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Question on getting mortgage.

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  • 29-12-2012 2:14am
    #1
    Amprodude
    Registered Users Posts: 4,034 ✭✭✭


    Only guys I'm 27 years old and am looking to buy a house late next year. I don't know where to start. What do I do about getting a mortgage? Don't have any experience on getting one. What's the 1st step I should do?

    Anyone give me any tips on what I should do? I have some savings as well but some of the houses I have been looking at are costing over 4 times my current savings. I only want to borrow what I can pay back. Hopefully I will have a bit more savings late next year but swill need a bit of borrowing still. Hope this ain't a silly question and apologies if so.

    Thanks guys.


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    #2
    WaltKowalski
    Registered Users Posts: 489 ✭✭WaltKowalski


    Amprodude wrote: »
    Only guys I'm 27 years old and am looking to buy a house late next year. I don't know where to start. What do I do about getting a mortgage? Don't have any experience on getting one. What's the 1st step I should do?

    Anyone give me any tips on what I should do? I have some savings as well but some of the houses I have been looking at are costing over 4 times my current savings. I only want to borrow what I can pay back. Hopefully I will have a bit more savings late next year but swill need a bit of borrowing still. Hope this ain't a silly question and apologies if so.

    Thanks guys.

    What sort of job have you?

    Sounds like you've a hefty deposit.
    If you've proof of savings, proof of earnings, no bad debt ever, and a secure job, you shouldn't have any problems.


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    #3
    WaltKowalski
    Registered Users Posts: 489 ✭✭WaltKowalski


    Ulster Bank, AIB, Bank of Ireland, EBS and Irish Permenant are selling mortgages, but the criteria to meet is strict.
    Start by looking at their websites. A lot of information available there.
    They all have mortgage advisors in branch that'll be happy to meet you.
    I saw one of the banks advertising that their mortgage advisor will travel to meet customers in the Dublin area.
    When you get your P60 for this year keep it safe as you'll need that.
    I got a mortgage last year and had to provide p60, 6 months bank statements, 4 payslips, a certificate of income from my employer (form provided by the bank), proof of savings and savings record, a valuation of the property by an approved estate agent, a survey of the property I bought, evidence that I had the cash at hand to do any work required to the house and pay stamp duty, land registry and solicitors fees, as well as getting life and house insurance.


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    #4
    Amprodude
    Registered Users Posts: 4,034 ✭✭✭Amprodude


    WaltKowalski wrote: »

    What sort of job have you?

    Sounds like you've a hefty deposit.
    If you've proof of savings, proof of earnings, no bad debt ever, and a secure job, you shouldn't have any problems.

    Im in a permanent secure job at present.

    I am single so trying to save as much as possible.

    Have a good bit of savings but last three months have been poor by me. Could have saved a bit more but bought some stuff instead. Anyway to the present i am saving, have proof of earnings and have no debt in anything.


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    #5
    WaltKowalski
    Registered Users Posts: 489 ✭✭WaltKowalski


    Use a mortgage calculator online to figure out your estimated repayments, and save at least that much a month between now and when you apply.
    If you've a 15/20% deposit you'll have no problems.
    Think the minimum looked for is 10%.


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    #6
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    You look like a good candidate to me. Carry on saving, pay down any debts you have. Keep your current account squeaky clean, no bounces, no payments to paddy power. Speak to a broker, there is a guy killers who posts in the accommodation section who people speak very highly of. (be wary of posting in that section though unless you want replies from keyboard warriors telling you you are nuts, and houses will be 50p next year!).

    Good luck :-)


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    #7
    Amprodude
    Registered Users Posts: 4,034 ✭✭✭Amprodude


    StillWaters wrote: »
    You look like a good candidate to me. Carry on saving, pay down any debts you have. Keep your current account squeaky clean, no bounces, no payments to paddy power. Speak to a broker, there is a guy killers who posts in the accommodation section who people speak very highly of. (be wary of posting in that section though unless you want replies from keyboard warriors telling you you are nuts, and houses will be 50p next year!).

    Good luck :-)

    Cheers for all the advice here,


    From February on, I will be 100% committed to saving big time as I need my credit card to clear for January due to xmas presents bought online and then I will go full on with the savings. Luckily for me I don't bet, or do paddy power as I'm not into that thing. I always clear my credit card 100% of any debt monthly without issues.


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