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

sadie1502

No keys today surprise surprise vendors solicitor saying they haven't received funds yet. It will be Monday before we see keys. Grrrrrrr. Frustrating

LimkTeach

Hi guys went to one bank so far they seemed fine about our saving patterns so have sent off our application for approval in principle. House we'd in mind now seems like a non runner unfortunately as there is a structure (huge workshop) built sometime prior to 1999 that was refused retention planning permission in 2007 so although it's allowed to stay as an unauthorised development we'd never secure a mortgage on it now as it was already refused retention I assume that retention wouldn't be anymore likely now.

StiffOldMan

sabinalee wrote: »

Hi Guys,

I'm new to this topic and all mortgage thing...but excited.

After 10 years or renting our landlord decided to sell the house and put it one the market in March 2017. Of course we can't afford it.

Our savings: 25K

I put an application online with BOI yesterday, just to check if we are able to get anything from them.

Today, after phone screening, the lady calculated, we could buy a property for about 170K. Our age limited us here and we could get the mortgage for 16 years term only.

The next step, and I'm not sure here what to expect. Next Wednesday I will have 30 minutes application over the phone. Before, I have to send my husband and CU statements from last 6 months.

What will happen after? Is this looking good already?

Can you give me idea where we standing...?

Thank you.

Two big things the bank looks at is how much do you have saved for the deposit and your repayment capacity (as in how much can you afford per month and live a good life too). No good having 25 or 50k saved and not being able to show you can afford the monthly mortgage going forward. If the mortgage is going to be €1000 a month, you'd need to show €1000 at least going out on rent or savings for at least 4-6 months aswell as having savings there for the deposit. That's how I was caught out before, I wasn't able to show enough repayment capacity.

Depending on where you are, €170000 may not get you much, but you could look into renovation. Before I got my house I was seriously looking into buying a run down 1930's house for €120,000 ish and putting 50k into it to bring it up to standard, but that plan brings risks.. but if it works out could get you a lovely house for your price range

sabinalee

StiffOldMan wrote: »

Two big things the bank looks at is how much do you have saved for the deposit and your repayment capacity (as in how much can you afford per month and live a good life too). No good having 25 or 50k saved and not being able to show you can afford the monthly mortgage going forward. If the mortgage is going to be €1000 a month, you'd need to show €1000 at least going out on rent or savings for at least 4-6 months aswell as having savings there for the deposit. That's how I was caught out before, I wasn't able to show enough repayment capacity.

Depending on where you are, €170000 may not get you much, but you could look into renovation. Before I got my house I was seriously looking into buying a run down 1930's house for €120,000 ish and putting 50k into it to bring it up to standard, but that plan brings risks.. but if it works out could get you a lovely house for your price range

Thank You for your advice.
We are saving 900 + 1200 goes for rent.
But even it looks good you never know what can happen..Banks can refuse it anyway.

As our age limit does not let us take anything for no more longer than 16 years, we were told that max we could get is a property for 172000.

We live in Co. Kildare now, in large community, but houses here are too expensive. We were wondering about Eddendery.
Its 30 mniutes from my our workplace, but still 50 km one way.
The petrol cost, before we could buy small engine cars would be 300 monthly for two cars.
Houses we were looking are new, and some older but in good condition.

The monthly mortgage: 960e + petrol cost, + house, insurance fees, etc...makes a lot, but maybe it's worth it...After 16 years we would be still young and free from mortgage

Of course I cant be too excited, as I did not even get any approval yet...

Monife

sabinalee wrote: »

Thank You for your advice.
We are saving 900 + 1200 goes for rent.
But even it looks good you never know what can happen..Banks can refuse it anyway.

As our age limit does not let us take anything for no more longer than 16 years, we were told that max we could get is a property for 172000.

We live in Co. Kildare now, in large community, but houses here are too expensive. We were wondering about Eddendery.
Its 30 mniutes from my our workplace, but still 50 km one way.
The petrol cost, before we could buy small engine cars would be 300 monthly for two cars.
Houses we were looking are new, and some older but in good condition.

The monthly mortgage: 960e + petrol cost, + house, insurance fees, etc...makes a lot, but maybe it's worth it...After 16 years we would be still young and free from mortgage

Of course I cant be too excited, as I did not even get any approval yet...

If you don't mind me asking, are you 16 years away from retirement? I'm worried a bank won't give us a long term as my husband is 40 and we're not even in a position to apply yet.

ThisRegard

40 gives you 25+ years of employment left, you should be fine.

sabinalee

Monife wrote: »

If you don't mind me asking, are you 16 years away from retirement? I'm worried a bank won't give us a long term as my husband is 40 and we're not even in a position to apply yet.

My husband is 49, I'm 39 and we are not on a bad side yet. I hope. I will let you know after my application get results.

Mink

sabinalee wrote: »

Thank You for your advice.
We are saving 900 + 1200 goes for rent.
But even it looks good you never know what can happen..Banks can refuse it anyway.

As our age limit does not let us take anything for no more longer than 16 years, we were told that max we could get is a property for 172000.

We live in Co. Kildare now, in large community, but houses here are too expensive. We were wondering about Eddendery.
Its 30 mniutes from my our workplace, but still 50 km one way.
The petrol cost, before we could buy small engine cars would be 300 monthly for two cars.
Houses we were looking are new, and some older but in good condition.

The monthly mortgage: 960e + petrol cost, + house, insurance fees, etc...makes a lot, but maybe it's worth it...After 16 years we would be still young and free from mortgage

Of course I cant be too excited, as I did not even get any approval yet...

We're in similar situation where we are approved for small (by usual standards) amount. We're looking in athy as part of OH's work is there and I hope to move jobs closer to there after we move.

Edenderry has a good few shops and some amenities but I've never been overly keen on it. Do you know anyone down that way that could advise you on decent estates/areas? Athy certainly isn't everyone's cup of tea but we've a good few friends down there who are letting us know where's ok to live etc. Have you checked carbury/derrinturn/prosperous Etc.

Best of luck

sabinalee

Mink wrote: »

We're in similar situation where we are approved for small (by usual standards) amount. We're looking in athy as part of OH's work is there and I hope to move jobs closer to there after we move.

Edenderry has a good few shops and some amenities but I've never been overly keen on it. Do you know anyone down that way that could advise you on decent estates/areas? Athy certainly isn't everyone's cup of tea but we've a good few friends down there who are letting us know where's ok to live etc. Have you checked carbury/derrinturn/prosperous Etc.

Best of luck

Thank You!

We have few friends living in Athy. Two of them owe the houses, one are renting...Never been there, so I can't judge. Only heard not good opinions from them, and they would not advice me Athy anymore. It was good years ago...

Two of my ex bosses leave in Eddendery and they would not say a bad word. We went to visit the town last weekend.
Schools, shops, banks, even swimming pool...Everything my family need.
The road to/from town is wide and good to drive

If we get approval I will think about more specific place, but Eddendery looks good so far.

Same to you - Good Luck!

Mink

True, it's a very good road since it was done- the old one was treacherous (I used to live out past edenderry). Plus the play centre there is good.

sabinalee

Mink wrote: »

True, it's a very good road since it was done- the old one was treacherous (I used to live out past edenderry). Plus the play centre there is good.

Good to know that. My young one is 5, but older is 16.
I imagine it will be hard for her to take a bus to current school, if we decide for Edenderry. We can only look for a houses where Bus Eireann line 120 pass.

We will have to leave our current place in March-April 2017, so hopefully we will sort something out.

sadie1502

We got the keys !!!!!!! A long road going on nearly two years but we got there in the end. So tired this morning was up cleaning pulling and dragging. But exciting. Half asleep in work this morning.

julio arca

Hi guys,

Myself and my partner have been sale agreed on a house since 18 July. We never would have anticipated the process dragging out so long.

We signed our contracts about 5 weeks ago but now both our solicitor and the vendor solicitor are refusing to take on the first registration over concerns over good title. I understand that the purchaser solicitor normally does this but he is not comfortable with the contents of the deeds and it is concerning that the vendor solicitor (who's office drafted the deeds in the first place) will not stand over them.

Has anyone come across this? Where do we go from here? Unless one of their stance changes they are essentially saying the house is un-sellable.

We really don't want to lose this house. Add onto this the fact that our temporary accommodation is no longer available to us from the end of this week and we have a nightmare situation.

Any help / advice hugely appreciated.

Flatzie_poo

Sorry to do this, but your issue is kind of a legal aspect no one can/should really advise on here. It's honestly best to direct all of these to your solicitor, and ask him to break it down to what exactly the issues are here in layman's terms if needed.

julio arca

Flatzie_poo wrote: »

Sorry to do this, but your issue is kind of a legal aspect no one can/should really advise on here. It's honestly best to direct all of these to your solicitor, and ask him to break it down to what exactly the issues are here in layman's terms if needed.

I respect your point re people offering legal advice but I disagree. The whole thread is people sharing their experiences of the process. I was asking if other users have had similar situation rather than seeking definitive legal advice.

Santy2015

So what Do people think of the help to buy scheme? Also can anybody answer me this, is the date on the PPR the date of which the property is seen as bought and property transferred from developer to new owner? The scheme is being back dated to the 19th of July. So couples who've bought from that day qualify. According to the PPR we bought on the 25th of July

sadie1502

julio arca wrote: »

I respect your point re people offering legal advice but I disagree. The whole thread is people sharing their experiences of the process. I was asking if other users have had similar situation rather than seeking definitive legal advice.

I've not heard of this situation before. Can you ask your solicitor what needs to happen sounds like he is nit explaining exactly what has to happen. All sounds a bit vague. Why don't you book an appointment to go and see him.

Utah

Think I read it's the contract signing?

I feel that it will only benefit those who bought between July 19th and today. Luckily we fall into that bracket

IvoryTower

I'm very slowly saving for a deposit, 500 a month, have 5k saved. Feels like it's going to take forever. My dad has land which he says I can build on, will this change how much of a deposit I need? As in, can I use it as my deposit or at least some of it?

Santy2015

Utah wrote: »

Think I read it's the contract signing?

I feel that it will only benefit those who bought between July 19th and today. Luckily we fall into that bracket

Ah F**k we signed contracts in may

Utah

Santy2015 wrote: »

Ah F**k we signed contracts in may

I'm just going on what the scrolling thing on Independent.ie is saying...it might not be 100%

Utah

This incentive will be open to applicants who have signed contracts to purchase their home on or after 19 July 2016. In the case of a self-build, applicants who drew down the first tranche of their mortgage on or after 19 July 2016 will also be eligible

That's from the Budget document

Santy2015

Utah wrote: »

That's from the Budget document

That's a absolute joke. No help so. We scraped and scrounged for nearly 2 years, got no help from family as they couldn't and would've if they could but because we signed a contract 6 weeks previous we get nothing.

awec

Santy2015 wrote: »

That's a absolute joke. No help so. We scraped and scrounged for nearly 2 years, got no help from family as they couldn't and would've if they could but because we signed a contract 6 weeks previous we get nothing.

There has to be a cutoff at some point. No matter what date they pick there will be people who narrowly miss out.

Utah

Santy2015 wrote: »

That's a absolute joke. No help so. We scraped and scrounged for nearly 2 years, got no help from family as they couldn't and would've if they could but because we signed a contract 6 weeks previous we get nothing.

Yeah very unfortunate

REFLINE1

Utah wrote: »

This incentive will be open to applicants who have signed contracts to purchase their home on or after 19 July 2016. In the case of a self-build, applicants who drew down the first tranche of their mortgage on or after 19 July 2016 will also be eligible

That's from the Budget document

what doc is that?

Utah

http://www.budget.gov.ie/Budgets/2017/Documents/Budget%202017%20-%20Full%20document.pdf

Page 46

Santy2015

awec wrote: »

There has to be a cutoff at some point. No matter what date they pick there will be people who narrowly miss out.

Just have to get on with it. am easier thing to maybe do was to give all FTB mortgage interest relief.

Wesser

Santy2015 wrote: »

That's a absolute joke. No help so. We scraped and scrounged for nearly 2 years, got no help from family as they couldn't and would've if they could but because we signed a contract 6 weeks previous we get nothing.

Hi santy. I can understand that you feel frustrated. But I think you are lucky as you have a fiancée and a house. I would love a fiancée and a house!

I am at that early stage where I am just starting to do real searching and planning. It is a very anxious time as I'm
Sure you remember. I must sit down one night and read your thread from one end to another. I do not think this grant will help me as the area I'm looking in is very settled with no open space for new builds.

whiskeyman

Santy2015 wrote: »

That's a absolute joke. No help so. We scraped and scrounged for nearly 2 years, got no help from family as they couldn't and would've if they could but because we signed a contract 6 weeks previous we get nothing.

awec wrote: »

There has to be a cutoff at some point. No matter what date they pick there will be people who narrowly miss out.

July 19th was a Tues.
I know a lad who signed for his place on previous Friday!

But I guess he'll be happy in the hope he bought when he did!