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

ELM327

Can't see them going much lower than ~2.5%
If you can use this to your advantage and fix for 10 years at or below 3% I think that would be a good move.

voluntary

ELM327 wrote: »

Can't see them going much lower than ~2.5%

If I'd be to speculate I'd say we'll see some banks offering 1.5% mortgages in a year from now.

drunkmonkey

voluntary wrote: »

Don't lock yourself at 3% for 5 years. The ECB rates are negative, irish mortgage rates will be going down. Banks give you fat cash back to lock you in because you're basically a cash cow to them.

Why is AIB advertising a 10yr Fixed at 2.75% as if it's a good deal, if you look at fixed rates on BTL there all pointing upwards going fixed.

ELM327

voluntary wrote: »

If I'd be to speculate I'd say we'll see some banks offering 1.5% mortgages in a year from now.

Quoted for posterity.


I can't see that happening. I'm a credit risk analyst by trade with a penchant for macro economics.


Will return here in 12 months and see what has transpired. I don't think there will be any mainstream Irish bank offering below 2.5% fixed

ELM327

drunkmonkey wrote: »

Why is AIB advertising a 10yr Fixed at 2.75% as if it's a good deal, if you look at fixed rates on BTL there all pointing upwards going fixed.

10 year fixed at 2.75% is a great deal I would have expected. Certainly in the short and long term. Medium term you might find slightly lower rates available for variables but not too much lower.






In other news my application with PTSB is gone to the underwriters and we hope to have an answer tomorrow.

gibgodsman

It really is hard trying to save for a Wedding, knowing you will then begin saving for a mortgage, while both on fairly bad salary's....

We hope to have 20k by the end of next year to use for the wedding, don't really expect much left over, but honestly I have no idea how much a wedding costs

Sunrise_Sunset

gibgodsman wrote: »

It really is hard trying to save for a Wedding, knowing you will then begin saving for a mortgage, while both on fairly bad salary's....

We hope to have 20k by the end of next year to use for the wedding, don't really expect much left over, but honestly I have no idea how much a wedding costs

Depends on the type of wedding you want. We spent about 5k on ours. Some couples might spend 30k.
I'd say you'll be gifted in cash by most wedding guests, so can start saving that towards your deposit.

voluntary

There's a huge room for decreasing the Irish rates and also ECB isn't going to increase rates anytime soon, especially now when the German economy walks the edge of a technical recession. My best advice would be to stay on variable as long as the ECB doesn't increase it's rates and only fix whenever they do. We may see multiple rate drops until such time across all banks.

gibgodsman

Sunrise_Sunset wrote: »

Depends on the type of wedding you want. We spent about 5k on ours. Some couples might spend 30k.
I'd say you'll be gifted in cash by most wedding guests, so can start saving that towards your deposit.

All I know is I don't want a Registry Office wedding, I have experienced 2 or 3 of those and they were laughably bad. Each to their own but I honestly felt like I was at a 21st rather than a wedding.

Really for a mortgage of 200k, which is what it costs in Navan for a 2 Bed Apartment/House, I need around 40-50k deposit.... , about 10k a year, ill be buying in 2024/5

Mickiemcfist

gibgodsman wrote: »

All I know is I don't want a Registry Office wedding, I have experienced 2 or 3 of those and they were laughably bad. Each to their own but I honestly felt like I was at a 21st rather than a wedding.

Really for a mortgage of 200k, which is what it costs in Navan for a 2 Bed Apartment/House, I need around 40-50k deposit.... , about 10k a year, ill be buying in 2024/5

Why don't you just buy the house sooner & kick the wedding down the road? It's what we did/are doing.

gibgodsman

Mickiemcfist wrote: »

Why don't you just buy the house sooner & kick the wedding down the road? It's what we did/are doing.

I just feel Banks would look more fondly on a married couple rather than a engaged one no? I have no info on that, its just my own thinking.

ELM327

voluntary wrote: »

There's a huge room for decreasing the Irish rates and also ECB isn't going to increase rates anytime soon, especially now when the German economy walks the edge of a technical recession. My best advice would be to stay on variable as long as the ECB doesn't increase it's rates and only fix whenever they do. We may see multiple rate drops until such time across all banks.

All good points, like I say above however lets see in 12 months what happens


We're probably 18 months out from a recession (although already Italy is in recession, Germany not too far away, UK is one negative quarter away from a technical recession)

gibgodsman wrote: »

All I know is I don't want a Registry Office wedding, I have experienced 2 or 3 of those and they were laughably bad. Each to their own but I honestly felt like I was at a 21st rather than a wedding.

Really for a mortgage of 200k, which is what it costs in Navan for a 2 Bed Apartment/House, I need around 40-50k deposit.... , about 10k a year, ill be buying in 2024/5

We are looking to buy around Navan/Kells/Slane/Athboy, looking at property price of 250-300k as we couldnt save any more for deposit. 300k purchase price means 60k deposit :eek:


Luckily I will have equity from the apartment I am currently living in in athboy, will be selling for 140k or so, 100k owing on mortgage there, and thsi is where most of our 60k deposit will come from.


Could not save up 60k in one go, but buying the apartment means I didnt have to

PS: Call off the wedding, house is more important. Do the wedding when ye have money. This is what we are doing!

Mickiemcfist

gibgodsman wrote: »

I just feel Banks would look more fondly on a married couple rather than a engaged one no? I have no info on that, its just my own thinking.

Didn't make any difference to me & my (unengaged) partner's application anyway, we had underwritten approval from bank of ireland within 7 working days. Got to say they have been very good so far.

Sunrise_Sunset

gibgodsman wrote: »

I just feel Banks would look more fondly on a married couple rather than a engaged one no? I have no info on that, its just my own thinking.

Personally I'd buy the house first too.
You could then save some and get a partial loan for the wedding, and pay it back with what you'll more than likely get in cash gifts.

rd1izb7lvpuksx

gibgodsman wrote: »

I just feel Banks would look more fondly on a married couple rather than a engaged one no? I have no info on that, its just my own thinking.

The Equal Status Acts prohibit discrimination on the basis of marital status, so they'd be fools to treat an engaged couple less favourably than a married couple.

Amirani

srsly78 wrote: »

The calculation changes depending on the term etc, it's not easy to compare. In some cases it may be worth not, but not for others. Another point is they now add a claw-back policy to stop people moving.

No they don't, they're not allowed claw back.

Corruptedmorals

gibgodsman wrote: »

I just feel Banks would look more fondly on a married couple rather than a engaged one no? I have no info on that, its just my own thinking.

Banks could not have cared less and did not ask. For all they knew as the status was single on the forms we could have been together 8 months when applying and not the huge length of time it actually is. We also have no history of renting together as it's all gone towards buying. It was approved on the day and wasn't delayed when it came to underwriting.

If you are going to struggle to save for a wedding and a house I think the house makes more sense to be first.

DelBoy Trotter

For those who are currently looking at houses, how are you approaching open viewings? Emailing first to register your interest with the estate agent or just turning up on the day and time of the viewing and walking into the house?

Mickiemcfist

DelBoy Trotter wrote: »

For those who are currently looking at houses, how are you approaching open viewings? Emailing first to register your interest with the estate agent or just turning up on the day and time of the viewing and walking into the house?

I've done both, they take names & details at the door if you just turn up

Tipsy McSwagger

gibgodsman wrote: »

All I know is I don't want a Registry Office wedding, I have experienced 2 or 3 of those and they were laughably bad. Each to their own but I honestly felt like I was at a 21st rather than a wedding.

Really for a mortgage of 200k, which is what it costs in Navan for a 2 Bed Apartment/House, I need around 40-50k deposit.... , about 10k a year, ill be buying in 2024/5

Better than wasting your money on a boring Church/Hotel wedding.

Lux23

How do you find out how long a property has been on the market? Can you tell on Daft?

Mickiemcfist

Lux23 wrote: »

How do you find out how long a property has been on the market? Can you tell on Daft?

Down the bottom of the ad you should see price changes, where it'll show listed date plus any amendments.

Lux23

Mickiemcfist wrote: »

Down the bottom of the ad you should see price changes, where it'll show listed date plus any amendments.

No, it just says renewed/entered today's date but I've been looking at the end a few weeks now.

Lux23

Oh, I just worked it out - it's on the market since February and no bids at all!

ELM327

Aiyana Mysterious Apathetic wrote: »

The Equal Status Acts prohibit discrimination on the basis of marital status, so they'd be fools to treat an engaged couple less favourably than a married couple.

No, they'd be fools to make it provable.


If they have data suggesting that married couples are less likely to default then you can be sure they will discriminate against non married couples. It just won't be documented in anything as explicitly like that.


I know in previous jobs where I worked as a risk analyst we had to produce risk coefficients , and present a score per customer. If it works like that for the underwriters then it woudl be very easy to bury the married vs unmarried risk increase within that score.

Creamy Goodness

Lux23 wrote: »

Oh, I just worked it out - it's on the market since February and no bids at all!

bids don't show on daft, it's only showing the prices it first lists at and any fluctuations on that price. It doesn't show on every ad (which I can't figure out the pattern).

People try and trick the daft ranking system by pausing/delisting ads and then putting up a new ad so that their ads are the first results in a generic search (i.e. houses to buy in Greystones).

charlietheminxx

Myself and my partner are not married and had no problems getting approval, we even got a exception to the LTI rules.

Creamy Goodness

charlietheminxx wrote: »

Myself and my partner are not married and had no problems getting approval, we even got a exception to the LTI rules.

Yup it makes zero difference, some mortgage advisors in banks will try and force you to apply jointly if you're married but there's no law stating you must.

The only time it works in your favour to apply as a single applicant is if one party has FTB status and the other doesn't and their salary is not needed to get the mortgage amount you need. This was the case for me.

As always it's worth doing all the permutations to make sure you're getting the best deal.

Lux23

Creamy Goodness wrote: »

bids don't show on daft, it's only showing the prices it first lists at and any fluctuations on that price. It doesn't show on every ad (which I can't figure out the pattern).

People try and trick the daft ranking system by pausing/delisting ads and then putting up a new ad so that their ads are the first results in a generic search (i.e. houses to buy in Greystones).

The Estate Agent told me they had no bids.

Phileas Frog

Contracts signed this morning, another step on the ladder completed!