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

Confused ftb

Hi guys, we've been approved by AIB and BOI and finding it difficult to decide on who to go with, has anyone any experience with either and what would sway your decision?

Blingy

Confused ftb wrote: »

Hi guys, we've been approved by AIB and BOI and finding it difficult to decide on who to go with, has anyone any experience with either and what would sway your decision?

The variable rate with AIB is much lower than boi. Also AIB is still mostly state owned therefore they tend to pass on the rate reductions (if there are any).
However once you reduce the ltv on your mortgage AIB don't automatically reduce your mortgage rate.
I'm sure others will have more information

James Forde

Just got confirmation that the bank will be transferring the mortgage funds to my solicitor today.

Agreed closing date was tomorrow but we will close early next week, can't wait to get my hands on the keys.

I haven't posted in this thread but I have followed it for the best part of 18 months. Some great advice & great to read everyone's experiences.

Wishing everyone all the best on their journey, it's an extremely frustrating & stressful process at times!

Percyxoxo

listermint wrote: »

Use a different bank. Aib have been quite poor of late with mortgage offerings perhaps because the state own it.

Why are you only going for aib and ebs might I ask . There are faaaar better offers from Ulster and KBC banks which would save your thousands on a mortgage.

You are severely limiting your applications

Do you KBC have the best offer at the moment ?
Thanks

RaulDublin

Hi All.
Can someone please let me know at what stage are the mortgage protection cover and home insurance needed . We are looking to sign contracts in a few days . I have a few quotes for both but need to scout a bit more ..
Is this understanding correct
Home insurance - Before moving in
Mortgage cover - Before Draw down of Mortgage Date

Raul

Flatzie_poo

RaulDublin wrote: »

Home insurance - Before moving in
Mortgage cover - Before Draw down of Mortgage Date

Banks won't release funds until both of these are in place on the property.

Make sure they're in place the day before drawdown date. They won't execute the wire in advance unless this is the case.

derekbro

RaulDublin wrote: »

Hi All.
Can someone please let me know at what stage are the mortgage protection cover and home insurance needed . We are looking to sign contracts in a few days . I have a few quotes for both but need to scout a bit more ..
Is this understanding correct
Home insurance - Before moving in
Mortgage cover - Before Draw down of Mortgage Date

Raul

You can get mortgage protection well in advance and they will start it on the date you choose, I'd recommend getting that now as there can be follow up questions regarding your health. We are sale agreed and are not ready to sign contracts yet but just got the mortgage protection go ahead today.

For Insurance, I believe that quotes only last a month so you need to get those within a month of draw down.

Thanks to everyone else on this thread, I have been following it since the beginning and it has helped a lot.

FutureGuy

With interest rates being low for so long, are people concerned by the rises that are expected to start around this time next year?

If they were to rise by, say 3% in the next 5 years, would you be ok to continue paying?

kippy

FutureGuy wrote: »

With interest rates being low for so long, are people concerned by the rises that are expected to start around this time next year?

If they were to rise by, say 3% in the next 5 years, would you be ok to continue paying?

I suspect the bigger issue is job security and pay resiliency.
Rates will go up and down over a long term.

listermint

FutureGuy wrote: »

With interest rates being low for so long, are people concerned by the rises that are expected to start around this time next year?

If they were to rise by, say 3% in the next 5 years, would you be ok to continue paying?

There will be no 3% rise over 5 years that's la la land you may see 1 per cent in the next 2 years and them could be 2 after that . But there won't be some seismic increase.

Either way the bank's are stress testing that so it's not really your choice.

However id still advise people to borrow amounts they are comfortable with. I've seen people still go after obscene amounts that they have no business going for and that type of stuff will stress your life marriage and had a high chance of failure

paulb06

Sorry if this was already brought up but how much do banks factor in with regards to bonus earnings from peoples experience?

My bonus is monthly, not guaranteed but it's regular.

Do some factor in 50%? Do some not count it at all?

ILikeBoats

Ours weren't factored in even though my wife had guaranteed written on her salary cert

paulb06

ILikeBoats wrote: »

Ours weren't factored in even though my wife had guaranteed written on her salary cert

What bank was that with if you don't mind me asking?

zedhead

I don't know how much of mine was factored in, but my broker got me to get a signed letter showing how much of my bonus was acheived for the previous 2 years. it work out at above 90% overall for 2015 and over 100% for 2016. He never told me how much then ended up taking into account but had said it should be at least 50% before we submitted.

ILikeBoats

paulb06 wrote: »

What bank was that with if you don't mind me asking?

PTSB

paulb06

We have a separate joint savings account, the one which our deposit is coming from and we are saving €2,200 by standing order each month between us, I have a credit union account which I have been saving funds separately for a car specifically which I have recently just bought.

Do banks look at the fact I withdrew from my own personal credit union savings negatively? Or is it the joint savings account that needs to stay consistent?

After all it was for a car and I am currently saving again into it monthly since then.

The_Conductor

paulb06 wrote: »

Sorry if this was already brought up but how much do banks factor in with regards to bonus earnings from peoples experience?

My bonus is monthly, not guaranteed but it's regular.

Do some factor in 50%? Do some not count it at all?

Zero factored in with AIB.

Percyxoxo

Hi all,

A question on when a builder has more buyers than houses. Do you know how they allocate when it's not a first come first served scenario?
If you are first time buyer or have a family etc or a second home etc. Who is given preference or is it pot luck?
Any insights appreciated

The_Conductor

Percyxoxo wrote: »

Hi all,

A question on when a builder has more buyers than houses. Do you know how they allocate when it's not a first come first served scenario?
If you are first time buyer or have a family etc or a second home etc. Who is given preference or is it pot luck?
Any insights appreciated

Depends- the fairest estate agents draw lots- and its completely random who gets them. They definitely don't look at whether you're a first-time-buyer or have kids etc etc. Sometimes it boils down to the order that deposits are recorded on the system- so first 14 deposits get first dibs on first 14 houses- etc etc

You need to ask- but you can be certain they don't look at family circumstances, whether you're a FTB or other criteria of that nature.

Personally- I think a random draw is fairest.

Percyxoxo

The_Conductor wrote: »

Depends- the fairest estate agents draw lots- and its completely random who gets them. They definitely don't look at whether you're a first-time-buyer or have kids etc etc. Sometimes it boils down to the order that deposits are recorded on the system- so first 14 deposits get first dibs on first 14 houses- etc etc

You need to ask- but you can be certain they don't look at family circumstances, whether you're a FTB or other criteria of that nature.

Personally- I think a random draw is fairest.

Thanks..no estate agent involEd in this one

The_Conductor

Percyxoxo wrote: »

Thanks..no estate agent involEd in this one

Has the developer taken more deposits than they have units to sell?
In which case- it would normally be the order the deposits were deposited with them........

UneJolieFemme

ILikeBoats wrote: »

Ours weren't factored in even though my wife had guaranteed written on her salary cert

We were in a similar situation.

Going with Ulster Bank - easiest to deal with, didn't ask for income certificates, just payslips and P60, even though my husband's wages differ every month and he gets bonus as well (which is also different every month but usually 30 40% of his basic salary).

zedhead

Is anyone else looking in Dublin at the moment and finding things insane right now. The bidding is out of control with 7+ bids in one day when there is still a 2nd viewing to do!

Percyxoxo

zedhead wrote: »

Is anyone else looking in Dublin at the moment and finding things insane right now. The bidding is out of control with 7+ bids in one day when there is still a 2nd viewing to do!

I feel for you .where is this?are they going up by much each time? Been looking for 2 months not going well.

zedhead

Percyxoxo wrote: »

I feel for you .where is this?are they going up by much each time? Been looking for 2 months not going well.

Mostly west dublin area is where we've been looking. Bidding values vary but one property went up to i think 40k above asking the day following the first viewing!

Its absolutely exhausting, people keep telling us we'll find somewhere but starting to feel a little hopeless.

machalla

zedhead wrote: »

Mostly west dublin area is where we've been looking. Bidding values vary but one property went up to i think 40k above asking the day following the first viewing!

Its absolutely exhausting, people keep telling us we'll find somewhere but starting to feel a little hopeless.

About the only thing to do is to look at the prices as being at least 10% below the actual desired asking price.

That might help to guide you to houses that you have a chance of bidding successfully on. Its very frustrating but all you can do is keep looking and bidding. Best of luck with it.

mossy464

zedhead wrote: »

Is anyone else looking in Dublin at the moment and finding things insane right now. The bidding is out of control with 7+ bids in one day when there is still a 2nd viewing to do!

I feel your pain. Looking in D12 for the past 8 months. It's absolutely draining and it's really gone crazy.

Don't know if we'll ever get there.

Houses which were achievable last year are now out of reach. EA's really add fuel to the fire also.

Got a text last week on a house we were viewing saying, "Alert Final viewing", then at the viewing on Saturday EA said they needed to know that day if we were bidding as it was closing Monday, putting the pressure on. Then Monday morning they sent out another text for another "alert final viewing" and the bidding went crazy on Monday.

Last I heard the bid was 80K over asking for a 2 bed that needs work. Sick of the whole thing.

pilly

mossy464 wrote: »

I feel your pain. Looking in D12 for the past 8 months. It's absolutely draining and it's really gone crazy.

Don't know if we'll ever get there.

Houses which were achievable last year are now out of reach. EA's really add fuel to the fire also.

Got a text last week on a house we were viewing saying, "Alert Final viewing", then at the viewing on Saturday EA said they needed to know that day if we were bidding as it was closing Monday, putting the pressure on. Then Monday morning they sent out another text for another "alert final viewing" and the bidding went crazy on Monday.

Last I heard the bid was 80K over asking for a 2 bed that needs work. Sick of the whole thing.

How much was the original price if you don't mind me asking?

mossy464

pilly wrote: »

How much was the original price if you don't mind me asking?

235

pilly

mossy464 wrote: »

235

Jesus. :mad: