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

TheShow

Thepoet85 wrote: »

Thanks, I'm now waiting on a call back from a few different places including UB, so fingers crossed someone can work with us.

talk to a broker would be your best option, they will know what banks to deal with on your behalf.

Thepoet85

TheShow wrote: »

talk to a broker would be your best option, they will know what banks to deal with on your behalf.

Have a meeting with a financial advisor next week and will be looking into a broker if all else fails.

Getting demoralised, as all banks so far need me to be earning 30k minimum, where I'm at 25k. Against the national average I don't earn much, but live quite comfortably on that because of the area I'm in.

Jake2

Its very disheartening. Not everyone spends like crazy and people can live on 25k so the rules are so restrictive. They set the bar quite high Im not sure the 25k will suffice with your partner as a dependant too.

Dont give up hopefully the financial advisor will help you. Maybe a personal loan is the way to go.

Thepoet85

Jake2 wrote:

Dont give up hopefully the financial advisor will help you. Maybe a personal loan is the way to go.

It's certainly looking that way for now.

MrStuffins

Hi.

I hate to be THAT guy, but if anyone can send me the details for the broker recommended in this thread a few times, I'd really appreciate it!

Jake2

Might be an obvious one but do you have to wait for funds to clear before your keys are handed over. We are completing on Tuesday but when will I get keys??? estate agent said it could be as late as Friday...

I thought I would get them on Tuesday??

The Sparrow

Does anyone have any details on the different stress tests that each bank carry out on your ability to repay? Are there Central Bank requirements? It seems that each bank has a different criteria.

I've seen a figure of 6% mentioned but I'm not really sure how it is all calculated.

TheShow

Jake2 wrote: »

Might be an obvious one but do you have to wait for funds to clear before your keys are handed over. We are completing on Tuesday but when will I get keys??? estate agent said it could be as late as Friday...

I thought I would get them on Tuesday??

normally done by same day electronic transfer, no more waiting for cheques to clear.

TheShow

repayments are stressed at 2% on top of SVR.

kippy

Jake2 wrote: »

Might be an obvious one but do you have to wait for funds to clear before your keys are handed over. We are completing on Tuesday but when will I get keys??? estate agent said it could be as late as Friday...

I thought I would get them on Tuesday??

Generally yes, the funds have to clear before keys are handed over.

Jake2

kippy wrote: »

Generally yes, the funds have to clear before keys are handed over.

okay thats fair enough..hope they clear quickly so...:rolleyes:

Juwwi

I didn't know that either how do people sell and move into the new house both on the same day then ?

I would of thought once the buyers solicitor confirmed they had made the transfer that would be enough , a screenshot could be taken as proof maybe .

Jake2

robbie1977 wrote: »

I didn't know that either how do people sell and move into the new house both on the same day then ?

I would of thought once the buyers solicitor confirmed they had made the transfer that would be enough , a screenshot could be taken as proof maybe .

Yeah like how do people in chains work it, when they are selling and need funds to pass on so they can move into next house and so on down the chain.

Anyone who has been through this how long normally after "completion" would you get the keys?? Are we talking 24 hours ? EA made out it could be 3-4 days

368100

Jake2 wrote: »

Yeah like how do people in chains work it, when they are selling and need funds to pass on so they can move into next house and so on down the chain.

Anyone who has been through this how long normally after "completion" would you get the keys?? Are we talking 24 hours ? EA made out it could be 3-4 days

Normally a solicitor will transfer funds via a same day transfer which is cleared funds once it hits then beneficiary account. I don't know why you're not getting keys on completion other than they sent funds by cheque and it's clearing....not the norm.

kippy

368100 wrote: »

Normally a solicitor will transfer funds via a same day transfer which is cleared funds once it hits then beneficiary account. I don't know why you're not getting keys on completion other than they sent funds by cheque and it's clearing....not the norm.

This would vary a lot depending on the solicitors/banks involved unfortunately.

368100

kippy wrote: »

This would vary a lot depending on the solicitors/banks involved unfortunately.

It would but same day money transfers where funds are cleared straight away is available to business customers across the main banks. There's a few but given timeframes and amounts involved it's reasonable.

A sepa transfer is cleared the following day also so no 3-4 days for electronic transfers within ireland.

Jake2

You are correct.

Transfer made today, expected to be cleared by tomorrow and receive keys.

Beyond excited now. 2 years + to get to this point not a fun experience that I want to revisit anytime soon. Getting mortgage was difficult, house hunting was difficult, 1st house fell through at late stage lost a lot of money, mortgage approval runs out had to renew that. A lot of anxiety and constantly hassling someone or other but it feels good to be on the other side of it now.

Thanks for all the advice

awec

Question about booking deposit, when you're paying it do you need the money there and then or do you have a certain number of days to pay it once you've committed to doing so?

Jake2

awec wrote: »

Question about booking deposit, when you're paying it do you need the money there and then or do you have a certain number of days to pay it once you've committed to doing so?

Well you would go sale agreed and then the Estate Agent will issue a sales notice and then you will be expected to pay the deposit.

I had paid the deposit before the sales notice was issued I was eager to get things moving along but I'd imagine you can wait till sales notice is received before you had to pay it, I didnt get the sales notice for 4 or 5 days so id imagine a week is probably reasonable before paying

zl1whqvjs75cdy

What's the feeling on bidding strategies in the current market? Starting to get the feeling that we need to start going in hard, above asking, to secure places quickly. What are people's general experiences?

368100

Jake2 wrote: »

You are correct.

Transfer made today, expected to be cleared by tomorrow and receive keys.

Beyond excited now. 2 years + to get to this point not a fun experience that I want to revisit anytime soon. Getting mortgage was difficult, house hunting was difficult, 1st house fell through at late stage lost a lot of money, mortgage approval runs out had to renew that. A lot of anxiety and constantly hassling someone or other but it feels good to be on the other side of it now.

Thanks for all the advice

Best of luck in your new home....enjoy

kippy

donkeyoaty0099 wrote: »

What's the feeling on bidding strategies in the current market? Starting to get the feeling that we need to start going in hard, above asking, to secure places quickly. What are people's general experiences?

An impossible answer without knowing a tonne more variables.

awec

Jake2 wrote: »

Well you would go sale agreed and then the Estate Agent will issue a sales notice and then you will be expected to pay the deposit.

I had paid the deposit before the sales notice was issued I was eager to get things moving along but I'd imagine you can wait till sales notice is received before you had to pay it, I didnt get the sales notice for 4 or 5 days so id imagine a week is probably reasonable before paying

I mean booking deposit in new builds, not the 10/20% deposit.

ILikeBoats

awec wrote: »

Question about booking deposit, when you're paying it do you need the money there and then or do you have a certain number of days to pay it once you've committed to doing so?

I think we said we wanted the house, the EA gave bank details, we transferred within a a few days. They then posted a receipt back to us.

It seems a lot of people have the cheque with them though, I guess it makes it more of a "done deal" with the pressure to secure a house these days.

Jake2

awec wrote: »

I mean booking deposit in new builds, not the 10/20% deposit.

I also was referring to the booking deposit. The 10/20% deposit is not paid till you sign contracts couple of months down the line

jkelly85

Looking for some advise please.

Two years ago i bought my home for €146k with a loan from my parents of 100k no mortgage.

but now i am looking at going for a mortgage so i can pay back my parents.

House is valued at around €185k need €90k to pay back

368100

jkelly85 wrote: »

Looking for some advise please.

Two years ago i bought my home for €146k with a loan from my parents of 100k no mortgage.

but now i am looking at going for a mortgage so i can pay back my parents.

House is valued at around €185k need €90k to pay back

Are you in full time employment and can afford repayments on €90k with €1500 left over to live on after all debts?

flashforward

368100 wrote: »

Are you in full time employment and can afford repayments on €90k with €1500 left over to live on after all debts?

Is that €1500 rule used per person or for a couple?

368100

flashforward wrote: »

Is that €1500 rule used per person or for a couple?

Per person....though it's not usually the full €3k for both....depends on bank but around €2.5k for a couple and add on €200 for each dependant child

Michellenman

Never thought I'd see the day where I get to say this but... SALE AGREED!!