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

pilly

sabinalee wrote: »

You right..
☺
I'm only looking excuses, and should be happy we got a mortgage anyway.
Probably 40km distance from work place and starting new life in a totally new place making me stressed a bit...

Understandable, it is a big decision. I moved last year from Dublin to a very rural location, stress was huge. Worked out in the end though and I'm happy out.

zedhead

Does anyone know if it makes a difference if a property is advertised with an AMV instead of an asking price. Are they effectively the same thing or is there any point in bidding under an AMV?

Sunjava

zedhead wrote: »

Does anyone know if it makes a difference if a property is advertised with an AMV instead of an asking price. Are they effectively the same thing or is there any point in bidding under an AMV?

AMV would suggest that it is going to auction, it is the reserve price.

zedhead

Sunjava wrote: »

AMV would suggest that it is going to auction, it is the reserve price.

This one definitely isn't going to auction. I guess I'll treat it the same as an asking price so.

bigronnie9

LirW wrote: »

Thing is, it's below 50k.

Not sure how much lower, but according to the Ulster Bank step by step mortgage guide, their minimum mortgage amount is €40,000. Might be worth contacting them

LirW

bigronnie9 wrote: »

Not sure how much lower, but according to the Ulster Bank step by step mortgage guide, their minimum mortgage amount is €40,000. Might be worth contacting them

Got in touch with brokers, they said our Cards are very strong here even though we're not the perfect candidates for a mortgage.
Next step is checking with Ulster since it's our bank anyway.

GaGa21

Can anyone here recommend a broker they have used that gets paid by the bank and got them a better mortgage than they could find for themselves?

Junadl

Hello

Myself, partner and 3 kids are wanting to get a mortgage. One income family of 41000, saving 800 per month, no loans, credit cards, living with parents and we've been told no or a very small amount. Only Ulster Bank have said yes only by their online calculator. Been living with parents 2 years, desperate for our own home..

Never eat out, no holidays etc. At moment its less than 3000 per month but if they took child benefit into account it would be almost 3400. We are wanting to buy a house for around 160,000 with monthly repayments around 640. Have deposit of 24000 so far.

Feeling so discouraged and hopeless! Are we going to be stuck at my parents for the next few damn years, also living here are my sister, her boyfriend and my older brother. There is no privacy whatsoever here! Anyone in similar circumstances and get mortgage approval?

<mod snip :inappropriate >

Junadl

GaGa21 wrote: »

Can anyone here recommend a broker they have used that gets paid by the bank and got them a better mortgage than they could find for themselves?

Me too please

ELM327

Junadl wrote: »

Hello

Myself, partner and 3 kids are wanting to get a mortgage. One income family of 41000, saving 800 per month, no loans, credit cards, living with parents and we've been told no or a very small amount. Only Ulster Bank have said yes only by their online calculator. Been living with parents 2 years, desperate for our own home..

Never eat out, no holidays etc. At moment its less than 3000 per month but if they took child benefit into account it would be almost 3400. We are wanting to buy a house for around 160,000 with monthly repayments around 640. Have deposit of 24000 so far.

Feeling so discouraged and hopeless! Are we going to be stuck at my parents for the next few damn years, also living here are my sister, her boyfriend and my older brother. There is no privacy whatsoever here! Anyone in similar circumstances and get mortgage approval?

<mod snip: inappropriate >

If you are earning 41000 then the max you will get is 41000*3.5 which is 143500. However I would suggest that if you are living with parents and only saving 800 per month then this may not meet the affordability criteria.

I am in the process of seeking mortgage approval myself, only looking for 180-200, have deposit saved, paying 1k per month rent, mortgage would be 800-1000 per month, but have been advised by the bank that in addition to my rent I must save 1k per month. It's not easy out there and prices are going up!

Junadl

ELM327 wrote: »

If you are earning 41000 then the max you will get is 41000*3.5 which is 143500. However I would suggest that if you are living with parents and only saving 800 per month then this may not meet the affordability criteria.

I am in the process of seeking mortgage approval myself, only looking for 180-200, have deposit saved, paying 1k per month rent, mortgage would be 800-1000 per month, but have been advised by the bank that in addition to my rent I must save 1k per month. It's not easy out there and prices are going up!

That is crazy, they expect you to save 1000 on top of paying rent! It feels like a real struggle but thank you for info. The banks don't give much info out or point me in right direction in terms of what we should be saving. We had been paying off loan and had to get a second car for the first time which isn't cheap! We just wanna move, I'll walk happily everywhere, get rid of second car etc.

Ulster Bank say 161000 on their online calculator, not sure whether to believe it.

UneJolieFemme

Junadl wrote: »

Hello

Myself, partner and 3 kids are wanting to get a mortgage. One income family of 41000, saving 800 per month, no loans, credit cards, living with parents and we've been told no or a very small amount. Only Ulster Bank have said yes only by their online calculator. Been living with parents 2 years, desperate for our own home..

They also look at disposable income you are left with after you pay your mortgage. For a family with 3 kids it is about €3000, so you need to have that amount of money plus whatever the monthly mortgage repayment is.

syndrome777

UneJolieFemme wrote: »

They also look at disposable income you are left with after you pay your mortgage. For a family with 3 kids it is about €3000, so you need to have that amount of money plus whatever the monthly mortgage repayment is.

this and bear in mind that they stress test you future mortgage repayment, so even if the mortgage payment for you would be sad 500, they will stress test it with around 6°% interest.

http://www.consumerhelp.ie/getting-mortgage-calculator
you can do it yourself here (put 6 for your APR) and you will see how much of a loan you could have on top of NDI, which for your family would be 2700-3000

Junadl

syndrome777 wrote: »

this and bear in mind that they stress test you future mortgage repayment, so even if the mortgage payment for you would be sad 500, they will stress test it with around 6°% interest.

http://www.consumerhelp.ie/getting-mortgage-calculator
you can do it yourself here (put 6 for your APR) and you will see how much of a loan you could have on top of NDI, which for your family would be 2700-3000

Really helpful, thank you very much.

I'm just wondering if I were to take up childminding (as I'm not already drowning in my own 3 kids ) part time, would I need to be working for 6 months before they consider it? I feel like we're so close but it's just out of reach. Looks like we'll be here another year...

Lekrub

I'm lucky enough to be at the sale agreed stage.

I got an engineer to check the house over. I mainly wanted to find out for subsidence since I heard so much about it and even saw some ads on daft for the extended area I was looking at saying their houses were already underpinned.

He done the inspection and sent a long report but it basically says he can only vouch for visual aspects and yea everything is fine. He didn't check the gas boiler or heating system, or electrics, or drains, or much else. And as far as subsidence goes he can't help you should insurance companies.

Does anybody have any advice or good/bad experiences from pre sale inspections? (not the banks valuation)

pilly

Junadl wrote:

Never eat out, no holidays etc. At moment its less than 3000 per month but if they took child benefit into account it would be almost 3400. We are wanting to buy a house for around 160,000 with monthly repayments around 640. Have deposit of 24000 so far.

Banks never count child benefit.

Glen_Quagmire

Received an email from Bank of Ireland today saying they are changing their offer for the MortgageSaver Bonus from an offer of 10% of your savings as you draw down your mortgage to 2000 euro and the ability to avail of the MortgageSaver cash back of 2% of your mortgage.

When reading the small print I seen this....

MortgageSaver Bonus is subject to DIRT at the prevailing rate (currently 39%) which may be reclaimed from Revenue.
See revenue.ie for details.

Can this DIRT (39% of 2000 euro) be claimed back from Revenue and does this effect the DIRT claimed on the Help to Buy Scheme towards the deposit?

Junadl

pilly wrote: »

Banks never count child benefit.

Ulster Bank and Pepper do.

jennyhayes123

pilly wrote:

Banks never count child benefit.

UB do. We have 4 kids and got mortgage off them. Don't give up hope. We struggled to get mortgage even tho we were saving, renting all whilst living. We got it through an amazing amazing guy that I found on Boards
Now living in our dream home

Junadl

jennyhayes123 wrote: »

UB do. We have 4 kids and got mortgage off them. Don't give up hope. We struggled to get mortgage even tho we were saving, renting all whilst living. We got it through an amazing amazing guy that I found on Boards
Now living in our dream home

Please pm details if possible.

jennyhayes123

Junadl wrote:

Please pm details if possible.

Done

myshirt

You can claim back the dirt from the last few complete tax years, so I too wonder how that works if the year hasn't complained yet

Edit: You can claim back any dirt paid up to the point of property going in your name

CFC007

Would this be upon signing contracts or after final payment on a new build that's not build yet?

myshirt wrote: »

You can claim back the dirt from the last few complete tax years, so I too wonder how that works if the year hasn't complained yet

Edit: You can claim back any dirt paid up to the point of property going in your name

09_09_09

jennyhayes123 wrote: »

Done

Could you please PM me as well. Thank you.

Blingy

jennyhayes123 wrote: »

UB do. We have 4 kids and got mortgage off them. Don't give up hope. We struggled to get mortgage even tho we were saving, renting all whilst living. We got it through an amazing amazing guy that I found on Boards
Now living in our dream home

Please pm details to me too. Thanks.

jennyhayes123

Done guys. Anyone else wanting it pm me as I may not see there comment on here unless I check the thread.

ELM327

What is the story with this "pepper"? I've never heard of them. Do they do mortgages and are they subject to the same Central Bank rules

fg1406

ELM327 wrote: »

What is the story with this "pepper"? I've never heard of them. Do they do mortgages and are they subject to the same Central Bank rules

They are a sub prime lender. I don't know much about them. There's a thread about them here
http://touch.boards.ie/thread/2057582188

GaGa21

jennyhayes123 wrote:

We got it through an amazing amazing guy that I found on Boards Now living in our dream home

Can you pm me details too please! TIA.

Donkeygonads

Today i got the keys to my first house and it feels fantastic however it ended being quite a stressful conclusion.... i went sale agreed back in Dec and luckily i could put down quite a substantial deposit and had been approved for a small mortgage of €60k , however due to an ongoing health concern I couldn't get mortgage protection, which came as a surprise so i had to stretch my finances to the limit and get a personal loan to conclude the deal as the Vendors solicitor was putting on serious pressure and threatening to pull out of the sale if it wasn't finalised ...... Anyway, time to pour a glass of bubbly..... Slainte !