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

ec18

Mickiemcfist wrote: »

I know there used to be a rule, but does the house have to be a 2 bed or above to be able to get a 90% mortgage? I've seen a few one beds I like

There's a load of rules around one beds (and apartments outside cities) that will vary from bank to bank best is just to go to a broker or a bank and see what their policies are

OwlsZat

TallGlass wrote: »

Flatzie_poo wrote: »

You're restricted maximum borrow amount of 3.5x your annual salary at present. (84k)

If you want more, best going in at the start of next year and trying to be one bank's electives to be exempted from the Central Bank rules.

84k + 20k is 104k. Theres nothing even on daft for property at that price? I don't expect a pay rise either that would boost my figures. And I can't afford to move out and rent. In Dublin, would relocate to Meath but again nothing around 84k. And these prices are not dropping as anticipated as there are alot of cash buyers.

Demand still far outweighs demand. That's why every second thread on here is about landlords unlawfully evicting tenants to squeeze every-drop of possible rent.
Sadly your looking at about 2 years before supply starts to catch up with demand. Until then try to keep your powder dry. You don't want to buy a house inflated well beyond it's real value. You'll save money overall by renting somewhere affordable and buying when the market has returned to a more normal condition.

Graham

OwlsZat wrote: »

Demand still far outweighs demand. That's why every second thread on here is about landlords unlawfully evicting tenants to squeeze every-drop of possible rent.
Sadly your looking at about 2 years before supply starts to catch up with demand. Until then try to keep your powder dry. You don't want to buy a house inflated well beyond it's real value. You'll save money overall by renting somewhere affordable and buying when the market has returned to a more normal condition.

Some fairly whopping assumptions in that advice.

OwlsZat

Graham wrote: »

Some fairly whopping assumptions in that advice.

The purpose of the thread if for people to share their opinions and advice. I shared my opinion, you didn't share yours. If you disagree with something say which point and why, being a hurler on the ditch helps nobody.

guile4582

Graham wrote: »

Some fairly whopping assumptions in that advice.

no its not...one word "election"

myshirt

OwlsZat wrote: »

The purpose of the thread if for people to share their opinions and advice. I shared my opinion, you didn't share yours. If you disagree with something say which point and why, being a hurler on the ditch helps nobody.

He has a point though. What you are writing is dangerously ill informed and poorly thought out. It's not your fault though, you are probably like many others reading (or skimming) some bad papers.

This is a problem in Ireland. Pub talk. Everyone is an expert. An afternoon of googling or one Netflix documentary and we know it all. People in the late 80's were worried about Skynet. I'm worried about Google. Dangerous stuff.

All I'd say to you is as with anything, if I didn't know my arse from my elbow I'd lay off it.

Graham

OwlsZat wrote: »

The purpose of the thread if for people to share their opinions and advice. I shared my opinion, you didn't share yours. If you disagree with something say which point and why, being a hurler on the ditch helps nobody.

I did share my opinion:

Graham wrote: »

Some fairly whopping assumptions in that advice.

To be more specific:

You are assuming supply is going to meet demand.
You're assuming this will happen in 2 years.
You're assuming you are right about the 'real value' of property.
You're assuming interest rates won't rise.
You're assuming the OP won't spend more on rent than any prognosticated drop in prices.

guile4582 wrote: »

no its not...one word "election"

I'm not convinced an election is going to increase housing supply.

guile4582

Graham wrote: »

I did share my opinion:



To be more specific:

You are assuming supply is going to meet demand.
You're assuming this will happen in 2 years.
You're assuming you are right about the 'real value' of property.
You're assuming interest rates won't rise.
You're assuming the OP won't spend more on rent than any prognosticated drop in prices.



I'm not convinced an election is going to increase housing supply.

I am 100% convinced that our economic overlords Fine Gael will sort this - there will be knock on sufferage in other areas (cloak agus dagger politics) but if in 2 years time they are still standing over such crisis figures they are smart enough to know they are finished as a party - (this bit is important) IMO

Mickiemcfist

guile4582 wrote: »

I am 100% convinced that our economic overlords Fine Gael will sort this - there will be knock on sufferage in other areas (cloak agus dagger politics) but if in 2 years time they are still standing over such crisis figures they are smart enough to know they are finished as a party - (this bit is important) IMO

It's a bit naive to think that a shortfall this large can be sorted in 2 years. No matter what FG do & how much they want to fix it, I'd be pretty confident we won't even have planning in place to cover the shortfall by 2019.

OwlsZat

myshirt wrote: »

OwlsZat wrote: »

The purpose of the thread if for people to share their opinions and advice. I shared my opinion, you didn't share yours. If you disagree with something say which point and why, being a hurler on the ditch helps nobody.

He has a point though. What you are writing is dangerously ill informed and poorly thought out. It's not your fault though, you are probably like many others reading (or skimming) some bad papers.

This is a problem in Ireland. Pub talk. Everyone is an expert. An afternoon of googling or one Netflix documentary and we know it all. People in the late 80's were worried about Skynet. I'm worried about Google. Dangerous stuff.

All I'd say to you is as with anything, if I didn't know my arse from my elbow I'd lay off it.

Your inferred insults are juvenile and ultimately pathetic. Perhaps you should stop being a hypocrite and lay off positing.

OwlsZat

Graham wrote: »

OwlsZat wrote: »

The purpose of the thread if for people to share their opinions and advice. I shared my opinion, you didn't share yours. If you disagree with something say which point and why, being a hurler on the ditch helps nobody.

I did share my opinion:

Graham wrote: »

Some fairly whopping assumptions in that advice.

To be more specific:

You are assuming supply is going to meet demand.
You're assuming this will happen in 2 years.
You're assuming you are right about the 'real value' of property.
You're assuming interest rates won't rise.
You're assuming the OP won't spend more on rent than any prognosticated drop in prices.

guile4582 wrote: »

no its not...one word "election"

I'm not convinced an election is going to increase housing supply.

Remember I was replying to one poster who said they had <100k to spend in the Dublin area. Given the current situation, would you advise anything else but try to save for another couple of years? While the situation isn't likely to be fixed, it almost certainly will be better.
We have had virtually no units supplied for a number of years. However, now we have a fast track planning system that is in use, and a vast array of developments actually in progress. FG are so desperate to solve the crisis they are talking about buying from developers off the plans financed from the pension reserve. While they might not go for that, it's indicative of their desperation to solve the crisis and achieve re-election. Given the timing I will personally be flabbergasted if FG don't go for some fairly whopping stimulus to further boost supply. 
Could I be wrong? Most certainly, even the best economists or CFA, brokers etc., refuse to be drawn on what will happen. I'd advise forming your own opinion and tolerating others.

Katie1_14

Does anyone have details of a reasonable solicitor in North County Dublin for a first time buyer? Just got one quote for over €5k! TIA

Graham

OwlsZat wrote: »

Remember I was replying to one poster who said they had <100k to spend in the Dublin area. Given the current situation, would you advise anything else but try to save for another couple of years? While the situation isn't likely to be fixed, it almost certainly will be better.
We have had virtually no units supplied for a number of years. However, now we have a fast track planning system that is in use, and a vast array of developments actually in progress. FG are so desperate to solve the crisis they are talking about buying from developers off the plans financed from the pension reserve. While they might not go for that, it's indicative of their desperation to solve the crisis and achieve re-election. Given the timing I will personally be flabbergasted if FG don't go for some fairly whopping stimulus to further boost supply. 
Could I be wrong? Most certainly, even the best economists or CFA, brokers etc., refuse to be drawn on what will happen. I'd advise forming your own opinion and tolerating others.

I didn't advise the poster to do anything. I simply pointed out there were some fairly large (and largely unsupported by fact) assumptions in your advice.

Personally, I have seen little evidence that supply is going to meet demand in the next 2 years and even if by some miracle it does, it's just as likely to result in moderation of increases rather than reduction in asking prices.

ILikeBoats

Katie1_14 wrote: »

Does anyone have details of a reasonable solicitor in North County Dublin for a first time buyer? Just got one quote for over €5k! TIA

Is that including everything like stamp duty etc? Or just the professional fees?

Katie1_14

ILikeBoats wrote: »

Is that including everything like stamp duty etc? Or just the professional fees?

Includes stamp duty of €3150 so €2756 professional fees, 5906 in total

mloc123

Katie1_14 wrote: »

Includes stamp duty of €3150 so €2756 professional fees, 5906 in total

No... that 2756 includes land registry, etc..

Michellenman

Ours is €2300 all in (excl stamp duty). Includes professional fee, land registry fee of €915, search fees and closing search fees as well as all miscellaneous printing posting copying etc. He's based in blanchardstown village so pm me if you'd like his details.

Katie1_14

Correct it does include land registry fee, all new to me so please excuse lack of knowledge, steep learning curve!

Thanks Michelleman, PM sent

OwlsZat

Graham wrote: »

Personally, I have seen little evidence that supply is going to meet demand in the next 2 years

OwlsZat wrote:

Sadly your looking at about 2 years before supply starts to catch up with demand.

In future, you should slow down before you speed up.

kwat

Closed today and picked up our keys 6 weeks and 2 days after going sale agreed! Everything moved along very quickly as previous sale had fallen through at the last minute and vendor wanted a quick sale. Was mortgage approved at the end of May. Were looking in D8/D12 areas but had started to give up hope after been outbid on three separate properties, but really got lucky on number 4!
Good luck to everyone on the hunt - found this forum really helpful!

boris1234

kwat wrote: »

Closed today and picked up our keys 6 weeks and 2 days after going sale agreed! Everything moved along very quickly as previous sale had fallen through at the last minute and vendor wanted a quick sale. Was mortgage approved at the end of May. Were looking in D8/D12 areas but had started to give up hope after been outbid on three separate properties, but really got lucky on number 4!
Good luck to everyone on the hunt - found this forum really helpful!

Congrats. We bought in D12. Were outbid on multiple properties before a sale fell through and 2 months after we originally bid on the house we got it (for 20k less than our previous highest bid).

Sale Agreed - End of May
Closed - Early August

Finally moving in this weekend after getting lots of work done. Exciting times. :)

zedhead

So its been 2 weeks since we moved in and it felt like home almost immediately! We only have the very basic furniture (still using camping chairs ) but its ours!

The whole buying process was so much worse than I ever could have imagined and the day we moved in it just felt like a massive weight was lifted from my shoulders. We are going furniture shopping this weekend and all the fun that comes with adding all our little personal touches over the next few months.

Best of luck to everyone going through this at the moment. It is more than worth it in the end.

ad1234

would anyone know if there is a way to find out who a receiver is selling a property, rather than going through the agent? we have been going through an agent regarding a property, and im fairly certain shes making up offers to bid me up. I say this as I know some inside info regarding the property and for many reasons i highly highly doubt anyone has bid... sadly this info doesn't include who is selling it for the bank! i was thinking of bypassing the agent if possible and going straight to the receiver if i can find them... any advice much appreciated!

the goon

ad1234 wrote: »

would anyone know if there is a way to find out who a receiver is selling a property, rather than going through the agent? we have been going through an agent regarding a property, and im fairly certain shes making up offers to bid me up. I say this as I know some inside info regarding the property and for many reasons i highly highly doubt anyone has bid... sadly this info doesn't include who is selling it for the bank! i was thinking of bypassing the agent if possible and going straight to the receiver if i can find them... any advice much appreciated!

Also would be interested to know.

myshirt

the goon wrote: »

Also would be interested to know.

The receiver has employed the agent to do the job, create transparency, independence, and bring market experience to the sale.

Do not go to the receiver. Deal with the agent.
The agent is employed to do the job.

Also, it is completely unethical to try take the bread off this man's table. The receiver will not run with it.

Humour Me

The receiver is also required to maximise the return achieved by the sale so they can pay off the associated debts. It could be that your offer could be below the receivers minimum and the agent is trying to get you to a value which will be accepted.

starmc14

Signed my contracts on Tuesday and the solicitor said he is putting the closing date as Friday October 13th!!!! Does this mean I will get my keys on this day??!!

philderbeast

starmc14 wrote: »

Signed my contracts on Tuesday and the solicitor said he is putting the closing date as Friday October 13th!!!! Does this mean I will get my keys on this day??!!

This is only a rough guideline. In an ideal world you would get the keys then but I wouldn't be too confident. We didn't get the keys until nearly 3 weeks after the original closing date.

househunter08

starmc14 wrote: »

Signed my contracts on Tuesday and the solicitor said he is putting the closing date as Friday October 13th!!!! Does this mean I will get my keys on this day??!!

Don't get your hopes up too much. There a few things that could cause a delay. Our closing date was last Thursday but our solicitor had not received the funds from the bank in time so it rolled over to Friday. Then at about 4.30 on Friday we got a call to say that it couldn't complete as the local property tax had not been paid yet Hopefully today is the day!

ELM327

Has anyone applied to AIB via the online "emortgages" application process?
I've just started an application and was wondering if there was anyone else who has been through the process?