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11-04-2020, 22:18   #61
lir6777
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I am slightly confused, I am a first time buyer - do I need 20% deposit for 2 bed apartment or 10% or what is the story with this.
10% for first time buyer
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11-04-2020, 22:27   #62
Dunston
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This query has probably been done to death, but I was curious if anyone has any insights into what a bank's tolerance is of applicants having betting accounts?

I have years of evidence of regular, decent savings, but my bank statements would have a lot of online bookie transactions going through them. The bets are profitable, and in a niche area of interest. Does any of that matter or is the existence of betting accounts an automatic red flag?
No it doesn't cause automatic red flags unless the transactions are detrimental to your savings.
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15-04-2020, 13:07   #63
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No it doesn't cause automatic red flags unless the transactions are detrimental to your savings.
Just on this, I took a conscious decision to clean my accounts of online betting a few months ago just for fear....

I've nearly hit the 6months mark. With regular savings and a deposit in place and ready to go, I'm trying to get my ducks in a row.

Should I plough on and begin the process to get approval as soon as I pass that 6month mark or should I hold out a little longer with this whole Corona situation?

I'm looking at changing jobs when things go back to normal, provided they still exist, so that's also a concern.
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15-04-2020, 13:20   #64
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Just on this, I took a conscious decision to clean my accounts of online betting a few months ago just for fear....

I've nearly hit the 6months mark. With regular savings and a deposit in place and ready to go, I'm trying to get my ducks in a row.

Should I plough on and begin the process to get approval as soon as I pass that 6month mark or should I hold out a little longer with this whole Corona situation?

I'm looking at changing jobs when things go back to normal, provided they still exist, so that's also a concern.
There isn't really a 'should' to it, but I'd hold off. Benefit of starting now is that if you come across a place you'll have all your ducks in a row. Benefit of holding off is that things are very up in the air at the moment - I'm sale agreed myself and we're very unsure of how things will progress. The later you get approved, the longer your loan offer will last, whereas if you're approved now and not able to view for the next couple months, you've less time on the offer.
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15-04-2020, 20:30   #65
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Best approach to buying first house

Hi,

Me and my wife are looking to buying our first house this year if possible, but we are caught in between 2 minds as to which is the best approach.

1. Buy between €200 - 300k hopefully have paid off mortgage in 7 years. Then buy dream home of upward €500k with already having one house paid off for, and having some additional monies from rent.

2. Buy dream home now, with a potential downturn in housing market. Then buy second, cheaper home within the next 10 years, but be stuck with paying off 2 mortgages, but hopefully cheaper home would pay for itself with rent.

We have about €100k deposit at our disposal hence why we could potentially pay off option 1 sooner.

Could be much of a muchness but it is just appealing to have a house paid off for or nearly when buying the second one.

Just wondering if there are any on here with some previous experience on either approach.
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15-04-2020, 20:41   #66
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15-04-2020, 21:22   #67
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Still in the early stages of applying have given the bank a lot of documents at this stage. But latest stumbling block was they wanted a letter from my employer stating the actual Annual Bonus I received for the last 3 years. My mortgage advisor said best case they would allow have the average over 3 years as earnings. Also have to get details on my overtime in a letter from my employer as well as actual overtime received over the last two years.

So I have got all that now and sent it onto them hopefully they will just proceed with the and tell me if I am approved and for how much. I still don’t see why the above was required when it’s all stated on my payslips as proof.
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16-04-2020, 07:48   #68
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Still in the early stages of applying have given the bank a lot of documents at this stage. But latest stumbling block was they wanted a letter from my employer stating the actual Annual Bonus I received for the last 3 years. My mortgage advisor said best case they would allow have the average over 3 years as earnings. Also have to get details on my overtime in a letter from my employer as well as actual overtime received over the last two years.

So I have got all that now and sent it onto them hopefully they will just proceed with the and tell me if I am approved and for how much. I still don’t see why the above was required when it’s all stated on my payslips as proof.
They do this with any bonus/commissions as they know it's not always guaranteed. They apply the same rationale with Self Employed knowing they can have good and bad years so they average it out.

It's definitely tough on people who haven't been in same job for 3 years - which is a shedload of people within the FTB market.
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18-04-2020, 10:06   #69
Duke of Url
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Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.

Last edited by Duke of Url; 18-04-2020 at 10:23.
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18-04-2020, 12:18   #70
cant26
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Originally Posted by Duke of Url View Post
Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.
Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?
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18-04-2020, 12:24   #71
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Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?
For what it's worth, I asked BOI for a small exemption back in February and they declined, because it wasn't worth their while for such a small amount. (Around 20k). So I was approved for 3.5x

And this was pre-covid..
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18-04-2020, 12:26   #72
Rock77
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Originally Posted by Duke of Url View Post
Hi all.

Myself and Partner are first time buyers in the early stages of applying for a mortgage together.

We had a meeting with our boi mortgage adviser to start the process .

Went though our wages and calculated we could apply for a 350K mortgage.

Step. 1 - we opened a mortgage savers account for our deposit 10% and setup DD of 800 a month.

Step 2 - was to apply for the help to buy on the Revenue site . We did this jointly. This is now completed.

Step 3 - we did a cash dump of 18K onto the mortgage savers account so currently with 18.800 on it.

the house we are looking at is a new build A3 rating around the 339K Price range.

We have been renting the same house for the past 4 years paying 1400 a month.

Are joint salaries are around 90k gross a year.

That’s where we are so far.
Where are the new builds if u don’t mind me asking?
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18-04-2020, 13:22   #73
Duke of Url
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Where are the new builds if u don’t mind me asking?
Many in Kildare
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18-04-2020, 13:24   #74
Duke of Url
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Originally Posted by cant26 View Post
Do you mind me asking was it the BOI advisor that gave you the 350k figure? Due to me taking a pay cut we’ve dropped to 95k joint salary so with the 3.5 rules that would give us 332500 of a mortgage. Would be hoping to get a slight exemption to get to the 350 mark so just wondering if ye got a verbal exemption or how does it work?
Yes. It was our BOI adviser in our bank who we are both with.
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18-04-2020, 13:59   #75
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Apologies if this has been posted before but can I apply for a mortgage when separated from partner or does it have to be divorce? I haven't had my name on a mortgage before.
Thank you.
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