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

Jentle Grenade

geez wrote: »

Hi all we are mortgage approved with boi have put on a bid on a house and we are currently 20k over asking. Can I ask do ye think we are mad is this normal? House is lovely turn key condition. We are not even based anywhere near Dublin but asking asking was a bit low I guess. We are will to keep going to our budget. They have just advertised an opening viewing for Tuesday

Every house we seemed to look at was running €10-15k over asking. This is in Cork city. It seems par for the course at the moment. The house we've gone sale agreed on is €5k over asking but had offers of €10k over budget by another buyer in a chain. Madness!

geez

Jentle Grenade wrote:

Every house we seemed to look at was running €10-15k over asking. This is in Cork city. It seems par for the course at the moment. The house we've gone sale agreed on is €5k over asking but had offers of €10k over budget by another buyer in a chain. Madness!

Hi so can I ask did they accept your offer ase you are a first time buyer/ cash buyer

Jentle Grenade

geez wrote: »

Hi so can I ask did they accept your offer ase you are a first time buyer/ cash buyer

EA told us that our offer was accepted for that reason exactly. FTB, no chain etc. Other bidders were in a chain.

ADO

Hey folks.

Looking for some advice. Myself and the missus are currently renting for over a year. I'm working full time in my current role for over 6 years and the missus is unemployed. I have saved up a deposit of 30k+ over the last few years and been honest I haven't a clue where to go next for looking at houses and getting a mortgage.

I earn just over 30k a year but I don't understand how this 3.5 times your yearly salary works?

If I saw a house for 220k I know I need a 20% deposit of 44k which I'm going to have to save for but with 3.5 times my salary leaves me way off the mark.

What is my best situation to follow?

Sorry but I'm terrible at this kinda thing.

Baby01032012

ADO wrote: »

Hey folks.

Looking for some advice. Myself and the missus are currently renting for over a year. I'm working full time in my current role for over 6 years and the missus is unemployed. I have saved up a deposit of 30k+ over the last few years and been honest I haven't a clue where to go next for looking at houses and getting a mortgage.

I earn just over 30k a year but I don't understand how this 3.5 times your yearly salary works?

If I saw a house for 220k I know I need a 20% deposit of 44k which I'm going to have to save for but with 3.5 times my salary leaves me way off the mark.

What is my best situation to follow?

Sorry but I'm terrible at this kinda thing.

If you're a first time buyer wouldn't it be 10% deposit but you'll need enough to cover stamp duty and solicitor! surveyor! bank valuation etc.

If renting for 1 year what have you been doing accommodation wise before then?

Your best bet is for your wife to get employment. You will be assessed by bank jointly anyway. And if 220k is your target you will not be able to get mortgage enough solely based on your 30k salary.

You'll need to think long term, 5 years anyway and plan to be in best position possible income wise before then. Also consider any debts, loans etc you may have. Or look at affordable housing run by the council.

ADO

We were renting a year before that aswell. How strict is the whole 3.5 times the salary thing? If I got 20% of 220k (44k) then we would need 3.5 times of our salary to be 180k? Is that right?

Sarn

Based on your current information it looks like you'd need about €115k in savings to make up the shortfall. However, If you had a very large deposit they might ease the multiple a little.

ADO

Thanks for the replies folks.

Just one last question.....if my missus went and got a full time job and she was earning 30k a year and we had a deposit of 44k (which is 20% of 220k) then we would have a combined income of 60k, we would then need 180k mortgage which is exactly 3 times our income. Would that work?

Sorry about all the questions. Thanks

mirrorwall14

ADO wrote: »

Thanks for the replies folks.

Just one last question.....if my missus went and got a full time job and she was earning 30k a year and we had a deposit of 44k (which is 20% of 220k) then we would have a combined income of 60k, we would then need 180k mortgage which is exactly 3 times our income. Would that work?

Sorry about all the questions. Thanks

She would need to be in the job a while but yes. The max salary multiple is 3.5 times (without an exemption) so you would be well within it

mollybird

Well we are finally making the plunge of buying our first house. Anyone else in the same place and want to start a chat on going through it along the way??

We are getting our deposit together through shares my husband has with the company he works for. I have been busy looking at my home.ie and daft and saving places i like and every so often deleting places that have sold.

Sarn

You should probably check out this thread a few down as it also covers people going sale agreed.

Michael D Not Higgins

Threads merged

Utah

mollybird wrote: »

Well we are finally making the plunge of buying our first house. Anyone else in the same place and want to start a chat on going through it along the way??

We are getting our deposit together through shares my husband has with the company he works for. I have been busy looking at my home.ie and daft and saving places i like and every so often deleting places that have sold.

We're doing the same at the moment.
We were in with a mortgage advisor yesterday morning. All seemed positive. We should put in for approval in principle soon enough.
We met some exemption criteria so he said in theory we could get x amount which is almost double what we need! madness. We won't be doing that.

If all goes well, I think we should be good to make offers come June!

mollybird

thanks for that guys. wasn't sure if my thread would go seperatly or go under this.

that's brilliant utah. super exciting. from what ive heard from a few people there is no set time for anyone that i may take. i have in my mind that we possibly be in the house for xmas but don't let myself think of it too much as we still not sure if we going for a new house or 2nd hand house. so i suppose when we know what we are going to go with i should have a better idea.

toure

mirrorwall14 wrote: »

She would need to be in the job a while but yes. The max salary multiple is 3.5 times (without an exemption) so you would be well within it

Whats a while? is it 6 months or 12 before you could apply after just starting a job? or just until probationary period has ended?

angeldelight

toure wrote: »

Whats a while? is it 6 months or 12 before you could apply after just starting a job? or just until probationary period has ended?

Pretty sure it's just to do with probationary period. I was only in my new job 4 months when we applied for a mortgage but there was no probationary period so it wasn't an issue

athtrasna

angeldelight wrote: »

Pretty sure it's just to do with probationary period. I was only in my new job 4 months when we applied for a mortgage but there was no probationary period so it wasn't an issue

Must have been a very secure job? Under employment law you can be fired at any time during the first 12 months regardless of probation being over or not people are at an increased risk of being sacked in a new job.

angeldelight

athtrasna wrote: »

Must have been a very secure job? Under employment law you can be fired at any time during the first 12 months regardless of probation being over or not people are at an increased risk of being sacked in a new job.

Not particularly - private sector and very small company. Prior to starting this job I was on maternity leave too so we really thought we'd be told to wait

loveisdivine

What's the general consensus on timing of the building survey? Before or after you bid and go sale agreed?

SarahMollie

I don't know anyone who does it before sale agreed.

You could end up doing multiple surveys that way, each maybe €350 a pop.

You can always get your deposit back and pull out of the sale if the survey highlights something thats unexpected and causes you to change your mind.

Chesty08

Hey all,

Would love some advise / help.

Looking to step into the house owner market. Have 16k in savings. Looking to build a house in the region of 220k.

I am aware that I will need approx 5k on solicitor fees, stamp duty and others.

What other costs will I need to estimate for .. furniture, decor et al.?

Realistically what will I need to have saved before getting approved for a mortgage to way into account this? I am currently saving 600 a month. How far am I off.

loveisdivine

SarahMollie wrote: »

I don't know anyone who does it before sale agreed.

You could end up doing multiple surveys that way, each maybe €350 a pop.

You can always get your deposit back and pull out of the sale if the survey highlights something thats unexpected and causes you to change your mind.

What about if you still want the house, but aren't willing to pay as much if the survey highlights expensive work that needs doing?

bleary

loveisdivine wrote: »

What's the general consensus on timing of the building survey? Before or after you bid and go sale agreed?

The only time i have seen a Survey before going sale agreed are
1. when a property is up for auction
2. when a property has some issue or require substantial renovation work, in this case a sale agreed may have already fallen through due to work required, and an estate agent may insist on a survey before considering bids.

Bradz213

Chesty08 wrote: »

Hey all,

Would love some advise / help.

Looking to step into the house owner market. Have 16k in savings. Looking to build a house in the region of 220k.

I am aware that I will need approx 5k on solicitor fees, stamp duty and others.

What other costs will I need to estimate for .. furniture, decor et al.?

Realistically what will I need to have saved before getting approved for a mortgage to way into account this? I am currently saving 600 a month. How far am I off.

You will need a deposit of 22k for a build of 220k plus your 5k that you have stated.

Furnishing depends on your taste. At a minimum you will need a fridge and cooker and a bed. You can get cheap beds and couches second hand. The rest can wait until after you've moved in or you could apply for a personal loan soon after you've drawn down the mortgage.

SarahMollie

loveisdivine wrote: »

What about if you still want the house, but aren't willing to pay as much if the survey highlights expensive work that needs doing?

Then you try to reopen the negotiations based on what was uncovered.

Nothing is final until the contracts are signed.

Sleepy

Emailed my surveyor and his response is that he'd be happy to return to take a look at the attic if someone can offer a safe means to access it but that he uses a "standard surveyors ladder" of 16ft and that a fixed ladder wouldn't be able to be lifted into position to access the hatch as it sits over the deepest part of the stair well which is dangerous (I'd agree and, if we buy the house, we will be moving the access hatch).

His ladder was a couple of foot too short to gain access to the attic.

The BER Recomendations Report for the house makes reference to attic insulation so whomever carried that out presumably managed to gain access.

Anyone know if there are surveyors that specialise in roofs? I've googled "roof survey" but can only find commercial, or UK based, service providers. I'm happy enough with everything else the survey came back with but I'm a little bit nervous moving forward with no assurance that the woodwork in the attic isn't riddled with woodworm/rot.

Santy2015

Just got my engineers report. It's new build,(was finished in 2007 been empty since) it's a very good and detailed report but makes only one reference to BER and that was that the report pays no attention to BER ratings. Is this right?

Chesty08

Bradz213 wrote: »

Chesty08 wrote: »

Hey all,

Would love some advise / help.

Looking to step into the house owner market. Have 16k in savings. Looking to build a house in the region of 220k.

I am aware that I will need approx 5k on solicitor fees, stamp duty and others.

What other costs will I need to estimate for .. furniture, decor et al.?

Realistically what will I need to have saved before getting approved for a mortgage to way into account this? I am currently saving 600 a month. How far am I off.

You will need a deposit of 22k for a build of 220k plus your 5k that you have stated.

Furnishing depends on your taste. At a minimum you will need a fridge and cooker and a bed. You can get cheap beds and couches second hand. The rest can wait until after you've moved in or you could apply for a personal loan soon after you've drawn down the mortgage.

Have you experience applying for a personal loan whilst in mortgage?

What is it like, criteria etc..?

Thanks so I am looking at around 35k minimum

Bradz213

Chesty08 wrote: »

Have you experience applying for a personal loan whilst in mortgage?

What is it like, criteria etc..?

Thanks so I am looking at around 35k minimum

No I'm only in the process of applying for mortgage myself but it's easier to get a loan after a mortgage then get a mortgage with a loan if you get me.

L1011

Santy2015 wrote: »

Just got my engineers report. It's new build,(was finished in 2007 been empty since) it's a very good and detailed report but makes only one reference to BER and that was that the report pays no attention to BER ratings. Is this right?

Yes - they aren't a BER assessor.