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

Laghan

ADO wrote: »

My question is, will they consider my missus for a joint application? Do they take into account that we have been renting? And also my bank is with permanent TSB, are these good to continue investing with? Iv read about mortgages.ie aswell and was thinking of going to them for some advice.

If anyone can help answer them questions for me or even add additional advice I'd be very greatful.

Thanks a mill

Hi ADO,

As far as I understand, your other half can be named on the joint mortgage application, however as she is not in a full time permanent position her income won't be taken into account. Therefore your borrowing power will be less as you will need to have enough money leftover at the end of the month to support her and the child also. I think it might be a wise decision to apply as a single applicant without mentioning your partner or the child. You can always add her to the mortgage down the line. I'm in a similar position, my other half is in college so only has part time work, so it was better for me to apply on my own.

There's brokers out there who don't charge for their services, you should go to one of these for advice. I checked permanent TSB recently enough and their interest rates weren't as good as others, it definitely pays to shop around.

ADO

Thank you very much for the reply!

I think on my own I can get a mortgage of around 140,000, I'm prob best waiting for her to get a full time job so as that they will take her into account for a joint mortgage and that way we will be able to afford a house.

Can anyone recommend some of the advisers that Laghan mentioned?

Thanks again!

Utah

Signing contracts on Thursday

Siipina

Does anybody know a good insurance to go with who is not too picky ?
Thing is we went with BOI and they want a medical done because I had pregnancy diabetes and I am over weight and maybe because my mum died from cancer. I don't mind this but I got the call on Thursday that a nurse will be in contact with me the next 24 hours and nothing. Called them this morning was told they get in touch asap still nothing. I don't have time for **** like this. I am sure there are other insurances out there

Tuesday_Girl

Siipina wrote: »

Does anybody know a good insurance to go with who is not too picky ?
Thing is we went with BOI and they want a medical done because I had pregnancy diabetes and I am over weight and maybe because my mum died from cancer. I don't mind this but I got the call on Thursday that a nurse will be in contact with me the next 24 hours and nothing. Called them this morning was told they get in touch asap still nothing. I don't have time for **** like this. I am sure there are other insurances out there

Try LION.IE, they sorted me out in no time.

Siipina

Tuesday_Girl wrote: »

Try LION.IE, they sorted me out in no time.

Ill try them thank you

REFLINE1

Has anyone had an issue with going into their overdraft in the 6 months statements they submitted for their mortgage application?

I have a 300Euro overdraft limit on my account and have unfortunately gone -250 in my account this month whilst waiting for 425 expenses to come through from work. Will this be an issue with my application. Usually don't go into my overdraft and was trying not to use it at all in the 6 months prior to application.

GeorgeOrwell

I think you'll be OK with regard to the overdraft. All the bank wants to know is that you can (easily) afford the repayments each month. A one-off dip into an agreed overdraft should be OK. If possible, get it paid off asap so prove it was an accidental issue caused by timing.

Alkers

REFLINE1 wrote:

I have a 300Euro overdraft limit on my account and have unfortunately gone -250 in my account this month whilst waiting for 425 expenses to come through from work. Will this be an issue with my application. Usually don't go into my overdraft and was trying not to use it at all in the 6 months prior to application.

Shouldn't be an issue, I used to keep my current account overdrawn at 650e and had that amount in my savings and nothing was said.

Thestart

Hi All,
If anyone has similar experience and can give advice.

Want to move house and have 2 rentals. See details below.
2 rentals ( 2 beds D15 Apartments) outstanding mortgages €277k, sale value €320.
€1515 mortgage cost, income €2375 per month. Management fees €2000 year. All on trackers +1% ECB. Little or no void periods.
How do the bank look at this from a point of view of how much we can borrow?
Ptsb is the bank we are most likely to go with as they let you move your tracker.
€106k total income, public servant (54K, 14+ years) and private sector (52K, 20 years).
2 kids, 4 and 6 looked after by my Mother so no childcare costs.
Our house recently valued at 330k and 235k outstanding.
30k saved and saving about €1800 a month.
I talked to a broker that said we might get 4 to 4.2 times income if we were lucky
Want to get as much as I can for purchase of €500K house in new year.

Am I dreaming, is it possible??

I have called bank and am waiting for cal back. If anyone is in similar position any information would be much appreciated.


Thanks,
TheStart.

GeorgeOrwell

Have you spoken to an independent mortgage advisor? They are good people for an initial, independent, opinion on how a bank will view your current position.

Mortgage advisors get paid by the bank - not you - so you've nothing to lose by parcelling up all your bank statements and financial documents and booking an appointment with a local mortgage broker.

StiffOldMan

Laghan wrote: »

We will be 4 weeks sale agreed tomorrow. Have gotten engineers report on the house, letter of offer from the bank has been received by myself and the solicitor. The contracts from the other side haven't yet been received yet though, is it normal for it to take this long.

Average total time for buying a private house is 3 months. It took us 3 months just to exchange contracts. At any point up to the exchange of contracts they could have taken another higher offer if they wished and there was nothing we could have done. It took another 2 months to complete the sale due to us and them being in a chain.

If the seller wishes to stay in their house until they have their new house ready to go, they could possibly want to delay things before committing to the sale. Its not a nice way of doing things as it drags the rest of the chain behind them, but people selling normally don't want to move twice so they'll dig their heels in and drag things along longer then they should.

Just make sure you get a closing date in the contracts that you both accept because at that point you are committed to the sale too and they legally can keep your 10% deposit if you decide to pull out after exchanging contracts.

intheclouds

We've just been asked if we can close next week which would make it just under 4 weeks from accepting offer to closing!

I doubt we can though because our solicitor hasnt even received the Letter of Offer from our bank yet!

Are there any disadvantages to closing early?

StiffOldMan

Tuesday_Girl wrote: »

Try LION.IE, they sorted me out in no time.

Ditto

StiffOldMan

REFLINE1 wrote: »

Has anyone had an issue with going into their overdraft in the 6 months statements they submitted for their mortgage application?

I have a 300Euro overdraft limit on my account and have unfortunately gone -250 in my account this month whilst waiting for 425 expenses to come through from work. Will this be an issue with my application. Usually don't go into my overdraft and was trying not to use it at all in the 6 months prior to application.

Once you show you can get the overdraft into the plus quickly you should be fine. I got myself into a knot going into unauthorised overdrafts on a second account but was able to bring it out of overdraft within a day or two on these occasions. If its in overdraft for weeks, then you have may have a problem depending on the circumstances

REFLINE1

StiffOldMan wrote: »

REFLINE1 wrote: »

Has anyone had an issue with going into their overdraft in the 6 months statements they submitted for their mortgage application?

I have a 300Euro overdraft limit on my account and have unfortunately gone -250 in my account this month whilst waiting for 425 expenses to come through from work. Will this be an issue with my application. Usually don't go into my overdraft and was trying not to use it at all in the 6 months prior to application.

Once you show you can get the overdraft into the plus quickly you should be fine. I got myself into a knot going into unauthorised overdrafts on a second account but was able to bring it out of overdraft within a day or two on these occasions. If its in overdraft for weeks, then you have may have a problem depending on the circumstances

ya, i would imagine theres a different view on unauthorized OD versus going into an agreed OF facility on the account.

cnlbel

So emailed offer to ea last weds. We knew he was having open viewing that sat. Called yest for update and emailed today. Never returned call or email. I see there's another open viewing sat. What is he at? He told us we were the first bidders. Ugh

Laghan

StiffOldMan wrote:

Average total time for buying a private house is 3 months. It took us 3 months just to exchange contracts. At any point up to the exchange of contracts they could have taken another higher offer if they wished and there was nothing we could have done. It took another 2 months to complete the sale due to us and them being in a chain.

StiffOldMan wrote:

Average total time for buying a private house is 3 months. It took us 3 months just to exchange contracts. At any point up to the exchange of contracts they could have taken another higher offer if they wished and there was nothing we could have done. It took another 2 months to complete the sale due to us and them being in a chain.

Thanks StiffOldMan, luckily we aren't in a chain and there's a tenant in the house we're buying so if all goes according to plan then after the contracts are signed the tenant gets 30 days (I think it's 30, they are in the house less than 12 months apparently). I just thought something would have received from their solicitor by now, maybe it's all normal but I'm sure you understand how nerve racking it is.... knowing as you say they can accept a higher offer at anytime. Hopefully I'm just being paranoid and everything will go smoothly.

intheclouds wrote:

We've just been asked if we can close next week which would make it just under 4 weeks from accepting offer to closing!

Wow that was super quick!!!

Naid23

Wonder if all this talk of a FTB rebate will actually come true and what effect it will have on house prices.
Be interesting to see what they come up with and hopefully it benefits people on here.

REFLINE1

Naid23 wrote: »

Wonder if all this talk of a FTB rebate will actually come true and what effect it will have on house prices.
Be interesting to see what they come up with and hopefully it benefits people on here.

it will help EA's ask more for houses, thats about it.

Santy2015

Naid23 wrote: »

Wonder if all this talk of a FTB rebate will actually come true and what effect it will have on house prices.
Be interesting to see what they come up with and hopefully it benefits people on here.

It'll be interesting to see if they will actually back date it and how do they go about giving a tax rebate to a couple who've basically used the majority of their savings to pay deposit, white goods, stamp, solictor, surveyor. Will the rebate be only on the deposit?

Alkers

Santy2015 wrote:

It'll be interesting to see if they will actually back date it and how do they go about giving a tax rebate to a couple who've basically used the majority of their savings to pay deposit, white goods, stamp, solictor, surveyor. Will the rebate be only on the deposit?

Naid23 wrote:

Wonder if all this talk of a FTB rebate will actually come true and what effect it will have on house prices. Be interesting to see what they come up with and hopefully it benefits people on here.

Is it not only for new build purchases?

Naid23

Simona1986 wrote: »

Is it not only for new build purchases?

Really hope not. New builds in the areas im looking at start at 370k or higher. Crazy money.

Santy2015

Simona1986 wrote: »

Is it not only for new build purchases?

Technically the house we bought is a new build. It was never lived in and built 7 years ago. Was a shell before we bought it.

Laghan

Simona1986 wrote:

Is it not only for new build purchases?

I have heard heard this, also heard that it's for self builds only and I also heard separately that it's for all FTBs!! Reality is they probably don't even know themselves yet what they're actually doing!!

Black_Knight

Wooo, AIP sorted. Now the real fun begins.
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Mink

Haha I feel just like that dog too.
Should hear back on our AIP before next Friday but meanwhile we are viewing first houses sat and mon.

I just want someone to hold my hand and tell me they'll organise everything and give me the keys in a couple months.

Laghan

My solicitor asked me to call in today to sign the letter of loan offer as that needs to be done within 30 days! 4 weeks sale agreed since Monday and still nothing from vendor! Solicitor called them this afternoon and they are waiting on maps from their engineer and they should be sending everything shortly! Small sigh of relief, I'm hoping we will be in by Christmas.. that would be nice!

Siipina

Meet with the vendors yesterday to take measurements in the bedroom as we want to order the bed now. All great, they explained all the little things and quirkinesses, houses have and how to work the back boiler the best way and where to get the turf and all that.
Informed us as well that the house has a water meter but its somewhere in the field across the road and nobody can find it anymore, ah rural Ireland. Its on group water scheme anyway.
Its getting real now, they are packing, we will start packing and we are just waiting for the contracts now oh and for the life insurance. Lion.ie are really good, Thanks all for the recommendation. We are waiting now to hear back from the insurance.
In our rented house day 8 still no heating with a child, and we still have to pay the full rent, unreal.

Utah

We signed. Am I a homeowner? Or do I need to wait for the keys to call myself that?!

We also went for a look around the house. Still a good bit to be done. All our plumbing and electrical changes were done though so happy with that. Also, we picked our kitchen and got it nicely customised so we were delighted to be allowed to do that!

Very productive day!