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Saving/Applying for a mortgage 2020-22 Edition

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    #1652
    Interested Observer
    Registered Users Posts: 13,105 ✭✭✭✭Interested Observer


    I got the cashback offer from BOI last year and didn't pay any tax on it, the bank didn't deduct anything, they never mentioned tax, the broker never mentioned tax.


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    #1653
    dev_ire
    Registered Users Posts: 157 ✭✭dev_ire


    Duke of Url wrote: »
    What do you mean?

    I mean people should not be making offers without having AIP and people should not be entertaining them without AIP proof. It would cut out a lot of issues where offers fall through and only somewhat realistic offers go through.


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    #1654
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    i got this email on Wed
    Good news! Now that your mortgage has been drawn down, we’ve paid your MortgageSaver interest bonus, which is €2,000 gross, directly into your MortgageSaver account.



    As we are obliged to deduct DIRT (Deposit Interest Retention Tax) currently at 33%, the net interest bonus that has been paid to you is €1,340. You can now withdraw your MortgageSaver bonus at a Bank of Ireland Branch (remember to bring ID). Or by calling Banking 365 on 0818 365 365



    If you are a first time buyer buying a new build or self-build there is a possibility that you may be able to reclaim the DIRT as part of the Revenue Help to Buy scheme – see www.revenue.ie for more information on the Help to Buy scheme.



    Your mortgage cashback will be credited to your account within 45 days of your drawdown date.



    Thank you for choosing Bank of Ireland for your mortgage. We hope you love your new home and are very happy there.


  • Options
    #1655
    dev_ire
    Registered Users Posts: 157 ✭✭dev_ire


    MortageSaver is different than cashback.


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    #1656
    Shoden
    Registered Users Posts: 90 ✭✭Shoden


    IvoryTower wrote: »
    i got this email on Wed

    It certainly wouldn't be dirt you would be charged on cashback offeres so I don't know what product that mortgage saver is.


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    #1657
    pooch90
    Registered Users Posts: 2,380 ✭✭✭pooch90


    Shoden wrote: »
    It certainly wouldn't be dirt you would be charged on cashback offeres so I don't know what product that mortgage saver is.

    Its a savings account


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    #1658
    Leozord
    Registered Users Posts: 75 ✭✭Leozord


    IvoryTower wrote: »
    i got this email on Wed

    didn't know that

    33% is fecking high, was counting it would be 2K tax-free...


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    #1659
    whatever76
    Registered Users Posts: 1,017 ✭✭✭whatever76


    Morgage Saver product from BOI is subject to DIRT - the Cashback offers are different and not taxed


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    #1660
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    whatever76 wrote: »
    Morgage Saver product from BOI is subject to DIRT - the Cashback offers are different and not taxed

    okay thanks for explaining


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    #1661
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Duke of Url wrote: »
    What do you mean?

    Well anecdotally I have heard of vendors getting family to view and put bids in to up the ante
    They cannot do that if they have to show proof of funds


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    #1662
    Sneak
    Registered Users Posts: 103 ✭✭Sneak


    HopsAndJumps wrote:
    You need 1% for stamp duty and money for legal fees etc. Maybe another 6k total?
    Thanks for that. Looks like they're all gone now though. Looking in the Kildare and it's a nightmare. Everything seems to be gone. All this saving getting everything in order and there's no houses.


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    #1663
    Renjit
    Registered Users Posts: 949 ✭✭✭Renjit


    Sneak wrote: »
    Thanks for that. Looks like they're all gone now though. Looking in the Kildare and it's a nightmare. Everything seems to be gone. All this saving getting everything in order and there's no houses.

    You need to start few months early. Otherwise when you have the savings, you may not find what you were looking for.


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    #1664
    GoldFour4
    Moderators, Sports Moderators Posts: 4,991 Mod ✭✭✭✭GoldFour4


    Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

    I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

    So really the question is regarding the impact of these two things on an application if I was to send it in the morning.


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    #1665
    mojesius
    Registered Users Posts: 4,340 ✭✭✭mojesius


    Definitely get rid of the overdraft. To many lenders, it will be seen that you can't stick within your means if you're regularly using it.

    The credit card is fine, once you're not missing anypayments. If it were me, I'd just clear both off using savings. Why pay interest on credit card debt when you don't need to.


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    #1666
    Zebrag
    Banned (with Prison Access) Posts: 158 ✭✭Zebrag


    Hi. Just a quick question. I am saving for a deposit at the minute. I was woundering what are peoples opinions of having a Revolute account while saving? I find that even as I am saving, obviously I have money that I like to spend for myself (not a lot mind you but a treat now and then never harmed anyone) but I don't want to mess around with my account. Does having a revolute account decrease my chances of going for a mortage or does it make the process longer? I'm in two minds to get an account as I've heard it's so much simpler to transfer money between friends and saves the hassel of waiting around. Obviously there's other good factors but I'm weary as I don't want to have to go through the whole process of getting statements causing things to delay. Or am I just being paranoid?


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    #1667
    Thephantomsmask
    Registered Users Posts: 1,359 ✭✭✭Thephantomsmask


    Revolut is no problem, you will need to show the statements but these can be printed off as a pdf from the app instantaneously. I had far less hassle getting that statement than my main bank account statement.


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    #1668
    Zebrag
    Banned (with Prison Access) Posts: 158 ✭✭Zebrag


    Thephantomsmask wrote: »
    Revolut is no problem, you will need to show the statements but these can be printed off as a pdf from the app instantaneously. I had far less hassle getting that statement than my main bank account statement.

    Oh really that quick? I might have to give it a try and see how it goes


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    #1669
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    malistheman wrote: »
    Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

    I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

    So really the question is regarding the impact of these two things on an application if I was to send it in the morning.

    They need to see 6 months of repayment capacity, it doesn't have to exclusively be savings. So if you were saving 1500 a month, then one month you only saved 1000 but got rid of the overdraft, it should still be seen as the full 1500.

    Don't worry about the CC, get it down as best you can but it won't affect your application too much. You should get rid of the overdraft as soon as possible though, if you have the money, do it today.


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    #1670
    wally79
    Registered Users Posts: 2,935 ✭✭✭wally79


    To add to above, if your savings are supposed to reflect your repayment capacity but you are dipping into overdraft to maintain the savings then that may not look like a sustainable repayment amount for you


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    #1671
    klose
    Registered Users Posts: 11,693 ✭✭✭✭klose


    They will just ask for your revolut statement which at the time of our application was only a couple of transactions as we both only just had got ours, I'd be wary if you're using one to try mask over online gambling if you're doing that however?


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    #1672
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    wally79 wrote: »
    To add to above, if your savings are supposed to reflect your repayment capacity but you are dipping into overdraft to maintain the savings then that may not look like a sustainable repayment amount for you

    Yea this too, just get rid of it. Clearing it will make you look more responsible with your money.


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    #1673
    arleitiss
    Registered Users Posts: 3,515 ✭✭✭arleitiss


    What sort of documentation do I need to bring to mortgage advisor provided by my bank? ( I decided to go for it and see what they recommend)

    I have 6 months statements available on me (received it in post recently).
    Would that suffice? (My understanding is that mortgage advisor will just assess or give rough idea how much you can get? (if at all))


    I have 25% Deposit as first time buyer and according to my estimates: [My Deposit] + [My Salary * 3.5) = I can get property for around 195k.
    I am going for an apartment in Dublin (180-200k)

    I heard you can also use rent as proof of savings? How can I prove that? Would bank statements showing constant payments going out suffice? (I've been renting for past 5 Years and my bank statement can reflect that).


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    #1674
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    malistheman wrote: »
    Just wondering about impact of credit card debt and an overdraft on an application. Working toward an application at the moment and have 800 odd on my credit card and an overdraft of €500 that I hit into the odd time.

    I make monthly payments on the CC and should have it paid off in 2/3 months. However I’m wondering would I be better using savings to pay these off now and top up by current account by 500 and closing the overdraft? Obviously that would mean I don’t have 6 months worth of untouched savings.

    So really the question is regarding the impact of these two things on an application if I was to send it in the morning.

    PTSB told me my overdraft is not being looked at

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



  • Options
    #1675
    Zebrag
    Banned (with Prison Access) Posts: 158 ✭✭Zebrag


    arleitiss wrote: »
    What sort of documentation do I need to bring to mortgage advisor provided by my bank? ( I decided to go for it and see what they recommend)

    I have 6 months statements available on me (received it in post recently).
    Would that suffice? (My understanding is that mortgage advisor will just assess or give rough idea how much you can get? (if at all))


    I have 25% Deposit as first time buyer and according to my estimates: [My Deposit] + [My Salary * 3.5) = I can get property for around 195k.
    I am going for an apartment in Dublin (180-200k)

    I heard you can also use rent as proof of savings? How can I prove that? Would bank statements showing constant payments going out suffice? (I've been renting for past 5 Years and my bank statement can reflect that).

    Oh id love to know that as well about the rent. I save €1,000 a month for the deposit on top of €500 a month for rent. Would they take into consideration that I've dropped the savings to say about €800 instead and still pay €500 a month on rent or is it to show how much I can save only? Would that show my decrease was due to not being able to save?


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    #1676
    Creamy Goodness
    Registered Users Posts: 26,578 ✭✭✭✭Creamy Goodness


    Zebrag wrote: »
    Oh id love to know that as well about the rent. I save €1,000 a month for the deposit on top of €500 a month for rent. Would they take into consideration that I've dropped the savings to say about €800 instead and still pay €500 a month on rent or is it to show how much I can save only? Would that show my decrease was due to not being able to save?
    yes they take rent payments into the equation, It's better if it's a regular transfer to your landlord/landlady as they'll have questions about cash withdrawals over a certain amount. For example I took out 1000 (in two 500 transactions from an ATM for a car service), KBC were willing to block the mortgage application until I told them what that money was for. It took me a few days to remember what it was for. Once I remembered and told them they were ok with it.


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    #1677
    GingerLily
    Registered Users Posts: 4,767 ✭✭✭GingerLily


    Jasna1982 wrote: »
    PTSB told me my overdraft is not being looked at

    We got approval with an exemption whilst having an overdraft and CC with a 2k limit that was maxed. We had just got married to be fair when we applied and our finances were all over the place but it didn't go against us.

    Id still clear your overdraft if your hoping to apply in the next few months but I wouldn't delay an application because of it.


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    #1678
    Marty1983
    Registered Users Posts: 158 ✭✭Marty1983


    Has anybody any experience with the foreign credit checks? Just returned from Australia in the summer, does anybody know if they take long? Thanks


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    #1679
    pooch90
    Registered Users Posts: 2,380 ✭✭✭pooch90


    We got a lowball AIP from ICS because they had doubts about repayment capacity due to dipping into overdraft. Has been totally clear for months. So I'd clear it and credit card. You're paying more interest on your credit card than your savings are earning anyway.


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    #1680
    newfy
    Registered Users Posts: 97 ✭✭newfy


    I got one for New Zealand...it took 24 hours...they send you an email and I sent it to AIB...
    Marty1983 wrote: »
    Has anybody any experience with the foreign credit checks? Just returned from Australia in the summer, does anybody know if they take long? Thanks


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    #1681
    RedXIV
    Registered Users Posts: 8,434 ✭✭✭RedXIV


    Hey guys, super quick one, we're looking at doing a self build and in pretty good shape for the finances.

    However one thing that I heard was that the fees used towards the build, even after they've been paid, can be counted towards your deposit amount. so if I needed 50k deposit, had 45k in savings but spent 5k+ on an architect and had the invoice, that'd be ok?

    Anyone able to confirm this is true? Cheers!

    Red


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