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Mortgages

billy the squid

Hi there

I am looking for information on who would offer the best mortgage deal.

I have the required 8 percent of the property I'm after and the repayments would be lower than the rent I'm currently paying now. But the income is insufficient to get the amount from my current bannk.

anyone have any suggestions

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b20uvkft6m5xwg

www.imaf.ie
The Independant Mortgage Advisors Federation

I've oft heard their magazine being referred to in the Press and on Radio/TV

pete

Originally posted by fcddunne
Hi there

I am looking for information on who would offer the best mortgage deal.

I have the required 8 percent of the property I'm after and the repayments would be lower than the rent I'm currently paying now. But the income is insufficient to get the amount from my current bannk.

anyone have any suggestions

It's about 4.5 years since we got our mortgage, but back then at least one lender we approached gave more consideration to the borrowers ability to repay than to some notional income calculation - the nice lady from Irish Nationwide, for example, suggested that we save a certain amount with them every month for a fixed period to prove that we were in a position to make the monthly repayments on the mortgage we were after.

dunno if that is still the case, but it might be worth following up.

pete

RainyDay

Check out Askaboutmoney.com - the Irish personal finance website

billy the squid

thank you for the information everyone

I like the irish nationwide idea but it would be that little bit more difficult to save too much considering one has to pay rent ... but i think i could get the overtime to pull it off.

once again thanks for the information

Originally posted by fcddunne
thank you for the information everyone

I like the irish nationwide idea but it would be that little bit more difficult to save too much considering one has to pay rent ... but i think i could get the overtime to pull it off.

once again thanks for the information

Parental guarentee can help..also saying you are willing to rent out a room in the house...
EBS can stretch to about 4.5 times your annual salary..
jd

Victor

Does anyone have a sample of a loan application or approval? Presumable it would include what the mortgage company is accepting and would help people it doing their own. I imagine that part of the application process is seeing how copped-on / inventive you can be.

Borzoi

Originally posted by fcddunne
Hi there

I am looking for information on who would offer the best mortgage deal.

I have the required 8 percent of the property I'm after and the repayments would be lower than the rent I'm currently paying now. But the income is insufficient to get the amount from my current bannk.

anyone have any suggestions

So, you're not really looking for the best deal, but for the one who'll lend to you! I can totally empathise, I was in your boat this time last year, except I had a booking deposit down and no approval!

Best advice, what worked for me: lie.

I managed to get work to put a good word in with their bank, and got a few payslips made up by accounts to show that little bit of extra earning. All oxo.

The people who check you're ability to repay only take a snapshot view of your circumstances, so if you can show at any 2-3 month period that you can do it, you're sorted.

Victor

Originally posted by Borzoi
I managed to get work to put a good word in with their bank, and got a few payslips made up by accounts to show that little bit of extra earning.

These are great for salary negotiations for the next job

Tazz T

Have to agree that lying is sometimes the only way to get sorted out.

It's ridiculous that a bank/building society won't lend despite the fact you're paying more on rent than what the mortgage would cost. Makes no economic sense. It's easier in the UK.

Although if the EBS is offering 4.5 times your salary, that's not a bad ratio.

Victor

Originally posted by Tazz T
It's ridiculous that a bank/building society won't lend despite the fact you're paying more on rent than what the mortgage would cost.

All well and good, but what happens when interest rates double and your repayments nearly triple? Remember you are asking them to give you €150,000+ of their money, that you hope to repay in the next 30 years....

thegills

In the past your were offered say 2.5 times your salary. Now I think they look at 30% of your net earnings.

I got my mortgage 4.5 years ago with the EBS. They have no problem giving the money but they just need to cover their backsides in case they are asssesed. The EBS asked me to lie by saying that I had a yearly bonus 3 times what it actually was. I also said that I was going to rent a room and that I got mileage and other expenses from work. If they get assesed they just re-gurgitate all your lies.

Tazz T

In response to Victor.

Same thing you do if your rent goes up (which, remember cost more than the mortgage in the first place) - pay the extra or move somewhere cheaper.

Everyone's circumstances are different. Mortgages should be offered on how much you can afford to pay, not how much you earn.

Originally posted by Tazz T
Mortgages should be offered on how much you can afford to pay, not how much you earn.

Which I found the EBS do...
Remember to say you are willing to take in a tenant in a room-whether you do or not is up to you.
BTW they wouldn't take this into account when I reapplied with my GF, so the approval in principal didn't increase by as much as I thought..

One other point-I think you can do better if you make an appointment, rather than do it over the phone..

dmeehan

if the income is insufficient to get the mortgage
you will need proof of paying rent (all the better if it is higher than the mortgage repayments) for 6/12 months
and get a garuntor (spelling?) eg. parent gaurdian etc.
we got a garuntor to garuntee the mortgage until x years have passed

some places will also take into account if you intend letting out one of the rooms

It's about 4.5 years since we got our mortgage, but back then at least one lender we approached gave more consideration to the borrowers ability to repay than to some notional income calculation - the nice lady from Irish Nationwide, for example, suggested that we save a certain amount with them every month for a fixed period to prove that we were in a position to make the monthly repayments on the mortgage we were after.

this is no onger the case
the central bank have cut down on "irresponsible" lending. they are telling lenders to focus on the little picture less, ie monthly repayments and focus more on the big picture ie the actual amount borrowed
this is why we got refused from a few places until we got a garuntor

daveg

Heres what we did. Borrow €10,000 from your parents (or anyone if you can). Leave it in your account for a few weeks and then apply for the morgage. Say you have €10,000 for your deposit. When your loan is approved payback the cash. This may leave you €10,000 short but if you say you need the deposit for furniture ect you should be ok.

Also check out this . They may save you a fotune as they organise the morgage for you and then araange a solicitor/surveyor ect and it doesnt cost you a penny.

koneko

fcddunne,

You may be better off saving some more money. What I've seen happen before (particularly with building societies, who I've seen do better offers) is that they might ask you to leave money in an account with them for a certain period.

This way, if you can't make the repayments, they'll take money out of that account. If you make all the payments on time and don't need to access the other money, you should get it back after the agreed term.

Mr E

I hope you weren't hoping to capitalise on the First Time Buyers Grant. As of today, its gone.

- Dave.

Victor

Originally posted by daveg
Heres what we did. Borrow €10,000 from your parents (or anyone if you can).

You borrowed €10,000 from my parents!!!! Bah!!! They were tight enough giving me €750.

Originally posted by daveg
they organise the morgage for you and then araange a solicitor/surveyor ect and it doesnt cost you a penny.

There is no such thing as a free lunch, no doubt they are getting a commission that you ultimately pay for.

daveg

There is no such thing as a free lunch, no doubt they are getting a commission that you ultimately pay for.

Thats what I said... but we used them... and it's true - free solicitor fees/ free servayor ect ect.

They get there fees from the banks (commision if you like) but this fee does not come back to you.

RainyDay

They get there fees from the banks (commision if you like) but this fee does not come back to you.

It does if you use some of the other brokers like Rea or Liam Ferguson - These guys charge a flat fee up front and refund all the commission directly to you - This can work out cheaper, & has the advantage of full transparency, i.e. you know exactly how much commission the broker has got from your transaction.

Borzoi

I talked to several Mortage Brokers and found them to be useless. My pay package is complicated and not transparent at all, but the broker just wanted to see the regular monthly income, multiply it by three and hey presto, that's how much you can borrow. Not worth a damn to me.

paddyc

I am thinkging about one of these things, well not now but in about 2 years, so I am trying to save about £á18-20k between now and then.....

impossible you say... well no not really since being made redundant fro the IT sector I have an average paid job, bubt I also have 2 nixer jobs that are bringing in a fair few euros, although due to these 2 nixers I dont have time to breathe...

My question, what should I do with this money, afetr 2 years saving hard I think I will have the monet for a deposit, but should I be banking this money so the bank I intend to get a mrgage with sees that I am saving or stash it under the bed and produce it when i need it..

Are there any benefite so either option.. bear in mind afetr the way the goverment and Mc greevy have treated us I am a little reserved into pumping hard earned money into a bank !!!!!

suggestions please....

thanks, paddyc

Victor

Originally posted by paddyc
although due to these 2 nixers I dont have time to breathe...

Tsk, tsk.

Originally posted by paddyc
should I be banking this money so the bank I intend to get a mrgage

Yes, it will create a good track record with them and demonstrates an ability to pay. If you want put some more in the Credit Union (better return on most amounts).

Originally posted by paddyc
stash it under the bed and produce it when i need it..

This has obvious risks in the event of flood / burglary / rats, / kid sisters / drink habits. At least in the bank, you would hope to try to match inflation.

Originally posted by paddyc
I am a little reserved into pumping hard earned money into a bank !!!!!

I don't think its very likely that they will introduce any new asset taxes, you should be safe.