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

Tipsy McSwagger

Wesser wrote: »

No need to be smart.
Reality is most if us can't get what we want for the price we want.
Adrian is right. If you haven't even viewed a property yet then you need to change something in your plan....

You think it’s easy to just ‘get more money’. For most of us it’s a struggle to get the deposit and then the extra 5k for stamp duty and solicitor.

whiskeyman

Tipsy McSwagger wrote: »

Nothing affordable yet in the area I want to buy

Have you checked the property price register to see if anything recently went for something in your range in that area?

Wesser

I'm not suggesting you get more money. You need to change your search.

Tipsy McSwagger

Wesser wrote: »

I'm not suggesting you get more money. You need to change your search.

I absolutely agree and it’s something I have been looking into, big issue is my gf doesn’t drive which is a right pain.

Tipsy McSwagger

whiskeyman wrote: »

Have you checked the property price register to see if anything recently went for something in your range in that area?

No but will do cheers

chrismon

Tipsy McSwagger wrote: »

I absolutely agree and it’s something I have been looking into, big issue is my gf doesn’t drive which is a right pain.

Time to start so!

I'm in the same boat, had a number I wanted to stick to, that number has gone up by 60k and still can't find anything suitable.
Less and less homes for sale in my area.

TheShow

shamrock55 wrote: »

Is there a certain percentage of your gross monthly income that banks don't want your monthly debts including your mortgage to be over?

Depending on your income levels between 40% and 50 %

myshirt

TheShow wrote: »

Depending on your income levels between 40% and 50 %

Less.

Should be about 30% or less; and 40% in a distressed scenario.

TheShow

myshirt wrote: »

Less.

Should be about 30% or less; and 40% in a distressed scenario.

well its not, nobody would get mortgage approval at those figures.

As I said, depending on income levels, its between 40% & 50%.
the bank will stress test by adding an additional 2% to your proposed mortgage repayment, and you must be within the parameters at the stress tested level.

Obviously the bigger income you have the greater you have left over after commitments, hence you get a bigger % allowance.

icanmunch

What bank has everyone gotten approval from? Looking to apply for a mortgage now but not sure which bank is giving the best deal

ELM327

icanmunch wrote: »

What bank has everyone gotten approval from? Looking to apply for a mortgage now but not sure which bank is giving the best deal

BOI
fixed for 3 years @3%
2% cashback

icanmunch

Thanks, that seems like a good deal. I was looking at other banks that had been offering 3% fixed but no cash back offer. Will get in touch with them cheers

adriaaaan

icanmunch wrote: »

What bank has everyone gotten approval from? Looking to apply for a mortgage now but not sure which bank is giving the best deal

BOI: good fixed rate and cash back deal, terrible variable rate. But they want all their customers on fixed rates. You can pay 10% over on fixed rate payments which is good. No LTI exemptions left.

AIB: best variable rate, not great fixed rate, no cash back and no LTI exemptions left. Brokers will tend to push you to AIB as they give best commission so be careful.

EBS: the best option for me. Have some LTIs left but getting tight, same fixed rate as BOI and same cash back deal. No other conditions on accounts. Can overpay or term refuce. Very good to deal with IMO. Owned by AIB

Ulster: Good fixed rates (lowest fixed rate at 2.9 %) and while the have LTIs left they are stingy with the upper margin and penal on instrest rate if you get an LTI. Get 1500 cash back but thats nowhere near as good as BOI or EBS. Need 5% of deposit saved to get LTI.

PTSB: Mediocre fixed and variable rates. Have LTIs left but you need to prove 5% of a deposit is saved which rules out big deposit gifts from parents. They are mad for business but will need to slash rates IMO.

KBC: have LTIs left but not for long. Pretty good variable rate but you must open a current a/c with them to get this rate. No cash back deal. Friends have told me they are hard or slow to deal with but OK for me so far. Brokers will push KBC also in my experience.

Pepper: have LTIs but terrible rates. Would not be the easiest to deal with I would say based on my experience.

This is the best and easiest to use mortgage comparison site:

https://www.ccpc.ie/consumers/financial-comparisons/mortgage-comparisons/

ELM327

In my experience (drawdown and moved in in Q1 this year)
Pepper are terrible to deal with.
Friendly but useless people on the phones not able to help with even the basic questions.
AIB and Pepper were the two with awful customer (or potential customer) support.

I went with BOI for the good fixed rate and cashback. Their customer support was world class.

KBC were also good but wasn't willing to open a current ac with them so that ruled them out.

GingerLily

TheShow wrote: »

well its not, nobody would get mortgage approval at those figures.

As I said, depending on income levels, its between 40% & 50%.
the bank will stress test by adding an additional 2% to your proposed mortgage repayment, and you must be within the parameters at the stress tested level.

Obviously the bigger income you have the greater you have left over after commitments, hence you get a bigger % allowance.

This is not correct, 40% is the max with a stressed interest rate - if anyone knows of s bank lending at 50% payment to net income please report them to the CBI because that's reckless lending!

TheShow

I used EBS, very good service, slow at times, but none of the banks move particularly quick.

GaGa21

We've been happy to go with AIB through our broker as they have one of the better variable rates but I'm starting to doubt it now, are we better off with a fixed rate?

f@steddie

The service provided varies from person to person, bank to bank. Service should rarely / never be a reason to choose a lender. The cost of borrowing should always be the primary concern.

adriaaaan

GaGa21 wrote: »

We've been happy to go with AIB through our broker as they have one of the better variable rates but I'm starting to doubt it now, are we better off with a fixed rate?

AIBs fixed rates are higher than their variable and higher than competitors . Completely depends on your situation. ECB rates *should* rise in next year but that's in no way guaranteed and there is no point in predicting. You can pay off lump sums with variable rate mortgages which is more difficult with fixed. And you should also have an option to fix some and vary other percentages of your mortgage. Upshot is:..... it depends !

GaGa21

adriaaaan wrote:

AIBs fixed rates are higher than their variable and higher than competitors . Completely depends on your situation. ECB rates *should* rise in next year but that's in no way guaranteed and there is no point in predicting. You can pay off lump sums with variable rate mortgages which is more difficult with fixed. And you should also have an option to fix some and vary other percentages of your mortgage. Upshot is:..... it depends !

That's it. If we change to a fixed rate we would need to change mortgage provider and we are currently sale agreed! I am just worried about rates going up instead of down. But we can always switch in the future if we need to I suppose.

TheShow

GingerLily wrote: »

This is not correct, 40% is the max with a stressed interest rate - if anyone knows of s bank lending at 50% payment to net income please report them to the CBI because that's reckless lending!

it is correct.

GingerLily

TheShow wrote: »

it is correct.

Who is lending @ 50%?

TheShow

GingerLily wrote: »

Who is lending @ 50%?

To high income earners, who have high net disposable incomes left after commitments are accounted for.
i.e. those that can afford to have commitments of up to 50%.

My former employer has this policy and even goes to 55% for the exceptionally high earners.

A one size policy does not fit all.

Sarn

BOI also do the mortgage saver account which gives you an extra €1260 (€2000 before DIRT) if you save a certain amount over 6 months. It can be combined with the 2% cash back.

Mantis Toboggan

Sarn wrote: »

BOI also do the mortgage saver account which gives you an extra €1260 (€2000 before DIRT) if you save a certain amount over 6 months. It can be combined with the 2% cash back.

Also 1% back after 5 years. Its a good deal in fairness.

Unreg0909

The 2% cash back offer with BOI is only on mortgages drawn down by June 30th 2018

Rfrip

Unreg0909 wrote: »

The 2% cash back offer with BOI is only on mortgages drawn down by June 30th 2018

It’s going to be extended. Well that’s what they told me anyway! Won’t be drawing down myself until October

Unreg0909

Hope so!! Will be drawing down then too

djan

The BoI cashback offer has been extended until the 30th September 2018. Not yet published on Web AFAIK but has been confirmed by two members of staff.

XsApollo

Any word if kbc are going to extend their offer beyond June?