buying a house

lynn

hi all
i am currently looking into buying my first place but there is loads of info i want to find out first
i now hear a few of the banks are leanding 100% has any one opted for this
also how much extra cost isa involved eg silcotiors fee ,surviers etc...

Kernel

lynn wrote:

hi all
i am currently looking into buying my first place but there is loads of info i want to find out first
i now hear a few of the banks are leanding 100% has any one opted for this
also how much extra cost isa involved eg silcotiors fee ,surviers etc...

You would be better off getting a mortgage broker, having a good long chat and discussing the ins and outs. Where were you planning on buying? There are many good brokers with Mason Estates.

homerhop

I dont think any bank will offer you a full 100%. A broker as said will be a good choice as they will sit you down and explain the whole thing to you.
Solicitors will cost in the reigon of €1500.

galwaydude

at best banks wil offer you 95% of the down payment for the house.

Once you get that out of the way, you need life and house insurance before the deal can be closed. If you have any questions pm me as have just bought a house in galway
Best tip is get a good mortgage advisor as she/he will do most of the work for ya.

Kernel

Hmmm.. I think Bank of Scotland are doing 100%, if you want to look into that.

[InsertHandle]

lynn wrote:

hi all
i am currently looking into buying my first place but there is loads of info i want to find out first
i now hear a few of the banks are leanding 100% has any one opted for this
also how much extra cost isa involved eg silcotiors fee ,surviers etc...

Doing the same myself. Dropped into the Morgage company. They said you need 8% yourself and the morgage is the other 92%. They also said that 1st active and perminant TSB are the only banks who are really targeting first time buyers at the moment. I'm making an application tomorrow .. i'll let u know how it goes

seamus

Moved from AH

Padraig Mor

AFAIK some banks are offering 100% mortgages, but only to what they consider 'professionals', i.e. doctors, dentists, solicitors, accountants, maybe pharmacists.

seamus

Padraig Mor wrote:

AFAIK some banks are offering 100% mortgages, but only to what they consider 'professionals', i.e. doctors, dentists, solicitors, accountants, maybe pharmacists.

Are they legally allowed offer 100% mortagages? Afaik, only 92% of the value of the house may be paid using borrowed money. Technically, the rest should come from non-credit funds.

Beruthiel

are you aware that if you earn less than 36 grand a year you are entitled to a Dublin Co. Co. Shared Ownership Scheme loan (I'm presuming you live in Dublin of course, all co. co. do it, but the amount they will give you is different)
anyways
dublin co. co. will give you up to 230k to work with, and all you will have to give them is less than 2k deposit - a fantastic way to start off on the property ladder, (speaking from experience here)

Nuttzz

seamus wrote:

Are they legally allowed offer 100% mortagages? Afaik, only 92% of the value of the house may be paid using borrowed money. Technically, the rest should come from non-credit funds.

its a buy to let product i believe, different rules more of a "home loan" than a mortgage

Eurorunner

Try REA or Ferguson & Associates - to kick things off and get some basic info for your particular situation.

As has already been stated, for the most part, only 92% mortgages are available. All the info you need is already available - if you try the mortgage section of the askaboutmoney.com forum, read the previous posts. A few hours there will put you in the picture as to whats possible.

seamus

Beruthiel wrote:

are you aware that if you earn less than 36 grand a year you are entitled to a Dublin Co. Co. Shared Ownership Scheme loan (I'm presuming you live in Dublin of course, all co. co. do it, but the amount they will give you is different)
anyways
dublin co. co. will give you up to 230k to work with, and all you will have to give them is less than 2k deposit - a fantastic way to start off on the property ladder, (speaking from experience here)

Link?

seamus

Never Mind:
http://www.oasis.gov.ie/housing/buying_a_house_or_flat/shared_ownership.html

Looks veeery interesting.

Beruthiel

seamus wrote:

Link?

I wasn't speaking from a link seamus, it was something I did myself a few years back....

LoneGunM@n

seamus wrote:

Are they legally allowed offer 100% mortagages? Afaik, only 92% of the value of the house may be paid using borrowed money. Technically, the rest should come from non-credit funds.

They are legally allowed to offer 100%, but most banks only offer them to professional individuals ... In my case [I'm an accountant] I was approved for a loan of 97% based on the fact that I was doing my finals ... If I had waited 2 weeks I would have gotten 100%

When I queried the guy in the bank on this 100%, he said they offer it because professionals "basically print their own money"!

vector

LoneGunM@n wrote:

They are legally allowed to offer 100%, but most banks only offer them to professional individuals ... In my case [I'm an accountant] I was approved for a loan of 97% based on the fact that I was doing my finals ... If I had waited 2 weeks I would have gotten 100%

final exams? What age were you?

James_M

Beruthiel wrote:

are you aware that if you earn less than 36 grand a year you are entitled to a Dublin Co. Co. Shared Ownership Scheme loan (I'm presuming you live in Dublin of course, all co. co. do it, but the amount they will give you is different)
anyways
dublin co. co. will give you up to 230k to work with, and all you will have to give them is less than 2k deposit - a fantastic way to start off on the property ladder, (speaking from experience here)

Yeah, sounds great until you go and look it up for Dun Laoghaire/Rathdown area

Taken from www.dlrcoco.ie:

Due to the lack of land, this scheme is not at present operated by the Council but will be considered when appropriate lands become available.

Promises promises

or should I say premises, premises

LoneGunM@n

vector wrote:

final exams? What age were you?

28, why?

vector

why ok then

0utshined

LoneGunM@n wrote:

28, why?

I presume vector thought you were doing your college finals as opposed to your final accountancy exams and it was giving him hope.

Come on Vector I'm right amn't I?

vector

0utshined wrote:

I presume vector thought you were doing your college finals as opposed to your final accountancy exams and it was giving him hope.

Come on Vector I'm right amn't I?

yep you have 0utshined yourself, was wondering how someone doing college exams was buying a house, sort of raises the bar (unless it was a mature student)

0utshined

vector wrote:

yep you have 0utshined yourself

ooh, good pun!

It's not unheard of though, I know a girl who bought a house with her boyfriend about two months after she left college but he'd been working fulltime for a few years at that stage. Oh, and she'd studied accountancy!

vector

0utshined wrote:

ooh, good pun!

It's not unheard of though, I know a girl who bought a house with her boyfriend about two months after she left college but he'd been working fulltime for a few years at that stage. Oh, and she'd studied accountancy!

surely you've heard that pun before?
or should I say surely this isint the first time its seen the light of day?
or should I say surely this isint the first time its been outed?
or should I say surely the heretofore status of the pun wasnt 0?

ok

0utshined

vector wrote:

surely you've heard that pun before?
or should I say surely this isint the first time its seen the light of day?
or should I say surely this isint the first time its been outed?
or should I say surely the heretofore status of the pun wasnt 0?

ok

Very ok, the guys got skills! Haven't heard any of them before, they're a bit of an uncouth lot here on Boards ( No, not you reading this post , I meant the others )

andyeire

Hi,
You are entitled to a 100% mortgage if you are a doctor accountant etc. Apart from that you have to have 8% deposit and borrow 92% of the value of the property. You are better off talking to an Independent Mortgage Advisor, they can do the leg work for you and back up your application with the lender.

lomb

andyeire wrote:

Hi,
You are entitled to a 100% mortgage if you are a doctor accountant etc. Apart from that you have to have 8% deposit and borrow 92% of the value of the property. You are better off talking to an Independent Mortgage Advisor, they can do the leg work for you and back up your application with the lender.

do southern irish banks give sterling loans and take security on a northern property?

andyeire

Yes, you can get a sterling loan, but mostly for an investment property, there is only one lender doing it at the moment

corkqq

I am seeking propery in "rent to buy" , since I am foreigner, so at least I need work for one more year to get citizenship here so as to buy my own home, I wonder if someone can introduce some " rent to buy" service provider in cork, that will be very helpful. my email: corkqq@eircom.net

Victor

lomb wrote:

do southern irish banks give sterling loans and take security on a northern property?

All the main banks have parents / subsidaries in the North.

BOI = BOI
AIB = First Trust
National Irish Bank = Northern Bank
Ulster Bank = Ulster Bank

Victor

corkqq wrote:

I am seeking propery in "rent to buy"

I'm not sure what you mean by "rent to buy", that ownership model doesn't exist in the Irish market.