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

goofy141

dmm82 wrote: »

What do people think the chances are of getting a mortgage at approximately 42 years of age. It would be a single application with no existing debts and savings of around 25k?

Or would i be insane to even consider taking on a mortgage at that age? I would be looking for a 20 year mortgage.

We just got approval for a mortgage, husband is 42 and got a term of 23 years.

TheShow

Creamy Goodness wrote: »

so for new builds is it 1% of the purchase price - VAT? is VAT on new builds 23%. For example stamp duty on a 350k new build is 3.5k or is is 2,695?

Trying to work this out as I was talking to my advisor in the bank and he thinks that I'd be in for roughly 10k of extras (stamp duty, solicitor fees, etc.).

I was hoping it'd be 3.5k stamp duty (350k house price), 2.5k solicitor (factoring in a bit more there just in case) but I'm struggling to see where the extra 4k he has in mind is going?

Just going through the process myself,

so its 1% of the ex vat cost of the property, for new build also there might be a cost included in the overall price for the "site" which you deduct before adjusting for VAT.
so say total cost €350,000
Site cost €80,000
House Cost €270,000
Ex Vat cost the House €270,000 / 1.135
Ex Vat Cost €237,885
Stamp Duty €237,885 x 0.01

Stamp Duty Charge €2378.85.
.

Also legal fees are between 1 & 2 k + VAT
PLUS all these fees:

Land Registry fee on Transfer Deed € 700.00
Land Registry fee on new Mortgage € 175.00
New Folio € 75.00
Land Registry fee on Filed Plan € 40.00
Title Searches € 70.00
Planning Search € 130.00
Commissioners fees on Family
Home Declaration € 22.00
*Possible bank charge fee € 25.00

TheShow

cruizer101 wrote: »

Stamp Duty is 1% of purchase price, doesn't make sense that you are paying 3100 on 350000, it should be 3500.

Price of a New build house includes VAT of 13.5%.
You only pay SD on the ex VAT amount. - i.e. you don't pay tax on tax.


No VAT on a second hand property so you pay 1% of the full sale price.

TheShow

Tyson Fury wrote: »

What's the cut off age for a 35 year mortgage?

Most will go to age 65 with no issue, if you are in a pensionable job some will go to age 70.

izzyflusky

dmm82 wrote: »

What do people think the chances are of getting a mortgage at approximately 42 years of age. It would be a single application with no existing debts and savings of around 25k?

Or would i be insane to even consider taking on a mortgage at that age? I would be looking for a 20 year mortgage.

My husband is 40 and we just got approval for a 28 year mortgage with KBC. BOI said 29.

ILikeBoats

At 34 years old I got a 35 year mortgage from PTSB

Mantis Toboggan

Is the dirt relief scheme still available or is it too late to claim?

Jacinta086

Tyson Fury wrote: »

Is the dirt relief scheme still available or is it too late to claim?

Unfortunately not; i contacted the revenue about this at the start of the year.

goofy141

I am currently selling and buying. I have paid my LPT and I am up to date.
I presume the property I am buying is up to date (obviously will be checked by Solicitors) but does this mean I wont have any liability for LPT on the new property until 2019?

badbeatcentral

goofy141 wrote: »

I am currently selling and buying. I have paid my LPT and I am up to date.
I presume the property I am buying is up to date (obviously will be checked by Solicitors) but does this mean I wont have any liability for LPT on the new property until 2019?

Correct, the liability date is 1 November, so owner as at 1 November each year is liable for LPT the following year.

theboringfox

goofy141 wrote: »

I am currently selling and buying. I have paid my LPT and I am up to date.
I presume the property I am buying is up to date (obviously will be checked by Solicitors) but does this mean I wont have any liability for LPT on the new property until 2019?

Usually it gets adjusted. I bought a house and I paid client for the LPT for remainder of year that I would own it. So if I was buying I would expect same. My solicitor made out it was standard

keane2097

theboringfox wrote: »

Usually it gets adjusted. I bought a house and I paid client for the LPT for remainder of year that I would own it. So if I was buying I would expect same. My solicitor made out it was standard

+1

goofy141

Ok thanks all, will wait and see if the solicitor raises the issue. At least I am all paid up from my end.

Losty Dublin

So I went sale agreed last week. I've my deposit paid to the Estate Agent and a solicitor found. I've two potential lenders thus far to try and convince to lend me money; I guess it may be wise to see about more, yeah? It's real lining up ducks the first few days and I'm trying to not get too excited lest I jinx myself Please don't tell me that it will be stressful as it already is

TheShow

Losty Dublin wrote: »

So I went sale agreed last week. I've my deposit paid to the Estate Agent and a solicitor found. I've two potential lenders thus far to try and convince to lend me money; I guess it may be wise to see about more, yeah? It's real lining up ducks the first few days and I'm trying to not get too excited lest I jinx myself Please don't tell me that it will be stressful as it already is

A mortgage broker will go to all the banks on your behalf, so you only need to provide one set of documents. Instead of doing it all yourself and having to make up multiple sets of documents. Don’t pay for a broker though, the banks pay them commission so they should not be charging you. Good luck!

cruizer101

Losty Dublin wrote: »

So I went sale agreed last week. I've my deposit paid to the Estate Agent and a solicitor found. I've two potential lenders thus far to try and convince to lend me money;

Do you mean you have gone sale agreed without any approval from banks? Did ea not look for confirmation of funds?
Would you not have been better seeing how much they would approve for before making offers on houses?
Or do you mean you have approval in principle and just looking for full approval?

ELM327

cruizer101 wrote: »

Do you mean you have gone sale agreed without any approval from banks? Did ea not look for confirmation of funds?
Would you not have been better seeing how much they would approve for before making offers on houses?
Or do you mean you have approval in principle and just looking for full approval?

Bids wouldnt be accepted by any EA worth his/her salt without at least AIP.

OwlsZat

I've yet to hear of an EA worth any salt.

ELM327

OwlsZat wrote: »

I've yet to hear of an EA worth any salt.

Well the vendor's EA in my situation is really helping to push the case through. Despite solicitor procrastination on both sides.

Mantis Toboggan

Folks what's the average cost for solicitor, including fees and land registry etc minus the stamp duty?

goofy141

Losty Dublin wrote: »

So I went sale agreed last week. I've my deposit paid to the Estate Agent and a solicitor found. I've two potential lenders thus far to try and convince to lend me money; I guess it may be wise to see about more, yeah? It's real lining up ducks the first few days and I'm trying to not get too excited lest I jinx myself Please don't tell me that it will be stressful as it already is

Wishing you the best of luck, to be honest I found being a FTB a walk in the park in comparison to this time around. Selling and buying is probably the most stressful thing I have ever done, and we are nowhere near the finishing line yet.

goofy141

Tyson Fury wrote: »

Folks what's the average cost for solicitor, including fees and land registry etc minus the stamp duty?

Depends on lots of things, are you just buying or buying and selling?

Mantis Toboggan

goofy141 wrote: »

Depends on lots of things, are you just buying or buying and selling?

Just buying - new build

sunshine and showers

Looking for advice/opinion on this. I am hoping to be in a position to apply for a mortgage in the next 2 years. I have never taken a loan out/had a credit card etc so I don't think I have any credit history to show. Will this be important for my application or will having sufficient income and deposit be enough? I have been considering taking out a small loan from my credit union over the next year just to show that I can/will pay back money owed. Is that a smart move or unnecessary?

goofy141

Tyson Fury wrote: »

Just buying - new build

I am sorry but not sure on new builds, normally you are looking about 3500 - without stamp duty I think

stargazer 68

goofy141 wrote: »

I am sorry but not sure on new builds, normally you are looking about 3500 - without stamp duty I think

Yep ours came to just under 3000 without the stamp duty

Mantis Toboggan

Dovies wrote: »

Yep ours came to just under 3000 without the stamp duty

Ah OK thanks.

I would have thought it would have been cheaper than that but that's what I've been quoted also.

Michellenman

Tyson Fury wrote: »

Ah OK thanks.

I would have thought it would have been cheaper than that but that's what I've been quoted also.

We used a solicitor that offered a flat rate rather than an itemised bill. €2300 all in (including professional fess, searches, land registry etc) and then stamp duty paid separately. Was really good to know exactly how much it was going to cost right from the outset rather than waiting on a bill at the end and hoping for the best. He's based in dublin 15, I can pm you if you like.

TheShow

Tyson Fury wrote: »

Just buying - new build

Ours is costing c 3500 including all fees and vat and excluding stamp duty. For a new build.

TheShow

sunshine and showers wrote: »

Looking for advice/opinion on this. I am hoping to be in a position to apply for a mortgage in the next 2 years. I have never taken a loan out/had a credit card etc so I don't think I have any credit history to show. Will this be important for my application or will having sufficient income and deposit be enough? I have been considering taking out a small loan from my credit union over the next year just to show that I can/will pay back money owed. Is that a smart move or unnecessary?

I would say it’s unnecessary. As long as you meet the metrics, have the savings and don’t have any excess fees or unpaid items on your bank account you should be fine.