Single Applicant - Mortgage Dublin Area

EmmaMurray2016

I'm new to this site so excuse me if I've missed a similar post to this one. Throw the link up if I have missed one.

Basically I have questions about mortgages b4 I go to see can I even get one.

*Im on my own doing this so no second applicant.
*no loans
*no credit cards anymore
*no dependants only a cat
*savings 55,000 hopefully 60,000 by new year
* own car
* full time, permanent job 44500
* rent 850
* saving weekly

The questions I have are :

* I do have an over draft of 300 euros which I do be always in ? Would this stop me getting a mortgage? Prob best to get rid but if they go back 9 months will this go against me as I read somewhere that some banks could look for 9 months of stuff.

* I'm planning on going to a broker in January / Feb but are they better to go to or go to each bank separately ?

* last question how much would I get with my wages 44500 ? Or do I have to go and find Mr Right to buy in Dublin 😂😂😂🙈🙈 is there any bank known to give a little bit extra ? Or do they all give the same.

Thanks a mil

fits

Yep get out of the overdraft.

You can borrow 44500 * 3.5 + 55,000 and you will need a bit extra to cover legal expenses etc.

So budget is 210,000 or so.

Cant see any reason why youd need a broker as its a very straightforward case, and you wont get 2% cashback from EBS for example if you use a broker.

EmmaMurray2016

fits wrote: »

Yep get out of the overdraft.

You can borrow 44500 * 3.5 + 55,000 and you will need a bit extra to cover legal expenses etc.

So budget is 210,000 or so.

Cant see any reason why youd need a broker as its a very straightforward case, and you wont get 2% cashback from EBS for example if you use a broker.

Great thanks for reply. I'll get rid of the overdraft next week hopefully. I keep saying I won't go into it, but unfortunately I do. So it's best to just get rid. Thanks for all that info not going to get much for 210,000 in Dublin tho lol

fits

ah you'll get something. Balbriggan is supposed to be handy enough for commuting.
http://www.daft.ie/dublin/houses-for-sale/balbriggan/113-hampton-green-balbriggan-dublin-1292408/

Otherwise you are probably looking at a one bed in the city.

http://www.daft.ie/dublin/bungalows-for-sale/north-wall/6-spencer-place-north-wall-dublin-1295707/

EmmaMurray2016

I have the Spensor Dock one saved in Daft. Ye I should get something. Might try for a one bed around town for sure. Balbriggan, I never even thought of there. I will defo have a look as I'm renting at the moment in Ashtown. My landlord has been great and he didn't hike up my rent like a load did because he said i am a good tenant but I really can't see him leaving my rent the same price next year as he has left it alone for the past 2 years. Need to be prepared. Thanks again

Unearthly

I had a similar situation last year. You'll be grand. There might be room to increase the mortgage amount offered if your loan to value is low.

I went straight to bank, no broker, applied on a tuesday, and was given the green light as an exemption on the Friday, bank of Ireland.

EmmaMurray2016

Did you buy on your own in Dublin ? I think I'm just panicking lol

Roger Mellie Man on the Telly

I have a €500 agreed overdraft and am nearly always in it. Never mentioned as an issue at all. They did advise me to clear off the credit card as that was affecting the loan amount.

Moving from Ashtown to Balbriggan would be a huge difference in commute to Dublin - I wouldn't do it, but etto.

Kings Inns or bust

Great value around Dublin 5. If you play it right and get in between the nicer and less desirable areas around the DART lines you'll be quids in on a house you can probably stay in for sometime. Nothing on the radar at the moment but a structurally sound 2 bed house should be doable on your budget.

Edit: Quite a difference between Spencer Dock and Spencer Place!

the groutch

one thing I'd say is that the banks tend to be less likely to give exemptions to the mortgage rules later on in the year, and if you were to hold on til January you'd be far more likely to get an exemption and get more than 3.5 times your income.

bleary

Make sure to pay your rent by standing order to your landlords bank account.
If you are saving here and there set up a regular saver account and have it clearly identified on your bank statement, make it as easy as possible for the bank to say yes.
You are in a good position from the sounds of things You could probably get an exemption for a larger Loan to income (up to 4 times I think)
Possibly try for a two bed , it allows you to rent a room if needed to cover the mortgage , up to 1000 per month can be earned tax free.
Also banks are more willing to lend for a two bed compared to a one bed.

mariaalice

http://www.daft.ie/dublin/houses-for-sale/east-wall/36-portside-court-east-wall-dublin-1309551/

36 Portside Court, East Wall, Dublin 3
€210,000 Terraced House | 2 Beds | 1 Bath

A modern 2 bed house with in walking distance of the city centre.

Pepe LeFrits

EmmaMurray2016 wrote: »

* last question how much would I get with my wages 44500 ? Or do I have to go and find Mr Right to buy in Dublin 😂😂😂🙈🙈 is there any bank known to give a little bit extra ? Or do they all give the same.

Depends on what you're looking for really but it's certainly possible to get places in Dublin on your budget. I was on a similar budget to yourself and bought last year. I was looking in East Cabra and Stoneybatter.

Right beside the new LUAS stop: http://www.daft.ie/dublin/houses-for-sale/cabra/12-saint-attracta-road-cabra-dublin-1291727/

If you got something for under 200k you'd be left with some change to start renovating, and a mortgage of 155k would mean repayments of around 650 a month, so your ability to save wouldn't be reduced.

riclad

GO to a mortgage broker, save as much as you can while having a normal
social life .
a broker will give you free advice ,
he ,ll tell you the best banks to go to.
Roughly how much you can borrow,banks look at how
much you save,can you save x amount Every week.
bank may lend you 3 times wage approx,
up to 80 per cent of home value.
Theres no need to go to every single bank.
go to any mortgage broker first.

Pepe LeFrits

It's 3.5 times (unless you get an exemption) and they'll lend 90% up to €220,000.

riclad

Each bank has a different formula, they may check can you pay the loan
if interest rates rise to 5 per cent.
A broker will tell you what banks will lend you the most ,
and the service is free .
You may find a small 1 or 2 bed house , or an apartment.
Look at program on rte find me a home.

Eire Go Brach

Brokers are not as good as they used to be or needed as much. You have to pay them now as well. Probably be €200. They can't do a lot either. If I was in your situation and had the time. I'd go to the banks myself. Probably a lot of work though.

The_Conductor

Brokers are not free anymore though- you have two options with them- as tied agents to particular lenders- where they are paid by the lender but you pay by the backdoor (i.e. if you take a loan with EBS or Bank of Ireland via a broker- you do not get the cash-back offer)- or as independent financial brokers- where you pay them (typically somewhere between 250 and 500 Euro) and they go out and do battle on your behalf- independent of any bias from the financial institutions.

Once upon a time brokers got a large lumpsum from lenders- often as high as 10% of the first year's payments to the institution- but it was whittled down to virtually nothing (EBS and Ulster Bank led this race to the bottom- followed rapidly by BOI- AIB are still ok for most brokers).........

Simple way of looking at it- paying an independent broker- is probably the least expensive way you can get unbiased advice.

EmmaMurray2016

Thanks everyone for all the advice. I really appreciate it. I think I'll wait until January to buy. I had a proper look on Daft & Myhome and houses are around my price range out there, they might need a bit of tender loving care not afraid of work. January seems to be a good few months away but it usually flies up after the summer hols. So fingers crossed thanks everyone

Walter2016

"EmmaMurray2016 wrote: »

* last question how much would I get with my wages 44500 ? Or do I have to go and find Mr Right to buy in Dublin 😂😂😂🙈🙈 is there any bank known to give a little bit extra ? Or do they all give the same.

Thanks a mil

Damn, I'm married. Anyway the two dogs may have issue with the cat

Always look at the future - Mr. Right + possibly kid or two, so you'll possibly be either selling it or renting it within next 10 years.

So look beyond your own specific immediate needs and ensure you buy something others will want too - a doer upper if you're handy at that stuff ( a good daddy / brothers can come in handy). Luas or dependable public transport a must.

One point to note is the new train service from hazelhatch (celbridge) to grand canal dock. May be an option.

ted1

mariaalice wrote: »

http://www.daft.ie/dublin/houses-for-sale/east-wall/36-portside-court-east-wall-dublin-1309551/

36 Portside Court, East Wall, Dublin 3
€210,000 Terraced House | 2 Beds | 1 Bath

A modern 2 bed house with in walking distance of the city centre.

52sq m, it's tiny.

riclad

Its harder to get a loan for a house that needs renovation .
look for an older house, maybe that needs redecoration,modernisation
don,t be put off by old furniture or old fashioned decor.


http://www.daft.ie/dublin/houses-for-sale/?s%5Bmxp%5D=175000&offset=20

http://www.daft.ie/dublin/houses-for-sale/dublin-8/25a-john-dillon-dublin-8-dublin-1294764/

small house but the price is reasonable .
maybe look for 1 or 2 bed city centre area .

messy tessy

riclad wrote: »

http://www.daft.ie/dublin/houses-for-sale/dublin-8/25a-john-dillon-dublin-8-dublin-1294764/

Hidden to the back of the room is what looks to be a large cupboard which functions as a cloakroom / guest WC.

This has to be the finest piece of estate agent speak I have ever seen!!

The_Conductor

messy tessy wrote: »

Hidden to the back of the room is what looks to be a large cupboard which functions as a cloakroom / guest WC.

This has to be the finest piece of estate agent speak I have ever seen!!

That one looks like they took one of the houses- and split it in two, making 2 one bed units out of it. Its practically a bedsit- only the bedroom is up the stairs.

Its a good price- but by God, who'd want to live there..........

the groutch

It's so small there's not even space for the crying chair.

Walter2016

The_Conductor wrote: »

That one looks like they took one of the houses- and split it in two, making 2 one bed units out of it. Its practically a bedsit- only the bedroom is up the stairs.

Its a good price- but by God, who'd want to live there..........

No bad as a city pad - but you'd need to be able to go elsewhere at weekends or it would do your head in.
Permit parking is worth something too.

And think of the airbnb possibilities

messy tessy

There was a house like this on 'Amazing spaces', they had it done immaculately and it didn't seem that cramped. I think it was much longer though, and had way more light. Still it shows what can be done with a bit of imagination!

messy tessy

http://www.dezeen.com/2013/02/02/slim-house-extension-by-alma-nac/

Pretty sure it was this one

Pepe LeFrits

Yeah, that has way more space to work with though.

That place is in Dublin 8 too by the way, it's not Dublin 2.

EmmaMurray2016

the groutch wrote: »

It's so small there's not even space for the crying chair.

Crying chair lmao good one

bleary

Sale agreed now