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

AppleBottle

Got the house keys last Friday!

We went sale agreed the second week of November, signed the contracts on the 21st of December and keys last Friday. Pretty straight forward sale for us as we were first time buyers and nobody was living in the house when we first viewed in late October.

D3V!L

Can someone suggest a reliable solicitor for the dublin area. We've had a consultation with one that we thought was good and can't even get the costs off him.

Doop

D3V!L wrote: »

Can someone suggest a reliable solicitor for the dublin area. We've had a consultation with one that we thought was good and can't even get the costs off him.

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

D3V!L

Doop wrote: »

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

Cheers

big syke

Doop wrote: »

We found ours very efficient, good with communication always phones back etc, fees reasonable, shes based in D6 ill PM you the details.

any chance of a PM also :-)

Glen_Quagmire

Our mortgage offer will expire at the end of March and our house isn't due to be built until June so we will need to get the offer renewed.

Can we proceed and get it renewed now or do we need to wait until closer to the time when it expires?

We would like to get new valid offer now if possible in case the interest rates go up.

awec

Glen_Quagmire wrote: »

Our mortgage offer will expire at the end of March and our house isn't due to be built until June so we will need to get the offer renewed.

Can we proceed and get it renewed now or do we need to wait until closer to the time when it expires?

We would like to get new valid offer now if possible in case the interest rates go up.

You might be able to do it now. But if you do it now, your offer will expire late July / early August, which doesn't give much leeway if your builder is running late.

Glen_Quagmire

awec wrote:

You might be able to do it now. But if you do it now, your offer will expire late July / early August, which doesn't give much leeway if your builder is running late.

Yeah that's true. I may wait until the end of Feb and do it then

myshirt

Glen, another option if you feel snookered is to draw down some of the mortgage next month. Do that and the 6 months falls away.

It's a loophole so to speak. Talk to your solicitor.

This sh't would make you really nervous wouldn't it.

awec

myshirt wrote: »

Glen, another option if you feel snookered is to draw down some of the mortgage next month. Do that and the 6 months falls away.

It's a loophole so to speak. Talk to your solicitor.

This sh't would make you really nervous wouldn't it.

Draw it down against what? The bank isn't going to release funds against a house that isn't ready.

He can renew again in 6 months if he has to, just means having to gather all his payslips etc again.

myshirt

awec wrote: »

Draw it down against what? The bank isn't going to release funds against a house that isn't ready.

He can renew again in 6 months if he has to, just means having to gather all his payslips etc again.

He can talk to his solicitor, those with the experience here will know the mechanism I'm referring to.

What happens if the risk appetite of the bank changes and they pull the loan? Always possible. I'd rank the risk as low, very low, but with Brexit and a number of issues now that risk increases a few notches. Still low, but I wouldn't take the chance if I had a mechanism to mitigate the risk today.

awec

myshirt wrote: »

He can talk to his solicitor, those with the experience here will know the mechanism I'm referring to.

What happens if the risk appetite of the bank changes and they pull the loan? Always possible. I'd rank the risk as low, very low, but with Brexit and a number of issues now that risk increases a few notches. Still low, but I wouldn't take the chance if I had a mechanism to mitigate the risk today.

But you end up with a mortgage and no house. You refer to Brexit, what if your builder goes tits up before they finish your house?

I am still skeptical this is possible in any way that is legal.

tailgunner

Even if you could, I don't see why you'd even want to draw down part of the mortgage (and start repayments) with no house.

Wait till the end of February, then re-apply. By the time it goes through, the offer should cover you till September. And if it came to it at that stage, you might be able to get the offer extended. AIB gave us a 30 day extension in similar circumstances.

Also, new builds aren't always late, particularly if it's a later phase in a development. When we signed contracts last summer, we were told our house would be ready in March/April 2019, but we actually got the keys three weeks ago.

Interested Observer

Have any of you used lion.ie for mortgage protection, are they trustworthy?

Frank Castle

Interested Observer wrote: »

Have any of you used lion.ie for mortgage protection, are they trustworthy?

Yes, found them great to work with tbh.
Very happy and would recommend them to anyone

machalla

Frank Castle wrote: »

Yes, found them great to work with tbh.
Very happy and would recommend them to anyone

Same here, Nick and his company are very easy to deal with and the online systems they use speed things up on the form filling side nicely.

chrismon

Picked up the keys today!

Went sale agreed 8 weeks ago today, everything went smoothly with the sale from start to finish.

Ebs were brilliant, so nice to be able to call the local branch and get straight through to our mortgage advisor with any queries we had.

Sherry Fitz were on the ball, compared to the other cowboys around the place they made the process so easy.

Used lion.ie for mortgage protection as recommended here, Nick and Hannah went above and beyond to find the best policy for us considering I have a minor health issue. An Post lost our original documents, Hannah had a brand new set at the house the next day, amazing service.

Started moving bits and pieces this evening, hiring a van on Friday to move all our furniture then spending our first night there, can't wait.

Thanks for all the advice here over the past two years. Best of luck to everyone saving and in the process of buying!

Chris.

Smashling7

Hi - mainly looking for advice / opinions

With rising house prices in Dublin, my OH and I would need close to a 5 X salary mortgage plus our savings - we have also applied for HTB - how likely is this, or are we waiting our time applying!? We are both 34, and want to start a family etc, but finding it hard to find any exemption info.

Does anyone have any info, or any advice? Thanks

bri007

5 x salary might be difficult to get, not sure if you can get that amount, I know of people getting 4 and 4.5 income but I stand to be corrected on 5?

Smashling7 wrote: »

Hi - mainly looking for advice / opinions

With rising house prices in Dublin, my OH and I would need close to a 5 X salary mortgage plus our savings - we have also applied for HTB - how likely is this, or are we waiting our time applying!? We are both 34, and want to start a family etc, but finding it hard to find any exemption info.

Does anyone have any info, or any advice? Thanks

chrismon

Interested Observer wrote: »

Have any of you used lion.ie for mortgage protection, are they trustworthy?

100%
So happy we went with them.

Prospector1989

bri007 wrote: »

5 x salary might be difficult to get, not sure if you can get that amount, I know of people getting 4 and 4.5 income but I stand to be corrected on 5?

4.5 is the max we're being told by our broker.

ruaneg

Most brokers will say 4.5 is the max I found.

However, we got offered > 4.5 by a number of banks. Will depend on the individual case of course. Potential future salaries etc

I dont want to start a new/duplicate thread, so thought this might be a good place to ask.

My wife and I are looking to purchase our first home this year, and we've been told by a Broker that we should no issue getting mortgage approval of 3.5 times our salaries.
We have a decent amount of savings (>10% of what we are hoping to pay), but my each time I try and get my wife to commit to an actual limit that we can go to, she brings up stuff like:
Mortgage Protection
Home Insurance
Life insurance
Solicitor

Basically, she wants us to still be comfortable after we buy.
Does anyone have a list of the basic extra costs involved when buying a house.

I know that the solicitor will be a once off cost of a few k, but generally, how much a year would an average couple be looking to spend annually on the additional expenses.

Thanks

Interested Observer

Mortgage protection and home insurance are the two you'll have to have and they should cost under 100 per month in total, assuming you're in good health.

Don't forget the stamp duty also.

Interested Observer

Interested Observer wrote: »

Mortgage protection and home insurance are the two you'll have to have and they should cost under 100 per month in total, assuming you're in good health.

Don't forget the stamp duty also.

Great, thanks. Need to stop smoking asap so. Otherwise, we're both in great shape.

ELM327

House insurance is generally around 300-500 per year max.
Life insurance + mortgage protection depends on the level of cover and the amount of the mortgage. I'm on the cheapest cover and it's €15 per month , I have no health issues (except a neckbeard and the BMI that goes with it!).

Solicitor cost me approx 2k, + stamp duty of 1%.

The cashback I got (from BOI) covered the solicitor fees and a bit of stamp duty.

amcalester

Deleted User wrote: »

Great, thanks. Need to stop smoking asap so. Otherwise, we're both in great shape.

Any crowd I looked at you had to smoke free for 12 months to be considered a non-smoker, so in my case, those few smokes after a feed of pints cost me an extra €7 a month.

amcalester

amcalester wrote: »

Any crowd I looked at you had to smoke free for 12 months to be considered a non-smoker, so in my case, those few smokes after a feed of pints cost me an extra €7 a month.

Thanks, at least €7 a month isn't extortionate.
Still, I'd rather be able to say I quit before we go purchasing.

Thanks again.

Realistically, if we budget for our repayments + €200 a month, and if that's inside what we deem affordable, that should set our limit.
Suppose we just want to make sure that we can still save each month, and live a normal lifestyle.

Thanks all

Frank Castle

Deleted User wrote: »

I dont want to start a new/duplicate thread, so thought this might be a good place to ask.

My wife and I are looking to purchase our first home this year, and we've been told by a Broker that we should no issue getting mortgage approval of 3.5 times our salaries.
We have a decent amount of savings (>10% of what we are hoping to pay), but my each time I try and get my wife to commit to an actual limit that we can go to, she brings up stuff like:
Mortgage Protection
Home Insurance
Life insurance
Solicitor

Basically, she wants us to still be comfortable after we buy.
Does anyone have a list of the basic extra costs involved when buying a house.

I know that the solicitor will be a once off cost of a few k, but generally, how much a year would an average couple be looking to spend annually on the additional expenses.

Thanks

For me personally it was (New build home using HTB for 5% deposit):

Mortgage Protection: €24 (minor chronic health issue - used lion.ie highly recommend)
Home Insurance: €270
Life insurance: not required as we went with mortgage protection.
Solicitor: €1100 fee plus €50 for misc.
Stamp duty: 1% of house cost minus vat if new build
Property registration: €700
Property registration mortgage fee: €175
Folio Fee: €75
Searches: €50
Bank property Valuation: €160

Then misc fees like folio copy and swearing is about €20.
On top of this we had additional costs for options we chose for the house which amounted to €2000 extra at the end (PC sums rarely cover what they are supposed to).

You then have fees for a survey and snagging (we did these ourselves so I don't know what the cost would be here, assuming €500?)

amcalester

Frank Castle wrote: »

Stamp duty: 1% of house cost minus vat if new build

Are you sure about this? I bought a new build and was paid my solicitor 1% of the purchase price including VAT.

Am I due a refund?