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

lir6777

bswan wrote: »

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.

I have just lost faith in my broker, he came back with one possibility that was way below what I was looking for. Told me other banks wouldn't go above 3.5. so far by going it alone I've had one bank tell me I could (in theory anyway) get 4 times my salary, and another is making the application for me for 4.5. Broker didn't manage even that much. I'm sure there are great ones, and times when they're very useful, but for me I'm going it alone from here!

lir6777

bswan wrote: »

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.

Also, I wonder about the lenders that will only deal with brokers. My broker was pushing ICS which is also solely through broker. Perhaps the commission is better with them?? I might be too cynical..

OEP

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Humour Me

Humour Me wrote: »

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

In the conditions it says "Lump sum lodgements must be presented as a cheque or bank draft. Cash lodgements are not permitted".

Techn0

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

fifth

Techn0 wrote: »

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

..And one in Wexford too? I've gotten quotes from 2925
EUR to 5,125EUR (exc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

GingerLily

fifth wrote: »

..And one in Wexford too? I've gotten quotes from 6,300EUR to 8,500EUR (inc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

Please don't include stamp duty when saying quotes, hardly the solicitors fault

fifth

GingerLily wrote: »

Please don't include stamp duty when saying quotes, hardly the solicitors fault

Never blamed the solicitor for the stamp duty. Have no issue with the stamp duty amount.

Have edited it the stamp duty out (I did mention those figures included stamp duty in my original post by the way). If you could edit yours please

ebayissues

We are lmsot coming towards the end of Januray, why is it that most banks have reached their limits on exemptions?

lir6777

ebayissues wrote: »

We are lmsot coming towards the end of Januray, why is it that most banks have reached their limits on exemptions?

I don't think it's that they've run out, just that their criteria are extremely tight

hanaimai

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Ours is approx 1/5th of our joint income. Been in the house for just over a year now and it's perfectly manageable.

Dolbhad

hanaimai wrote: »

Ours is approx 1/5th of our joint income. Been in the house for just over a year now and it's perfectly manageable.

That’s the one thing I’m worried about. We have an exemption to policy. But would be 1/4 income if we took the exemption over 30 years which I think could be too much. We don’t have pensions or health/life insurance in work so these are things I am trying to calculate for also to set up once we have the house bought. I think 1/5 is a nice ratio.

Dolbhad

Techn0 wrote: »

Hi everyone,

Can anyone recommend a good solicitor for conveyancing based in Cork?

Thanks in advance.

Pm sent

Dolbhad

fifth wrote: »

..And one in Wexford too? I've gotten quotes from 2925
EUR to 5,125EUR (exc. stamp duty) .. and each of them with different outlays and things itemised, some had land registry at 800e and some at 700e. Some included things like a 'will' service that I didn't ask for (do I need this?). A bit mind boggling.

We had gotten a break down of a quote. So it appears it depends on the property - is it land registry or registry of deeds as outlays and fees differ. But most seems land registry so I’ll tell you what was on our quote. If you look up property registration authority section on fees you’ll see what they are ie buying a house between 50-200k they will charge €600 for the transfer, if it’s 200-400k it’s €700 etc. Registering a mortgage is €175. If your buying part of a land (new build) it’s €75 for new folio, then things like searches etc will also apply.

Paul_Mc1988

OEP wrote: »

What kind of ratio to net income are people looking at once they get their mortgage? Joint income if that's applicable

Mortgage is about 1/5. 330k over 30 years at 2.6%. Just bought it. Currently doing up the house so that's eating my money. Once I have that sorted the plan is to bang as much of the mortgage off over the next 5 years as possible. If I can get it to 200k in them years. She might be able to go flexi time.

lir6777

Dolbhad wrote: »

Pm sent

Could I also ask for those details please? Im not at that stage yet but great to have a recommendation to hand when I get there!

Dolbhad

lir6777 wrote: »

Could I also ask for those details please? Im not at that stage yet but great to have a recommendation to hand when I get there!

Pm sent. Always worth having a chat with a solicitor when going about AIP to be talked through the process etc.

SteelyDanJalapeno

Are the mortgage value fractions above of your take home or your gross income?

Presume take home but just double checking.

If we can get an exception ours will be close to 1/4 after deductions and pension etc.

thunderdog

[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.

Also doing boi mortgage saver via standing order each month. Lump sum transfers via a C/A are allowed up to 20k each calendar year.

OEP

We'd be looking at somewhere between 1/3 and 1/4, which makes me uncomfortable but our joint income is pretty high, we'd be left with a decent amount of money after paying that kind of mortgage

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)

2400 per month after making stress re-payment is high.. You need to make income of 65kish upwards

lir6777

ebayissues wrote: »

2400 per month after making stress re-payment is high.. You need to make income of 65kish upwards

I make 62k and wouldn't have that so I think you'd need to be on higher again! (The stressed repayments were over 1400)

ebayissues

lir6777 wrote: »

I make 62k and wouldn't have that so I think you'd need to be on higher again! (The stressed repayments were over 1400)

I actually dont get this. What rate are they using to derive that figures?


If I have a mortgage of 305k, my mortgage payment is approx 1.2k(Including both principal and interest).



Like the rate being used would have to be more than doubled to make this stressed repayment of 1400.


Makes no sense

lir6777

ebayissues wrote: »

I actually dont get this. What rate are they using to derive that figures?


If I have a mortgage of 305k, my mortgage payment is approx 1.2k(Including both principal and interest).



Like the rate being used would have to be more than doubled to make this stressed repayment of 1400.


Makes no sense

I'm looking for a mortgage of 278k, and they stress test at 2% above the variable rate (apparently that is always the way, even though most people go fixed rate). So stress testing at about 5.15%!

Paul_Mc1988

SteelyDanJalapeno wrote: »

Are the mortgage value fractions above of your take home or your gross income?

Presume take home but just double checking.

If we can get an exception ours will be close to 1/4 after deductions and pension etc.

1/5 of take home pay.

Creamy Goodness

Is anyone on the AIB Green Loan of 2.5% fixed for 5 years? I'm thinking of moving to this but what's the the story with overpaying, do they allow a small percentage at all?

awec

Creamy Goodness wrote: »

Is anyone on the AIB Green Loan of 2.5% fixed for 5 years? I'm thinking of moving to this but what's the the story with overpaying, do they allow a small percentage at all?

We're on it. AIB don't allow overpaying.

Creamy Goodness

awec wrote: »

We're on it. AIB don't allow overpaying.

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

awec

Creamy Goodness wrote: »

Thanks. I stand to save about 1 mortgage payment a year from switching and I’m on their standard variable of 2.95%. Seems like a no-brainier for me. Would be nice to be able to pay a little extra off but oh well.

We were on their normal 5 year fixed 2.85% and we switched to it. The savings are significant enough to make it worthwhile.

We lucked out though because we were on a moratorium before we had to start paying the mortgage, and since we managed to get the rate switch through a few days before our first mortgage payment was due our switching fee was 0.

Knex*

We're looking at purchasing with a mortgage that is about 25% of our combined take home, after tax.

Little worried that we might be stretching ourselves here, after seeing the couple of posters say that they're at 1/5th or 20%.

Anything that we should be considering here?

Just to provide some more context, my girlfriend's salary typically includes commission that we're not including in the above calculation, and she's got pretty good benefits too.

I've no benefits, but would expect my salary to increase in the next couple of months. Which if I had to guess, would bring the mortgage payment percentage to around 23%.