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

Raoul

368100 wrote: »

I am eligible for the grant as long as my LTV is above 70%......I don't and won't have two homes so I don't know where you took that from...

Sorry, I read site and thought that you had received a house on it too and were buying a different house. Nvm.

Hi, I saw people pming the name of a really good Dublin mortgage broker a while back but I can't find the posts.

Can someone oblige me by pming his name, or that of an excellent broker?

Thank you so much

angeldelight

[Deleted User] wrote: »

Hi, I saw people pming the name of a really good Dublin mortgage broker a while back but I can't find the posts.

Can someone oblige me by pming his name, or that of an excellent broker?

Thank you so much

PM sent

angeldelight

angeldelight wrote: »

PM sent

Thank you again :-)

slyph

Quick question: for new phased developments - is there a requirement of having mortgage approval before placing a booking deposit ? Or can you pay the initial booking deposit & then once you have mortgage approval / have made your mind up, pay the full deposit ?

LirW

You need to show a letter of proof of funds when putting the booking deposit down.

Nastygal2511

slyph wrote: »

Quick question: for new phased developments - is there a requirement of having mortgage approval before placing a booking deposit ? Or can you pay the initial booking deposit & then once you have mortgage approval / have made your mind up, pay the full deposit ?

Think it depends on the agent. We put a deposit on a house and then got our approval in principle awhile after. We are now waiting on contracts!

awec

slyph wrote: »

Quick question: for new phased developments - is there a requirement of having mortgage approval before placing a booking deposit ? Or can you pay the initial booking deposit & then once you have mortgage approval / have made your mind up, pay the full deposit ?

I believe that technically there is no such requirement but realistically agents will not bother with people who do not already have approval as the risk of you wasting their time is too high and they'll easily find someone else to take your spot who does have approval.

Glen_Quagmire

If you were buying a fixer upper can you get a mortgage of more than the house price with the view to use the additional money to do up the house?

Graham

Glen_Quagmire wrote: »

If you were buying a fixer upper can you get a mortgage of more than the house price with the view to use the additional money to do up the house?

Theoretically yes but there are very few fixer-uppers on the market that represent any value. Too many people chasing the fixer-uppers which increasingly means the discount isn't enough to cover the cost of the necessary works.

awec

I guess you'd need to spend a decent chunk of money getting plans drawn up to demonstrate how you're going to increase the value at the risk of getting the mortgage rejected?

JaMarcusHustle

We'll be applying for a mortgage in the coming weeks.

I have a car loan repayment of approx e260 per month, and a personal loan repayment of approx e65 per month.

To date, I've had no problem saving approx e750 per month as well as paying rent of e700 per month in addition to the above and other general bills.

There's about e1,400 left on the personal loan. What's my best option here?

(1) Continue repaying the e65 monthly payment as nornal.
(2) Clear the remaining balance with funds from my deposit savings.
(3) Clear the remaining balance with a gift from a family memory that I have been offered.

Which would look best/worst from the mortgage providers point of view?

Nastygal2511

JaMarcusHustle wrote: »

We'll be applying for a mortgage in the coming weeks.

I have a car loan repayment of approx e260 per month, and a personal loan repayment of approx e65 per month.

To date, I've had no problem saving approx e750 per month as well as paying rent of e700 per month in addition to the above and other general bills.

There's about e1,400 left on the personal loan. What's my best option here?

(1) Continue repaying the e65 monthly payment as nornal.
(2) Clear the remaining balance with funds from my deposit savings.
(3) Clear the remaining balance with a gift from a family memory that I have been offered.

Which would look best/worst from the mortgage providers point of view?

I had to clear my personal loan and car loan before the bank would give us a mortgage. I was saving e2000 a month and living at home as well as paying my e50 a week off my loan and e300 per month on my car loan. One bank declined us due to capacity of my car loan.

somesoldiers

JaMarcusHustle wrote: »

We'll be applying for a mortgage in the coming weeks.

I have a car loan repayment of approx e260 per month, and a personal loan repayment of approx e65 per month.

To date, I've had no problem saving approx e750 per month as well as paying rent of e700 per month in addition to the above and other general bills.

There's about e1,400 left on the personal loan. What's my best option here?

(1) Continue repaying the e65 monthly payment as nornal.
(2) Clear the remaining balance with funds from my deposit savings.
(3) Clear the remaining balance with a gift from a family memory that I have been offered.

Which would look best/worst from the mortgage providers point of view?

Having no loans is better than having some.without any clue as to how much you want to borrow,net take home,age, single applicant or not and myriad other things my order of preference would be 3,1, 2 though the order of the last two will depend on whether you have surplus deposit enough to clear the loan and still have the required deposit for your circumstances

If your mortgage repayments are likely to be 1000 per month let's say including actual repayment stress tested at 2% you would pass the affordability test at 1000 + loans 325 < 1500 rent and savings.but if your stressed repayments + loans > 1500 then you would need to clear them
Simplified example there are other things to consider but that's the gist of it

leahyl

I've been searching for a house for a good few years now but just never found what I'm looking for. Recently there hasn't been a lot in my price range so my mortgage approval (which I know I will have no problem getting again) has definitely expired. I'm just wondering if I were to find a property tomorrow that was suitable and I bid on it and the estate agent asks if I'm mortgage approved what do I say? They will probably look for proof that I am and I won't have a letter or anything because it's been so long since I've looked at any properties. Would I have to go through the whole mortgage application process again in order to get a letter from the bank?

averagejoe123

Hi Guys,

I am going to be applying for a mortgage in the next few months. Does anyone know the maximum terms offered by each bank for mortgage repayments? I see some offer a 30 year option and others offer 35 years.

Also what age do the banks consider you eligible to make repayments on a mortgage e.g. 65-70? Is this done on a different basis in each of the banks?

Many Thanks

Joe

MaudL

averagejoe123 wrote: »

Hi Guys,

I am going to be applying for a mortgage in the next few months. Does anyone know the maximum terms offered by each bank for mortgage repayments? I see some offer a 30 year option and others offer 35 years.

Also what age do the banks consider you eligible to make repayments on a mortgage e.g. 65-70? Is this done on a different basis in each of the banks?

Many Thanks

Joe

I'm sure each bank will have different policies, so this is only my personal experience (with BOI). The max length of the mortgage depends on your current age and whether you're contributing to a pension plan.
So in this case, if for example you're 40 years old they'll give you a 25 years mortgage until you're 65. But if you've got a pension they extend it to 30 years until you reach 70.

Again, everybody's situation is different so that's just an indication, you'll find out for sure when you start applying...

368100

leahyl wrote: »

I've been searching for a house for a good few years now but just never found what I'm looking for. Recently there hasn't been a lot in my price range so my mortgage approval (which I know I will have no problem getting again) has definitely expired. I'm just wondering if I were to find a property tomorrow that was suitable and I bid on it and the estate agent asks if I'm mortgage approved what do I say? They will probably look for proof that I am and I won't have a letter or anything because it's been so long since I've looked at any properties. Would I have to go through the whole mortgage application process again in order to get a letter from the bank?

Yes...Every bank will only issue approvals which wil expire if not taken up. They will need to do a full re-assessment as you could have moved jobs on less money or been made unemployed...or taken on a lot of personal debt which would affect your capacity to repay. Standard approval would be 6 months with up to date payslips etc provided before drawdown.

leahyl

368100 wrote: »

Yes...Every bank will only issue approvals which wil expire if not taken up. They will need to do a full re-assessment as you could have moved jobs on less money or been made unemployed...or taken on a lot of personal debt which would affect your capacity to repay. Standard approval would be 6 months with up to date payslips etc provided before drawdown.

Thanks, my circumstances haven't changed really - as in, they've gotten better and I have more savings so hopefully it won't be a problem getting approved again. I just worry if I do find a place and estate agent is looking for proof of approval, that it will take time for me to get it and they might think I'm not serious. This is all hypothetical obviously, not a lot of properties around at the moment anyway :rolleyes:

MentalMario

leahyl wrote: »

Thanks, my circumstances haven't changed really - as in, they've gotten better and I have more savings so hopefully it won't be a problem getting approved again. I just worry if I do find a place and estate agent is looking for proof of approval, that it will take time for me to get it and they might think I'm not serious. This is all hypothetical obviously, not a lot of properties around at the moment anyway :rolleyes:

Best to be proactive about it and get the approval now. Only takes a few days to get, and you'd have it for 6-12 months.

368100

leahyl wrote: »

Thanks, my circumstances haven't changed really - as in, they've gotten better and I have more savings so hopefully it won't be a problem getting approved again. I just worry if I do find a place and estate agent is looking for proof of approval, that it will take time for me to get it and they might think I'm not serious. This is all hypothetical obviously, not a lot of properties around at the moment anyway :rolleyes:

Then as MentalMario has suggested, you should stick in an application.....it might be a pain but it wont casot anything and it'd be reassurance that you can show something to proove funds in case something comes up.......and if you do find something, it'll be less time to complete also.

Best of luck

bigronnie9

averagejoe123 wrote: »

Hi Guys,

I am going to be applying for a mortgage in the next few months. Does anyone know the maximum terms offered by each bank for mortgage repayments? I see some offer a 30 year option and others offer 35 years.

Also what age do the banks consider you eligible to make repayments on a mortgage e.g. 65-70? Is this done on a different basis in each of the banks?

Many Thanks

Joe

BOI will go until your 70 if you have a pension, Ulster Bank will only give a mortgage until your 65 regardless

Extraplus

I've been told that BOI are out of exceptions for the year by one of their mortgage team. Anyone else hear this? Are the other banks still offering exceptions?

ILikeBoats

Extraplus wrote: »

I've been told that BOI are out of exceptions for the year by one of their mortgage team. Anyone else hear this? Are the other banks still offering exceptions?

It does happen. They only have a finite number of exemptions to give people.

mloc123

Extraplus wrote: »

I've been told that BOI are out of exceptions for the year by one of their mortgage team. Anyone else hear this? Are the other banks still offering exceptions?

LTI or LTV?

Extraplus

mloc123 wrote: »

LTI or LTV?

Both, according to the guy I spoke to.

368100

Extraplus wrote: »

Both, according to the guy I spoke to.

And I saw a post on LinkedIN the other day from a BOI Branch Manager saying the complete opposite, which was commented on by the Head of Retail backing him up.......hilarious....nobody really seems to know definitively

sphinx501

On the discussion of exceptions, when a bank issues a loan offer with an exception does the exception remain valid until the expiry of the loan offer?

I presume if it were to expire, then you would have to re-apply and possibly not obtain the exception again?

ILikeBoats

Yes and yes

mloc123

Extraplus wrote: »

Both, according to the guy I spoke to.

Seems unlikely that both would be used up at the same time... as there are two separate pools (% of applications) for these. Try a different branch or person on the phone..