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

ADO

Hey folks.

Been reading a lot of the posts here and some of you folks really know the whole process inside out!

So here I am asking for some advice.

Basically myself and the other half are in permanent full time employment (7yrs for me, 4 months for herself)

I know she needs to be in employment for a minimum of 6months before we can apply for a mortgage.

Basically our joint incomes work out at €58,500
We have a deposit of €35,000 and we were giving AIP with peppermoney.ie up to €240,000

However the area we are looking to stay in (where we currently rent) has houses going for €265,000 - €275,000

The houses we are looking at are not newly built houses so I'm guessing the help to by scheme won't apply to us.

My question is, is there any other schemes out there that would help contribute to the outstanding balance we would need? And also how strict is the whole 3.5 times combined salary? Is there any room for it to be increased to x4 times?

Many thanks!

trobbin

syndrome777 wrote: »

trust me I though about all of what you are saying loads. the truth is my mort rep will be the same as my rent is now (and we are in a smaller apt then we want to buy). Both of our salary do grow year on year, a little bit but they do.

I know it's not poplar in Ireland to buy an apts, but I always lived in one and i Know that the value may not grow but I don't want to save or wait anymore.
I do not want to overpay ether. So I would only go for what I think I am comfortable paying.

thank you for the advice anyway

That's good, at least you're thinking straight. I did write in an earlier post that most buying ATM are doing so because of huge rent prices. That's an unfortunate situation to be in, as rents have purposely been hiked for this reason. There's a huge vested interest from banks and government at the moment. Good luck

ThisRegard

stefanovich wrote: »

They lie usually. Don't trust a word they say. They want to get the price as high as possible to maximise their profit.

Don't bother asking, just make an offer by email and see what they say. If you want to bid under the asking then do.

I wouldn't agree with this. If you don't ask how do you know what to bid? You could end up putting yourself out of the running immediately, or over bidding

Everyone EA I've asked have been truthful IMO, it's in their own and their clients interest to do so.

Not saying there isn't dodgy ones out there, I've dealt with some pretty poor ones, but it's being overplayed a bit I think.

Michael D Not Higgins

Yes there are exemptions to the rules but these are only for a limited number of people. You will need to speak to a number of banks to see if you can qualify for an exemption.

ADO

Thanks for your reply!

Do u know of anyone that has been given an exemption and if so do u know with what bank?

SB_Part2

ADO wrote: »

Thanks for your reply!

Do u know of anyone that has been given an exemption and if so do u know with what bank?

It's not really a "one size fits all". Just because a bank gave an exemption to one person doesn't mean they'll give it to someone else.

I'd suggest going to a broker.

April 73

What's your capacity to save every month? If you really cut back for 6 to 9 months what extra savings could you accumulate?
Also - what rent of interest is Peppermoney charging? Be careful you don't get seduced by their offer which might work out a lot more of the lifetime of the mortgage, depending on their interest rate.

Zenify

I'm going into the bank tomorrow to apply for a mortgage. I want to have as much paperwork with me as possible. I have a pretty good deposit saved (30%) but also getting a gift from a parent. Should I bring a letter with me to the meeting from my parents saying the are giving the gift?

Does anyone have wording for this? Don't need it paid back, no equity in house etc...?

stefanovich

Zenify wrote: »

I'm going into the bank tomorrow to apply for a mortgage. I want to have as much paperwork with me as possible. I have a pretty good deposit saved (30%) but also getting a gift from a parent. Should I bring a letter with me to the meeting from my parents saying the are giving the gift?

Does anyone have wording for this? Don't need it paid back, no equity in house etc...?

They will give you a prepared letter for your parents to sign.

househunter08

Just wondering if anyone can PM me recommendations for a solicitor in the dublin 12 or dublin 24 area?

Percyxoxo

Hi all, does anyone know if it is mandatory to agree to Section 46 of the Consumer Credit Act 1995 (I.e. allowing banks to contact and visit employers/family members) on a mortage application form?
Thanks in advance

stop

Percyxoxo wrote: »

Hi all, does anyone know if it is mandatory to agree to Section 46 of the Consumer Credit Act 1995 (I.e. allowing banks to contact and visit employers/family members) on a mortage application form?
Thanks in advance

Curious on this myself.

Moody_mona

My broker sent it back to me, she said KBC wouldn't accept it with no signature.

zedhead

We are finally getting some movement in our purchase. Sale agreed since start of september!

The vendors got the contracts and closing date for their purchase - they are reviewing and then will reissue our contracts with a closing date.

Does anyone have any experience of chains. Will the closing dates be the same for both transactions?

Samuel T. Cogley

zedhead wrote: »

We are finally getting some movement in our purchase. Sale agreed since start of september!

The vendors got the contracts and closing date for their purchase - they are reviewing and then will reissue our contracts with a closing date.

Does anyone have any experience of chains. Will the closing dates be the same for both transactions?

Generally yes, it all happens the same day so everyone can move. Have a back up plan though last minute searches are sometimes done on the day and can cause issues - it's very rare though. Just know where the local storage lockers are and a cheap hotel.

zedhead

Samuel T. Cogley wrote: »

Generally yes, it all happens the same day so everyone can move. Have a back up plan though last minute searches are sometimes done on the day and can cause issues - it's very rare though. Just know where the local storage lockers are and a cheap hotel.

Thanks for the response!

We're not going to be handing back our apartment on the closing day, going to give it a week crossover so we aren't rushed getting the place clean to hand back to the landlady - she said we can give her 4-6 weeks notice so at this stage if everything gets confirmed this week it'll all work out. So should something happen on closing day we will still have our apartment.

Lekrub

Been following this thread for awhile now, hopefully I can get some help too.

Can anyone recommend a good surveyor and solicitor in Cork? Also, how many people went with insurance through their bank/broker?

Samuel T. Cogley

Lekrub wrote: »

Been following this thread for awhile now, hopefully I can get some help too.

Can anyone recommend a good surveyor and solicitor in Cork? Also, how many people went with insurance through their bank/broker?

Didn't us a broker and I'm a bit against their use generally, but they can be helpful in some situations. Went with the bank for insurance, I have to admit out of pure laziness/headspace issues at that point.

listermint

Lekrub wrote: »

Been following this thread for awhile now, hopefully I can get some help too.

Can anyone recommend a good surveyor and solicitor in Cork? Also, how many people went with insurance through their bank/broker?

Dont, its stupidly expensive and not competitive.

Zurich are doing some solid insurance deals presently.

The banks are in fact using Zurich underwriting and adding their own something something on top....

Lekrub

Samuel T. Cogley wrote: »

Didn't us a broker and I'm a bit against their use generally, but they can be helpful in some situations. Went with the bank for insurance, I have to admit out of pure laziness/headspace issues at that point.

I feel the same about brokers. Have been encouraged to use one to get a greater amount, due to crazy house prices, but am going to avoid that and stick with a lower budget and just accept that it is going to be a lesser but more affordable home.

ILikeBoats

I found the broker great. Saves a lot of time and hassle while costing nothing extra.

Samuel T. Cogley

ILikeBoats wrote: »

I found the broker great. Saves a lot of time and hassle while costing nothing extra.

It limits the banks to which you can apply, potentially limiting the deal you can get. I'd also be very dubious of brokers that don't charge a fee. They're getting paid somewhere.

Once you've your paperwork togeather it's really very little hassle going to each of the banks. If one wants to use a broker for the banks they can approach, fair enough but go to the other banks too.

Naid23

Is it normal for the contracts to be sent over before confirming you wish to proceed?

We are sae agreed on the house about 2-3 weeks, survey was done start of this week so still waiting on the report before moving forward (advised EA of this). So today my bf gets a email from the solicitor saying the contracts have been received.

Do we not have to give the instruction to the EA before they are sent?

Col_30

Hi all, would anyone know how long it takes to get a decision from EBS once the EBS Mortgage advisor has packaged the application and sent it to the underwriters?
We are looking for the AIP Certificate. They requested all the usual documents.

derekbro

Samuel T. Cogley wrote: »

It limits the banks to which you can apply, potentially limiting the deal you can get. I'd also be very dubious of brokers that don't charge a fee. They're getting paid somewhere.

Once you've your paperwork togeather it's really very little hassle going to each of the banks. If one wants to use a broker for the banks they can approach, fair enough but go to the other banks too.

I'm using the broker killers1 recommended on here on boards and it has been so much smoother than the first time I applied directly to the Banks. I am self employed and it was such a pain the first time and took over 3 months. With Killers 1 it was about 3 weeks.

Naid23

Col_30 wrote: »

Hi all, would anyone know how long it takes to get a decision from EBS once the EBS Mortgage advisor has packaged the application and sent it to the underwriters?
We are looking for the AIP Certificate. They requested all the usual documents.

Ours was about 3-4 weeks from when we submitted it first time. We're doing the renewal at the moment and its been four weeks already but we did have to send in additional paperwork at the start of this week.

zedhead

Samuel T. Cogley wrote: »

It limits the banks to which you can apply, potentially limiting the deal you can get. I'd also be very dubious of brokers that don't charge a fee. They're getting paid somewhere.

Once you've your paperwork togeather it's really very little hassle going to each of the banks. If one wants to use a broker for the banks they can approach, fair enough but go to the other banks too.

derekbro wrote: »

I'm using the broker killers1 recommended on here on boards and it has been so much smoother than the first time I applied directly to the Banks. I am self employed and it was such a pain the first time and took over 3 months. With Killers 1 it was about 3 weeks.

I would echo what derek said. My partner is self employed and it does add a level of complexity to the situation. Also as part of my salary is bonus, he advised the best way to have some of that considered as part of my salary - what documentation was needed etc. These things would have been missing if we had applied directly. If your application is straight forward then no need for a broker, but if there is anything out of the oridinary a broker can really help.

Samuel T. Cogley

derekbro wrote: »

I'm using the broker killers1 recommended on here on boards and it has been so much smoother than the first time I applied directly to the Banks. I am self employed and it was such a pain the first time and took over 3 months. With Killers 1 it was about 3 weeks.

There are certain scenarios and good brokers, the problem is using them as a default as was the case in the last boom/bubble. In the case of a bog standard application they should be used as a last resrt rather than the first.

Col_30

Naid23 wrote: »

Ours was about 3-4 weeks from when we submitted it first time. We're doing the renewal at the moment and its been four weeks already but we did have to send in additional paperwork at the start of this week.

Thanks, so 3-4 weeks for AIP, then once house is ready to close submit everything again?

Naid23

Col_30 wrote: »

Thanks, so 3-4 weeks for AIP, then once house is ready to close submit everything again?

From what theguy told us, they do most of the required checks when giving you the approval so when you go to drawdown then you dont need to resubmit everything. He explained thats what theres takes longer then other banks but that could be all BS for all we know.