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

Interested Observer

TheShow wrote: »

I tried talking to brokers about my situation, and i got the impression that they were only interested in easy deals and were putting me off until probation was complete.
I was recommended to talk to a guy in the EBS and i'm glad I did because i moved into the new house over 3 months ago.

Try your own bank first, or even the EBS. if they are not receptive then by all means try a broker. also, don't pay a broker, they get paid by the banks.

Sorry quoting this from a few weeks back, rang EBS and got a fairly firm response of can't draw down while on probation. Not the end of the world, will just wait a few months.

TheHopeful

Hi everyone,

Myself and my girlfriend will be looking for a mortgage shortly. Both first time buyers. Both currently living at home. Both early 30's. Combined savings of approx €40k-€45k. No children. No loans.

Combined Gross Income approx €60k. Looking to borrow approx 180k.

Any advice before we delve into the mortgage applications? I have been looking up brokers but they all seem to be looking for a fee. Any advice about which lender may suit us best?

Would we be eligible for any of the government mortgage schemes?

Thanks in advance for anyone who takes the time to reply.

GingerLily

TheHopeful wrote: »

Hi everyone,

Myself and my girlfriend will be looking for a mortgage shortly. Both first time buyers. Both currently living at home. Both early 30's. Combined savings of approx €40k-€45k. No children. No loans.

Combined Gross Income approx €60k. Looking to borrow approx 180k.

Any advice before we delve into the mortgage applications? I have been looking up brokers but they all seem to be looking for a fee. Any advice about which lender may suit us best?

Would we be eligible for any of the government mortgage schemes?

Thanks in advance for anyone who takes the time to reply.

Your stressed mortgage payment would be about 1k a month - make sure your current rent + savings is at least that!

Clear all loans overdrafts and credit cards.

You could qualify for the government loan if your refused by a bank so something to consider, but i don't know if its a good idea to try and gain refusal to get those loans, they have a cheaper interest rate but have a very high mortgage protection rate and the approval process is very slow!

GaGa21

TheHopeful wrote:

Any advice before we delve into the mortgage applications? I have been looking up brokers but they all seem to be looking for a fee. Any advice about which lender may suit us best?

Brokers should be paid by bank. There is a broker on boards that has been used here by a lot of people, including myself. The only thing is that they do limit the banks they work with so you may get a better rate applying to a bank directly. Go to bonkers.ie to find the best mortgage rate available that suits you.

TheHopeful

TheHopeful wrote: »

Hi everyone,

Myself and my girlfriend will be looking for a mortgage shortly. Both first time buyers. Both currently living at home. Both early 30's. Combined savings of approx €40k-€45k. No children. No loans.

Combined Gross Income approx €60k. Looking to borrow approx 180k.

Any advice before we delve into the mortgage applications? I have been looking up brokers but they all seem to be looking for a fee. Any advice about which lender may suit us best?

Would we be eligible for any of the government mortgage schemes?

Thanks in advance for anyone who takes the time to reply.

Also, any advice re Variable vrs Fixed interest rate?

awec

TheHopeful wrote: »

Hi everyone,

Myself and my girlfriend will be looking for a mortgage shortly. Both first time buyers. Both currently living at home. Both early 30's. Combined savings of approx €40k-€45k. No children. No loans.

Combined Gross Income approx €60k. Looking to borrow approx 180k.

Any advice before we delve into the mortgage applications? I have been looking up brokers but they all seem to be looking for a fee. Any advice about which lender may suit us best?

Would we be eligible for any of the government mortgage schemes?

Thanks in advance for anyone who takes the time to reply.

Maybe I'm missing something, but you've no kids, no loans, are looking to borrow 3 times your salary and have a ~20% deposit excluding help to buy?

Why would you need to go to a broker? You seem like a pretty straightforward case. Just go straight to the banks.

TheShow

TheHopeful wrote: »

Also, any advice re Variable vrs Fixed interest rate?

fixed will give you certainty of the payments for whatever fixed period you are locked in for. normally slightly more expensive than variable.
But there are a lot of very competitve fixed rates around at the moment.
It it were myself i would be looking at fixed rates.

raheny red

We emailed our very first bid on a property yesterday. Have heard nothing back yet at all. Is this normal or should we follow up with a phonecall? New to all this so just wanna get it sorted.

GingerLily

raheny red wrote: »

We emailed our very first bid on a property yesterday. Have heard nothing back yet at all. Is this normal or should we follow up with a phonecall? New to all this so just wanna get it sorted.

I would usually ring and follow with a email, don't be afraid to pick up the phone!

TheShow

raheny red wrote: »

We emailed our very first bid on a property yesterday. Have heard nothing back yet at all. Is this normal or should we follow up with a phonecall? New to all this so just wanna get it sorted.

make the offer over the phone.

whatever76

do both - verbal and follow up with Email or visa versa

Interested Observer

whatever76 wrote: »

do both - verbal and follow up with Email or visa versa

Yup, phone first and confirm in writing I think is the best approach.

sightband

Make an offer and then get someone to make another offer below that and you’ll still have absolutely no clarity on what is what with offers because the whole thing is mayhem at the moment....trust nothing. It’s a lucky dip, best of luck.

teaontap

Finally almost a year after we started the process we have just completed the sale on our home! Never want to have to buy a house again lol

TheShow

Interested Observer wrote: »

Sorry quoting this from a few weeks back, rang EBS and got a fairly firm response of can't draw down while on probation. Not the end of the world, will just wait a few months.

I got approved while on probation, wasn't even an issue, no questions about it. Was just out of probation when I drewdown the mortgage, but it wouldn't have made a difference as there was no condition on the mortgage approval about probation being completed etc.
Also my previous employers policy for mortgages was probation is only relevant if starting off career or changing career. i.e if you've an established career and you're simply changing employer but doing the same/similar role then you shouldn't be penalised.

PM me if you want and I'll share the name of the person I was dealing with in EBS.

limnam

TheShow wrote: »

I got approved while on probation, wasn't even an issue, no questions about it. Was just out of probation when I drewdown the mortgage, but it wouldn't have made a difference as there was no condition on the mortgage approval about probation being completed etc.
Also my previous employers policy for mortgages was probation is only relevant if starting off career or changing career. i.e if you've an established career and you're simply changing employer but doing the same/similar role then you shouldn't be penalised.

PM me if you want and I'll share the name of the person I was dealing with in EBS.

Does this mean banks are back to acting recklessly.


Is this not the exact sort of stupid things banks should not be doing.

TheShow

limnam wrote: »

Does this mean banks are back to acting recklessly.


Is this not the exact sort of stupid things banks should not be doing.

Explain to me how is that acting recklessly?

ELM327

TheShow wrote: »

Explain to me how is that acting recklessly?

What happens if you fail your probation?

TheShow

ELM327 wrote: »

What happens if you fail your probation?

If you're in an established career, its only a very small risk. How often does it happen for someone in an established career to not move past the probation period in their new job?

As I said, for someone starting out or changing career path then it wouldn't apply.
If all you're doing is changing employer and doing the same/similar role, generally for more money (you're not going to move for a paycut), the risk is minimal.
I think its a sensible policy.

limnam

TheShow wrote: »

Explain to me how is that acting recklessly?

I would have thought it was self explanatory.



I'd be very surprised if any of the big banks are doing this. Considering the amount of money that was given to EBS during the bailout you would think they'd have learned a few lessons.


I was actially pretty impressed the level of scrutiny the banks went into. That's pretty sad to hear things like this.


It's not even that it's such a big risk it starts to breed a "shur it'll be grand" attitude.


Sure there's careers/ages/etc where it's "less" risky but when do you draw the line on it and who decides it. If you do it for one, why not do it for the next one etc and standards slip and before you know we've lost our trousers _again_

TheShow

It is one of the big banks.

The process is so heavily regulated and audited by CBI and other institutions that what you're talking about doesn't happen.

Not to mention the fact that the banks set their own policy, but seek CBI approval for same.

You can't please the perpetually offended, some people just have a chip on their shoulders when it comes to banks.

bri007

PM sent

TheShow wrote: »

It is one of the big banks.

The process is so heavily regulated and audited by CBI and other institutions that what you're talking about doesn't happen.

Not to mention the fact that the banks set their own policy, but seek CBI approval for same.

You can't please the perpetually offended, some people just have a chip on their shoulders when it comes to banks.

ELM327

TheShow wrote: »

You can't please the perpetually offended, some people just have a chip on their shoulders when it comes to banks.

That's not describing me at all - for clarity. I don't have nor have ever had, a tinfoil hat!

TheShow wrote: »

If you're in an established career, its only a very small risk. How often does it happen for someone in an established career to not move past the probation period in their new job?

As I said, for someone starting out or changing career path then it wouldn't apply.
If all you're doing is changing employer and doing the same/similar role, generally for more money (you're not going to move for a paycut), the risk is minimal.
I think its a sensible policy.

It does happen. The risk is lesser if it's someone in an established career moving to a different company in the same vertical. But it's still there, and for that first year you can be let go without reason.


That was my only point.

Staph

I don't think it's particularly risky to move jobs if you're already established in a career. I'm sure the banks have certain criteria that they consider and the poster above obliviously met them.
It's a bit much to say that the bank will now be flippant with assessing mortgage suitability on this one example.

TheShow

I don't know the stats on it, but I don't know of anyone that has moved jobs and not satisfactorily completed a probation period, but i'm sure it happens in a small percentage of cases.

Its a calculated risk for sure. Most probations are only 6 months and I don't know for sure, but i don't think you could apply the same lattitude where a 12 month probation period is required.

Lending is about common sense and sometimes blanket policies are not appropriate to every situation.

ELM327

Staph wrote: »

I don't think it's particularly risky to move jobs if you're already established in a career. I'm sure the banks have certain criteria that they consider and the poster above obliviously met them.
It's a bit much to say that the bank will now be flippant with assessing mortgage suitability on this one example.

It's hardly flippant though.
The below is flippant, what we are seeing now hopefully is banks becoming slightly less risk averse.

ELM327

TheShow wrote: »

I don't know the stats on it, but I don't know of anyone that has moved jobs and not satisfactorily completed a probation period, but i'm sure it happens in a small percentage of cases.

Its a calculated risk for sure. Most probations are only 6 months and I don't know for sure, but i don't think you could apply the same lattitude where a 12 month probation period is required.

Lending is about common sense and sometimes blanket policies are not appropriate to every situation.

Every move is essentially a 12 month probation, as you don't gain security of employment or employment rights until 12 months have passed.

TheShow

ELM327 wrote: »

Every move is essentially a 12 month probation, as you don't gain security of employment or employment rights until 12 months have passed.

according to what?

ELM327

TheShow wrote: »

according to what?

Employment law?

Standard requirement is generally

the employee to have at least one year’s continuous service with the employer

Otherwise you can be let go without having to be given a reason.

Plenty of interesting reading here:
http://www.citizensinformation.ie/en/employment/employment_rights_and_conditions/employment_rights_and_duties/employment_law_update.html

And this is a good resource too:
https://employmentrightsireland.com/tag/termination-of-employment/

Staph

limnam wrote: »

It's not even that it's such a big risk it starts to breed a "shur it'll be grand" attitude.

Sure there's careers/ages/etc where it's "less" risky but when do you draw the line on it and who decides it. If you do it for one, why not do it for the next one etc and standards slip and before you know we've lost our trousers _again_

I think that this is assessment of what happens in assessing mortgage suitability is wholly miscaracterising what the banks have done lately/are doing. And to state this with only one example of an approved mortgage application (which we know little else about) is flippant.