mortgage stuff (1 Viewer)

[tripoli]

ah yeah. i think the message we can all take home from this is that the property market is fucking most of us over, regardless of how we try to deal with it.

indeed, i'm giving myself 12 months to get organised, then i'm hitting this fucker of a market.

 

[nlgbbbblth]

What's the outlook for further % increases?

I've got a tracker with BOI @ ECB rate+1.1% which is 3.85% at the moment, is there much chance of rates increasing by another 1% over the next 18 months?

More importantly, how long ill it take for the ECB rate to reach 3.75%+, and how long can I expect it to stay at that level?

I can take a 3 year fixed rate of 4.69% (and 5 year @ 4.89%) from BOI now.

I'd say the ECB will go up another 0.5% in the next six months.
Fixed rate mortgages are awkward to get out of - break costs etc - but offer peace of mind, stability etc.

 

[nlgbbbblth]

I am in the process of buying my first property - Yippee!! However, all positivity and good vibes aside I have the fear. I moved away from parents and provincial hell hole to Dublin 10 years ago and now irony of ironies I am buying a property in said hell hole as it is the only (barely) affordable place I can find. So, I will have to deal with my family and his family calling in whenever they please, drinking in the local pub I spurned for years and avoiding people I went to school with.

Am I mad to buy and commute or do I grow up, suffer for a bit and use it as a step up to where I want to be. I think I just answered my own question.

Growing up SUX

Is it much of a commute?
I was doing Newbridge to Blackrock [train - bus - DART] for 12 months which sucked. Getting up at 6:10am to be in work for 9.00am. If I drove I'd have to get up 30 minutes earlier.

It's ok short term as you can read, listen to music and stuff but it does wear you down. The most irritating thing was the idiots who said 'oh the Luas will help your commute when it comes in'. Patronising fucks who had no idea of geography. Luas vs 90 bus = not much in it.

Any chance of getting a job closer to where you will be?

 

[krystal]

boo hoo!

I'd say the ECB will go up another 0.5% in the next six months.
Fixed rate mortgages are awkward to get out of - break costs etc - but offer peace of mind, stability etc.

 

[deedee]

Is it much of a commute?
I was doing Newbridge to Blackrock [train - bus - DART] for 12 months which sucked. Getting up at 6:10am to be in work for 9.00am. If I drove I'd have to get up 30 minutes earlier.

It's ok short term as you can read, listen to music and stuff but it does wear you down. The most irritating thing was the idiots who said 'oh the Luas will help your commute when it comes in'. Patronising fucks who had no idea of geography. Luas vs 90 bus = not much in it.

Any chance of getting a job closer to where you will be?

Yeah it's a 1.5 hour commute both ways from new gaff in north Co. Kildare to City centre where I work so that'll be HELL. Especially when I'm used to walking 20 minutes to work every day. I suppose I could get another job but not with the organisation I work for. And competition for jobs outside Dublin is massive as everyone wants to lessen the pain of the commute. The prospect of getting up at 6am, getting my daughter to creche and getting on a bus for an hour and a half is already depressing me! Newbridge to Blackrock you say? That's harsh!!

 

[krystal]

where in north kildare is it?

 

[siobhan]

I'd say the ECB will go up another 0.5% in the next six months.
Fixed rate mortgages are awkward to get out of - break costs etc - but offer peace of mind, stability etc.

stay away from fixed rate- the monthly repayments are so much higher than the repayments on a tracker/variable that you will deffo end up paying more long term.

 

[nlgbbbblth]

stay away from fixed rate- the monthly repayments are so much higher than the repayments on a tracker/variable that you will deffo end up paying more long term.

aye.
no chance of me taking one of them.

 

[siobhan]

PLUS if youre looking for stability of payments- my mortgage (as most mortgages for first time buyers) has a really low one year fixed rate of about 2.65% (think thts what i got). So for the first year of your mortgage you're sorted.

plus- gotta love the three months mortgage free at the start.
Thats what gave me money to actually buy paint for the walls, varnish floors, get bathroom fitted etc.

Buying a house has so many expenses you dont even think about in addition to the mortgage repayments..

Its all do-able though.

 

[minka]

argh. fuckbuckets. we have been househunting for SO DAMN LONG that we need to resubmit the salary details etc for our mortgage application, and the fact that i am starting a (new! better! shinier! more prospects! more money!) job next month is causing ISSUES. my mortgage broker is ringing round banks to see how i can get round this terrible impediment to getting myself into horrific debt. hopefully the answer won't be "wait another six months till we're sure you're going to stay there".

honestly, you'd think i was running off to join the circus. the fact that people don't tend to stay in permanent pensionable jobs for life any more seems to have passed the banking community by.

 

[egg_]

Worse again when you're self-employed ... fortunately for us (both self-employed) our accountant is a mortgage broker

 

[siobhan]

feel sorry for you minka - as if its not dis-heartening enough to be looking to buy, the complications you can face are unbelievable..
i was lucky- i've got a permanent contract and so i had no problems there- but i've heard some horror stories.

how long have you been looking?
i think it took a whole year out of my life easily til i went sale agreed.

 

[minka]

feel sorry for you minka - as if its not dis-heartening enough to be looking to buy, the complications you can face are unbelievable..
i was lucky- i've got a permanent contract and so i had no problems there- but i've heard some horror stories.

how long have you been looking?
i think it took a whole year out of my life easily til i went sale agreed.

since before last christmas. sigh. the new shiny job is a permanent position, but has a 6 month probation period. we are hoping that the boy's uberpermanence and my magnificent employment history (hem hem) will swing it.

oh, and because our sense of timing is AMAZING, someone has just offered to go sale agreed with us on a lovely gaff (we were outbid on it yonks ago and the sale fell through) if we can produce mortgage approval ASAP. i have been phoning people all day and am meeting a bank manager tomorrow morning. it is like being on the krypton factor, only with debt.

 

[minka]

since before last christmas. sigh. the new shiny job is a permanent position, but has a 6 month probation period. we are hoping that the boy's uberpermanence and my magnificent employment history (hem hem) will swing it.

oh, and because our sense of timing is AMAZING, someone has just offered to go sale agreed with us on a lovely gaff (we were outbid on it yonks ago and the sale fell through) if we can produce mortgage approval ASAP. i have been phoning people all day and am meeting a bank manager tomorrow morning. it is like being on the krypton factor, only with debt.

just as a heartening update: mr. minka's bank had absolutely no problem giving us a mortgage, despite my job status, the house is not noticeably falling down, and we signed the contracts last friday. woo! (insofar as one can be "woo!" about being in horrendous debt for the next 35 years.) hopefully moving in mid-september, provided the vendors don't start faffing about.

 

[Super Dexta]

just as a heartening update: mr. minka's bank had absolutely no problem giving us a mortgage, despite my job status, the house is not noticeably falling down, and we signed the contracts last friday. woo! (insofar as one can be "woo!" about being in horrendous debt for the next 35 years.) hopefully moving in mid-september, provided the vendors don't start faffing about.

at knitting on sunday we decided that now that you've bought a house you'd better get married too. and in a display of communal effort we're going to knit you a dress. just so you know, like.

and congratulaions!

 

[billygannon]

just as a heartening update: mr. minka's bank had absolutely no problem giving us a mortgage, despite my job status, the house is not noticeably falling down, and we signed the contracts last friday. woo! (insofar as one can be "woo!" about being in horrendous debt for the next 35 years.) hopefully moving in mid-september, provided the vendors don't start faffing about.

Excellent!!

Great news there...

I've decided to build a minka in Canada. That's where I'm going to end up.

 

[snakybus]

you know, the "mort" part in "mortgage" means "dead"

it means like, by the time you have it paid off, you'll be dead

deeeaaaaaad

 

[nlgbbbblth]

you know, the "mort" part in "mortgage" means "dead"

it means like, by the time you have it paid off, you'll be dead

deeeaaaaaad

aye

a 'dead pledge'

congrats minka.

 

[whathappen?]

hi all. i might have to get a mortgage soon. my mother must remortgage her house tp pay my father 90,000 euro in a divorce case.unfortunately she wont be able to do so because of her age and her income so i will have to do it and "buy" a part of the house. its a bit of a bad situation because this is really her only option to keep on having a roof over her head.
i will be ringing my bank on monday to see about what to do. What do they look at when assessing your application? I wasnt expecting it and have had to use my savings for reasons far too complicated to go into here.I have a full time job. I really need advice on this one lads please.

 

[nlgbbbblth]

hi all. i might have to get a mortgage soon. my mother must remortgage her house tp pay my father 90,000 euro in a divorce case.unfortunately she wont be able to do so because of her age and her income so i will have to do it and "buy" a part of the house. its a bit of a bad situation because this is really her only option to keep on having a roof over her head.
i will be ringing my bank on monday to see about what to do. What do they look at when assessing your application? I wasnt expecting it and have had to use my savings for reasons far too complicated to go into here.I have a full time job. I really need advice on this one lads please.

firstly I presume there is sufficient equity in the house value? i.e. whatever is owed currently is well lower than the value.

who's name is on the deeds at the moment? if your father's is then you are getting into complicated legal territory and I am not a solicitor.

your name will be added to the mortgage and the bank will look at your net monthly income versus your outgoings. You'll need to decide a term. Your total commitments i.e. mortgage plus other loans (try not to have any) should not be more than 40% of your net takehome pay each month. The bank will also stress test the application to see if you can cope with a rise in interest rates.

you'll need to give them a P60 for 2005, three recent payslips. They can see your account profile from their own records.

hope that helps, I am just out of bed and typing on a laptop which is actually on my lap so my train of thought is not the clearest.