Saving/Applying for a mortgage 2020-22 Edition

whatever76

Gael23 wrote: »

Do you think it’s a better option over an ordinary savings account?

For me yes as I went with BOI in then end and got a nice sum back that paid for solicitor ! weigh it all up though - best interest rate is best TBH and I think you need to get BOI morgage to get the bonus - but no harm getting the savings into an account like this as if gives you options when going to draw down at least. I had my money in a reg account gaining feck all interest and only for BOI advisor putting me on this then I would not have known about it so it was a nice sum of $

WeeCuppaCha

AIP from ICS received. Took 11 working days in total for anyone waiting. Now, let the search begin
in earnest!

The Wordress

WeeCuppaCha wrote: »

AIP from ICS received. Took 11 working days in total for anyone waiting. Now, let the search begin
in earnest!

Super stuff.

How long does the ICS approval last for?

We have applied to ICS also.

SarahJ100

AIP from ICS also received today. It took around 13 working days and I think it lasts for 6 months.

We are currently sale agreed and really hoping the next few weeks go smoothly.

Best of luck searching

ahnoyouregrand

Have AIP and had an offer accepted today. Does anyone know if i can get copies of my p60s from 2017 and 2018 without contacting my then employer? I have subsequently moved jobs?

Thanks

Springy Turf

ahnoyouregrand wrote: »

Have AIP and had an offer accepted today. Does anyone know if i can get copies of my p60s from 2017 and 2018 without contacting my then employer? I have subsequently moved jobs?

Thanks

They should be available on your PAYE online account: https://www.ros.ie/myaccount-web/home.html

ahnoyouregrand

Springy Turf wrote: »

They should be available on your PAYE online account: https://www.ros.ie/myaccount-web/home.html

So everyone keeps telling me but i cant find them on it!🙈

itsusuallyjazz

When should I approach a broker?

I have about 50% of my deposit saved, should have the rest by Nov/Dec. I will be looking for a mortgage that is less than 2x my salary so hopefully approval won't be an issue

There aren't many houses in the area and price that I'm considering but they do come up. I'm not in a huge hurry am renting at the moment and the only driver to buy is my age - on the wrong side of 40

Graham

No harm approaching a broker now.

Good opportunity to have your finances reviewed and implement any changes suggested by your broker to help your application run smoothly.

Dylan94

itsusuallyjazz wrote: »

When should I approach a broker?

I have about 50% of my deposit saved, should have the rest by Nov/Dec. I will be looking for a mortgage that is less than 2x my salary so hopefully approval won't be an issue

There aren't many houses in the area and price that I'm considering but they do come up. I'm not in a huge hurry am renting at the moment and the only driver to buy is my age - on the wrong side of 40

We went to a broker 6 months before applying so they they could review our credit history, banking, loans etc to advise us on the best way to get ready.

Techn0

ahnoyouregrand wrote: »

So everyone keeps telling me but i cant find them on it!🙈

They're called statement of liabilities now. You should see it in your documents. You can request back 4 years I believe (had to do it myself recently for Help To Buy).

ahnoyouregrand

Techn0 wrote: »

They're called statement of liabilities now. You should see it in your documents. You can request back 4 years I believe (had to do it myself recently for Help To Buy).

Ah I see! Thanks, i actually have those but didnt realise they were the same!!

ahnoyouregrand

Techn0 wrote: »

They're called statement of liabilities now. You should see it in your documents. You can request back 4 years I believe (had to do it myself recently for Help To Buy).

Ah I see! Thanks, i actually have those but didnt realise they were the same!!

Duke of Url

Techn0 wrote: »

They're called statement of liabilities now. You should see it in your documents. You can request back 4 years I believe (had to do it myself recently for Help To Buy).

If they asked you for p60s and you gave them your statement of liabilities, then you gave them your p21 not your p60.

P60 is now called Employment Detail Summary.

End of year certificate (P60)
Note
2018 is the final year that you will issue a P60 to employees.
From 1 January 2019, the P60 is abolished and replaced with an Employment Detail Summary, in line with PAYE Modernisation.
From 2019 onwards, an Employment Detail Summary is available to employees through MyAccount.

ahnoyouregrand

Duke of Url wrote: »

If they asked you for p60s and you gave them your statement of liabilities, then you gave them your p21 not your p60.

P60 is now called Employment Detail Summary.

This was my understanding also. But you cant get employment detail summaries before 2019...

Duke of Url

ahnoyouregrand wrote: »

This was my understanding also. But you cant get employment detail summaries before 2019...

Nope. That why I got missing copies of my p60s from HR and used the Employment summary details for 2019

frank730

Springy Turf wrote: »

They should be available on your PAYE online account: https://www.ros.ie/myaccount-web/home.html

P60s are not available online, before Jan2020 only you and your employer had copies. It's only available online since tax year 2019.

itsusuallyjazz

So based on advice I am going to go with contacting broker now. Could people please recommend some brokers. I assume this must be by PM so if you don't mind please

I am in Meath and hoping to buy in the general Drogheda area

Thanks

Billythekid19

itsusuallyjazz wrote: »

So based on advice I am going to go with contacting broker now. Could people please recommend some brokers. I assume this must be by PM so if you don't mind please

I am in Meath and hoping to buy in the general Drogheda area

Thanks

Going to a broker you would have to pay them commission usually 1 per cent of the house sale price . Cheaper to go to bank instead

IvoryTower

Billythekid19 wrote: »

Going to a broker you would have to pay them commission usually 1 per cent of the house sale price . Cheaper to go to bank instead

the bank pays them commission not you

itsusuallyjazz

Billythekid19 wrote: »

Going to a broker you would have to pay them commission usually 1 per cent of the house sale price . Cheaper to go to bank instead

I thought brokers made their money from the financial institutions?

ELM327

Just get your ducks in a row and go to a bank. You don't need a broker

Gael23

whatever76 wrote: »

For me yes as I went with BOI in then end and got a nice sum back that paid for solicitor ! weigh it all up though - best interest rate is best TBH and I think you need to get BOI morgage to get the bonus - but no harm getting the savings into an account like this as if gives you options when going to draw down at least. I had my money in a reg account gaining feck all interest and only for BOI advisor putting me on this then I would not have known about it so it was a nice sum of $

I’m just not sure I’ll be in a place to buy in 3 years is my issue, it’s a long way to look ahead

Shivvs

Just to add to BOI mortgage saver discussion, you actually have to draw down a BOI mortgage within 30 months of opening the mortgage saver account to avail of the cash back - I foolishly opened the account in May 2018 and won’t be in a position to drawdown til mid 2021 so won’t be eligible for the cash back.

Bitconfused

Hi All

So im looking to take the first steps into buying my first house and the more i look into it the more i think i tick the boxes for a successful application , the main things against me low salary which may be a hindrance with the 3.5 salary rule if i use a bank for mortgage and im the only person applying. My financial history recently (Start of year) is good but i did have some times where my current account did go low but i haven't missed a dd or standing order for as long as i can member.

Between rent and savings that would come to €1450 (€450 rent + €1000 saving) if successful my mortgage would be in around the same as my rent so hoping this is a plus in the application

A couple of people i know have used a Mortgage broker and found that route was brilliant. Id be interested to hear peoples experiences of a mortgage broker , going straight to the bank or both? Also if anyone has experiences of buying on their own on a low salary (€26000).

Thanks

Billythekid19

itsusuallyjazz wrote: »

I thought brokers made their money from the financial institutions?

Some brokers charge you upfront, others receive commission from a bank.

Anonposter2020

Bitconfused wrote: »

Hi All

So im looking to take the first steps into buying my first house and the more i look into it the more i think i tick the boxes for a successful application , the main things against me low salary which may be a hindrance with the 3.5 salary rule if i use a bank for mortgage and im the only person applying. My financial history recently (Start of year) is good but i did have some times where my current account did go low but i haven't missed a dd or standing order for as long as i can member.

Between rent and savings that would come to €1450 (€450 rent + €1000 saving) if successful my mortgage would be in around the same as my rent so hoping this is a plus in the application

A couple of people i know have used a Mortgage broker and found that route was brilliant. Id be interested to hear peoples experiences of a mortgage broker , going straight to the bank or both? Also if anyone has experiences of buying on their own on a low salary (€26000).

Thanks

We couldn't get a call back from mortgage brokers due to our personal circumstances.

We tried banks instead and got approval.

In our experience unless you're a perfect candidate for mortgage approval brokers won't waste their time with you.

Bluefoam

Billythekid19 wrote: »

Some brokers charge you upfront, others receive commission from a bank.

some do both...

Bluefoam

Anonposter2020 wrote: »

We couldn't get a call back from mortgage brokers due to our personal circumstances.

We tried banks instead and got approval.

In our experience unless you're a perfect candidate for mortgage approval brokers won't waste their time with you.

I would say the opposite... they know the loopholes and are able to present your information in the best way the banks... They also have personal relationships with people in the banks and are able to communicate your needs ore effectively. Thy've made hundreds off applications, you have most likely not.

Anonposter2020

Bluefoam wrote: »

I would say the opposite... they know the loopholes and are able to present your information in the best way the banks... They also have personal relationships with people in the banks and are able to communicate your needs ore effectively. Thy've made hundreds off applications, you have most likely not.

I get what you're saying but my point was we couldn't even get a broker to work for us. I'm sure they're excellent at what they do but if they won't take your application because you're not a sure thing then that shouldn't put anyone off going to the banks.