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

JJJackal

Glen_Quagmire wrote: »

Probably a silly question but is there anyway banks will negotiate with the interest rates to get your business?

I am not sure this was even a thing in boom times

awec

MrMojoRisin' wrote: »

Has anyone ever been burned by going variable in the past? Everyone here is saying to go fixed, and I just would like to see some history of rates, some evidence that they have been hiked in the past and people have been hit with a rate too high for them unexpectedly.

Maybe this is naive, but could you potentially go variable for a few years overpaying a chunk every month. And then once it looks like rates are going up, fix at the current rate at the time?

Maybe, if you get exceptionally lucky with your timings, otherwise by the time it's obvious there's a rate hike on the way the banks will have already hiked the fixed rates.

The carrot with variable rate is if the rates stay the same or the rates drop then you're a winner. Rates right now are at the lowest they've ever been.

zreba

awec wrote: »

Maybe, if you get exceptionally lucky with your timings, otherwise by the time it's obvious there's a rate hike on the way the banks will have already hiked the fixed rates.

The carrot with variable rate is if the rates stay the same or the rates drop then you're a winner. Rates right now are at the lowest they've ever been.

Variable rates are a scam. Banks can set them to whatever they want. No link to ECB rates, no link to any impartial index or authority. When banks go into trouble they can hike the rates and violently force you to bail them out.

Monife

Glen_Quagmire wrote: »

Probably a silly question but is there anyway banks will negotiate with the interest rates to get your business?

Not sure about negotiating but if you have a lower LTV, they will give you better rates. Usually at least 80% or lower.

awec

There is no way the average punter gets to negotiate mortgage rates with their bank.

Interested Observer

zreba wrote: »

Variable rates are a scam. Banks can set them to whatever they want. No link to ECB rates, no link to any impartial index or authority. When banks go into trouble they can hike the rates and violently force you to bail them out.

You can go onto a fixed rate at any time and you can also switch your margate provider so not really no.

zreba

Interested Observer wrote: »

You can go onto a fixed rate at any time and you can also switch your margate provider so not really no.

Believe me, when the things go south in the economy and banks urgently need money, switching a mortgage provider will no longer be an option nor fixing on reasonable terms.

TripleSSS

I've gone sale agreed on a place, paid the booking deposit, got a valuation, engineers report, set up mortgage insurance, etc.. and just received loan offer letter today. All is moving along nicely, with no issues - Just waiting on a few things to be confirmed from the vendors solicitor before signing contracts.

Switching banks to PTSB Explore account also as I will get the monthly 2% cashback with them.

I'm in a permanent position, but want to move jobs. Will this effect the drawdown if I move jobs soon? Should I leave it for a few more months before moving job, do I have to let the banks know. Obviously i'll be looking at getting another permanent role.

Can anyone give advice on this?

Thanks

Interested Observer

TripleSSS wrote: »

I've gone sale agreed on a place, paid the booking deposit, got a valuation, engineers report, set up mortgage insurance, etc.. and just received loan offer letter today. All is moving along nicely, with no issues - Just waiting on a few things to be confirmed from the vendors solicitor before signing contracts.

Switching banks to PTSB Explore account also as I will get the monthly 2% cashback with them.

I'm in a permanent position, but want to move jobs. Will this effect the drawdown if I move jobs soon? Should I leave it for a few more months before moving job, do I have to let the banks know. Obviously i'll be looking at getting another permanent role.

Can anyone give advice on this?

Thanks

If the bank know you're in a new role they probably won't let you draw down until you show you've passed probation.

You'd be taking a big risk by moving imo, you could do it and not tell them but if you get paid into the account and they notice the source has changed for example it could cause a problem. I'd wait personally.

ILikeBoats

I deferred the start date of a new role until after draw down

Captain Flaps

TripleSSS wrote: »

I'm in a permanent position, but want to move jobs. Will this effect the drawdown if I move jobs soon? Should I leave it for a few more months before moving job, do I have to let the banks know. Obviously i'll be looking at getting another permanent role.

Can anyone give advice on this?

Thanks

My partner was in the same boat, we queried this with our broker who told us that if the bank caught wind of it you'd have to scrap the entire process and reapply for the mortgage as your situation has changed (and the perceived risk). He did unofficially say that as they had already done their due diligence it was unlikely they'd check but we'd be taking a risk and entering a potential legal grey area by not notifying them. We ended up drawing down early and our solicitor held the funds for us.

You'll probably have a few jobs over the life of your mortgage so I don't think the risk is worth it personally, get the keys and then go wild.

Uncle_Joe

I’m in a situation where I’m about to bid for a house and have a quote from a solicitor (for everything incl of land registration; stamp duty etc) which I’m happy to go with but I’m about €1000 shy but if the process took say a month to finalise, I’d be fine.

So, might be a silly question, but when do you pay your solicitor fees (and stamp duty) at the end of the process or the start off the process?

Cheers,

Creamy Goodness

Uncle_Joe wrote: »

I’m in a situation where I’m about to bid for a house and have a quote from a solicitor (for everything incl of land registration; stamp duty etc) which I’m happy to go with but I’m about €1000 shy but if the process took say a month to finalise, I’d be fine.

So, might be a silly question, but when do you pay your solicitor fees (and stamp duty) at the end of the process or the start off the process?

Cheers,

The end. You don’t pay in a restaurant before you’ve had a meal

JJJackal

Uncle_Joe wrote: »

I’m in a situation where I’m about to bid for a house and have a quote from a solicitor (for everything incl of land registration; stamp duty etc) which I’m happy to go with but I’m about €1000 shy but if the process took say a month to finalise, I’d be fine.

So, might be a silly question, but when do you pay your solicitor fees (and stamp duty) at the end of the process or the start off the process?

Cheers,

I doubt you will need the money for >6 weeks - you can drag your heels a bit if need be

Your assuming your bid will be accepted too

TheShow

mur223 wrote: »

Myself and my boyfriend are buying a house off the plans, told it would be ready by July and we just got approval from Ulster Bank today. So that gives us 6 months to drawdown the mortgage.

Im just wondering for whatever reason if the house isn't ready until Sept/Oct, are we able to draw down the mortgage before hand rather than re applying and going through the whole process again? We would be willing to start paying the mortgage before its ready.

Any help would be much appreciated,
Thanks

Unfortunately that is not possible. The bank wont pay out mortgage until the house is fully completed. Getting reapproval is not as cumbersome as initial approval.

TheShow

MrMojoRisin' wrote: »

Has anyone ever been burned by going variable in the past? Everyone here is saying to go fixed, and I just would like to see some history of rates, some evidence that they have been hiked in the past and people have been hit with a rate too high for them unexpectedly.

Maybe this is naive, but could you potentially go variable for a few years overpaying a chunk every month. And then once it looks like rates are going up, fix at the current rate at the time?

most fixed rates are actually cheaper than variable rates at them moment, and some lenders do allow you to overpay on a fixed rate mortgage, this varies by each lender.

"once it looks like rates are going up" as you say, will be too late as the banks will be well ahead of you and adjust rates accordingly, unless of course you are Rainman???

It just doesn't make sense to be on a variable rate now.

TheShow

Glen_Quagmire wrote: »

Probably a silly question but is there anyway banks will negotiate with the interest rates to get your business?

not for Joe Soaps like ourselves. (no offence intended)

Uncle_Joe

Creamy Goodness wrote: »

The end. You don’t pay in a restaurant before you’ve had a meal

Perfecto! Cheers :-)

Uncle_Joe

JJJackal wrote: »

I doubt you will need the money for >6 weeks - you can drag your heels a bit if need be

Your assuming your bid will be accepted too

True dat

cant26

Possibly a really stupid question but here goes! I just read that there is a show house opening tomorrow in a development that we would like to check out. Can anyone tell me whether we can just show up or do we need to set up an appointment? I have checked online and there is no answer to be found. Show houses are not common where we are so would some input. Thanks.

aidanathome

cant26 wrote: »

Possibly a really stupid question but here goes! I just read that there is a show house opening tomorrow in a development that we would like to check out. Can anyone tell me whether we can just show up or do we need to set up an appointment? I have checked online and there is no answer to be found. Show houses are not common where we are so would some input. Thanks.

Generally for showhouses, you just turn up. No booking needed.
I'm sure they won't turn you away regardless.

Mushy

cant26 wrote: »

Possibly a really stupid question but here goes! I just read that there is a show house opening tomorrow in a development that we would like to check out. Can anyone tell me whether we can just show up or do we need to set up an appointment? I have checked online and there is no answer to be found. Show houses are not common where we are so would some input. Thanks.

Show up. We found out bout new places on sale Friday night for the next day, frantic calls Saturday morning and by 12 had viewed the showhouse and ultimately reserved one. Mental...now to get the banks sorted.

ontheditch2

Question:
Gone sale agreed recently. Have received mortgage approval from one bank.

Is it worthwhile trying to get approval from another bank as well.

My thinking is to keep my options open regarding mortgage rates etc until such time as we are closing the deal.

Thanks in advance

TheShow

ontheditch2 wrote: »

Question:
Gone sale agreed recently. Have received mortgage approval from one bank.

Is it worthwhile trying to get approval from another bank as well.

My thinking is to keep my options open regarding mortgage rates etc until such time as we are closing the deal.

Thanks in advance

If you have all the documents lined up and ready to go then there is no harm in it.

EmmetCreighton

ontheditch2 wrote: »

Question:
Gone sale agreed recently. Have received mortgage approval from one bank.

Is it worthwhile trying to get approval from another bank as well.

My thinking is to keep my options open regarding mortgage rates etc until such time as we are closing the deal.

Thanks in advance

Hi ontheditch2

Yes always get another quote the price of finance varies considerably from bank to bank. Furthermore, ensure you get a quote for the insurance products (you are required to buy) from separate providers too. A mistake a lot of people make is they get their mortgage and insurance from the same provider for ease but a little shopping around can save you a fortune in the long-run. As you are probably aware most mortgage policies insist the client has two insurance policies before they draw down the funds, Home insurance & Mortgage Protection Policy.

All the best

Emmet

Spleerbun

Not sure if this is the best place to ask this but here goes:

In the near future I'll likely start looking to buy a property - house/apt, not looked into it in any huge detail yet.

While i wont have an issue with a deposit, i will almost certainly need to double up salary wise with another person. I'm currently single.

One idea i have considered is buying a house with a close friend. The deposit will be 100% my money, as would all mortgage repayments, she would be involved simply for the wage multiplier - no other involvement.

My friend is not irish but is from the EU. She wont be in Ireland forever and doesnt want to buy here, so on her end there won't be an issue down the line of wanting to buy herself and suddenly needing a 20% deposit as a STB instead of 10%. However on my end I'm wondering what specific risks im exposing myself to.

Obviously theres the small chance we have a falling out (unlikely but stranger things have happened) and she decides to claim a stake in the house. Does anyone have any idea how this would this play out legally? Her name would be on the mortgage but she wouldn't have contributed at all - what would she be entitled to here? Would i risk having to actually buy her out of a property she put nothing in to?

On a similar line of thought, once the mortgage is taken out and the house brought, can it be transferred into one name? Would that have to wait until the mortgage was paid off? Are there any tax implications or and other pitfalls or complications in terms or transferring deeds from joint names into one?

Apologies as im sure most if not all of these are very basic and maybe naive questions, but sure gotta start somewhere! Thanks

Interested Observer

Your friend will lose her first time buyer status and get nothing in return. Not very fair on her.

It sounds like an awful idea tbh, I wouldn't entertain it.

Spleerbun

Interested Observer wrote: »

Your friend will lose her first time buyer status and get nothing in return. Not very fair on her.

It sounds like an awful idea tbh, I wouldn't entertain it.

She would aye, but as noted in the post she'll never be buying in this country so shouldn't be an issue.

yaboya1

Interested Observer wrote: »

Your friend will lose her first time buyer status and get nothing in return.

Not quite nothing. She'll own half the house!

Spleerbun

yaboya1 wrote: »

Not quite nothing. She'll own half the house!

Haha yeah, it's more likely me losing out in this scenario than her!

Could minimise the risk by changing the name after drawdown but something tells me it's not quite that easy!!