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

Duffy89

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

I'm 28 and single applicant and I just got approved for income exemption at 4 times salary. I just have salary of €55,000 so not sure on bonus. I went through broker and went with PTSB. BOI said yes to exemption but I had to wait another 2 months to have 6 months proof of savings.

myshirt

Has anyone seen any restrictions on you when you have disabled children with more expense than your average sprout?

Wonder how legal it is...

GingerLily

myshirt wrote: »

Has anyone seen any restrictions on you when you have disabled children with more expense than your average sprout?

Wonder how legal it is...

They have to include expenses that you will be paying going forward. It would be irresponsible if they didn't.

lillycakes2

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

Bubbaclaus

lillycakes2 wrote: »

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

What is it if it isn't gambling?

DubJJ

lillycakes2 wrote: »

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

I was 'warned' about this before I applied and I was concerned as I have regular lottery payments going from my account and I even have a William Hill account which I use for the odd flutter (nothing serious just the odd €10 bet now and then). When I applied and my statements inspected it was never mentioned, I think they're looking for the more habitual gambler who is betting larger or more regular amounts.

Frilly Knickers

lillycakes2 wrote: »

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

I suppose technically its gambling but there'd be a small pool of Irish people who've never bought a lotto ticket.

I'd be willing to bet (lol) it would be fine if its a few quid on the odd occasion. Hundreds of euros a week on lotto tickets and scratch cards might ring alarm bells though

DubJJ

Bubbaclaus wrote: »

What is it if it isn't gambling?

Jesus, what's buying a house in this country if it isn't gambling?

autumnbelle

I dont think small amounts matter its larger amounts that are the problem I think

keane2097

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.

Just going to repost this for peoples' information. Your mileage may vary I suppose.

The idea that lotto tickets would stop an otherwise in order mortgage application seems too far-fetched for words tbh.

Mantis Toboggan

I've 2-3k gambling transactions most years and got approval no problem. Wasn't even mentioned. Perhaps because the transactions are on the credit card which was payed off so the bank didn't even look at it.

Pedanticness

lillycakes2 wrote: »

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

You'll be fine, I had about €10 a week going into the lotto online and probably the same going to Paddy Power.

History Queen

Hi all, long time lurker, have learned loads from this thread. Just wondering if I could get some general advice please?

Went sale agreed on a house today and am due our first baby this week so a bit anxious about everything coming together! Have approval in principal with Ulster Bank for 50k more than price of house. I've sent an email to our mortgage advisor telling him we are sale agreed but that was late this evening. Have also contacted a solicitor (waiting to hear back)

1. What else should I be doing now?
2. Is bank likely to need more paperwork from us?
3.when do we pay a deposit?
4. House is vacant, what is the likely timeline for completion of sale assuming all goes well?
5. Is there some list of procedures/criteria for purchasing somewhere that I should be following?
6. Anything else you feel i should know?

Thanks in advance to anyone who can answer any of the above

goofy141

History Queen wrote: »

Hi all, long time lurker, have learned loads from this thread. Just wondering if I could get some general advice please?

Went sale agreed on a house today and am due our first baby this week so a bit anxious about everything coming together! Have approval in principal with Ulster Bank for 50k more than price of house. I've sent an email to our mortgage advisor telling him we are sale agreed but that was late this evening. Have also contacted a solicitor (waiting to hear back)

1. What else should I be doing now?
2. Is bank likely to need more paperwork from us?
3.when do we pay a deposit?
4. House is vacant, what is the likely timeline for completion of sale assuming all goes well?
5. Is there some list of procedures/criteria for purchasing somewhere that I should be following?
6. Anything else you feel i should know?

Thanks in advance to anyone who can answer any of the above

Firstly congratulations, lots to celebrate in your home over the coming weeks.

1. Take a breath and enjoy the birth of your baby, first step is to get in touch with your solicitor and you have
2. Depending on how long ago AIP was issued, the bank may look for up to date statements
3. Deposit will be paid in coming days, this differs but my purchase was around 2%
4. How long is a piece of string, are you a first time buyer? If so and house is vacant hopefully over a couple of months.
5. Unfortunately not, just wanted to wish you and your family the best of luck in your new home

History Queen

goofy141 wrote: »

Firstly congratulations, lots to celebrate in your home over the coming weeks.

1. Take a breath and enjoy the birth of your baby, first step is to get in touch with your solicitor and you have
2. Depending on how long ago AIP was issued, the bank may look for up to date statements
3. Deposit will be paid in coming days, this differs but my purchase was around 2%
4. How long is a piece of string, are you a first time buyer? If so and house is vacant hopefully over a couple of months.
5. Unfortunately not, just wanted to wish you and your family the best of luck in your new home

Thanks a million for the response.Ya loads to celebrate and look forward to.

AIP issued in January. My wages have gone up since by 8000 per annum so I'm hoping that will balance out the fact that we will have a dependant in the coming days.

Auctioneer looking for 5k deposit but says it is fully refundable until contracts are signed, waiting on solicitor to get back to us at the mo.

ELM327

History Queen wrote: »

Thanks a million for the response.Ya loads to celebrate and look forward to.

AIP issued in January. My wages have gone up since by 8000 per annum so I'm hoping that will balance out the fact that we will have a dependant in the coming days.

Auctioneer looking for 5k deposit but says it is fully refundable until contracts are signed, waiting on solicitor to get back to us at the mo.

5k deposit is standard.
That's what I paid to the estate agent when going sale agreed.

TheShow

lillycakes2 wrote: »

This may seem silly, but is it ok to have bought a lotto ticker every so often on lottery.ie, from your current account when applying for mortgage? they wouldn't class that as gambling would they ??!!

Lotto Wouldn’t be an issue. In terms of the paddy power transactions etc, again shouldn’t be an issue if you can afford it and meet all of the normal criteria, might raise an eyebrow at most. Would be a different story if you had f all savings, and went overdrawn every month or had excess charges/ unpaid items.

TheShow

History Queen wrote: »

Thanks a million for the response.Ya loads to celebrate and look forward to.

AIP issued in January. My wages have gone up since by 8000 per annum so I'm hoping that will balance out the fact that we will have a dependant in the coming days.

Auctioneer looking for 5k deposit but says it is fully refundable until contracts are signed, waiting on solicitor to get back to us at the mo.

If there was conditions on the AIP then you will need to provide evidence to satisfy those conditions, if it was AIP just pending finding the right house then it should be straight forward enough, keep on your mortgage advisor though make sure they move it on.

History Queen

TheShow wrote: »

If there was conditions on the AIP then you will need to provide evidence to satisfy those conditions, if it was AIP just pending finding the right house then it should be straight forward enough, keep on your mortgage advisor though make sure they move it on.

Thanks for the response. I heard back from mortgage advisor earlier. In case this info is any good to anyone else bank just needs updated statements from any accounts not in Ulster Bank and last 4 payslips from both of us. All else (p60s, salary statements, proof of address etc.) don't need to be resubmitted.

Tipsy McSwagger

QQ, Can you bid/make offer in a new development?

TheShow

Tipsy McSwagger wrote: »

QQ, Can you bid/make offer in a new development?

theres no bid as such, the price is the price.

ILikeBoats

Tipsy McSwagger wrote: »

QQ, Can you bid/make offer in a new development?

TheShow wrote: »

theres no bid as such, the price is the price.

I don't know...I live in an estate of new builds. If you check the property price register, 7 out of 8 of us with identical houses have paid identical amounts, then the 8th house is lower, I can't think of why apart from they haggled the price!? Unless it's just an error

TheShow

ILikeBoats wrote: »

I don't know...I live in an estate of new builds. If you check the property price register, 7 out of 8 of us with identical houses have paid identical amounts, then the 8th house is lower, I can't think of why apart from they haggled the price!? Unless it's just an error

smaller garden?

Mantis Toboggan

TheShow wrote: »

smaller garden?

Or different orientation.

Cuddlesworth

ELM327 wrote: »

5k deposit is standard.
That's what I paid to the estate agent when going sale agreed.

I paid 10k. After the sale, when I asked the estate agent, he said the sale agreed deposit is always higher then the fees owed so it depends on the house price usually.

heebusjeebus

Do the banks still charge a breakout fee from a fixed rate if you sell your property and pay off the full mortgage debt?

GingerLily

heebusjeebus wrote: »

Do the banks still charge a breakout fee from a fixed rate if you sell your property and pay off the full mortgage debt?

It will be in your contract, but yes you will likely be charged. I don't know how hefty the fees would be.

Pedanticness

ILikeBoats wrote: »

Tipsy McSwagger wrote: »

QQ, Can you bid/make offer in a new development?

TheShow wrote: »

theres no bid as such, the price is the price.

I don't know...I live in an estate of new builds. If you check the property price register, 7 out of 8 of us with identical houses have paid identical amounts, then the 8th house is lower, I can't think of why apart from they haggled the price!? Unless it's just an error

Can be one of a few things, could well be an error as the solicitor may have adjusted incorrectly for VAT. 
I bought in a new build and similar to yourself there are 8 houses the same as ours, one happened to be house number "13" so it went for quite a bit cheaper.

purpleisafruit

Pedanticness wrote: »

Can be one of a few things, could well be an error as the solicitor may have adjusted incorrectly for VAT. 
I bought in a new build and similar to yourself there are 8 houses the same as ours, one happened to be house number "13" so it went for quite a bit cheaper.

House I'm buying is 10k more than others in estate but I get double the garden space and neighbours on only one side so difference is worth it for us

Pedanticness

purpleisafruit wrote: »

Pedanticness wrote: »

Can be one of a few things, could well be an error as the solicitor may have adjusted incorrectly for VAT. 
I bought in a new build and similar to yourself there are 8 houses the same as ours, one happened to be house number "13" so it went for quite a bit cheaper.

House I'm buying is 10k more than others in estate but I get double the garden space and neighbours on only one side so difference is worth it for us

Money well spent by the sounds of it.