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

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  • Options
    #452
    highgiant1985
    Registered Users Posts: 1,776 ✭✭✭highgiant1985


    audi12 wrote: »
    Buying houses when the market is falling is not the smartest move in the world you would think.

    If you're buying a home you intend to live in long term then its less of a concern.

    Prices are usually rising or falling. Trying to time it based on the perfect time to buy financially is extremely difficult to do and some times if you find the right place you just have to go for it, trying not to over burden yourself too much in doing so.

    Its very difficult to know when the right time to buy is and sometimes the life point people reach can make it the right time for them to buy.


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    #453
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    highgiant1985 wrote: »
    If you're buying a home you intend to live in long term then its less of a concern.

    Prices are usually rising or falling. Trying to time it based on the perfect time to buy financially is extremely difficult to do and some times if you find the right place you just have to go for it, trying not to over burden yourself too much in doing so.

    Its very difficult to know when the right time to buy is and sometimes the life point people reach can make it the right time for them to buy.

    still end up paying more each month so I would say yes it is a concern pretty big one


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    #454
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    audi12 wrote: »
    still end up paying more each month so I would say yes it is a concern pretty big one

    But what happens if you think now is the lowest price point, you buy and 12 months later theyve fallen 10%?
    What happens if you think now is the wrong time to buy so wait 12 months and now the prices have risen 10%
    in both situations you actually want to buy and are renting which you loathe

    <MOD SNIP >

    Or do you buy when you want to buy for what you can afford in a place you're happy living in. Id love to have bought in 2012 when the market was at its lowest (in hindsight that is, I thought it would drop more) but I wouldn't have been able to buy as I couldn't get a mortgage.

    Yes you might pay more than the man across the road did but their comes a time in your life when you want to own your own house.
    So long as you don't crib and moan that the house is worth less than the mortgage a few years later, I don't care.


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    #455
    Zenify
    Registered Users Posts: 861 ✭✭✭Zenify


    audi12 wrote: »
    still end up paying more each month so I would say yes it is a concern pretty big one

    I don't own a house yet so I'm not the best person to answer this but.... my plan is to buy soon (ish) and I will buy a property I can afford for a price I am happy to pay. I plan to stay in it for a very long time. There will probably be ups and downs in the market while I am living there over my life, which are all irrelevant as I am not buying to sell again.

    With this attitude, telling someone they bought at the wrong time is like telling someone they picked the wrong lotto numbers. I am buying a property to have a home, not for the lotto.


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    #456
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Zenify wrote: »
    I don't own a house yet so I'm not the best person to answer this but.... my plan is to buy soon (ish) and I will buy a property I can afford for a price I am happy to pay. I plan to stay in it for a very long time. There will probably be ups and downs in the market while I am living there over my life, which are all irrelevant as I am not buying to sell again.

    With this attitude, telling someone they bought at the wrong time is like telling someone they picked the wrong lotto numbers. I am buying a property to have a home, not for the lotto.

    House prices fell last month and the month before hardly like trying to predict the lotto


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    #457
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    quadrifoglio verde wrote: »
    But what happens if you think now is the lowest price point, you buy and 12 months later theyve fallen 10%?
    What happens if you think now is the wrong time to buy so wait 12 months and now the prices have risen 10%
    in both situations you actually want to buy and are renting which you loathe

    <MOD SNIP >

    Or do you buy when you want to buy for what you can afford in a place you're happy living in. Id love to have bought in 2012 when the market was at its lowest (in hindsight that is, I thought it would drop more) but I wouldn't have been able to buy as I couldn't get a mortgage.

    Yes you might pay more than the man across the road did but their comes a time in your life when you want to own your own house.
    So long as you don't crib and moan that the house is worth less than the mortgage a few years later, I don't care.
    House prices have fell the last few months would at least hold off to see how it plays out while they are falling but your decesion


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    #458
    quadrifoglio verde
    Registered Users Posts: 3,670 ✭✭✭quadrifoglio verde


    audi12 wrote: »
    House prices have fell the last few months would at least hold off to see how it plays out while they are falling but your decesion

    And the only way you know they've risen is the month after when they've been published.
    When I find a house that I like and can afford (theres plenty I don't like but can afford), Ill be buying and not giving a damn whether the price falls or rises.

    Ive other schemes to become a millionaire than my ppr :cool:


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    #459
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    quadrifoglio verde wrote: »
    And the only way you know they've risen is the month after when they've been published.
    When I find a house that I like and can afford (theres plenty I don't like but can afford), Ill be buying and not giving a damn whether the price falls or rises.

    Ive other schemes to become a millionaire than my ppr :cool:

    Thats your business then ..I have a buy to let application going to the bank soon I take a different view


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    #460
    Zenify
    Registered Users Posts: 861 ✭✭✭Zenify


    audi12 wrote: »
    House prices fell last month and the month before hardly like trying to predict the lotto

    House prices were rapidly increasing for years, then 2008 happened


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    #461
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Zenify wrote: »
    House prices were rapidly increasing for years, then 2008 happened

    what is your point


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    #462
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    Please remember this thread is about saving for a mortgage, recent posts are straying into territory more suited to the property market thread.


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    #463
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,651 Mod ✭✭✭✭L1011


    audi12 wrote: »
    Buying houses when the market is falling is not the smartest move in the world you would think.

    Most people are buying a house - singular - to live in.

    Market shouldn't really concern people planning to own it for 20+ years. If you are in unreliable employment and actively have to consider selling it in future to cover the mortgage that is about the only reason not to.

    A falling market makes it easier to save to get a house in the first place, most importantly to the thread.


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    #464
    Del007
    Registered Users Posts: 1,586 ✭✭✭Del007


    Are house price falling all over the country or is it just in Dublin?

    I'm in Cork so mostly interested in here


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    #465
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Zenify wrote: »
    I don't own a house yet so I'm not the best person to answer this but.... my plan is to buy soon (ish) and I will buy a property I can afford for a price I am happy to pay. I plan to stay in it for a very long time. There will probably be ups and downs in the market while I am living there over my life, which are all irrelevant as I am not buying to sell again.

    With this attitude, telling someone they bought at the wrong time is like telling someone they picked the wrong lotto numbers. I am buying a property to have a home, not for the lotto.

    This is really sensible IMO. You're buying a roof over your head, so your only comparison should be against the cost of renting.

    There are lots of people sitting on the fence, waiting for something that might never come. Now is arguably a good time to be a buyer as you won't be falling over people at open viewings, getting caught up in bidding wars etc, and if the seller is serious you'll likely do well.

    If you've your deposit saved, and you can afford the property type you want, and you've evaluated all other options and it still makes sense, then ignore the market. If you're going to stay they for 10+years then the market doesn't really matter.


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    #466
    Bradz213
    Registered Users Posts: 235 ✭✭Bradz213


    Have just applied for a mortgage. The broker seemed optimistic but I'm a little less so. We've been renting and saving bits here and there and we were lucky enough to receive a large amount of the deposit as a gift. So just hoping we get good news soon!


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    #467
    Black_Knight
    Moderators Posts: 12,363 ✭✭✭✭Black_Knight


    Anyone know of any decent brokers in Cork city area? We've lurked long enough on daft and myhome over the last few months, and have even gone a viewed 2 open houses.
    There's a couple of other houses we wouldnt mind viewing but might feel like idiots getting an agent to show us around when we've no AIP. Could go straight to the banks but only the 1 of us is 6 months in the job so a broker might give us a better idea where we stand.

    Regards our savings, we'd have the 10%+20% deposit saved. Its more the aftercosts that we're not totally prepared for. Stamp duty, solicitors fees, engineers fees, buying a couch, bed and kitchen table. Washing machine, dryer, fridge (if not in the house). Those are the sneaky ones that can all add up (guessing in the region of 10-15k)


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    #468
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Black_Knight wrote: »
    Anyone know of any decent brokers in Cork city area? We've lurked long enough on daft and myhome over the last few months, and have even gone a viewed 2 open houses.
    There's a couple of other houses we wouldnt mind viewing but might feel like idiots getting an agent to show us around when we've no AIP. Could go straight to the banks but only the 1 of us is 6 months in the job so a broker might give us a better idea where we stand.

    Regards our savings, we'd have the 10%+20% deposit saved. Its more the aftercosts that we're not totally prepared for. Stamp duty, solicitors fees, engineers fees, buying a couch, bed and kitchen table. Washing machine, dryer, fridge (if not in the house). Those are the sneaky ones that can all add up (guessing in the region of 10-15k)

    Hi BK,

    Cant help you on the broker front but can offer some assistnace on the after costs.

    I'd say you need to budget about €2k for legal fees including registration etc. You could possibly get this for less, and it might be no harm to get your solicitor in place now, even though they likely won't be doing anythign for a few months. You can have those costs agreed well ahead of time.
    1% Stamp duty
    €350 survey
    €150 valuation for mortgage

    I replaced my kitchen before moving in, and the costs for all the appliances came in about €1800. Kitchen units and fitting are more again of course, but it will depend what the house needs. Most houses that I saw, the white goods were included, but I just too the notion that I wanted all new as I was buying a new kitchen, but strictly speaking, it wasnt absolutely necessary.

    I spent about 1500 on 2 new sofas for the living room and about €500 on other bits and bobs like corner unit, coffee tables, tv unit etc.

    I spent €900 on a new bed and mattress, and about €500 on a new dining table and chairs.

    I also spent about €3500 on having the whole place repainted, new carpets and new laminate flooring in the kitchen and hallway.

    As you can see, it really all adds up! It really depends what you're buying though. My place had been rented out previously, and I felt some things were just grotty and needed replacing, even if they were functional. If I'd been able to buy a brand new house, or even something that had been owner occupied, I might have had less to do.

    All this was done before I moved in.Things like beds for the spare rooms were then bought over time as I got around it it. Concentrate on the things you need immediately and prioritize.


  • Options
    #469
    Black_Knight
    Moderators Posts: 12,363 ✭✭✭✭Black_Knight


    SarahMollie wrote: »
    All this was done before I moved in.Things like beds for the spare rooms were then bought over time as I got around it it. Concentrate on the things you need immediately and prioritize.

    Definately, once we have our white appliances, a bed, and something to eat off of, we'd be happy. We've similar costs in mind, other than the dining table. We've our eye on something. Its pricey, but it's something we'd be looking to keep indefinitely, and would be a feature of the room (that said, it all depends on the size of the room).


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    #470
    mirrorwall14
    Closed Accounts Posts: 6,751 ✭✭✭mirrorwall14


    If you have space in your current rental start stalking done deal and adverts. We are lucky to be in semifurnished so we own our couch/chair/bed/tv and some furniture and the tumble dryer. However we have also accepted a second hand cooker from our parents in great M condition and kitchen table and chairs even though it means having the landlords ones in a corner/spare room because it's one less expense when we do get a house. Nothing really matches but it's all fully functioning and serviceable

    All we will need will be a washing machine and fridge when moving in and when we get near that stage I'll be watching for a second hand one to have.

    I want every penny for the bricks and mortar, everything else can be collected over time and decoration can wait until we have saved


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    #471
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    Black_Knight wrote: »
    Definately, once we have our white appliances, a bed, and something to eat off of, we'd be happy. We've similar costs in mind, other than the dining table. We've our eye on something. Its pricey, but it's something we'd be looking to keep indefinitely, and would be a feature of the room (that said, it all depends on the size of the room).

    Yes, funnily enough this is the one area I cheaped out :)

    I put in a new kitchen, all bright white and reflective (this room doesnt get much natural light), with a cool tone wood laminate on the floor. This is not my forever home, so I went to IKEA and bought an ultra modern white roundtable and coloured perspex chairs to pop against the white. It looks very cool now but definitely not an investment piece. It will do for a few years though and for now I love the ridiculousness of it.

    Everything I bought was decent but not extortionate, as if I move in the future, some might come with me and some might not. I also may or may not sell the property, depending on my circumstances in a few years, so I've not bought anything so precious that if I end up renting it out in 5 years, that I'll lose and sleep over. I definitely had that in mind when I was buying.

    I know I definitely had a lot to spend versus some people when they first move in, but it took me ages to complete on a property, so I'd plenty saved when the time came - I know thats not the case for everyone.

    The previous owner left their furniture (and was being painful about it and I just wanted to close) so I arranged myself for a woman who works with the homeless to come over and take what she wanted. I ended up donating 3 beds, 2 sofas, coffee table, bedside tables, etc and knowing that they went to a deserving cause. I actually also had my decorators remove a fireplace (not a real one, I'm not mad!) from the living room as I felt it was limiting the space, and managed to sell it on adverts for €200! So at least that was a small amount to offset against all my other costs!


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    #472
    hawkeye_bmr
    Registered Users Posts: 402 ✭✭hawkeye_bmr


    Myself and OH have been trying to get a mortgage on the go. Have 28k in savings and combined gross of 45k, so we are looking in and around 125k~.

    Had returned home from 3 years in Oz where we had started to save for a house before coming home. Currently living with parents.

    Applied with BOI after 3 months in our jobs, got declined on basis of needing to be in job for 12 months.

    Last month we tried with PTSB, as we were both over our 6 months probation. Advisor in bank was more than helpful, said all our paperwork was good, good record of savings & deposit, both employers happy with our performances to say we had long term futures at both jobs.
    Bank manager was also happy with all the above, application submitted to head office only to come back a few days later, declined.

    Wanted us to be in jobs 12 months also.

    Gutted wasn't the word, been saving every cent and itching to get our own place and get out from under my parents feet.

    They said they're shocked that it was declined and are appealing the decision for us. Hoping that it gets approve it on appeal!

    Anybody know how long appeals would take?


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    #473
    Black_Knight
    Moderators Posts: 12,363 ✭✭✭✭Black_Knight


    hawkeye_bmr wrote: »
    Myself and OH have been trying to get a mortgage on the go. Have 28k in savings and combined gross of 45k, so we are looking in and around 125k~.

    Had returned home from 3 years in Oz where we had started to save for a house before coming home. Currently living with parents.

    Applied with BOI after 3 months in our jobs, got declined on basis of needing to be in job for 12 months.

    Last month we tried with PTSB, as we were both over our 6 months probation. Advisor in bank was more than helpful, said all our paperwork was good, good record of savings & deposit, both employers happy with our performances to say we had long term futures at both jobs.
    Bank manager was also happy with all the above, application submitted to head office only to come back a few days later, declined.

    Wanted us to be in jobs 12 months also.

    Gutted wasn't the word, been saving every cent and itching to get our own place and get out from under my parents feet.

    They said they're shocked that it was declined and are appealing the decision for us. Hoping that it gets approve it on appeal!

    Anybody know how long appeals would take?

    Why have you gone to only BOI and PTSB? They'd be low down on my list of mortgage providers.

    No idea how long appeals take, but there must be something they dont like about yer application for both to decline ye.


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    #474
    SarahMollie
    Closed Accounts Posts: 2,843 ✭✭✭SarahMollie


    I would get a broker, that way you can apply more places than just BOI and PTSB.

    I imagine that there area few factors against you.

    1. You're back in Ireland a relatively short time.
    2. Your combined income is still pretty low. This means that any stresstesting is going to be particularly tough on you, as you won't ever really have much disposable income should something unexpected happen.

    Also, surely you can reapply to BOI now as well, since your first application was before you'd passed probationary period in your jobs, which they were never going to accept IMO.


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    #475
    Alkers
    Registered Users Posts: 6,811 ✭✭✭Alkers


    SarahMollie wrote: »
    I would get a broker, that way you can apply more places than just BOI and PTSB.

    You can go to them all except for Haven without a broker in any case. Just get a sample salary cert and take the logos off it and get your work to sign it, then you can use it with all the banks. After that it's just submitted the documents and filling in the application forms which you have to do with a broker anyway.


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    #476
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    Just got our approval today - got more than 3.5x salary offered from Haven. We went through a broker, didn't ask for an exception or particularly want one. Anybody got an opinion on Haven?


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    #477
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    Inspector Coptoor wrote: »
    14k deposit?
    I wish we could have a deposit like that.
    Buying in south Dublin is a huge outlay.

    It's taken us 3 years or so but we have finally saved €86k deposit for our house which we've gone sale agreed on for €430k.

    Signing contracts This evening and hope to be in the house by Feb 13th all going well.

    430 for probably a three bed semi chained to that for life on what planet does that make sense just to live in dublin ??


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    #478
    _Kaiser_
    Registered Users Posts: 28,664 ✭✭✭✭_Kaiser_


    audi12 wrote: »
    430 for probably a three bed semi chained to that for life on what planet does that make sense just to live in dublin ??

    To be fair, like it or not Dublin is the centre of the country economically and depending what field the poster works in (IT for example) they may have better employment prospects there. You also have better infrastructure, better transport etc

    Plus there's family ties, friends, kids schools etc - all of these are important to varying degrees.

    I agree with the point you're making (property prices are back to ridiculous levels again but without all the "free" credit of last time - instead it's constricted supply), but unless you want a significant daily commute (which comes with other costs and hassles too - speaking from experience on that one :)) then the reality is that Dublin is always going to be in greater demand and thus higher priced.


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    #479
    audi12
    Banned (with Prison Access) Posts: 890 ✭✭✭audi12


    _Kaiser_ wrote: »
    To be fair, like it or not Dublin is the centre of the country economically and depending what field the poster works in (IT for example) they may have better employment prospects there. You also have better infrastructure, better transport etc

    Plus there's family ties, friends, kids schools etc - all of these are important to varying degrees.

    I agree with the point you're making (property prices are back to ridiculous levels again but without all the "free" credit of last time - instead it's constricted supply), but unless you want a significant daily commute (which comes with other costs and hassles too - speaking from experience on that one :)) then the reality is that Dublin is always going to be in greater demand and thus higher priced.

    Id live up a mountain rather than be chained in to a depressing mortgage like that.


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    #480
    Sleepy
    Registered Users Posts: 24,149 ✭✭✭✭Sleepy


    Went sale agreed this afternoon! :)


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    #481
    angeldelight
    Registered Users Posts: 5,175 ✭✭✭angeldelight


    That's great Sleepy - quick work!


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