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

heebusjeebus

Applying for a mortgage with BoI currently and the "Online Declaration" document is looking for solicitors details. Do I need one lined up already?
I thought I'd only need one when I start the bidding process.

CHealy

Does anyone have some advise on the best way to handle paying a mortgage when there is two of us splitting everything (mortgage/bills) down the middle? I have thought about setting up a new joint account specifically for depositing money into to pay for mortgage but dont know if thats practical. Both of us would like to keep our own current accounts as is. Any ideas?

ILikeBoats

That's what we do. Have a joint account we both put the same amount in every month, this covers mortgage, bills, household costs and we have our own accounts too.

CHealy

ILikeBoats wrote: »

That's what we do. Have a joint account we both put the same amount in every month, this covers mortgage, bills, household costs and we have our own accounts too.

Perfect, makes sense for us to do it that aswell because we'd like our own bit of independence after paying the bills aswell. Cheers.

Glen_Quagmire

Could someone please check over these numbers and advice if I am missing anything?

- 300k new house price
- 255k max mortgage from bank
- 45k to make up difference including 30k deposit
- 5k for solicitors fees etc (estimate)
- 50k total to make up
- 15k towards deposit from DIRT
- 2k back from BOI (MortgageSaver offer)
- 5k back from BOI (2% of mortgage)
- 28k savings needed to make up the difference
- Family loan of 7k until above 7k is received from BOI and pay them back

myshirt

5k is too much for solicitor fees and incidentals.

Cut it down to 3 max. Plus 3k stamp duty. Plus survey fees.

Also, where are you getting 15k dirt rebate? Please share how I can get that much interest earnings!! If you are genuine on that number you must have earned it on a serious cash deposit, so note that the rebate will be restricted.

2% of 250 is 5k, fine there. Also, not sure you can combine both offers from BOI (the cashback and the mortgage saver). Check that out. BOI will lodge 1,200 of that 2k and you have to claim the 800 back of the taxman.

Glen_Quagmire

myshirt wrote:

Also, where are you getting 15k dirt rebate? Please share how I can get that much interest earnings!! If you are genuine on that number you must have earned it on a serious cash deposit, so note that the rebate will be restricted.

Through the HTB scheme for first time buyers

myshirt

Glen_Quagmire wrote: »

Through the HTB scheme for first time buyers

Ah I see. That's not a dirt rebate. That is an income tax rebate.

Bored Accountant

CHealy wrote: »

Does anyone have some advise on the best way to handle paying a mortgage when there is two of us splitting everything (mortgage/bills) down the middle? I have thought about setting up a new joint account specifically for depositing money into to pay for mortgage but dont know if thats practical. Both of us would like to keep our own current accounts as is. Any ideas?

We set up a joint account and lodge same amount every month.
Everything shared comes out of that then. we both have bank cards for joint account so can use for bills, groceries (even going out for dinner) etc, and then we still have our own spending money in our personal accounts.
If for any reason during a month, there is unexpected expenditure, ye both can just lodge extra and then no arguements about "well I paid tv license last month, its your turn to pay the boiler service" or something similar if working from just personal accounts.

Edit: only thing that annoys me about it, is the extra bank charges

Glen_Quagmire

The HTB scheme is a rebate of both DIRT and income tax. But you're right, in my case it's an income tax rebate.

Does the 2% cash back offer from BOI, (in my case above 5k) get taxed?

Junadl

So from what I'm reading as a family of 5 we need to be bringing in 3800 per month minimum, is this true? Has anyone here width kids been approved bringing in less per month?

travinci

Junadl wrote: »

So from what I'm reading as a family of 5 we need to be bringing in 3800 per month minimum, is this true? Has anyone here width kids been approved bringing in less per month?

I think it is more less true
From what I learned for most of the banks it is around €2000 for a couple +€250 for each child+ your mortgage repayment with stress test of 2% highee rate added.

Saying that I know people who were refused by banks and got mortgage through county council. which is a great option anyway. We are currently getting document together to apply, but if we get refused we will definitely go down that route.

Also: Ulster Bank counts your child benefit as your income

hooch-85

So..had a great week, got approval from Ulster Bank and got engaged at the weekend, fingers crossed it will all work out buying our home..thanks for the tips and advice on here.

travinci

hooch-85 wrote: »

So..had a great week, got approval from Ulster Bank and got engaged at the weekend, fingers crossed it will all work out buying our home..thanks for the tips and advice on here.

Wow! Congratulations
Exciting times ahead!

neonsofa

hooch-85 wrote: »

So..had a great week, got approval from Ulster Bank and got engaged at the weekend, fingers crossed it will all work out buying our home..thanks for the tips and advice on here.

Congratulations!

myshirt

hooch-85 wrote: »

So..had a great week, got approval from Ulster Bank and got engaged at the weekend, fingers crossed it will all work out buying our home..thanks for the tips and advice on here.

Congratulations and best wishes!

RaulDublin

hi
we are in the process of buying. Does anyone know how does a moratorium on mortgage payments work . We would have 1 months between keys and drawing mortgage normally . Anyway this can be extended as w would take a couple of more weeks ( ideally 2 months) before we would like to move in and get works done in the house .
Dont have the option of moving out to parents place and would like to avoid a double whammy of sorts on rent and mortgage

sulli

jennyhayes123 wrote: »

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

pm details if possible?! Thanks

jennyhayes123

sulli wrote:

pm details if possible?! Thanks

Done
Anyone else looking his number pm me.

Bradz213

RaulDublin wrote: »

hi
we are in the process of buying. Does anyone know how does a moratorium on mortgage payments work . We would have 1 months between keys and drawing mortgage normally . Anyway this can be extended as w would take a couple of more weeks ( ideally 2 months) before we would like to move in and get works done in the house .
Dont have the option of moving out to parents place and would like to avoid a double whammy of sorts on rent and mortgage

I'm getting 6 months moratorium with AIB. Basically you still accrue interest during that time so your monthly repayments go up for the remainder of the mortgage as a result.

RaulDublin

Bradz213 wrote: »

I'm getting 6 months moratorium with AIB. Basically you still accrue interest during that time so your monthly repayments go up for the remainder of the mortgage as a result.

It looks good that its interest only. Ptsb seem to have no such thing in place.

Larry SR

Are there different rules for borrowing to buy a one bed apartment?

geo88

Yes, usually banks ask for a 25% deposit on 1 beds.

mloc123

Anyone have experience with how banks see RSU (Stock that companies give employees)? The rate of stock units being set, set number vest every 3 months over the next 3 years, but the value of the stock fluctuates which makes me think banks will not consider this guaranteed income?

ILikeBoats

mloc123 wrote: »

Anyone have experience with how banks see RSU (Stock that companies give employees)? The rate of stock units being set, set number vest every 3 months over the next 3 years, but the value of the stock fluctuates which makes me think banks will not consider this guaranteed income?

They ignored ours

The_Conductor

ILikeBoats wrote: »

They ignored ours

Its not seen as guaranteed income- for example stock prices could collapse (as has happened) which might render the options worthless. I've several siblings who thought their shares in Bank of Ireland, AIB and two large US multinationals were gold plated investments that could only go up- other than the employers buying back the stocks at issue prices- several of them would have had to declare personal bankruptcy (the Irish banks who were bailed out- allowed employees sell back their shares at the prices they bought them at- which funnily enough never really featured in the Irish media- it made me furious as hell when I heard it.......)

mloc123

Cool, thanks for the feedback.. that is what I had assumed.

Limitless_Dub

Hi, I am a potential new buyer, I have been reading about fixed and variable mortgages, I will obviously request an appointment with several banks and discuss with them the different options that they have, but before, I would like to take the opinion from those who have already a mortgage and get to know the pros and cons of each (fixed and variable).
I am planning to take a small ish mortgage (115K), repay over a period of 30 years and the LTV is 75%, thanks!

kippy

Limitless_Dub wrote: »

Hi, I am a potential new buyer, I have been reading about fixed and variable mortgages, I will obviously request an appointment with several banks and discuss with them the different options that they have, but before, I would like to take the opinion from those who have already a mortgage and get to know the pros and cons of each (fixed and variable).
I am planning to take a small ish mortgage (115K), repay over a period of 30 years and the LTV is 75%, thanks!

Pros and cons?
It's mostly down to the rates and your general circumstances.
Rates comparison etc here:
https://www.bonkers.ie/compare-mortgages/search/
Some general advice here:
http://www.independent.ie/business/personal-finance/property-mortgages/fixed-or-variable-which-mortgage-to-buy-our-new-home-31335021.html

To be honest, if I were you, I would try take out the cheapest variable available and overpay the mortgage if you could at all.

Even at 4% your repayment would be 546 a month based on the figures you've given and that should be a mortgage you could afford to overpay on to reduce your overall interest bill and term should you wish to do it.
Again, all dependent on ones own circumstances and readings of crystal balls.

frank15

Hi, quick Mortgage question
Coming back home from Australia later in the year. Have a job in Dublin lined up but actually looking to buy the close to Cork. Will there be a problem approving a mortgage for a house that's in a completely different part of the country? i.e the Bank will know I intend to leave my job in Dublin soonish so it doesn't exactly seem stable. 
Thanks!