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

Mantis Toboggan

Yeah the 3% cash back is simply cash paid back in a lump sum. The mortgage saver bonus is 2k but you actually only get 1300 after tax.

zl1whqvjs75cdy

teaontap wrote: »

Just got the call from the auctioneer to say the receiver is pulling out of the sale. Feel so deflated and defeated now after this has dragged on so much. Back to the drawing board again now with only 6 weeks before we need to vacate our current property I now need to find somewhere to rent and buy!

Ugh sorry to hear that. It's added stress you really don't need. Moving twice is a pain too. I'm sure you'll find something just as good soon though.

barrier86

teaontap wrote: »

Of course that's no problem at all. We got it through Pulse insurance in UK

no need for pm - it was the name I was after. thank you so much!

bri007

Hi all,

I wonder could someone give me some advise or experience that may be similar to our own.

I am currently working through an agency the past 6 months, ongoing contract working in the healthcare sector. I am on €38k. There is plenty of work in my field, I have successfully got on a panel but I am reluctant to accept a permanent job yet until one comes up I really want. I could take one in the next few weeks but I want one for location, and type of job specifics etc.

I know that not having a permanent job will effect our chances of getting a mortgage. I went back to college and only graduated last year. So I’ve been only working 6 months in my new field.

My girlfriend has been working the last two years, on contract working jobs. She’s on €42k, and has just got a permanent job that she is starting next month in same field.

We have been saving €2k a month since December 2017, and have over €40k savings.

We have been in touch with a broker but he said we wouldn’t have much chance and to come back to him in 12 months and see then how we are getting on.

Should we just wait another 12 months and wait until my girlfriend is in her permanent job and I have taken a permanent job or do we still have a chance of getting a mortgage this year? The broker wasn’t hopeful and more or less said he wasn’t interested. Should we look for another broker or are we wasting our time this year.

Thanks in advance.

teaontap

bri007 wrote: »

Hi all,

I wonder could someone give me some advise or experience that may be similar to our own.

I am currently working through an agency the past 6 months, ongoing contract working in the healthcare sector. I am on €38k. There is plenty of work in my field, I have successfully got on a panel but I am reluctant to accept a permanent job yet until one comes up I really want. I could take one in the next few weeks but I want one for location, and type of job specifics etc.

I know that not having a permanent job will effect our chances of getting a mortgage. I went back to college and only graduated last year. So I’ve been only working 6 months in my new field.

My girlfriend has been working the last two years, on contract working jobs. She’s on €42k, and has just got a permanent job that she is starting next month in same field.

We have been saving €2k a month since December 2017, and have over €40k savings.

We have been in touch with a broker but he said we wouldn’t have much chance and to come back to him in 12 months and see then how we are getting on.

Should we just wait another 12 months and wait until my girlfriend is in her permanent job and I have taken a permanent job or do we still have a chance of getting a mortgage this year? The broker wasn’t hopeful and more or less said he wasn’t interested. Should we look for another broker or are we wasting our time this year.

Thanks in advance.

When we applied both of us were on probation, my job is technically a fixed 12 month contract until I pass probation and we just had to wait til at least one of us was permanent before we could apply.

bri007

Thanks for the reply

Yeah my partners new job will have a 12 month probation as well, and with me working on contracts it's probably a no go getting a mortgage until after 12 months in her new job at the very least.

Broker must been right so, disappointing just have to keep saving and see what happens.

Thanks again

teaontap wrote: »

When we applied both of us were on probation, my job is technically a fixed 12 month contract until I pass probation and we just had to wait til at least one of us was permanent before we could apply.

Frilly Knickers

bri007 wrote: »

Thanks for the reply

Yeah my partners new job will have a 12 month probation as well, and with me working on contracts it's probably a no go getting a mortgage until after 12 months in her new job at the very least.

Broker must been right so, disappointing just have to keep saving and see what happens.

Thanks again

Try a different broker first if you are adamant you want to buy. You've literally nothing to lose by at least applying if the alternative is not to apply at all.

Im permanent but my husband is a contractor. I thought we'd have no chance but kbc and ulster Bank were both willing to consider us. He has a long history of contracting, which is different to your situation but it's still worth filling in the forms and seeing anyway hth

DubJJ

Frilly Knickers wrote: »

Try a different broker first if you are adamant you want to buy. You've literally nothing to lose by at least applying if the alternative is not to apply at all.

I have to agree, try a different broker or even your bank directly, you've nothing to lose.
I had a few issues and my broker said it wasn't worth applying. I went directly to my bank and the advisor there said she didn't feel I'd be successful and told me it wasn't worth applying, I had to insist that she put the application in anyway and a week later I got a phone call to say it had been approved.
I think both brokers and advisors in the bank are reluctant to put in any applications they feel aren't 100% guaranteed as it may waste their time or somehow damage their credibility.

chases0102

When you sign contracts, is there much of a cooling off period?

Cash_Q

barrier86 wrote:

no need for pm - it was the name I was after. thank you so much!

bri007 wrote:

Should we look for another broker or are we wasting our time this year.

I've just pmd you the name of a broker we used.

futureawaits

Hi,

Just looking for some general advice regarding exceptions for the income to loan ratio.

I'm 28 and currently in a permanent job earning roughly €41k basic a year. I then get an annual bonus which was 10 percent for the last 3 years but has now risen to 20%.

I've a €85k deposit and have 5 years bank statements showing regular savings per month of €1000 along with monthly rent payable to my land lord of €550.

I'm single and have no dependents. No personal debt nor run a car.

From experience, would I qualify for an exception? If so, could it be 4.5x salary? Do the bank include the bonus?

Thanks in advance

DubJJ

From my experience the banks are only offering exemptions to higher earners (100k+).
As a single income on under 50k a year I would be surprised if you qualified, although you have an impressive savings history and a large deposit so it wouldn't hurt to ask.
Also remember that all lenders have different policies so if one refuses then shop around.

TheShow

chases0102 wrote: »

When you sign contracts, is there much of a cooling off period?

none, once you've signed and exchanged contracts, thats it. you could pull out but you are likely to lose the 10% deposit paid, also you could potentially be sued for breach of contract.

TheShow

bri007 wrote: »

Hi all,

I wonder could someone give me some advise or experience that may be similar to our own.

I am currently working through an agency the past 6 months, ongoing contract working in the healthcare sector. I am on €38k. There is plenty of work in my field, I have successfully got on a panel but I am reluctant to accept a permanent job yet until one comes up I really want. I could take one in the next few weeks but I want one for location, and type of job specifics etc.

I know that not having a permanent job will effect our chances of getting a mortgage. I went back to college and only graduated last year. So I’ve been only working 6 months in my new field.

My girlfriend has been working the last two years, on contract working jobs. She’s on €42k, and has just got a permanent job that she is starting next month in same field.

We have been saving €2k a month since December 2017, and have over €40k savings.

We have been in touch with a broker but he said we wouldn’t have much chance and to come back to him in 12 months and see then how we are getting on.

Should we just wait another 12 months and wait until my girlfriend is in her permanent job and I have taken a permanent job or do we still have a chance of getting a mortgage this year? The broker wasn’t hopeful and more or less said he wasn’t interested. Should we look for another broker or are we wasting our time this year.

Thanks in advance.

Go and talk to your own bank and see what they say. Brokers don't want the hassle of trying to get this one through as its not straight forward.

TheShow

futureawaits wrote: »

Hi,

Just looking for some general advice regarding exceptions for the income to loan ratio.

I'm 28 and currently in a permanent job earning roughly €41k basic a year. I then get an annual bonus which was 10 percent for the last 3 years but has now risen to 20%.

I've a €85k deposit and have 5 years bank statements showing regular savings per month of €1000 along with monthly rent payable to my land lord of €550.

I'm single and have no dependents. No personal debt nor run a car.

From experience, would I qualify for an exception? If so, could it be 4.5x salary? Do the bank include the bonus?

Thanks in advance

At this time of year, banks might have filled their quota for exceptions.

goofy141

Just a post to say, buying and selling has been the most stressful period of my life, and we are still not at the end yet. There are so many requirements and costs that you just don't think of, including; compliance certificates, surveys, NPPR exemption.
It would be great to have a definitive list of requirements somewhere to stop them coming at you from left field.

To add to the stress we are selling in negative equity, which comes with its own complications, including finding ourselves homeless for about a month.

TheShow

goofy141 wrote: »

Just a post to say, buying and selling has been the most stressful period of my life, and we are still not at the end yet. There are so many requirements and costs that you just don't think of, including; compliance certificates, surveys, NPPR exemption.
It would be great to have a definitive list of requirements somewhere to stop them coming at you from left field.

To add to the stress we are selling in negative equity, which comes with its own complications, including finding ourselves homeless for about a month.

its a minefield. we looked into selling our apartment which is in neg equity, but the cost to sell it, between legal fees, agents fees and the rest was over 10k and that coupled with the level of negative equity wed be carrying made it unfeasable.

Tipsy McSwagger

Is it normal to pay a consultation fee to see a mortgage broker?

Bargain_Hound

Tipsy McSwagger wrote: »

Is it normal to pay a consultation fee to see a mortgage broker?

They should be paid by the bank for the business. Try another. Search boards, there is a well known broker who has been successful for a lot of people here who doesn't charge.

cruizer101

Not necessarily, remember if you are not paying for something then you are the product.
i.e. the broker may mot have your best interests at heart but rather which bank is he getting the most from

TheShow

Tipsy McSwagger wrote: »

Is it normal to pay a consultation fee to see a mortgage broker?

Not any more since the banks are now paying them commission again.
90% of them no longer charge the client, but there are still a few ones out there.
There is no need for you to pay for one when there are plenty of others that offer the service for free.

Doop

TheShow wrote: »

At this time of year, banks might have filled their quota for exceptions.

When is the best time to apply hoping for an exemption? January?

Pedanticness

Doop wrote: »

TheShow wrote: »

At this time of year, banks might have filled their quota for exceptions.

When is the best time to apply hoping for an exemption? January?

From what the bank told me, September. Hoping to get one the following year.

Connavar

Can anyone pm me a recommendation for a broker in Dublin?
I'm based in the west of the city if it makes any difference

TheShow

Doop wrote: »

When is the best time to apply hoping for an exemption? January?

I tried late last summer and all exceptions gone.
Then waited until Jan and got my LTV exception with no issues.

I'd say alot of people did the same, so there could have been a run on the exceptions early on. Best way to find out is to ask your bank or bank you are hoping to secure a mortgage from.

dmm82

Hi, when saving for a deposit is it better to save in the bank or will credit union savings be as good?

purpleisafruit

dmm82 wrote: »

Hi, when saving for a deposit is it better to save in the bank or will credit union savings be as good?

I saved in credit union as it made it that little bit more difficult to get at them if something came up. Bank didn't mind as long as you could supply statements showing regular saving

TheShow

dmm82 wrote: »

Hi, when saving for a deposit is it better to save in the bank or will credit union savings be as good?

makes no difference. as long as you can provide a statement to show balance/record.

Cuddlesworth

cruizer101 wrote: »

Not necessarily, remember if you are not paying for something then you are the product.
i.e. the broker may mot have your best interests at heart but rather which bank is he getting the most from

They don't offer anything that you can't already find on price compare sites. What they do offer is the ability to hit multiple banks up at once, without multiple interviews with banks. It saves your time.

TheShow

Cuddlesworth wrote: »

They don't offer anything that you can't already find on price compare sites. What they do offer is the ability to hit multiple banks up at once, without multiple interviews with banks. It saves your time.

not worth paying for though, when you can get ones provide the same service for free.