void if they see extra outgoings from my account?


  • #7454
    Michellenman
    Registered Users, Registered Users 2 Posts: 11,195 ✭✭✭✭Michellenman


    Glen_Quagmire wrote: »
    I have a mortgage offer which I will be getting extended next month and will hopefully be drawing down in June.

    I also need a new car and am considering PCP finance, am I safe to go ahead with this once I have the mortgage offer or should I wait until the mortgage is drawn down in case the bank gets spooked with the extra outgoings or does it matter once I have the offer agreed already ?

    Wait until you draw down. A friend went to DFS and bought furniture for the house on one of those 0% finance deals and the bank viewed it as another loan (which it is...) and wanted it paid off before they would allow draw down of the agreed loan amount.


  • #7455
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    I would imagine they could yeah, as it is finance and would impact on your repayment capacity. Technically you haven’t the loan until you actually get the house and everything is done and dusted. They probably won’t ask for more bank stuff and pay slips etc but if they did another credit check prior to drawdown which I know a lot of banks will do that could spell disaster.

    It’s up to you, but I would just hold off doing anything like that, my broker asked if I even bought furniture or white goods on finance
    Glen_Quagmire wrote: »
    I am buying a new build which is expected to be ready in June and will be extendeding my mortgage offer next month for another 6 months so I shouldn't have to produce anything more for the bank once I have the offer agreed. Can they make the offer void if they see extra outgoings from my account?


  • #7456
    tigger123
    Registered Users, Registered Users 2 Posts: 4,521 ✭✭✭tigger123


    New loans and financial commitments are going to effect your ability to repay the mortgage, and therefore the bank will more than likely take these into account.

    Smart thing to do is wait until you're in the place before making any changes to your finances.


  • #7457
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Yeah I think you are all correct, I will hold off until I get the keys.

    That's actually a good point about DFS, I was thinking of buying a new sofa soon because it takes a couple of months to make and I may have chosen to pay monthly instead of upfront because of their 0% finance offer. I may have to just pay upfront after all


  • #7458
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Also, it’s not really wise to spend money on furniture before you have the house keys in hand. Until the sale is complete, it could still fall through, leaving you out of pocket and perhaps with a sofa but no house.


  • #7459
    Bigmac1euro
    Registered Users, Registered Users 2 Posts: 1,468 ✭✭✭Bigmac1euro


    dudara wrote: »
    Also, it’s not really wise to spend money on furniture before you have the house keys in hand. Until the sale is complete, it could still fall through, leaving you out of pocket and perhaps with a sofa but no house.

    Someone I know works in DFS.
    People crying down the phone this happens all the time people lose their houses etc


  • #7460
    stevek93
    Registered Users, Registered Users 2 Posts: 3,093 ✭✭✭stevek93


    Hello, can someone recommend a broker in North Dublin by PM please.


  • #7461
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    If you're buying anything from DFS, or indeed any large purchase, buy it on a credit card and then pay it off or use their finance - the cost of which is built into the purchase price. We've no idea what Brexit will do to UK based retailers operating in Ireland and even at the best of times there is nothing to stop a company shutting up shop and taking your hard earned cash with it.


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  • #7462
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    myshirt wrote: »
    A good rule is to take the square footage of the new build, and add a zero to it to get a realistic budget for kitting out the house. Floors, furniture, etc. Of course you could do it cheaper and you could do it more expensive, but ballpark the square footage plus a zero is a reasonable estimate and budget for you to work off.

    1,400sq feet = 14 grand
    Etc


    I stand corrected so lads! Seen a house going in Clonsilla, and albeit it is a show house, there is 70 grand on top of the selling price of the property right next door with similar site size. I'll revise my guidance to saying add a zero to the square footage and multiply by 1 and a half.

    Or I'll just say nothing! 70 grand is off the wall, but definitely an indication that you'd need 30k for a house like that.

    This is significant for a FTB. Hard enough to get the deposit for them, but despite that you wouldn't be long seeing another 20 grand go into the house.


  • #7463
    fernandohierro
    Registered Users Posts: 51 ✭✭fernandohierro


    Hi,

    Does anybody have a mortgage broker in Dublin that they can recommend?

    Thanks


  • #7464
    tobsey
    Registered Users, Registered Users 2 Posts: 1,275 ✭✭✭tobsey


    Glen_Quagmire wrote: »
    Yeah I think you are all correct, I will hold off until I get the keys.

    That's actually a good point about DFS, I was thinking of buying a new sofa soon because it takes a couple of months to make and I may have chosen to pay monthly instead of upfront because of their 0% finance offer. I may have to just pay upfront after all

    You won't start making the repayments on a DFS sofa until after it's delivered. The agreement might appear on a credit check but you don't make payments until it arrives.


  • #7465
    Michellenman
    Registered Users, Registered Users 2 Posts: 11,195 ✭✭✭✭Michellenman


    fernandohierro wrote: »
    Hi,

    Does anybody have a mortgage broker in Dublin that they can recommend?

    Thanks

    We used <SNIP> and they were excellent.


  • #7466
    Sunrise_Sunset
    Registered Users, Registered Users 2 Posts: 1,215 ✭✭✭Sunrise_Sunset


    Are property prices forecast to stabilise anytime soon? What are the predictions?


  • #7467
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    lililanny wrote: »
    Are property prices forecast to stabilise anytime soon? What are the predictions?


    https://www.boards.ie/vbulletin/showthread.php?t=2057942035


  • #7468
    Sunrise_Sunset
    Registered Users, Registered Users 2 Posts: 1,215 ✭✭✭Sunrise_Sunset


    Samuel T. Cogley wrote: »
    https://www.boards.ie/vbulletin/showthread.php?t=2057942035

    Thanks, I'll follow that thread


  • #7469
    GaGa21
    Registered Users, Registered Users 2 Posts: 652 ✭✭✭GaGa21


    The end is near.....collecting keys on Friday!


  • #7470
    snowflake1989
    Registered Users Posts: 54 ✭✭snowflake1989


    GaGa21 wrote: »
    The end is near.....collecting keys on Friday!

    Congrats 😊 how long was the process fom goong sale agreed to now for u?


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  • #7471
    Pussyhands
    Registered Users Posts: 8,239 ✭✭✭Pussyhands


    Is there any mortgage calculator that shows how paying a lump sum will affect monthly repayments?

    Or how do I figure it out?


  • #7472
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,100 Mod ✭✭✭✭AlmightyCushion


    Pussyhands wrote: »
    Is there any mortgage calculator that shows how paying a lump sum will affect monthly repayments?

    Or how do I figure it out?

    If you google amoritization calculator excel you should get plenty of excel files that will do it for you.


  • #7473
    derekbro
    Registered Users, Registered Users 2 Posts: 154 ✭✭derekbro


    Pussyhands wrote: »
    Is there any mortgage calculator that shows how paying a lump sum will affect monthly repayments?

    Or how do I figure it out?

    Find these quite good

    https://www.ccpc.ie/consumers/tools-and-calculators/mortgage-calculators/


  • #7474
    Benny Biscotti
    Closed Accounts Posts: 75 ✭✭Benny Biscotti


    Glen_Quagmire wrote: »
    Yeah I think you are all correct, I will hold off until I get the keys.

    That's actually a good point about DFS, I was thinking of buying a new sofa soon because it takes a couple of months to make and I may have chosen to pay monthly instead of upfront because of their 0% finance offer. I may have to just pay upfront after all

    You should continue to save like you have being doing even after the mortgage offer from bank. Save until the deal is complete and you have the keys.


  • #7475
    laserlad2010
    Registered Users Posts: 514 ✭✭✭laserlad2010


    Pussyhands wrote: »
    Is there any mortgage calculator that shows how paying a lump sum will affect monthly repayments?

    Or how do I figure it out?

    Google Karl Mortgage Calculator and be prepared to lose a few hours tweaking the numbers :pac::pac:


  • #7476
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Realistically when could you expect to physically move into a new build after receiving the keys taking into account the need to get the place floored, painted and fitted out with beds etc, assuming you are buying 90% new everything?


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  • #7477
    Bananaleaf
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭Bananaleaf


    laserlad2010 wrote: »
    Google Karl Mortgage Calculator and be prepared to lose a few hours tweaking the numbers :pac::pac:

    how do you add the extra payments?


  • #7478
    GingerLily
    Registered Users, Registered Users 2 Posts: 4,767 ✭✭✭GingerLily


    Glen_Quagmire wrote: »
    Realistically when could you expect to physically move into a new build after receiving the keys taking into account the need to get the place floored, painted and fitted out with beds etc, assuming you are buying 90% new everything?

    You're not supposed to paint a timber framed new build for 12 months so no need for that expense.

    Flooring, alarm and curtains/blinds are the most expensive but essential items.

    We bought a washer and dryer, all other appliances came with the house.

    We got a bed/mattress, couch, coffee table and dining table and chairs for moving in and got everything else slowly after, we had built on wardrobes and finished bathrooms so we didn't need much to make it habitable.
    Its nice to live in a place first to get an idea of how you want to fill it!


  • #7479
    GaGa21
    Registered Users, Registered Users 2 Posts: 652 ✭✭✭GaGa21


    We went sale agreed in May! But our 1st bank pulled out last minute due to the location of house so we had to apply to another bank. They initially refused too based on location but we had a wonderful girl working in the bank, fight for us and we were approved in November.
    There has been a good few delays with paperwork on bank side looking for changes to mortgage protection and house insurance but it finally went through.
    Has been a long road and I have been on this thread at least 2 years. It is great for advice and one piece that I will give is to keep trying!


  • #7480
    duckmusic
    Registered Users, Registered Users 2 Posts: 446 ✭✭duckmusic


    Michellenman wrote: »
    We used <SNIP> and they were excellent.

    Can you PM me this recommendation? Your mailbox is full so I cant PM you


  • #7481
    Charlie
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭Charlie


    Question that some here might be able to help on.

    We are sale agreed on a house at the moment. Our solicitor is waiting on contracts, but we have received our full loan offer from the Bank (i.e. our application has been fully underwritten). Obviously in the lead up to applying with the bank, and as our application was being underwritten, we watched our accounts like a hawk, making sure there was no big movements out of them. We will continue to be saving at the rate that we have done over the last 12 months until we drawdown the mortgage, however, what I am looking to get a steer on is whether we are ok to start using some of our savings now to put down deposits on furniture, white goods etc?

    To be clear, the savings I am referring to is not the money we have set aside for the 10% deposit (and stamp duty/legal fees). That will remain untouched (we have applied/been approved on the basis of 90% LTV). The savings we want to dip in to is money we have saved over and above what we are relying upon for the purchase price of the house.

    Our mortgage advisor gave us a bit of a wooly answer 'best not to do anything like that yet', but as I understand, we are not touching any money that the bank has underwritten our loan against and even at that, if we drawdown within 6 months (which I fully expect us to) the bank don't even request a further look at our accounts.

    Can anyone who's been through the process give us a steer?


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  • #7482
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Sale Agreed falls through all the time. Notwithstanding anything else you've been given good advice on that alone.


  • #7483
    Charlie
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭Charlie


    Samuel T. Cogley wrote: »
    Sale Agreed falls through all the time. Notwithstanding anything else you've been given good advice on that alone.

    Well aware of that. The items were looking to spend on are ones that we’ll need regardless of the house we end up with and will be refundable deposits.


  • #7484
    bri007
    Registered Users, Registered Users 2 Posts: 1,375 ✭✭✭bri007


    Refundable deposit is ok, just let them aware of the large some and what it was payed out for, usually has the EA name on it anyway shown on your account.
    Charlie wrote: »
    Well aware of that. The items were looking to spend on are ones that we’ll need regardless of the house we end up with and will be refundable deposits.


  • #7485
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    At what stage can (should) I put a booking deposit on a new build - off plans? Is it at mortgage AIP or full approval? The house itself isn't going to be ready until early-mid 2020


  • #7486
    Creamy Goodness
    Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    booking deposit is usually put down as soon as the Estate Agent wants it, and then contracts are signed 28 days later. you'll need at least a provisional AIP from a bank before an Estate Agent will accept a booking deposit.


  • #7487
    Doop
    Registered Users, Registered Users 2 Posts: 1,473 ✭✭✭Doop


    We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is :confused: we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

    Anyone know how it works?


  • #7488
    IJS84
    Registered Users Posts: 179 ✭✭IJS84


    We got funds transferred and closed on the 16th of the month, our 1st payment is being collected this month on the 16th also, this is also with the PTSB.
    If you are eligible for the cashback offer, we had this transferred to the current account in 10 days, 1st payment showing on your mortgage account will not include the insurance and life cover amounts and these amounts will be confirmed in writing to ye in the few days after closing. Just add these amounts to the mortgage payment. I hope this helps


  • #7489
    Goose76
    Registered Users Posts: 252 ✭✭Goose76


    Doop wrote: »
    We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is :confused: we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

    Anyone know how it works?

    PTSB confirmed to us that first payment date is automatically one month after drawdown date. This can easily be changed thereafter


  • #7490
    Frank Castle
    Banned (with Prison Access) Posts: 134 ✭✭Frank Castle


    Doop wrote: »
    We're very close to closing. We have our mortgage with PTSB and they have transferred the funds to our solicitor, but nobody has told us when the first repayment date is :confused: we signed the direct debit when we were signing the other mortgages docs and sure never took note of what date it said.

    Anyone know how it works?

    1 month after the draw down date, i.e. same date the following month.

    You will also have it on your banking app with PTSB that will show you when it comes out and for how much.


  • #7491
    Frank Castle
    Banned (with Prison Access) Posts: 134 ✭✭Frank Castle


    Phileas Frog wrote: »
    At what stage can (should) I put a booking deposit on a new build - off plans? Is it at mortgage AIP or full approval? The house itself isn't going to be ready until early-mid 2020

    You can pay your deposit any time really, depending on demand. High demand means you got to get in there quickly. (Some EA will want proof of AIP too).

    The booking deposit is fully refundable so its fine to pay it off plans and change your mind later. Don't sign any contracts without your solicitor, they will keep you right. Especially with some contractors now refusing to allow loan approval conditions. (I signed my contracts 3 or 4 months after paying the booking deposit)


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  • #7492
    Wexy86
    Registered Users Posts: 439 ✭✭Wexy86


    Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.


  • #7493
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Wexy86 wrote: »
    Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

    They better be phenomenal for that money. Are you a out of the ordinary case? Self employed etc?


  • #7494
    Tipsy McSwagger
    Registered Users, Registered Users 2 Posts: 9,068 ✭✭✭Tipsy McSwagger


    Wexy86 wrote: »
    Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

    Brokers are usually paid by the bank.


  • #7495
    Wexy86
    Registered Users Posts: 439 ✭✭Wexy86


    Samuel T. Cogley wrote: »
    Wexy86 wrote: »
    Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

    They better be phenomenal for that money. Are you a out of the ordinary case? Self employed etc?
    Samuel T. Cogley wrote: »
    Wexy86 wrote: »
    Has anyone used a broker? Are you being charged a fee? Have found a decent broker but the fees are €900 - want to see if this is standard or not.

    They better be phenomenal for that money. Are you a out of the ordinary case? Self employed etc?

    The fee was advised before I even got into specifics, now my OH is in contract work with difficult employer but not overly unusual

    I had thought feed were gone with brokers, I hadn’t read the fine print of using said broker until today and I seen his fee. I queried and he advised it standard across the board these days.

    If anyone has any broker recommendations I’ll happily take them by pm!


  • #7496
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Go directly to the banks. We found KBC good with the wife on contract work.


  • #7497
    august12
    Registered Users, Registered Users 2 Posts: 1,275 ✭✭✭august12


    Bananaleaf wrote:
    how do you add the extra payments?


    Click the prepay tab on the input screen, there are a number of choices where you can overpay per months, do an annual payment, once off payment etc., Enter the month you are doing the lump sum payment,


  • #7498
    Ghetofarmulous
    Registered Users Posts: 175 ✭✭Ghetofarmulous


    Hi all,

    I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

    These should be the most recent interest rates on the market as of this week.

    The first table is interest rates per fixed term
    The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
    The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

    th_Mortgage%20compare.jpg


  • #7499
    Monife
    Registered Users, Registered Users 2 Posts: 3,014 ✭✭✭Monife


    Ghetofarmulous wrote: »
    Hi all,

    I am in the process of applying for Mortgages and I thought that some might find this handy. Rather than using the Mortgage calculator every time I search I just enter the latest interest and she auto calculates.

    These should be the most recent interest rates on the market as of this week.

    The first table is interest rates per fixed term
    The second table is the monthly repayments for the same Mortgage of 198000 Eur as an example.
    The third table shows the cheapest option however, there are some loyalty rates that for example UB and KBC offer which are not included.

    th_Mortgage%20compare.jpg

    This is extremely helpful. Have you got the Excel file?


  • #7500
    GaGa21
    Registered Users, Registered Users 2 Posts: 652 ✭✭✭GaGa21


    Charlie wrote:
    We are sale agreed on a house at the moment. Our solicitor is waiting on contracts, but we have received our full loan offer from the Bank (i.e. our application has been fully underwritten). Obviously in the lead up to applying with the bank, and as our application was being underwritten, we watched our accounts like a hawk, making sure there was no big movements out of them. We will continue to be saving at the rate that we have done over the last 12 months until we drawdown the mortgage, however, what I am looking to get a steer on is whether we are ok to start using some of our savings now to put down deposits on furniture, white goods etc?


    We stopped saving and started spending on house items and bank had no issues once you can provide up to date payslips and bank statements. They will see where your money is going and if you can afford it.


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  • #7501
    Charlie
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭Charlie


    GaGa21 wrote: »
    We stopped saving and started spending on house items and bank had no issues once you can provide up to date payslips and bank statements. They will see where your money is going and if you can afford it.

    Do the bank automatically look for new payslips/statements at drawdown or is that time dependent? Our loan offer issued just this week and the provisional closing date is March 30th, so it would seem a little unnecessary to submit this paperwork again.


This discussion has been closed.
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