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Comments

  • #32
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    veryangryman wrote: »
    He said dont get one NOW. Wait, perhaps another year when market will proper bottom out. People being given notice in the past few months will finish up by then and there will be less money in the economy

    Net result: Prices HAVE to come down to keep the market going

    As a buyer at the peak of the boom, i do urge people to err on the side of caution. Things will slowly pick up (to an extent) again, but it will take time

    Waiting another year will save you at least ~20K in my opinion. Youll hardly pay more than 5K in rent in that time.

    And when you DO buy, haggle like crap. If they say the house is 200K, offer 150K and work your way up. Dont be afraid to walk out of the deal. Its a buyers market where cash is king and FOR THE LOVE OF GOD dont listen to an estate agent when they tell you that now is the time to buy. Remember their vested interests

    I hope this is of help. Wishing you luck my friend :pac:

    True the estate agent ,along with the ECB setting our interest rates were responsible for pushing the house prices up. I'd say the house prices will come to a level and probably go up a little. I'd say next year as the world economy recovers along with our exports....

    The trick is to get the prices at the point where they've reached their lowest and just before they bounce back a little, I agree with your prediction of about a year and prices should change first in Dublin so that's something to watch out for if you're buying outside Dublin......

    Best of luck to everyone thinking of buying.... . Anyone who buys at the bottom of the price range will have made the best economic decision of their life....


  • #33
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    marknoonan1974 wrote: »
    Just checked the LTV's and there is a load of 95% ones. I still reckon prices have a good bit further south to go before committing to a mortgage. Re: the EBS product, its says 2.88% for a 95% LTV, that aint bad at all!!!!!

    Where are you seeing these rates for 95% LTV ? As far as I can see EBS max loan is 92%


  • #34
    Soarer
    Registered Users Posts: 8,858 ✭✭✭Soarer


    Ogham wrote: »
    Where are you seeing these rates for 95% LTV ? As far as I can see EBS max loan is 92%

    We were in with EBS last week asking about mortgages, and were told that they no longer do the 95% LTV's.


  • #35
    gazzer
    Registered Users Posts: 4,051 ✭✭✭gazzer


    Myself and my partner applied to AIB for a mortgage. We earn 92000 p.a between us and having savings of 45,000 (38,000 from the sale of our house and 7,000 saved over the last year). Have loans totaling 20,000 which we pay at 740 euro a month. We were looking for a max mortgage of 225,000. On top of this we had a house for 6 years which we sold last year, never missed a payment on this or on any of our loans.

    The underwriters came back and said they would not approve us as we didnt have sufficient savings.


  • #36
    Soarer
    Registered Users Posts: 8,858 ✭✭✭Soarer


    gazzer wrote: »
    Myself and my partner applied to AIB for a mortgage. We earn 92000 p.a between us and having savings of 45,000 (38,000 from the sale of our house and 7,000 saved over the last year). Have loans totaling 20,000 which we pay at 740 euro a month. We were looking for a max mortgage of 225,000. On top of this we had a house for 6 years which we sold last year, never missed a payment on this or on any of our loans.

    The underwriters came back and said they would not approve us as we didnt have sufficient savings.

    That's poor form.

    Surely the fact that you've made all your repayments, and managed to save €7k, should be enough for them. IMHO, if you've never missed repayments, that should be akin to a saving record.

    AIB are known to be "cherry-picking" applications at the minute. But, unless you're not telling us/them something, I can't see why they'd refuse you.


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  • #37
    gazzer
    Registered Users Posts: 4,051 ✭✭✭gazzer


    Soarer wrote: »
    That's poor form.

    Surely the fact that you've made all your repayments, and managed to save €7k, should be enough for them. IMHO, if you've never missed repayments, that should be akin to a saving record.

    AIB are known to be "cherry-picking" applications at the minute. But, unless you're not telling us/them something, I can't see why they'd refuse you.

    No, not leaving anything out. We have never missed any loan payments. Our mortgage was 1200 a month (after TRS). Our rent is 800 a month at the moment. The mortgage we are looking for would cost 1000 a month over 23 years. We could have saved more money over the last year but we rented an unfurnished house so have spent around 4 grand over the last year buying furniture for when we do move. We have stored the furniture in one of the spare rooms. Also I spent 3000 on an evening course with the IPA.


  • #38
    marknoonan1974
    Registered Users Posts: 167 ✭✭marknoonan1974


    Ogham wrote: »
    Where are you seeing these rates for 95% LTV ? As far as I can see EBS max loan is 92%

    Sorry, that was a typo.....:(


  • #39
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    ibuprofen wrote: »
    Just saw this .......Pretty important for anyone with BOSI , Halifax mortages...

    http://www.examiner.ie/business/sngbmhaukf/

    Have a quote here...


    Lloyds, which owns Halifax, is understood to have got instruction from the British Treasury to cease lending in Ireland and repatriate assets.

    http://www.examiner.ie/business/sngbmhaukf/#ixzz0LDpAUNUv&D

    However an industry source said Halifax has been "effectively out of the market for some time and has stated as much with its excessive borrowing costs of 7% and greater".




    It's in the indo as well. they've confirmed it and given the month of september as the closing date........Arn't Ulster bank owned by the same group....

    ''THE Halifax Bank in Ireland is set to close its retail division following an instruction from the UK Treasury to repatriate assets back to the UK.
    The 'Sunday Tribune' reported that Bank of Scotland Ireland is preparing to shut the Halifax starting in September following an instruction from the UK Treasury to cease lending here and repatriate £20bn of the £35bn in Irish assets.''

    http://www.independent.ie/business/irish/halifax-set-to-close-retail-division-here-after-order-by--uk-treasury-1818866.html


  • #40
    marknoonan1974
    Registered Users Posts: 167 ✭✭marknoonan1974


    Ogham wrote: »
    Where are you seeing these rates for 95% LTV ? As far as I can see EBS max loan is 92%

    I did see a few 95% on the quoteclub site i posted above, click on the "loan to value" in the heading to sort them, ulster bank have 2 products at 95%. I'd say actually getting that might be difficult though....


  • #41
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    http://www.mortgages.ie/index.cfm/spKey/home.mortgage_rates.html?orderby=product&orderdir=asc&product=&lender=

    This is a decent link here . You can choose a product and a lender or all lenders....



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  • #42
    marknoonan1974
    Registered Users Posts: 167 ✭✭marknoonan1974


    ibuprofen wrote: »
    http://www.mortgages.ie/index.cfm/spKey/home.mortgage_rates.html?orderby=product&orderdir=asc&product=&lender=

    This is a decent link here . You can choose a product and a lender or all lenders....


    Cant sort by APR or LTV :(

    Useful info though.


  • #43
    The Lone Ranger
    Registered Users Posts: 137 ✭✭The Lone Ranger


    gazzer wrote: »
    Myself and my partner applied to AIB for a mortgage. We earn 92000 p.a between us and having savings of 45,000 (38,000 from the sale of our house and 7,000 saved over the last year). Have loans totaling 20,000 which we pay at 740 euro a month. We were looking for a max mortgage of 225,000. On top of this we had a house for 6 years which we sold last year, never missed a payment on this or on any of our loans.

    The underwriters came back and said they would not approve us as we didnt have sufficient savings.


    i think it may be your oustanding load that caused you the problem. ask them if you clear your loan with your saving would they have a different position.
    they dropped their original morgage quote to me by 50k when i told them i had a car loan even though my saving where more than double the loan amount.

    that said i heard on news today this whole 'green shoots' thing was way off for early 2010 and its now looking like mid 2011.
    house prices WILL drop further and remembering prices will over shot in bubble burst sitituation, like in the boom, i'll be holding on to my cash for a good while yet.


  • #44
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    marknoonan1974 wrote: »
    Cant sort by APR or LTV :(

    Useful info though.

    Personally I'd use the site as a starting point. Then ring the relevant banks.......

    The APR is listed on the far right column.......I think the LTV is incl. in the listings as >50%<80% (greater than 50 % and lower than 80%) or >80% (greater than 80%)

    Here's a link on the same site to see how much above 80 % can be borrowed (usually to a max of 92%) http://www.mortgages.ie/index.cfm/spKey/moving_house.how_much_can_i_borrow_.html

    Here's a stamp duty calculator.
    http://www.mortgages.ie/index.cfm/spKey/moving_house.stamp_duty_calculator.html


  • #45
    marknoonan1974
    Registered Users Posts: 167 ✭✭marknoonan1974


    ibuprofen wrote: »
    Personally I'd use the site as a starting point. Then ring the relevant banks.......

    The APR is listed on the far right column.......I think the LTV is incl. in the listings as >50%<80% (greater than 50 % and lower than 80%) or >80% (greater than 80%)

    Here's a link on the same site to see how much above 80 % can be borrowed (usually to a max of 92%) http://www.mortgages.ie/index.cfm/spKey/moving_house.how_much_can_i_borrow_.html

    Here's a stamp duty calculator.
    http://www.mortgages.ie/index.cfm/spKey/moving_house.stamp_duty_calculator.html

    I presume they are brokers?


  • #46
    Oral Slang
    Registered Users Posts: 1,519 ✭✭✭Oral Slang


    The Lone Ranger wrote: »
    i think it may be your oustanding load that caused you the problem. ask them if you clear your loan with your saving would they have a different position.
    they dropped their original morgage quote to me by 50k when i told them i had a car loan even though my saving where more than double the loan amount.

    Yeah, we were the same when we bought our 2nd house. I had a load of €2k or something ridiculous on my car with the credit union & my savings were more than what I owed. We were buying a house worth over €400k at the time (god knows what it is worth now ) & had equity of €120k from our 1st house, but they wouldn't approve a mortgage until I cleared my loan.


  • #47
    dotsman
    Registered Users Posts: 3,635 ✭✭✭dotsman


    gazzer wrote: »
    Myself and my partner applied to AIB for a mortgage. We earn 92000 p.a between us and having savings of 45,000 (38,000 from the sale of our house and 7,000 saved over the last year). Have loans totaling 20,000 which we pay at 740 euro a month. We were looking for a max mortgage of 225,000. On top of this we had a house for 6 years which we sold last year, never missed a payment on this or on any of our loans.

    The underwriters came back and said they would not approve us as we didnt have sufficient savings.
    The Lone Ranger wrote: »
    i think it may be your oustanding load that caused you the problem. ask them if you clear your loan with your saving would they have a different position.
    they dropped their original morgage quote to me by 50k when i told them i had a car loan even though my saving where more than double the loan amount.

    that said i heard on news today this whole 'green shoots' thing was way off for early 2010 and its now looking like mid 2011.
    house prices WILL drop further and remembering prices will over shot in bubble burst sitituation, like in the boom, i'll be holding on to my cash for a good while yet.
    Oral Slang wrote: »
    Yeah, we were the same when we bought our 2nd house. I had a load of €2k or something ridiculous on my car with the credit union & my savings were more than what I owed. We were buying a house worth over €400k at the time (god knows what it is worth now ) & had equity of €120k from our 1st house, but they wouldn't approve a mortgage until I cleared my loan.

    Yup, it is the loan that is the problem. The most important figure for a lender is the DSR (Debt Service Ratio). This percentage is the percentage of your monthly (or any other frequency) salary that is used to service a loan.

    So, for example, if your monthly income is €3,000 and the highest DSR the lender is willing to lend at is 35%, then the most you can use to pay off all your loans is €1,050. If you have an outstanding car loan of €300 per month, then the most your mortgage repayments (after stress test of, say, 2.5% extra), is €750 per month.


  • #48
    gazzer
    Registered Users Posts: 4,051 ✭✭✭gazzer


    dotsman wrote: »
    Yup, it is the loan that is the problem. The most important figure for a lender is the DSR (Debt Service Ratio). This percentage is the percentage of your monthly (or any other frequency) salary that is used to service a loan.

    So, for example, if your monthly income is €3,000 and the highest DSR the lender is willing to lend at is 35%, then the most you can use to pay off all your loans is €1,050. If you have an outstanding car loan of €300 per month, then the most your mortgage repayments (after stress test of, say, 2.5% extra), is €750 per month.


    Thats interesting. Well in our case we have a net monthly income of €5028 and our loan repayments each month are €801 which would leave €4227 a month. The mortgage we were looking for would cost €1026 a month which is around 24.5% of our remaing disposable income so we would fall well within the guidelines I would have thought. AIB's DSR must be quite low.


  • #49
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    marknoonan1974 wrote: »
    I presume they are brokers?

    Say so ......No doubt......They're making money off it somehow.....


    Found another link for mortage rates here..........

    http://www.moneyguideireland.com/mortgages


    Strangely enough there'e no more tracker mortages available in Ireland according to this......;) hang onto it if you've got one....:)


  • #50
    ibuprofen
    Closed Accounts Posts: 184 ✭✭ibuprofen


    This is a great article and spells out the savings that can be made......


    There really is a crazy amount of money spent on your mortage interst as shown below.........you could end up almost halving your repayments....:)...nice to have that extra money now....



    Really shows what a massive difference the interest percentage on your mortage can make.....


    Not only for first time buyers

    which has been the big topic of discussion on this thread

    but as is shown below transferring your mortage could save you a lot of money .......
    Not many houses around Dublin for €250,000 as shown in the example below.......


    Quote below





    ''HOMEOWNERS could be paying as much as €835 extra a month by not shopping around for the best mortgage rate.

    The lowest mortgage rate on the market is the 2.25% standard variable rate from AIB while the highest is 7.75% on afive-year fixed deal from Bank of Scotland (Ireland), according to the Irish Mortgage Corporation.

    Monthly repayments on a 30-year €250,000 mortgage at 2.25% are €955.62 per month while a person on a rate of 7.75% on the same terms would be €1,791.03.''

    Read more: http://www.irishexaminer.com/business/homeowners-may-be-paying-835-extra-per-month-on-mortgage-96568.html#ixzz0LWjrKxXd


    has anyone swopped yet....


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