mortgage stuff (2 Viewers)

[egg_]

It's a mostly Dublin thing cos Dublin rent costs and house prices make it impossible to pay rent and save for a gaff

It's a mostly Dublin thing cos Dubs have the option of scrounging off their parents in a way that's not available to the rest of us

 

[snakybus]

In fairness though it's country wide, and people would be doing it in other towns too if the jobs were there - in fact, they often do.

 

[Zeelander]

Unanswered pondering from another thread:

you should definitely buy a house, plus if you rent out a few rooms and provided its your main place of residence and the rent doesnt go over 7620 a year then its tax free .|..| plus it pays for most of your mortgage, the only drawback is the lack of privacy

I wonder... can you include the sum you'll be making in renting a room once you buy the house as annual income when applying for a mortgage, thus enabling yourself to apply for a bigger mortgage? That would be handy. If only there was some sort of banking know-it-all to answer my queries on a daily basis.....

 

[nlgbbbblth]

If only there was some sort of banking know-it-all to answer my queries on a daily basis.....

Ha! Kinda

I wonder... can you include the sum you'll be making in renting a room once you buy the house as annual income when applying for a mortgage, thus enabling yourself to apply for a bigger mortgage?

Yes - you can include proposed rental income in addition to your salary when applying for a mortgage. This will have the effect of increasing your net disposable income which should assist you in getting a bigger mortgage.

Usually the bank will discount the proposed rental by 20% - 25% to allow for vacant periods etc.

The trick with mortgages is to have no other loans when you apply [or if you do - say that they will be cleared as soon as possible]

The old system of salary multiples (borrowing two and a half times/three times one's salary) is effectively dead. Banks now look at it from the point of DSR (Debt Service Ratio). This should not exceed 40% - i.e. your total commitments (commitments means mortgage and other loans) should not exceed 40% of your total net monthly income. In other words if your net monthly income is €3,000 then you would be considered good for a mortage costing €1,200 p.m. However the bank will "stress-test" this i.e. see what your DSR would be if interest rates went up by 2%. If the DSR comes in around 45% after this you should be ok.

 

[Zeelander]

Ha! Kinda

Yes - you can include proposed rental income in addition to your salary when applying for a mortgage. This will have the effect of increasing your net disposable income which should assist you in getting a bigger mortgage.

Usually the bank will discount the proposed rental by 20% - 25% to allow for vacant periods etc.

The trick with mortgages is to have no other loans when you apply [or if you do - say that they will be cleared as soon as possible]

The old system of salary multiples (borrowing two and a half times/three times one's salary) is effectively dead. Banks now look at it from the point of DSR (Debt Service Ratio). This should not exceed 40% - i.e. your total commitments (commitments means mortgage and other loans) should not exceed 40% of your total net monthly income. In other words if your net monthly income is €3,000 then you would be considered good for a mortage costing €1,200 p.m. However the bank will "stress-test" this i.e. see what your DSR would be if interest rates went up by 2%. If the DSR comes in around 45% after this you should be ok.

Thanks for that nlgbbbblth! I don't know what I'd do without you, for serious!:heart: I'd have to start using my own brain or something.

 

[broken arm]

It's a mostly Dublin thing cos Dubs have the option of scrounging off their parents in a way that's not available to the rest of us

????


what like people from the country being given free land etc.

 

[Zeelander]

I know that 100% mortgages aren't applicable for buying one bedroom or studio apartments, but what about one bedroom houses, anyone know? I'm not very interested in buying a one bed house, but just wonderin.

 

[krystal]

I don't think so.

100% mortgage - oohooohh risky. It's worth the pain to save first and at least you have some equity in your property. Makes it easier to move up the ladder too.

You could try moaning for a few years to your parents and then eventually they'll get so fucking sick of listening to you complain that they'll lend you some money to add to your own savings. Worked for me!

I know that 100% mortgages aren't applicable for buying one bedroom or studio apartments, but what about one bedroom houses, anyone know? I'm not very interested in buying a one bed house, but just wonderin.

 

[nlgbbbblth]

Let's hope Sonic Youth don't permit banks to use 100% for mortgage adverts

hmmm Fatima Mansions - 1000%

 

[krystal]

such an AMAZING song.

hmmm Fatima Mansions - 1000%

 

[zebra heart attack]

You could try moaning for a few years to your parents and then eventually they'll get so fucking sick of listening to you complain that they'll lend you some money to add to your own savings. Worked for me!

Snap My deposit is down. Final mortgage meeting tomorrow. Scary Scary.

 

[Zeelander]

Snap My deposit is down. Final mortgage meeting tomorrow. Scary Scary.

I'd say congrats but I've no idea who you are. Changing username and avatar at the same time is so confusing.

 

[zebra heart attack]

:heart: (the artist formerly known as stacy)

 

[lady lucan]

my mortgage story.
8 months looking.
mortagage approval from AIF.
wanted a house not an apartment.
wanted southside (i work very southside).
go sale agreed on house in drimnagh.
woo hoo.
house used to belong to a woman who died.
she never left a will.
so ive gone sale agreed on a house which no-one owns.
the estate agents have my €5000 deposit since aug 17th and i still dont have any legal rights to even a brick of the house.
need to get contract signed.
vendors solicitors wont release contract until affidavit is received from inland revenue.
then it goes to contracts, then it goes into probate.

lesson for anyone out there.
make sure that probate has been granted if youre buying a house which used to belong to an auld one who's snuffed it.

!bog

 

[Shay HT]

Mortgage approved, real house hunting begins!!

 

[F. Fred Palakon]

Mortgage approved, real house hunting begins!!

God almighty, I hope you're not looking in Greystones!

 

[snakybus]

Hey guys, buying a house in Ireland is a bad investment. It's been proven.

 

[Shay HT]

Good god no!!

Wicklow Town, Rathnew, Blanch,..... somewhere cheap-er!

God almighty, I hope you're not looking in Greystones!

 

[Shay HT]

Got UNDERbid today cause vendor (getting all estate agent talk!) didn't want to wait two weeks for me to get shit together

 

[snap-apple]

Got UNDERbid today cause vendor (getting all estate agent talk!) didn't want to wait two weeks for me to get shit together

Gazundered. Sorry to hear that man.

edit: actually just looked up what gazundering means - and that ain't it. something to do with the buyer lowering their offer at the last minute forcing the seller to sell at a lower price if they want to get the deal done quickly.