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

lir6777 · 24-01-2020 4:50pm

bswan wrote: »

I have a feeling the broker has their own preferences and is not putting in the application with them whilst pushing another. Time to find another broker.

I have just lost faith in my broker, he came back with one possibility that was way below what I was looking for. Told me other banks wouldn't go above 3.5. so far by going it alone I've had one bank tell me I could (in theory anyway) get 4 times my salary, and another is making the application for me for 4.5. Broker didn't manage even that much. I'm sure there are great ones, and times when they're very useful, but for me I'm going it alone from here!

lir6777 · 24-01-2020 4:52pm

bswan wrote: »

I have a feeling the broker has their own preferences and is not putting in the application with them whilst pushing another. Time to find another broker.

Also, I wonder about the lenders that will only deal with brokers. My broker was pushing ICS which is also solely through broker. Perhaps the commission is better with them?? I might be too cynical..

OEP · 24-01-2020 4:55pm

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

24-01-2020 5:00pm

Humour Me wrote: »

Your credit union should be able to transfer the funds by EFT once you give them the instruction.

In the conditions it says "Lump sum lodgements must be presented as a cheque or bank draft. Cash lodgements are not permitted".

Techn0 · 24-01-2020 5:42pm

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

fifth · 24-01-2020 6:01pm

Techn0 wrote: »

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

..And one in Wexford too? I've gotten quotes from 2925
EUR to 5,125EUR (exc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

GingerLily · 24-01-2020 6:29pm

fifth wrote: »

..And one in Wexford too? I've gotten quotes from 6,300EUR to 8,500EUR (inc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

Please don't include stamp duty when saying quotes, hardly the solicitors fault

fifth · 24-01-2020 6:55pm

GingerLily wrote: »

Please don't include stamp duty when saying quotes, hardly the solicitors fault

Never blamed the solicitor for the stamp duty. Have no issue with the stamp duty amount.

Have edited it the stamp duty out (I did mention those figures included stamp duty in my original post by the way). If you could edit yours please

ebayissues · 24-01-2020 8:18pm

We are lmsot coming towards the end of Januray, why is it that most banks have reached their limits on exemptions?

lir6777 · 24-01-2020 8:50pm

ebayissues wrote: »

We are lmsot coming towards the end of Januray, why is it that most banks have reached their limits on exemptions?

I don't think it's that they've run out, just that their criteria are extremely tight

hanaimai · 24-01-2020 10:16pm

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Ours is approx 1/5th of our joint income. Been in the house for just over a year now and it's perfectly manageable.

Dolbhad · 24-01-2020 10:54pm

hanaimai wrote: »

Ours is approx 1/5th of our joint income. Been in the house for just over a year now and it's perfectly manageable.

That’s the one thing I’m worried about. We have an exemption to policy. But would be 1/4 income if we took the exemption over 30 years which I think could be too much. We don’t have pensions or health/life insurance in work so these are things I am trying to calculate for also to set up once we have the house bought. I think 1/5 is a nice ratio.

Dolbhad · 24-01-2020 10:59pm

Techn0 wrote: »

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

Pm sent

Dolbhad · 24-01-2020 11:06pm

fifth wrote: »

..And one in Wexford too? I've gotten quotes from 2925
EUR to 5,125EUR (exc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

We had gotten a break down of a quote. So it appears it depends on the property - is it land registry or registry of deeds as outlays and fees differ. But most seems land registry so I’ll tell you what was on our quote. If you look up property registration authority section on fees you’ll see what they are ie buying a house between 50-200k they will charge €600 for the transfer, if it’s 200-400k it’s €700 etc. Registering a mortgage is €175. If your buying part of a land (new build) it’s €75 for new folio, then things like searches etc will also apply.

Paul_Mc1988 · 24-01-2020 11:12pm

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Mortgage is about 1/5. 330k over 30 years at 2.6%. Just bought it. Currently doing up the house so that's eating my money. Once I have that sorted the plan is to bang as much of the mortgage off over the next 5 years as possible. If I can get it to 200k in them years. She might be able to go flexi time.

lir6777 · 24-01-2020 11:15pm

Dolbhad wrote: »

Pm sent

Could I also ask for those details please? Im not at that stage yet but great to have a recommendation to hand when I get there!

Dolbhad · 24-01-2020 11:31pm

lir6777 wrote: »

Could I also ask for those details please? Im not at that stage yet but great to have a recommendation to hand when I get there!

Pm sent. Always worth having a chat with a solicitor when going about AIP to be talked through the process etc.

SteelyDanJalapeno · 24-01-2020 11:34pm

Are the mortgage value fractions above of your take home or your gross income?

Presume take home but just double checking.

If we can get an exception ours will be close to 1/4 after deductions and pension etc.

thunderdog · 24-01-2020 11:44pm

[Deleted User] wrote: »

Anyone doing the Bank of Ireland mortgage saver? Apparently they won't accept cash deposits, does anyone know if that's stuck to? Would be handier for me for transferring from my CU account.

Also doing boi mortgage saver via standing order each month. Lump sum transfers via a C/A are allowed up to 20k each calendar year.

OEP · 25-01-2020 12:39am

We'd be looking at somewhere between 1/3 and 1/4, which makes me uncomfortable but our joint income is pretty high, we'd be left with a decent amount of money after paying that kind of mortgage

ebayissues · 25-01-2020 7:02pm

lir6777 wrote: »

Totally agree, however these terms are particularly tight. The stress test is there to allow for increases in interest but to then also stipulate that a single person with no debts or dependents needs to have €2400 net disposable income per month is hard to grasp for me (much as I'd love to have it!!) I fully agree that exceptions should be, well, the exception, and caution is needed in giving them out, however these rules largely seem to be just leaving single applicants in a poor position even if they manage to save a deposit or plan to use HTB. I would love to see some help in that for single applicants (and I know people will likely point out that one person is riskier than two, which I get and agree with but that's what mortgage protection and all those other insurances are for too)

2400 per month after making stress re-payment is high.. You need to make income of 65kish upwards

lir6777 · 25-01-2020 7:49pm

ebayissues wrote: »

2400 per month after making stress re-payment is high.. You need to make income of 65kish upwards

I make 62k and wouldn't have that so I think you'd need to be on higher again! (The stressed repayments were over 1400)

ebayissues · 25-01-2020 8:02pm

lir6777 wrote: »

I make 62k and wouldn't have that so I think you'd need to be on higher again! (The stressed repayments were over 1400)

I actually dont get this. What rate are they using to derive that figures?

If I have a mortgage of 305k, my mortgage payment is approx 1.2k(Including both principal and interest).

Like the rate being used would have to be more than doubled to make this stressed repayment of 1400.

Makes no sense

lir6777 · 25-01-2020 8:47pm

ebayissues wrote: »

I actually dont get this. What rate are they using to derive that figures?

If I have a mortgage of 305k, my mortgage payment is approx 1.2k(Including both principal and interest).

Like the rate being used would have to be more than doubled to make this stressed repayment of 1400.

Makes no sense

I'm looking for a mortgage of 278k, and they stress test at 2% above the variable rate (apparently that is always the way, even though most people go fixed rate). So stress testing at about 5.15%!

Paul_Mc1988 · 25-01-2020 9:37pm

SteelyDanJalapeno wrote: »

Are the mortgage value fractions above of your take home or your gross income?

Presume take home but just double checking.

If we can get an exception ours will be close to 1/4 after deductions and pension etc.

1/5 of take home pay.

Creamy Goodness · 27-01-2020 4:07pm

Is anyone on the AIB Green Loan of 2.5% fixed for 5 years? I'm thinking of moving to this but what's the the story with overpaying, do they allow a small percentage at all?

awec · 27-01-2020 5:04pm

Creamy Goodness wrote: »

Is anyone on the AIB Green Loan of 2.5% fixed for 5 years? I'm thinking of moving to this but what's the the story with overpaying, do they allow a small percentage at all?

We're on it. AIB don't allow overpaying.

Creamy Goodness · 27-01-2020 5:08pm

awec wrote: »

We're on it. AIB don't allow overpaying.

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

awec · 27-01-2020 5:11pm

Creamy Goodness wrote: »

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

We were on their normal 5 year fixed 2.85% and we switched to it. The savings are significant enough to make it worthwhile.

We lucked out though because we were on a moratorium before we had to start paying the mortgage, and since we managed to get the rate switch through a few days before our first mortgage payment was due our switching fee was 0.

Knex* · 27-01-2020 5:18pm

We're looking at purchasing with a mortgage that is about 25% of our combined take home, after tax.

Little worried that we might be stretching ourselves here, after seeing the couple of posters say that they're at 1/5th or 20%.

Anything that we should be considering here?

Just to provide some more context, my girlfriend's salary typically includes commission that we're not including in the above calculation, and she's got pretty good benefits too.

I've no benefits, but would expect my salary to increase in the next couple of months. Which if I had to guess, would bring the mortgage payment percentage to around 23%.

lir6777 · 27-01-2020 5:32pm

Knex. wrote: »

We're looking at purchasing with a mortgage that is about 25% of our combined take home, after tax.

Little worried that we might be stretching ourselves here, after seeing the couple of posters say that they're at 1/5th or 20%.

Anything that we should be considering here?

If it helps, mine could end up at almost 1/3! To reassure myself that I can manage that, I've been looking at my outgoings over the past few months. The mortgage will be the same or even slightly less than the combination of my rent and saving for a deposit each month, so I know I can live on the rest already. It just feels more stressful as the money isn't accessible to fall back on in a savings account should the unexpected happen, so I'll be working to get even a tiny bit of savings put aside to ease my mind!! Also I'm factoring in increments in my salary, which may or may not be relevant to ye. The percentage matters less than the actual amount of course- 25% of 30000 is very different to 25% of 100k in terms of living off the rest.. Other debts and monthly outgoings etc would be things to consider I guess, whether these tot up and amount to your general living expenses being just too much. For what it's worth (that's not much as I'm no expert!!) 25% doesn't sound mad to me. 20% is amazing but probably not realistic for most people. See how it fits your own budget currently would be my opinion, and good luck with it!

ebayissues · 27-01-2020 9:57pm

If its an option rent out a room. If rent is less than 14,000 its tax free. Another way of boosting up savings.

Pablo_Flox · 28-01-2020 2:12pm

Does anyone have any recommendations for a good solicitor? Around South Dublin preferably, but not a deal breaker.

Would love a PM if you had a good experience with yours. Thanks!

Techn0 · 28-01-2020 9:19pm

Hey guys,

Has anyone had experience with applying for a mortgage and only having a certificate of income to satisfy gross pay? I hope to get a promotion in May and will be drawing down funds in either May or early June (i.e. before I get paid my new salary rate) and am wondering if the banks would accept a certificate in lieu of payslips?

Creamy Goodness · 28-01-2020 9:40pm

Techn0 wrote: »

Hey guys,

Has anyone had experience with applying for a mortgage and only having a certificate of income to satisfy gross pay? I hope to get a promotion in May and will be drawing down funds in either May or early June (i.e. before I get paid my new salary rate) and am wondering if the banks would accept a certificate in lieu of payslips?

No they’ll want to see confirmation of the new pay rise money hitting your account before taking it into account.

A salary cert is not really worth the paper it’s written on by itself.

Techn0 · 28-01-2020 9:43pm

Creamy Goodness wrote: »

No they’ll want to see confirmation of the new pay rise money hitting your account before taking it into account.

A salary cert is not really worth the paper it’s written on by itself.

Thanks for the reply - on that basis do you think just one payslip (say first month) suffice along with the certificate? I can't do much outside of waiting 3 months to build up 3 months of payslips which isn't practical when trying to close out on a house.

Creamy Goodness · 28-01-2020 9:48pm

Techn0 wrote: »

Thanks for the reply - on that basis do you think just one payslip (say first month) suffice along with the certificate? I can't do much outside of waiting 3 months to build up 3 months of payslips which isn't practical when trying to close out on a house.

When I went for mortgage with AIB I was in a similar position. They said they would want 1 month payslips and an updated salary cert. can’t confirm this isn’t the same now (I applied 2019) and that other banks offer the same.

Techn0 · 28-01-2020 9:50pm

Creamy Goodness wrote: »

When I went for mortgage with AIB I was in a similar position. They said they would want 1 month payslips and an updated salary cert. can’t confirm this isn’t the same now (I applied 2019) and that other banks offer the same.

Thanks a million - I won't have any other choice so let's hope one month will suffice!

niall5098 · 30-01-2020 3:36pm

HI All,

apoligies if i amin the wrong thread, if so could someone point in the right forum.

i was in a relationship when we bought a house pre-first time buyers grant. that relationship has since ended and i was bought out of that mortgage.

i am now looking to apply for a new mortgage. am i still considered a second time buyer and is there any reliefe for a second time buyer?

Thanks

DelBoy Trotter · 30-01-2020 3:52pm

niall5098 wrote: »

HI All,

apoligies if i amin the wrong thread, if so could someone point in the right forum.

i was in a relationship when we bought a house pre-first time buyers grant. that relationship has since ended and i was bought out of that mortgage.

i am now looking to apply for a new mortgage. am i still considered a second time buyer and is there any reliefe for a second time buyer?

Thanks

Yes you are considered a second time buyer, and no, there isn't any relief for a second time buyer afaik

coffeelover · 30-01-2020 8:06pm

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

Creamy Goodness · 30-01-2020 9:28pm

coffeelover wrote: »

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

Whichever gives the best interest rate. It doesn’t matter where your money is saved.

paul-2008 · 31-01-2020 11:15am

Creamy Goodness wrote: »

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

While you cant exactly overpay while in a fixed rate - you can increase your monthly payment to reduce your term before you enter into the fixed period and this will result in an overpayment. but you have to be sure you can afford the extra payment obviously

whatever76 · 31-01-2020 11:20am

coffeelover wrote: »

Just starting to save for a mortgage and wondering is it better to have a joint account or personal savings?

BOI do a mortgage Saver account that gives a bonus on draw down if you take it out with them ( 2k - 1300K after DIRT )

But yea it doesn't matter once you show consistent savings that you haven't touched and you prove that you can save X amount a month

red_bairn · 31-01-2020 8:02pm

whatever76 wrote: »

BOI do a mortgage Saver account that gives a bonus on draw down if you take it out with them ( 2k - 1300K after DIRT )

But yea it doesn't matter once you show consistent savings that you haven't touched and you prove that you can save X amount a month

1300k!!

boi89 · 01-02-2020 12:52pm

Hi Folks,

Just wondering if anyone knows if banks take into account non taxable income?. I receive an allowance every month as part of my job which is guaranteed and works out €2700 a year.

Appreciate if anyone has any advice on this.

lir6777 · 01-02-2020 5:46pm

boi89 wrote: »

Hi Folks,

Just wondering if anyone knows if banks take into account non taxable income?. I receive an allowance every month as part of my job which is guaranteed and works out €2700 a year.

Appreciate if anyone has any advice on this.

I could be wrong because my travel is variable but I think the bank said non-taxable isn't taken into account

boi89 · 01-02-2020 6:10pm

lir6777 wrote: »

I could be wrong because my travel is variable but I think the bank said non-taxable isn't taken into account

Yeah I can understand if the allowance changed from month to month but this is a fixed allowance which I receive every month.

Had a meeting with ulsterbank mortgage adviser last week and he suggested that they wouldn't be able to count it as income but he wasn't 100% sure and said he would come back to me. It doesn't make sense to me as its guaranteed and I have a salary cert stating it.

Gael23 · 01-02-2020 8:11pm

What’s the best deal for a single first time buyer. Looking to borrow around 160k

GarIT · 01-02-2020 8:55pm

boi89 wrote: »

Yeah I can understand if the allowance changed from month to month but this is a fixed allowance which I receive every month.

Had a meeting with ulsterbank mortgage adviser last week and he suggested that they wouldn't be able to count it as income but he wasn't 100% sure and said he would come back to me. It doesn't make sense to me as its guaranteed and I have a salary cert stating it.

No it can't be counted, and if any of that isn't spent on work related expenses you are legally required to return it to the company or inform Revenue so you can pay the appropraite tax on it at which point it could be counted.

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

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