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

davinlarkin

Myself and partner living in her mothers saving to get mortgage in dublin. Looking for 200k.

My salary is 32k + 35k commision. I save 1250 a month and 400 towards a loan . Have 12000 saved and a loan balance of 3500.

My partner is on carer allowance but will be returnung to a 25k job in febuary.

I have one dependant.

Can anyone advise me that has experience.. realistically is it a good time to apply for us? What offer might we receive.

davinlarkin

Blingy wrote: »

Please pm details to me too. Thanks.

Can you send me details please

Confused ftb

Hi this is probably a stupid question but I just had a salary cert filled out from work and they put my old address on it, will I need a new one or will the bank accept it?

somesoldiers

Confused ftb wrote: »

Hi this is probably a stupid question but I just had a salary cert filled out from work and they put my old address on it, will I need a new one or will the bank accept it?

Better just to get work to redo it, you don't want to find out later that bank have an issue with it. Best to get everything right 1st time. HR are normally working on your behalf and would be happy to redo.
Except my HR who took it upon themselves to write "bonus is not guaranteed" in the margin of my salary cert even though the form didn't ask that question....

The_Conductor

frank15 wrote: »

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!

Honestly- they don't look at that sort of things- I could realm off a list of people who live in Cork and Limerick and commute to Dublin on the morning train every morning- even in a relatively small location- you might be surprised at how many people do it. I don't think they'd blink at the location of the property- its all to do with LTVs and your repayment capacity- not the actual location of the property. If you're happy with the commute- who are they, or I, to say its not feasible.

The_Conductor

davinlarkin wrote: »

Myself and partner living in her mothers saving to get mortgage in dublin. Looking for 200k.

My salary is 32k + 35k commision. I save 1250 a month and 400 towards a loan . Have 12000 saved and a loan balance of 3500.

My partner is on carer allowance but will be returnung to a 25k job in febuary.

I have one dependant.

Can anyone advise me that has experience.. realistically is it a good time to apply for us? What offer might we receive.

Honestly- your best bet is- pay off the loan in its entirety- as the loan repayment will automatically reduce your mortgage repayment capacity. Thereafter- wait until your partner is back in work- their salary may be 25k- but it adds up. As for your salary- is there any manner of formalising your salary into a more presentable structure- aka 32k core + 35k commission = 32k core salary for most lenders- as the 35k is not guaranteed.

One way or the other- the loan repayments on your o/s loan- reduce your mortgage repayment capacity (by a commensurate amount)- it doesn't make sense to hold 12k in cash- and be repaying a loan of 3,500- I honestly don't get why you'd do that.

Pay back the loan (from your cash), build up a reasonable deposit- and as soon as your partner goes back to work- apply. If at all possible- try to formalise the commission part of your salary- even at a lower level- as it won't count other than as a once off with most lenders- towards your salary for multiple purposes.

Talk to an independent financial adviser- but your 200k aspiration- doesn't really add up- pay back your loan ASAP- any outstanding debts at all- go against your repayment capacity for the mortgage- and then save like crazy.

Bella86

Hi Everyone I just have a question;

I have mortgage approval in principle offer for 250K from EBS.  We have found the house we want went sale agreed informed EBS that we would require 200K of mortgage.  We are now awaiting final loan approval it has been 5 working days and still no word.  My question is what are the chances of getting declined final mortgage approval?  When we got Approval in principle all relevant documentation was submitted i.e. payslips/salary certs/bank statements/p60

Glen_Quagmire

I understand banks frown upon online gambling accounts when applying for mortgages, would an online lotto account with a spend of 10 per week be damaging to a mortgage application?

Blingy

Glen_Quagmire wrote: »

I understand banks frown upon online gambling accounts when applying for mortgages, would an online lotto account with a spend of 10 per week be damaging to a mortgage application?

Can't see this being an issue. If it was pp online or betfair and more regular then maybe but if everything else stacks up then you'll be fine.
My mtg advisor said once you have an explaination for something usually it should be ok.
U could always say it's a small syndicate with family too if they did ask.

Bradz213

Banks frowning upon online gambling is BS. I used PP and Bet365 and had no issues. I'd lodge the odd €50 here and there but nothing major but it wasn't an issue

Confused ftb

Has anyone had a situation where you had to draw down your mortgage while on maternity leave? Was there any issues? Thanks

Member16

Can anyone PM info about the mortgage broker Killers1? And just some general info like do you pay him or the banks? Cheers!

jennyhayes123

Member16 wrote:

Can anyone PM info about the mortgage broker Killers1? And just some general info like do you pay him or the banks? Cheers!

Pm you his number. You don't pay Killian. The bank pay him. He is just amazing. Thanks to him we are in our dream home. He was the only one able help us. He goes above and beyond

Plasandrunt

Hey could I also get a PM for his details. Thanks.

HamsterFace

I'd be very interested too if someone could oblige me

Katie1_14

Could you also Pm me his details please, thanks a mil

bigronnie9

Hi All,

Currently bidding on a house which has gotten down to the niggly "there has been an offer of €1000 more" stages...

Any tips on this by people who have successfully gone sale agreed? Or any questions I should be asking the auctioneers to suss out if this going up in ones will continue for long?

Thanks!

mloc123

Starting to apply for a mortgage at the moment, proof of deposit is required... Part of the deposit will be the equity in our current house... What is the procedure here? How do we show proof of the equity as part of the deposit amount?

bush

Do Houses usually go for much more than asking or below? In a small town I see houses on daft for 100,000. Is this just a starting price and likely to go for more?

While I'm here. What happens at the end of a fixed rate term? Does it switch to variable?

purpleisafruit

bush wrote: »

Do Houses usually go for much more than asking or below? In a small town I see houses on daft for 100,000. Is this just a starting price and likely to go for more?

While I'm here. What happens at the end of a fixed rate term? Does it switch to variable?

Best way to gauge the prices in an area is the Property Register

At the end of a fixed term, it switches to a variable. You do have the option to fix the rate for another term at the end if you choose I think though not 100% certain on that. Perhaps another user could clarify that for you.

purpleisafruit

I've applied for a mortgage and based on the salary figures and affordability criteria, I've been advised on an amount that I would be able to borrow. Although we haven't officially gotten approval in principle, is it still ok to bid on properties?

somesoldiers

purpleisafruit wrote: »

I've applied for a mortgage and based on the salary figures and affordability criteria, I've been advised on an amount that I would be able to borrow. Although we haven't officially gotten approval in principle, is it still ok to bid on properties?

Most EAs these days will ask for confirmation letters from the bank that they are willing to lend you enough to cover the bid before considering your bid so if you are dealing with one that does you will need something. As AIP this can take a few weeks you are probably wasting your time bidding without it, if the EA looks for it that is

Lisa2215

Hi,

We are first time buyers applying for a mortgage, we have a pretty strong application according to the broker but the only thing he thinks there may be an issue with is that there is a €3000 coming into the account from a bet my other half won on a football accumulator from Paddy Power. Has anyone any experience with online gambling when applying for a mortgage?

ILikeBoats

I had money coming in from Paddy Power after Cheltenham last year. It was around 500 euro. Nothing was said to me, mortgage approved.

I didn't lodge money to PP from my account though, lodged it physically in the shop

Lisa2215

Who did you get approval with??

Blingy

Lisa2215 wrote: »

Hi,

We are first time buyers applying for a mortgage, we have a pretty strong application according to the broker but the only thing he thinks there may be an issue with is that there is a €3000 coming into the account from a bet my other half won on a football accumulator from Paddy Power. Has anyone any experience with online gambling when applying for a mortgage?

Cannot see this being a problem. If they question it then explain it's a once off.

Lisa2215

Yeah I think there's one or two other transactions over the past 6 months, €20 each time but sure hopefully there won't be an issue!

irishbuzz

It's the deposits from your account into PP that they'll have more of an issue with not the withdrawal.

Sebastian Dangerfield

Confused ftb wrote: »

Has anyone had a situation where you had to draw down your mortgage while on maternity leave? Was there any issues? Thanks

We did. Drew down end September last. My wife had planned to take 4 months unpaid leave on top of her return date of 15th December which we thought would be risky, but work issued her with a letter confirming her official return date and it was accepted. We had to demonstrate that her salary was being paid, less social welfare, and show the additional social welfare payment, and that was it.

Had she already confirmed she wouldn't be returning until April it may have been different, but I don't know for sure.

ILikeBoats

Lisa2215 wrote: »

Who did you get approval with??

Both BOI and PTSB