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

wuffly

fibix wrote: »

A random question for a person that needs to get her finances in order. I’m looking for someone who can sit down with me, look at my bank accounts and tell me: this is too much spending here, this loan charging you that, in order to have your house deposit you need to do xyz, banks lending this and you need that. Where can I go for this sort of advice?
I want my own place more than anything, lucky with decent enough job but just need to get myself sorted.
Thanks!

Hi Fibix, my advice is probably a bit outdated but EBS used to offer financial reviews.(they were required if you were opening anything beyond a savings account in recent years). You are not obligated to invest in any of their products but obviously that is what they are hoping you will do. I worked in EBS many moons ago, the reviews go over your current finances and what your financial goals are(Mortgage, pension, investments). They will suggest how to manage any debt you have and also investments in the short, medium and long term and also give you advice re planning for a mortgage. EBS as far as I know still have a good rep regarding mortgages. As with anything the value of this review is really how good the adviser is and how much info you are willing to give them. I would give them a try its only about an hour of your time. Best of luck.

Dolbhad

fibix wrote: »

A random question for a person that needs to get her finances in order. I’m looking for someone who can sit down with me, look at my bank accounts and tell me: this is too much spending here, this loan charging you that, in order to have your house deposit you need to do xyz, banks lending this and you need that. Where can I go for this sort of advice?
I want my own place more than anything, lucky with decent enough job but just need to get myself sorted.
Thanks!

About a year before I planned on applying for mortgage I did go into a bank mortgage advisor and asked if I wanted to apply for a mortgage, what do I need to do. They went through the 3.5x your salary, how much deposit needed and estimated amount to be saved or paid in rent for 6 months prior to applying for the stress testing. It was very helpful.

If your not great with paperwork or don’t like the hassle of it, mortgage broker would be a good option to do with when you apply.

Some great websites out there for free with tips of budgeting etc. Or google to find someone you can pay to go through your documents. Think there are companies like money doctors etc.

sozbox

fibix wrote: »

That's beyond helpful, thanks.

Last time I checked, this was a really sound place to ask for random advice. What I got today (aside from a few helpful advices, which I'm grateful for), was unsolicited, direct or non direct, judgement on my finances (about which I revealed absolutely nothing) and myself, including some assumed analysis of my spending. Then I actually went and watched How to be good with Money and what revs me up the most, is some self professed 'experts' here calling these people, who sometimes were clearly lost, due to illness or simply lack of financial awareness, 'financial idiots'. I'm still shook after yesterday's revelations of yet another suicide, otherwise I wouldn't bother my poor keyboard with typing this. I don't know why the news affected me this much this time. If you have nothing constructive to say, just remain quiet. This goes for the condescending comments and not so subtle remarks. It so much easier not to be an Internet c**t and everyone can sleep better. Call this oversensitive, I'm sure a few will, don't care. In the world where you can be anything, be kind.

I gave you 500 euro worth of free advice, go implement it instead of complaining

lir6777

fibix wrote: »

That's beyond helpful, thanks.

Last time I checked, this was a really sound place to ask for random advice. What I got today (aside from a few helpful advices, which I'm grateful for), was unsolicited, direct or non direct, judgement on my finances (about which I revealed absolutely nothing) and myself, including some assumed analysis of my spending. Then I actually went and watched How to be good with Money and what revs me up the most, is some self professed 'experts' here calling these people, who sometimes were clearly lost, due to illness or simply lack of financial awareness, 'financial idiots'. I'm still shook after yesterday's revelations of yet another suicide, otherwise I wouldn't bother my poor keyboard with typing this. I don't know why the news affected me this much this time. If you have nothing constructive to say, just remain quiet. This goes for the condescending comments and not so subtle remarks. It so much easier not to be an Internet c**t and everyone can sleep better. Call this oversensitive, I'm sure a few will, don't care. In the world where you can be anything, be kind.

I read over the last few pages after your question last night and was also pretty surprised at some of the responses. There were quite a few people really offering decent advice and thoughts, but an unusual number of people seem to have jumped on you! We all get the odd sarcastic comment on here but I can't see why your question attracted so many. As you say, at no point did you mention your financial situation, some posters just seem to have assumed something about you. Shame if that's the way this thread is going as it's generally pretty helpful. Some comments just came across as judgemental and even bullying in places- totally needless. Maybe the country was in a Mood last night after the storm

Hopefully it doesn't put you off using Boards Fibix, the good on here usually far outweighs the mean.

FastFullBack

fibix wrote: »

A random question for a person that needs to get her finances in order. I’m looking for someone who can sit down with me, look at my bank accounts and tell me: this is too much spending here, this loan charging you that, in order to have your house deposit you need to do xyz, banks lending this and you need that. Where can I go for this sort of advice?
I want my own place more than anything, lucky with decent enough job but just need to get myself sorted.
Thanks!

Is there any financial advisor available in your work? When I got my house back in 2012 I used one from work and he pointed out some basic silly things I was doing (like leaving a balance on my CC whilst having savings that could easily cover the amount).
I found it very helpful to point out the obvious error's what I was ignoring.

You could also listen to some podcasts if that's your thing. Two I'd recommend are:
- Meaningful Money Podcast - UK based so some specific advice doesn't apply here but lots of great topics on developing a good financial mindset.
- Informed Decisions Podcast - Irish based similar to above. It does focus a lot on pensions, but plenty of episodes that deal with different topics.

Hope this helps.

Padre_Pio

Hi lads,
I have mortgage approved in principle.

I found a house but it's derelict and would need substantial works to become livable.

Is there any clause that would prevent me drawing down the mortgage if I can't move into the house until these works are finished?

TIA.

Graham

House would generally need to be habitable. Working kitchen/bathrooms/electrics etc.

limnam

Creamy Goodness wrote: »

Lot of talk here about credit card debt.

I’ll share the biggest tip that was given to me about credit cards (by my father), the second you pay a single cent in interest on a credit card, you attack it with a scissors and close the account.

As a desperate measure, If you’ve been bad with a credit card, take out a loan at a lower interest rate and pay it off in full.

Credit cards are a wonderful tool if paid off - in full - every month, and yet the worst financial tool in the world if they’re abused.

Or if you can find a 0% balance transfer.

Transfer it and hammer at it for the 0% period.

shawki

I searched and couldn’t find an answer to my query.

Me and my partner can currently borrow €210,000 based on our income.

We currently have €15,000 saved towards a deposit.

My partner owns a house worth €150,000 that we currently live in that is mortgage free.

My partner would like to keep the house and rent it out.

Could we keep the house and use it to increase the amount we can borrow?

topmanamillion

shawki wrote: »

I searched and couldn’t find an answer to my query.

Me and my partner can currently borrow €210,000 based on our income.

We currently have €15,000 saved towards a deposit.

My partner owns a house worth €150,000 that we currently live in that is mortgage free.

My partner would like to keep the house and rent it out.

Could we keep the house and use it to increase the amount we can borrow?

He could remortgage/ use the house as collateral and use that money twoards buying another house.

You'd have €165,000 in capital there.
A top up mortgage on that would bring you into the €250,000+ range.

Padre_Pio

Graham wrote: »

House would generally need to be habitable. Working kitchen/bathrooms/electrics etc.

How does that work if you're building a house?

Is there a different type of mortgage?

EDIT: Of course 5 mins of Googling gave the answer of yes, there is a special mortgage. :rolleyes: LMFGTFY

Abbey127

Hi has anyone in here built there own house, myself and my partner are hoping to build on land my parents own ,

Also do you just need to be in employment for 6 months with 6 months bank statements from your job . I have 10k saved up and my partner has 20k

Thanks in advance

Daveone

Yet another solicitation for free advice

I am in the market for a mortgage this year to buy a home with my partner. Thankfully we are in a good financial place for this, with good salaries, savings and no dependents (yet). We are both in our early 30s

I had until recently been quite steadfast in the idea that I did not want to go for a very long term mortgage (30 years +) as I didn't want that on my plate in my 60s. But are we better off going for a long term mortgage like this, to allow for a lower initial repayment, and then after the initial fixed period accelerate payments to cut the life span?

If I pay off a 30 year mortgage in 15-20, do I only pay the interest I have accrued?

Many thanks

D

mutley18

I am new to this whole mortgage world. Quick question please, I have been approved in principle for a small mortgage from AIB, I am now thinking I would like to borrow an extra 10k on top of what i originally asked for so that I dont leave myself short. Will this have to be a whole new application or would it be simple enough?

Creamy Goodness

mutley18 wrote: »

I am new to this whole mortgage world. Quick question please, I have been approved in principle for a small mortgage from AIB, I am now thinking I would like to borrow an extra 10k on top of what i originally asked for so that I dont leave myself short. Will this have to be a whole new application or would it be simple enough?

they will only lend you 90/80% of the house price depending on if you're a first time buyer or not, to get this extra 10k buffer you'll need to decrease your deposit or get a gift from someone.

KilOit

mutley18 wrote: »

I am new to this whole mortgage world. Quick question please, I have been approved in principle for a small mortgage from AIB, I am now thinking I would like to borrow an extra 10k on top of what i originally asked for so that I dont leave myself short. Will this have to be a whole new application or would it be simple enough?

We bumped ours by 10k was simple phone call and a form or 2

Creamy Goodness

KilOit wrote: »

We bumped ours by 10k was simple phone call and a form or 2

as long as it falls in under the LTV and bank's stress tests then yes. it's not a clear cut for every scenario

mutley18

Thank you for your responses guys. I actually got it sorted today :-)

DianeMc2018

Looking for advice. Met with broker today and he went through his online calculators for a number of banks to try to figure out what mortgage we could get. First meeting, he got straight into the nitty gritty and seems very enthusiastic and driven (young guy). I'm unsure about him and wanted to see am I being overly nervous

He never discussed his fee structure with us so I'm clueless as to how he gets paid (am assuming its kickback from the bank but dunno).

Is it normal to be getting straight into the stage of 'send me over your documents' without clarifying his payment?

Dolbhad

DianeMc2018 wrote: »

Looking for advice. Met with broker today and he went through his online calculators for a number of banks to try to figure out what mortgage we could get. First meeting, he got straight into the nitty gritty and seems very enthusiastic and driven (young guy). I'm unsure about him and wanted to see am I being overly nervous

He never discussed his fee structure with us so I'm clueless as to how he gets paid (am assuming its kickback from the bank but dunno).

Is it normal to be getting straight into the stage of 'send me over your documents' without clarifying his payment?

They should clarify the fee but generally the bank pay 1% of mortgage value to broker. If you don’t draw down usually there is a fee due to the broker you pay for the work done. Some take this upfront and may refund in drawdown.

Usually there is a clause that says if you pay off mortgage within 3 years the broker can claw their fee back from you if the bank close their fee back from the broker.

DianeMc2018

Dolbhad wrote: »

They should clarify the fee but generally the bank pay 1% of mortgage value to broker. If you don’t draw down usually there is a fee due to the broker you pay for the work done. Some take this upfront and may refund in drawdown.

Usually there is a clause that says if you pay off mortgage within 3 years the broker can claw their fee back from you if the bank close their fee back from the broker.

Thank you Dolbhad. Yes I figured thats how brokers get paid but I do indeed need to check with him what happens if we don't drawdown with bank we organised mortgage for us with. Sometimes I wonder if going to the banks directly would be better. However its appealing to only submit paperwork once and have someone else shop around. Plus we are both self employed so in no way are we straightforward applicants. Thanks for your response

DianeMc2018

One more piece of advice needed:

Met with solicitor today and he quoted us 2600-2800 inclusive VAT for conveyance. This includes 'everything' except stamp duty of course. Everything being land registry etc.

It seems slightly pricey and he said if anything unexpected arises in the contracts/deeds it may incur extra costs.

I'm scared it'll spiral however we both really clicked well with him and he seems to really know his stuff; familiar with the area we're buying in etc

What do you think?Go with him? Or seek out a lower quote?

lir6777

DianeMc2018 wrote: »

One more piece of advice needed:

Met with solicitor today and he quoted us 2600-2800 inclusive VAT for conveyance. This includes 'everything' except stamp duty of course. Everything being land registry etc.

It seems slightly pricey and he said if anything unexpected arises in the contracts/deeds it may incur extra costs.

I'm scared it'll spiral however we both really clicked well with him and he seems to really know his stuff; familiar with the area we're buying in etc

What do you think?Go with him? Or seek out a lower quote?

I got quoted 3200 all inclusive apart from stamp duty, and was told by a solicitor friend in another county this is about average. You could probably find cheaper but I decided to go with this solicitor who seems responsive and organised as that will be worth it to me- I couldn't hack one who dilly-dallies!!

Also re: the broker, I spoke to a few before settling on one I really like, but with all of them I had to ask about fees- I guess they might think you've already done your research and know what's what but they'll tell you if asked? Some do charge you rather than the banks though so I would definitely ask right at the start.

I think because of how they're paid they tend to get straight to work for you once you chat to them so I wouldn't be too concerned about that, it's how he will make his money to get you a mortgage so makes sense he get things moving. You can always buy some time and tell him you need to have a think and will come back to him. Good luck

DianeMc2018

lir6777 wrote: »

I got quoted 3200 all inclusive apart from stamp duty, and was told by a solicitor friend in another county this is about average. You could probably find cheaper but I decided to go with this solicitor who seems responsive and organised as that will be worth it to me- I couldn't hack one who dilly-dallies!!

Also re: the broker, I spoke to a few before settling on one I really like, but with all of them I had to ask about fees- I guess they might think you've already done your research and know what's what but they'll tell you if asked? Some do charge you rather than the banks though so I would definitely ask right at the start.

I think because of how they're paid they tend to get straight to work for you once you chat to them so I wouldn't be too concerned about that, it's how he will make his money to get you a mortgage so makes sense he get things moving. You can always buy some time and tell him you need to have a think and will come back to him. Good luck

Thats v reassuring to hear Lir677. My gut with this solicitor was good so if those fees seem average we'll most likely go with him. And interesting about the broker getting to work straight away for those reasons. I will definitely ask him about how he gets paid before we ask him to process our application. What do you know about Mortgage broker qualifications? This guy we met with today is (only) QFA. He does have some previous experience working in a bank, afaik that was in mortgages. But should we be looking for any particular qualifications when settling on a broker? I know its not exactly rocket science but I want to make sure I don't engage someone who is underqualified.

lir6777

DianeMc2018 wrote: »

Thats v reassuring to hear Lir677. My gut with this solicitor was good so if those fees seem average we'll most likely go with him. And interesting about the broker getting to work straight away for those reasons. I will definitely ask him about how he gets paid before we ask him to process our application. What do you know about Mortgage broker qualifications? This guy we met with today is (only) QFA. He does have some previous experience working in a bank, afaik that was in mortgages. But should we be looking for any particular qualifications when settling on a broker? I know its not exactly rocket science but I want to make sure I don't engage someone who is underqualified.

Hm I've no idea about their qualifications tbh! I think mine is similar, qfa with background in mortgages (could be the same guy!) I chose him based on my gut really..I had initially been with a financial advisor who worked with an underwriter in a reputable mortgage brokers office. I gave them all my documentation and they weren't the quickest coming back to me; when they did it was without having directly approached any banks, just using the calculators brokers have access to, and the max amount they said they could apply for for me was 3.8 times my current salary. I was gutted as that wouldn't buy anything around here at the moment. I took it on myself and rang all the banks and realised these guys hadn't done much at all for me as some banks were able to offer me a lot more money. So I stopped working with those guys (didn't take much as they had left it basically as-it's this amount or nothing). I was still having trouble getting quite what I needed though and felt that, while I'm able to ring all the banks etc myself, I needed someone to make a case for me to them, so started looking for another broker. Came across one who felt a bit like a second-hand-car salesman but then wouldn't call me back for weeks at a time. Then happened across the guy I'm with now, who seemed to be on the ball and seemed to have relationships with the banks and was able to discuss my case with them in terms of future salary progression etc, things that weren't getting captured in the basic application process directly with the banks. We aren't applying for another few weeks due to a very long build period on the development I want to buy in so I can't say for sure the outcome of course. He seems confident but I know things could still go wrong- I've just gone with my gut and the person who was responsive, seemed really clued-in to potential issues that might come up, and saw my application in a broader way. Beyond that, I'm not too pushed what his qualifications are- but that might not be the right attitude! Fingers crossed it's the right call, and hopefully you'll have luck too!!

Katie1_14

Hi, would anyone have experience of raising a mortgage for renovations? House was left to me, I own it outright. Worth €520k and I would like to raise €150k for an extension.

DianeMc2018

Sorry Katie 1 14 I have no info that might help your situation. Hope someone on here does.

Dolbhad thats interesting about your experience with brokers. i met a second guy today who promised less than the first guy but was more thorough in his assessment.

Actually I'm hoping someone on boards might have some knowledge about this. I'm self-assessed and PAYE (my husband is same). Broker today said because of this set up, banks may not take all our income into account. As in they might disregard some of the PAYE income. Argh! He can argue the case if the PAYE income is in the same field as self-assessed which mine is. But husband's PAYE (2 separate contracts) is questionable: one PAYE contract for services is in same field, and one is not. Its a minefield! I would've thought ALL taxable income would count towards the X 3.5.

In other news, we're also trying to get an exemption which I'm losing faith in now reading these posts (about banks having already reached their max limit on exemptions...its February FFS??)

Anyway, anyone else a nice confusing mix of PAYE and self-assessed who can advise on how the banks viewed their situation?

Dolbhad

DianeMc2018 wrote: »

Sorry Katie 1 14 I have no info that might help your situation. Hope someone on here does.

Dolbhad thats interesting about your experience with brokers. i met a second guy today who promised less than the first guy but was more thorough in his assessment.

Actually I'm hoping someone on boards might have some knowledge about this. I'm self-assessed and PAYE (my husband is same). Broker today said because of this set up, banks may not take all our income into account. As in they might disregard some of the PAYE income. Argh! He can argue the case if the PAYE income is in the same field as self-assessed which mine is. But husband's PAYE (2 separate contracts) is questionable: one PAYE contract for services is in same field, and one is not. Its a minefield! I would've thought ALL taxable income would count towards the X 3.5.

In other news, we're also trying to get an exemption which I'm losing faith in now reading these posts (about banks having already reached their max limit on exemptions...its February FFS??)

Anyway, anyone else a nice confusing mix of PAYE and self-assessed who can advise on how the banks viewed their situation?

I find with brokers you want someone who knows what their talking about - things like HTB needs a 70% mortgage. You have brokers who are chancers like everything else. I’ve known people who have sued brokers who all went with the same bank which I don’t think is a good look for a broker.

I was looking for an exemption and broker immediately knew which banks were my best bet. Now depending on where you are based, brokers don’t deal with BOI so beware of that.

The exemptions I don’t think are an issue as much anymore. They tend to be staggered throughout the quarters now. So it they are gone in February they could kick back in around March/April.

I used a broker first time cause we saw a house we liked. We needed an exemption and it was in November so expected it to be difficult to get. It wasn’t. I didn’t go for the house so once that expires I did applied to banks individually then cause I had time.

Brokers are great if you don’t have time or have a complicated situation eg self employed.

jlm29

Katie1_14 wrote: »

Hi, would anyone have experience of raising a mortgage for renovations? House was left to me, I own it outright. Worth €520k and I would like to raise €150k for an extension.

Yes! I’ve PMd you.

Abbey127

Hi has anyone in here built there own house, myself and my partner are hoping to build on land my parents own ,

Also do you just need to be in employment for 6 months with 6 months bank statements from your job . I have 10k saved up and my partner has 20k

Thanks in advance