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

autumnbelle

Would we need to be saving the amount of what the mortgage will be a month

GingerLily

autumnbelle wrote: »

Would we need to be saving the amount of what the mortgage will be a month

Rent + savings > stressed mortgage payment

wersal gummage

So a couple with a child in crèche need approximately €2500 per month, plus €250 for child, plus say €1000 for crèche = €3750. Then the difference between this and monthly take home pay is the maximum potential mortgage repayment? Say the amount left over is €3000, the couple need to demonstrate that they have been saving /paying for rent etc for that amount over a period of time?

Is that basically it or any other major issues to factor in?

Cuddlesworth

wersal gummage wrote: »

Is that basically it or any other major issues to factor in?

That's pretty much it if your not a gambler.

keane2097

Might be worth mentioning - I got approved with no issue despite having six figures in gambling transactions go through my accounts in the last two years or so. Letter of offer issued today also.

Not sure why I wasn't even asked about it, maybe the 'you won't get a mortgage if there's a €20 to Paddy Power on your account' stuff is overblown.

GingerLily

keane2097 wrote: »

Might be worth mentioning - I got approved with no issue despite having six figures in gambling transactions go through my accounts in the last two years or so. Letter of offer issued today also.

Not sure why I wasn't even asked about it, maybe the 'you won't get a mortgage if there's a €20 to Paddy Power on your account' stuff is overblown.

I don't know if I can believe this, 6 figures? That's ridiculous, what bank is it?

keane2097

GingerLily wrote: »

I don't know if I can believe this, 6 figures? That's ridiculous, what bank is it?

AIB. I don't know why you think I would make it up

hots

keane2097 wrote: »

Might be worth mentioning - I got approved with no issue despite having six figures in gambling transactions go through my accounts in the last two years or so. Letter of offer issued today also.

Not sure why I wasn't even asked about it, maybe the 'you won't get a mortgage if there's a €20 to Paddy Power on your account' stuff is overblown.

Is that 6 figures on the bank account or in your gambling accounts? I'd be fairly high (not quite that much now) in by gambling accounts but I take a bit of care to keep it out of my current accounts.

keane2097

hots wrote: »

Is that 6 figures on the bank account or in your gambling accounts? I'd be fairly high (not quite that much now) in by gambling accounts but I take a bit of care to keep it out of my current accounts.

At a quick glance at least 40k through my credit card in the last 18 months, more through the current account but you get the picture. I had finished up the heavy punting in the early part of last year but there was still ~1k of deposits/withdrawals on the CC in the last six or seven months.

Maybe if it's mostly one way traffic in your favour they don't pay too much attention.

hots

keane2097 wrote: »

At a quick glance at least 40k through my credit card in the last 18 months, more through the current account but you get the picture. I had finished up the heavy punting in the early part of last year but there was still ~1k of deposits/withdrawals on the CC in the last six or seven months.

Maybe if it's mostly one way traffic in your favour they don't pay too much attention.

I've not been able to get a specific answer, similar situation in that the figures some would consider quite high, but it's profitable so I'm not sure how it gets judged...

Good to know you weren't hindered by it anyway.

Cuddlesworth

keane2097 wrote: »

AIB. I don't know why you think I would make it up

Not sure your the average gambler or earner if you can blow 6 figures on bets, or make 6 figures on bets.

JDD

Well, got my mortgage approval from BOI today. Absolutely delighted and SO RELIEVED. That was the longest week of my life! Just the small matter of finding a property to buy now!

keane2097

Cuddlesworth wrote: »

Not sure your the average gambler or earner if you can blow 6 figures on bets, or make 6 figures on bets.

Average earner. The gambling wasn't just me but we were quite profitable, I don't think we would be considered average.

Having said that, if they didn't even ask me about it I can't imagine anyone is getting turned down for €20 in the PP shop the odd time. Sounds like a bull**** reason.

keane2097

hots wrote: »

I've not been able to get a specific answer, similar situation in that the figures some would consider quite high, but it's profitable so I'm not sure how it gets judged...

Good to know you weren't hindered by it anyway.

I would be interested to see if you would have a similar experience.

GingerLily

JDD wrote: »

Well, got my mortgage approval from BOI today. Absolutely delighted and SO RELIEVED. That was the longest week of my life! Just the small matter of finding a property to buy now!

I'm about to drawdown, will be 6 months since we originally applied for a mortgage, but we had a wedding and bought a new build so delays were to be expected.

aloooof

Long time lurker here, and beginning the daunting process, starting with looking for mortgage approval from some banks. Been busying myself getting my documentation together.

I remember a post here from awhile back that I can't quite find, with about 15 or so steps in roughly chronological order of the process through to getting your keys in hand. If anyone would happen to have a link to that post, or would be able to roughly outline the sequence themselves, it'd be much appreciated!

keane2097

aloooof wrote: »

Long time lurker here, and beginning the daunting process, starting with looking for mortgage approval from some banks. Been busying myself getting my documentation together.

I remember a post here from awhile back that I can't quite find, with about 15 or so steps in roughly chronological order of the process through to getting your keys in hand. If anyone would happen to have a link to that post, or would be able to roughly outline the sequence themselves, it'd be much appreciated!

There's something along those lines on the BOI website that can give you an idea.

https://personalbanking.bankofireland.com/borrow/mortgages/articles/how-the-mortgage-process-works/

flashforward

Quick question, once going sale agreed at what point do you select the lender.

We have AIP with 2 banks and are waiting for surveyor to come back with finishing costs on a property.

At what point do we have to decide which lender to go for?

Cheers!

Cuddlesworth

flashforward wrote: »

Quick question, once going sale agreed at what point do you select the lender.

We have AIP with 2 banks and are waiting for surveyor to come back with finishing costs on a property.

At what point do we have to decide which lender to go for?

Cheers!

When you go to draw down the mortgage. You can approach both banks for a formal loan offer on the property.

Mantis Toboggan

Does it make sense to apply for the mortgage and then find a house? Just saw that in the boi steps link above. I would have thought it would be find a house then apply for the mortgage?

heebusjeebus

Tyson Fury wrote: »

Does it make sense to apply for the mortgage and then find a house? Just saw that in the boi steps link above. I would have thought it would be find a house then apply for the mortgage?

Estate agents would ask that you have proof of mortgage offer in principle before they accept a bid from you.

stargazer 68

heebusjeebus wrote: »

Estate agents would ask that you have proof of mortgage offer in principle before they accept a bid from you.

We had to send our AIP to the estate agent before they would accept bids

Cuddlesworth

Tyson Fury wrote: »

Does it make sense to apply for the mortgage and then find a house? Just saw that in the boi steps link above. I would have thought it would be find a house then apply for the mortgage?

Most people have little concept of what their "price range" is when looking at houses.

keane2097

Tyson Fury wrote: »

Does it make sense to apply for the mortgage and then find a house? Just saw that in the boi steps link above. I would have thought it would be find a house then apply for the mortgage?

We went to the bank first with a figure in mind and got AIP. We later found a place and changed the amount we wanted.

It might make sense to get approval for the most you can - you are not required to draw down the full amount if you find a cheaper place than expected later.

Finding a house and then trying to get mortgage in order to bid seems like a bad idea when places can sell so quick. Any estate agent is going to ask for proof you are approved if you try to bid.

Creamy Goodness

Some estate agents of new builds won't even talk to you without AIP.

Get AIP for max you can afford, talk to agents, adjust figures if needs be when you've found your place.

cloneslad

While I'm not endorsing what we did, it's just to let you know it is possible.

We went and saw a house (new build) and liked it, we spoke to a broker and got confirmation that we would get what we needed based on salary and deposit. We then paid the holding deposit and had 3 weeks (slightly longer if we were showing constant engagement with the EA) to sign the contract.

We contacted a bank ourselves while we waited on the broker to come back with an offer from banks he works with. We got approval within 4 days and the contract from the bank was signed within 7 days. We paid the rest of the deposit ourselves and also got the HTB allowance sorted within the 3-week time frame too.

All in all, from first viewing the house to handing over the 10% deposit and signing contracts with them it was 3 weeks.


A caveat to this: The broker ended up taking over 3 months to come back to us with AIP from a bank that was way more than we needed (I think he was holding off until the 4.5x salary allowances came back in at the start of the year).

Had we waited on the broker we wouldn't have gotten the house.

So I do think it's a much better idea to have AIP before starting your search.

Get your documents together / scan ID's etc now and then you can start applying. If you are registering for HTB then make sure you have all your details sorted with revenue too. It's not difficult to sort these out yourself and it puts you in a much better position in the long run.

GingerLily

We had full credit approval before looking and bid on a few houses, we eventually put a booking deposit down on a new build, they wanted our AIP to proceed with contracts.

We actually changed banks then and got approval from another bank, better deal for us, and also had to register for the HTB, the developers needed out HTB application numbers to issue contracts, so by the time our contracts came 3 weeks later we had our loan offer from the second bank!

I would definitely start on the approval before viewing houses, because some houses go very fast, Estate Agents won't wait if it's in a sought after location.

Mickiemcfist

On this HTB application, if you apply now and get it, is it possible to update your grant figure in say six months? (I lived outside of Ireland in the last 4 years so I don't have a full 4 years tax paid here)

purpleisafruit

Mickiemcfist wrote: »

On this HTB application, if you apply now and get it, is it possible to update your grant figure in say six months? (I lived outside of Ireland in the last 4 years so I don't have a full 4 years tax paid here)

HTB figures only apply for full tax years. You couldn't claim for 2018 tax paid until 2019 (scheme is supposed to finish end of the year)

flashforward

Cuddlesworth wrote: »

When you go to draw down the mortgage. You can approach both banks for a formal loan offer on the property.

Wouldn't this mean you would need to pay for both Banks approved valuers to value the property?