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

Santy2015

Azalea Screeching Padding wrote: »

Ah ok, I've already got this so as part of the application process I had to get a form filled out by HR with these details.

Yeah once all the paperwork is done it'll be a weight off your shoulders, I only have house insurance to sort and we're pretty much sorted

Santy2015

Santy2015 wrote: »

Yeah once all the paperwork is done it'll be a weight off your shoulders, I only have house insurance to sort and we're pretty much sorted

Paper work is annoying but I wouldn't mind it if I know I was guaranteed to be approved its the real doubt that's very annoying and disheartening.

SarahMollie

Azalea Screeching Padding wrote: »

Paper work is annoying but I wouldn't mind it if I know I was guaranteed to be approved its the real doubt that's very annoying and disheartening.

If you're finances are stong then you'll get it, if not then you won't. Theres actually very little mystery in my opinion.

You hear these horror stories about people being declined for x,y,z reason but more often than not there was something else, and they're actually not as hard done by as they make out to be.

Lots of my friends have been through the process (as well as myself obvi) and no one with a permanent job was refused. Also the rules are really clear these days.

In my experience, dealing with the bank was actually the least annoying/stressful part of buying a house.

SarahMollie

SarahMollie wrote: »

If you're finances are stong then you'll get it, if not then you won't. Theres actually very little mystery in my opinion.

You hear these horror stories about people being declined for x,y,z reason but more often than not there was something else, and they're actually not as hard done by as they make out to be.

Lots of my friends have been through the process (as well as myself obvi) and no one with a permanent job was refused. Also the rules are really clear these days.

In my experience, dealing with the bank was actually the least annoying/stressful part of buying a house.

Financials are fine, I would get approval without a doubt aside from the lacking the bolded bit above. I've been told I still have a good chance (a number of things are in my favour) but its far from certain.

SB_Part2

Azalea Screeching Padding wrote: »

Who was this with? (sorry you probably have said it before but I missed it)

I'd find it very difficult to get some of those in hard copy particularity the payslips are they are only available to be printed hard copies don't exist.

Also what's this salary cert people are mentioning?

BOI.

Printed copies of my payslips were fine because I'm not given hard copies either.

SarahMollie

SB_Part2 wrote: »

BOI.

Printed copies of my payslips were fine because I'm not given hard copies either.

My job phased out paper payslips years ago. This is the norm now.

I printed out my pdf copy and HR stamped it. BOI were fine with it.

audi12

Azalea Screeching Padding wrote: »

Financials are fine, I would get approval without a doubt aside from the lacking the bolded bit above. I've been told I still have a good chance (a number of things are in my favour) but its far from certain.

funny how so many people on here are so happy at chained to a mortgage at a time when the market is in turmoil and anything can happen.

SarahMollie

audi12 wrote: »

funny how so many people on here are so happy at chained to a mortgage at a time when the market is in turmoil and anything can happen.

Funny how so many people have become veritable dooms day preppers, expecting the sky to fall again. Yes markets are cyclical, but anyone who knows even a smidgen of economics will tell you that the signs are that the market isnt going to drop anytime soon.

Also, the majority of people on this thread are talking about buying property as their homes for long term, not investment properties in Bulgaria.

If you aren't planning to sell and you can afford the repayments, then there is nothing wrong with buying.

Michael D Not Higgins

Mod: audi12, do not attack the posters. This is your only warning.

Rew

SarahMollie wrote: »

If you aren't planning to sell and you can afford the repayments, then there is nothing wrong with buying.

Someone said that to me me about 8-9 years ago, now I would say I am down in the region of
€100k for believing it but you live and learn.

SarahMollie

Rew wrote: »

Someone said that to me me about 8-9 years ago, now I would say I am down in the region of
€100k for believing it but you live and learn.

You're only down the money if you try to sell the house. Right now, if you can afford the mortgage, then nothing has actually changed.

Rew

Rew wrote: »

Someone said that to me me about 8-9 years ago, now I would say I am down in the region of
€100k for believing it but you live and learn.

Another way to look at it is if you hadn't bought you would be renting, I'd imagine your mortgage (even a boom time one) is less than the rent you would be paying now and for the foreseeable future even if you are paying back more than the house is worth.

SarahMollie

Azalea Screeching Padding wrote: »

Another way to look at it is if you hadn't bought you would be renting, I'd imagine your mortgage is less than the rent you would be paying now and for the foreseeable future even if you are paying back more than the house is worth.

Also, a lot of people who got mortgages back then wouldn't qualify for them now, so in a way you may still be better off, for example versus renting as Nox said above.

Rew

SarahMollie wrote: »

You're only down the money if you try to sell the house. Right now, if you can afford the mortgage, then nothing has actually changed.

It was 9 years ago everything has changed, I have kids now, different job different life. I wrote off the loss, sold the house, got on with my life.

My point is in hind sight I don't believe its good advice, far too simplistic a view to take.

Rew

Azalea Screeching Padding wrote: »

Another way to look at it is if you hadn't bought you would be renting, I'd imagine your mortgage (even a boom time one) is less than the rent you would be paying now and for the foreseeable future even if you are paying back more than the house is worth.

With perfect 20/20 hind sight I would have been way better off renting

Irish_rat

So am I right in saying the house insurance and valuation can only be done when I get the completion notice? (new semi d)

Dr_Kolossus

People who think everyone who bought 2006 are better off than renters really do seem to think that only poor renters ever get screwed over. Its swings and roundabouts.

My situation is that we bought for 370k in 2007. House is now worth about 210k. Over the period our mortgage went from a low of 1k per month to 1.7 k. When it was 1.7 k we could have rented it for about 1k. So for a period were paying 700 over the rental cost for a long time.

We had to move due to kids etc.. So we saved our ass off for 4 years, came up with 25% of value of new house and moved. Could have paid the 100k neg equity but been left with very little, so now we rent the old house out for 1.35k.

Due to tax we make a loss on the rental. Would love rid, but what ya gonna do.

Sure, right now, it would be cheaper to stay in a house that is just not practical any more and pay mortgage rather than rent. But that's only recent.

Just making the point that not everyone is in the same boat. Its not always cheaper for people who bought in the boom. I'm not complaining on the losses I made. It gets annoying though
that people are so blinkered and apply only their own immediate situation to everyone

Santy2015

I'll put it this way our mortgage, house insurance, mortgage protection and life assurance are 17% of our net income per month. It'd be in and around 22% if I was renting

Rew

Santy2015 wrote: »

I'll put it this way our mortgage, house insurance, mortgage protection and life assurance are 17% of our net income per month. It'd be in and around 22% if I was renting

Come back to me in 10 years

matrim

Dr_Kolossus wrote: »

People who think everyone who bought 2006 are better off than renters really do seem to think that only poor renters ever get screwed over. Its swings and roundabouts.

My situation is that we bought for 370k in 2007. House is now worth about 210k. Over the period our mortgage went from a low of 1k per month to 1.7 k. When it was 1.7 k we could have rented it for about 1k. So for a period were paying 700 over the rental cost for a long time.

I think when doing that calculation a lot of people assume that if you bought around then are on trackers so that there wouldn't have been the huge increase in the mortgage rate.

Even at the cheapest rental prices a tracker mortgate was typically at least on parity with rent.

Jet Black

Irish_rat wrote: »

So am I right in saying the house insurance and valuation can only be done when I get the completion notice? (new semi d)

Anytime after sale agreed. Valuation for me was easy enough, done in a day. The house insurance was a pain because the bank need notice of interest in fire policy filled in by the insurance company. I just went with the bank in the end and gave a date before draw down of when to activate the policy.

Rew

matrim wrote: »

I think when doing that calculation a lot of people assume that if you bought around then are on trackers so that there wouldn't have been the huge increase in the mortgage rate.

Even at the cheapest rental prices a tracker mortgate was typically at least on parity with rent.

I never had a tracker

Irish_rat

Jet Black wrote: »

Anytime after sale agreed. Valuation for me was easy enough, done in a day. The house insurance was a pain because the bank need notice of interest in fire policy filled in by the insurance company. I just went with the bank in the end and gave a date before draw down of when to activate the policy.

Cheers mate but I mean I've bought off the plans so the house isint fully finished yet. Outleaf is done but the interior is only starting. I presume I can't do anything until it's finished?

Sparky85

Met the broker on the 7th of April, sale agreed on the 26th and signed contract today... It's all happening so fast but so exciting

Closing date is set for second week in June which if it pans out would be awesome.

Dr_Kolossus

just for clarity, we switched providers and got an introductory fixed rate. When we came off it trackers were no more. we were on a semi-tracker, where it is variable, but cannot go more than 2 or 2.5 % above interest rates. Anyway think this is a bit off topic sorry.

greenorchard

We met with a broker a few weeks back & just got word today we've gotten approval. We also got an exemption on the LTI rule. Delighted!

Naid23

House we were bidding on is now nearly 30k above the 275k asking.. IN A WEEK! I cant get over how fast that went up in price! Its a nice house but aint worth more then 300k. Crazy!

audi12

SarahMollie wrote: »

You're only down the money if you try to sell the house. Right now, if you can afford the mortgage, then nothing has actually changed.

That makes no sense of course your down money if the house is worth less than you paid for it and your mortgage payments are higher than what they should be as the person overpaid in the first place.

audi12

audi12 wrote: »

That makes no sense of course your down money if the house is worth less than you paid for it and your mortgage payments are higher than what they should be as the person overpaid in the first place.

If you don't plan on selling what it's worth doesn't make much difference.

audi12

Azalea Screeching Padding wrote: »

If you don't plan on selling what it's worth doesn't make much difference.

why doesn't it matter your paying higher repayments each month than if you bought at the right time.. You also have a crap net worth