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First time buyer queries

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  • 30-08-2017 4:03pm
    #1
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭


    I'm not very serious about this yet but just have a few queries to satisfy my curiosity

    1. How much of a mortgage would I get, 39 single no dependents or any big loans

    2.I work shift which is 33% on top of my basic salary is this taken into account or is the mortgage I can get only based on my gross salary. im a permanment employee for 12 years and on shift for half that.

    3.As a first time buyer what perks am I eligible for?


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    #2
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    1. You will qualify for a loan based nominally on 3.5 times your income with a 10% deposit, e.g. if your salary is 50k, you will be able to buy a house worth 194k with a deposit of 19,400. Exceptions to the rules will generally be out of reach to you as a single applicant.

    2. Depends on the bank, some only allow 50% of the shift pay to be included.

    3. They're kite flying on scrapping help to buy, but it's still in place for now. This allows you to claim up to 5% of the purchase price, €20,000, or the amount of income tax you've paid in the last 4 years, whichever is lowest, only on new build homes. You also qualify for a 10% deposit instead of 20% for non-first time buyers.


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    #3
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭Tylerdurex


    Thanks for that, what banks would allow 100% of my shift. Any particular bank giving the best mortgage options


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    #4
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭Tylerdurex


    Michael D Not Higgins wrote: »
    1. You will qualify for a loan based nominally on 3.5 times your income with a 10% deposit, e.g. if your salary is 50k, you will be able to buy a house worth 194k with a deposit of 19,400. Exceptions to the rules will generally be out of reach to you as a single applicant.

    2. Depends on the bank, some only allow 50% of the shift pay to be included.

    3. They're kite flying on scrapping help to buy, but it's still in place for now. This allows you to claim up to 5% of the purchase price, €20,000, or the amount of income tax you've paid in the last 4 years, whichever is lowest, only on new build homes. You also qualify for a 10% deposit instead of 20% for non-first time buyers.

    with the help to buy is the 5% just knocked of the total price or do you get it into your hand


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    #5
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Tylerdurex wrote: »
    with the help to buy is the 5% just knocked of the total price or do you get it into your hand

    Knocked off. Goes directly to the builder.


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    #6
    con1982
    Registered Users Posts: 515 ✭✭✭con1982


    Most banks will only give you a mortgage to the age of 65.

    I know ulsterbank extent it to 70, if you have a pension. Not sure if other banks offer the same.


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    #7
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭Tylerdurex


    Askthe EA wrote: »
    Knocked off. Goes directly to the builder.

    So if i want to buy a house for 200k
    The rent to buy scheme will knock 10k off it
    My deposit will be 19k
    My mortgage will be for 169k


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    #8
    lau1247
    Registered Users Posts: 2,162 ✭✭✭lau1247


    I'm not judging but just so happen to see your other thread in banking section of the forum. You seem to have outstanding loan and gambling going on.

    You will most likely need to show regular saving over a certain period. Any outstanding loan arrears should be cleared as quickly as possible as it will have an impact on mortgage application/credit rating and the similarly for gambling, it will have an impact too.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



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    #9
    lau1247
    Registered Users Posts: 2,162 ✭✭✭lau1247


    Tylerdurex wrote: »
    So if i want to buy a house for 200k
    The rent to buy scheme will knock 10k off it
    My deposit will be 19k
    My mortgage will be for 169k

    I might be wrong on this but I think your deposit will be 10% of the house price which will be 20K.

    The 10K HTB figure you use assumes you paid sufficient tax in the last 4 years (You most probably meet it)

    Mortgage will be 170K.

    Important to note to plan for additional money to be made available circa 6K to 7K for solicitors fees, stamp duty and other fees.

    West Dublin, ☀️ 7.83kWp ⚡5.66 kWp South West, ⚡2.18 kWp North East



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    #10
    Tylerdurex
    Banned (with Prison Access) Posts: 375 ✭✭Tylerdurex


    lau1247 wrote: »
    I'm not judging but just so happen to see your other thread in banking section of the forum. You seem to have outstanding loan and gambling going on.

    You will most likely need to show regular saving over a certain period. Any outstanding loan arrears should be cleared as quickly as possible as it will have an impact on mortgage application/credit rating and the similarly for gambling, it will have an impact too.

    do you not think I know this, and gambling LOL. You make it sound worse than the 40 euro lotto and 10 euro online bet I made this month


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    #11
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    Just to be clear, the help to buy scheme is only for new builds. If you were buying a new build for 200k, you'd need a 10% deposit, so 20k. The HTB scheme would provide 10k and you would have to provide the other 10k.

    That leaves you with a mortgage for 180k, which you would need a salary of 51.5k for but you are on shift allowance and half of the shift allowance would be allowed, so your base pay would need to be 44k or 58.5k after shift allowance has been taken into account. I'm not sure on all the banks w.r.t. shift allowance so you'd need to check with them individually or get a broker.

    Your main problem seems to be your spending and lack of saving. Your reliance on short term loans will make you a larger risk to the banks. You need to get a budget in order and show regular savings every month.


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    #12
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    Tylerdurex wrote: »
    do you not think I know this, and gambling LOL. You make it sound worse than the 40 euro lotto and 10 euro online bet I made this month

    It'll be interesting nontheless for a lending institute. They will investigate all your outgoings. If you have a loan it'd make sense clearing that first. You need to have at least 6 months of steady savings.
    Maybe it would make sense talking to a good broker about it and he can advise you on what to do.


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    #13
    Snoopy1
    Registered Users Posts: 4,185 ✭✭✭Snoopy1


    I work shift and also get 33% we are probably in the same place.
    The salary certificate my employer gave the bank, inlcluded the shift premium, as this is guaranteed, but also gave the bonus figures, but said this was not guaranteed.
    Im 38 single and had loans and credit cards and i got approved for 160K with AIB


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    #14
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Tylerdurex wrote: »
    So if i want to buy a house for 200k
    The rent to buy scheme will knock 10k off it
    My deposit will be 19k
    My mortgage will be for 169k

    Cost of NEW house €200,000
    Deposit Reqd. €20,000
    So:
    5% (of 200k) HTB. €10,000
    Your deposit contrib. €10,000
    TOTAL Deposit. €20,000
    Mortgage Required. €180,000

    Hope that clears things up.


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