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

Dwarf.Shortage

lir6777 wrote: »

As in that you could use HTB for 10% of the deposit instead of the current 5? Up to 30,000? That's amazing- this election might have me conflicted between what would be nice right now versus what would be good for the country going forward 🀣

10% of the purchase price, not the deposit.

lir6777

Dwarf.Shortage wrote: »

10% of the purchase price, not the deposit.

Oh sorry yeah, that's what I meant- can you tell it's Monday in my brain 🙄😆 thanks!

Bigmac1euro

ILikeBoats wrote: »

I found him great - we've used him twice as we switched mortgage.
I should add it was 895 plus VAT
I'll PM you

Could you PM me this solicitor please.

ebayissues

What insurance does one need before draw down? - mortgage insurance, Income protection insurance, House Insurance.... Anything else?

tomister

ebayissues wrote: »

What insurance does one need before draw down? - mortgage insurance, Income protection insurance, House Insurance.... Anything else?

The bare minimum you need is mortgage protection and house insurance to the value of the rebuild cost. If you work for a large multi national it’s worth checking what benefits you have as you could be paying for income protection but have something similar through work.

lir6777

Is anyone having any luck getting exceptions yet this year? The banks seem to be super-tight with them this year; one has told me that they have a new condition that for an exception, you have to have €2400 per month left over after the STRESSED mortgage repayments, which he felt was preventing most people from getting one as they stress test at over 5%. Even he was surprised at how tight this was. Hope someone's having success!!

alwald

lir6777 wrote: »

Is anyone having any luck getting exceptions yet this year? The banks seem to be super-tight with them this year; one has told me that they have a new condition that for an exception, you have to have €2400 per month left over after the STRESSED mortgage repayments, which he felt was preventing most people from getting one as they stress test at over 5%. Even he was surprised at how tight this was. Hope someone's having success!!

They are right to have tight rules and to complete a different stress test when assessing the customer's financial situation/repayment ability. This is part of their obligations as per the rules set by the CBI.

The less exceptions the better as they only contribute to a rise in housing prices.

lir6777

alwald wrote: »

They are right to have tight rules and to complete a different stress test when assessing the customer's financial situation/repayment ability. This is part of their obligations as per the rules set by the CBI.

Totally agree, however these terms are particularly tight. The stress test is there to allow for increases in interest but to then also stipulate that a single person with no debts or dependents needs to have €2400 net disposable income per month is hard to grasp for me (much as I'd love to have it!!) I fully agree that exceptions should be, well, the exception, and caution is needed in giving them out, however these rules largely seem to be just leaving single applicants in a poor position even if they manage to save a deposit or plan to use HTB. I would love to see some help in that for single applicants (and I know people will likely point out that one person is riskier than two, which I get and agree with but that's what mortgage protection and all those other insurances are for too)

alwald

lir6777 wrote: »

Totally agree, however these terms are particularly tight. The stress test is there to allow for increases in interest but to then also stipulate that a single person with no debts or dependents needs to have €2400 net disposable income per month is hard to grasp for me (much as I'd love to have it!!) I fully agree that exceptions should be, well, the exception, and caution is needed in giving them out, however these rules largely seem to be just leaving single applicants in a poor position even if they manage to save a deposit or plan to use HTB. I would love to see some help in that for single applicants (and I know people will likely point out that one person is riskier than two, which I get and agree with but that's what mortgage protection and all those other insurances are for too)

I am also looking to buy a property as a single applicant so I can assure you that I can relate to your post.
IMO the mortgage rules should remain the same for all but further help to buy for single applicants or slightly different rules for the rebuilding Ireland loan need to be offered by the government for single applicants.

In addition most new builds are made for families and priced as such. Smaller properties and apartments are a must if single applicants are to become homeowners.

lir6777

alwald wrote: »

I am also looking to buy a property as a single applicant so I can assure you that I can relate to your post.
IMO the mortgage rules should remain the same for all but further help to buy for single applicants or slightly different rules for the rebuilding Ireland loan need to be offered by the government for single applicants.

In addition most new builds are made for families and priced as such. Smaller properties and apartments are a must if single applicants are to become homeowners.

You're absolutely right. I had one bank on the phone suggesting my application would be so much stronger if it was a joint one- like I could just find someone to split it, hello like, it's not a pizza🀣 renting alone is also pretty much impossible if I want to keep saving, again back to your point about the property types but also generally inflated prices. Frustrating times

SteelyDanJalapeno

lir6777 wrote: »

You're absolutely right. I had one bank on the phone suggesting my application would be so much stronger if it was a joint one- like I could just find someone to split it, hello like, it's not a pizza🀣 renting alone is also pretty much impossible if I want to keep saving, again back to your point about the property types but also generally inflated prices. Frustrating times

A mortgage, it's not a pizza.

lir6777

SteelyDanJalapeno wrote: »

A mortgage, it's not a pizza.

Sadly!

Dwarf.Shortage

Fianna Fail going with the SSIA match of €30k saved being supplemented by a €10k top up and increasing the HTB to €25k, also a 14% vacant sites levy and a waive of various charges if developers can deliver the units within 3 years.

Lots of social housing commitments too but I didn't listen as closely to the details.

lir6777

Dwarf.Shortage wrote: »

Fianna Fail going with the SSIA match of €30k saved being supplemented by a €10k top up and increasing the HTB to €25k, also a 14% vacant sites levy and a waive of various charges if developers can deliver the units within 3 years

Thanks for that info. Do you know if they intend to increase the % HTB can make up from its current 5%? As in, is it planned as 25000 or 5%, whichever is less? I assume the percentage might be increased, otherwise it's only helping FTBs purchasing properties over 400k (who probably don't really need the help!)

Dwarf.Shortage

lir6777 wrote: »

Thanks for that info. Do you know if they intend to increase the % HTB can make up from its current 5%? As in, is it planned as 25000 or 5%, whichever is less? I assume the percentage might be increased, otherwise it's only helping FTBs purchasing properties over 400k (who probably don't really need the help!)

No mention of increased percentage but I’d say so. If it was the exact same as the current regime but changed to 6.25% it would give that figure so I wouldn’t be shocked if that was the policy.

lir6777

Dwarf.Shortage wrote: »

No mention of increased percentage but I’d say so. If it was the exact same as the current regime but changed to 6.25% it would give that figure so I wouldn’t be shocked if that was the policy.

Nice maths, that would have taken me ages to figure out 🀣

Glenbhoy

lir6777 wrote: »

Is anyone having any luck getting exceptions yet this year? The banks seem to be super-tight with them this year; one has told me that they have a new condition that for an exception, you have to have €2400 per month left over after the STRESSED mortgage repayments, which he felt was preventing most people from getting one as they stress test at over 5%. Even he was surprised at how tight this was. Hope someone's having success!!

If you fix for 10 years, they don't apply the same stress test as there is no possibility of variance in that time period. Whilst it may change significantly after that it's too far into the future to try and assess risk given variables in overall economy and individual circumstances etc..

ebayissues

lir6777 wrote: »

Totally agree, however these terms are particularly tight. The stress test is there to allow for increases in interest but to then also stipulate that a single person with no debts or dependents needs to have €2400 net disposable income per month is hard to grasp for me (much as I'd love to have it!!) I fully agree that exceptions should be, well, the exception, and caution is needed in giving them out, however these rules largely seem to be just leaving single applicants in a poor position even if they manage to save a deposit or plan to use HTB. I would love to see some help in that for single applicants (and I know people will likely point out that one person is riskier than two, which I get and agree with but that's what mortgage protection and all those other insurances are for too)

Net disposable after rent??

What banks aren't giving exception? I know KBC is gone.

lir6777

Glenbhoy wrote: »

If you fix for 10 years, they don't apply the same stress test as there is no possibility of variance in that time period. Whilst it may change significantly after that it's too far into the future to try and assess risk given variables in overall economy and individual circumstances etc..

I've been told by a broker that they all stress test at the variable rate, which so far they do all seem to be doing. Makes no sense to me as I want the fixed rate as you say!!!?!

lir6777

ebayissues wrote: »

Net disposable after rent??

What banks aren't giving exception? I know KBC is gone.

Net disposable after a stressed mortgage repayment!

Kbc seem to have gone very strict yeah, similar with ebs, ptsb, and aib. Wondering if it's the uncertainty around Brexit?!

Corruptedmorals

Obviously rates and exceptions are the big draw, but I must say AIB have been an absolute delight to deal with from beginning to end of the entire application and sale process. Branch, app messaging and central mortgages team everything was so easy. We had AIP within an hour and underwriting, letter of offer were all quicker than expected and documentation was all verified within hours.

And it was a long, complicated sale that they had a lot of input in as they ended up accepting a qualification of title after 7 months sale agreed. Closing next week and it is completely surreal after so long!

Woshy

Corruptedmorals wrote: »

Obviously rates and exceptions are the big draw, but I must say AIB have been an absolute delight to deal with from beginning to end of the entire application and sale process. Branch, app messaging and central mortgages team everything was so easy. We had AIP within an hour and underwriting, letter of offer were all quicker than expected and documentation was all verified within hours.

And it was a long, complicated sale that they had a lot of input in as they ended up accepting a qualification of title after 7 months sale agreed. Closing next week and it is completely surreal after so long!

That's great to hear! We've had a great experience with PTSB so far, we've been very pleased. Mobile mortgage consultant who came to my work to met us and collect the signed forms and things, excellent communication and we had AIP within 2 days of it going to underwriting. My husband is on probation and we weren't sure about applying now but the mortgage consultant said that wouldn't be an issue and it wasn't. I'm glad we did. We got approved for a decent amount.

All we need to do now is find a house! Hopefully once we do the rest of the process is as smooth as yours was.

fifth

Was refused an exemption this morning by BOI on the grounds that "it wasn't a large enough amount". I was looking for 3.6x salary instead of 3.5x.

I know it sounds like the solution is to just keep saving more, but it's going to add an extra 6-7 months onto things without the exemption and I'm worried about losing out on this house.

Ah. What will be will be I suppose!

lir6777

fifth wrote: »

Was refused an exemption this morning by BOI on the grounds that "it wasn't a large enough amount". I was looking for 3.6x salary instead of 3.5x.

I know it sounds like the solution is to just keep saving more, but it's going to add an extra 6-7 months onto things without the exemption and I'm worried about losing out on this house.

Ah. What will be will be I suppose!

That sucks I've heard they can hold exceptions for more profitable mortgages, which is frustrating. Have you tried the other banks? I'd be surprised if one of them couldn't help out. You don't work in the public sector by chance?

SteelyDanJalapeno

Hi,

We got approved for 300k in October, we now need about 350k, what is the process to get the additional amount?

Is it treated as a new application?

bswan

Have heard from a broker that Finance Ireland don't offer any LTI exemptions. Anyone know if that true ?

lir6777

bswan wrote: »

Have heard from a broker that Finance Ireland don't offer any LTI exemptions. Anyone know if that true ?

I didn't know that but their webpage seems to suggest they're very flexible?!

Just to make people who work in the public sector aware that ICS have a new mortgage that allows you to get 3.5 times your salary two points ahead on your salary scale. They also allow you use overtime and other extras in calculating. Might be good for people who just need a little more to avoid the stress of an exception!

bswan

lir6777 wrote: »

I didn't know that but their webpage seems to suggest they're very flexible?!

I have a feeling the broker has their own preferences and is not putting in the application with them whilst pushing another. Time to find another broker.

Anyone doing the Bank of Ireland mortgage saver? Apparently they won't accept cash deposits, does anyone know if that's stuck to? Would be handier for me for transferring from my CU account.

Humour Me

[Deleted User] wrote: »

Anyone doing the Bank of Ireland mortgage saver? Apparently they won't accept cash deposits, does anyone know if that's stuck to? Would be handier for me for transferring from my CU account.

Your credit union should be able to transfer the funds by EFT once you give them the instruction.