Not sure which bank you're with but that might give you an idea. My interest is applied every quarter and it equates to almost 2 monthly payments in that quarter. 

Now neer mind that, what are you waffling about in the first line?

And yes, first time out it's a lot more interest than I'd have liked. In AIB, they deduct 3 months payment then add on the interest at the end of each quarter. First 3 months, I paid €1000, then €1000, then another €1000, and they added on about €2,500 back onto it 

Mortgages who cares!!!

Please explain this bizzare opening line. If not I'll make up numerous scenarios as to what it could be

So thousands of people are paying back their mortgages to these companies and if they are late with a payment it seems like they can be just kicked out of their house. Seem a lot more heartless then the banks. Anyone here have to pay these c*** back as their mortgage.

It seems like a scary thought hanging over you all the time.  

Saw the show, was interesting to see how they worked, but it was very one-sided. The poor lad from Charleville put his house up as collateral in 2009. Every dog in the street knows there's a good chance the loan will default and the house be lost. Sounded a horrible story though.

One thing the didn't point out is that these "vulture funds" are the ones that people's pensions are made up of (my company pension is in Blackstone I think it's called), so every person with a pension is a member of a "vulture fund".

It mentioned that if the mortgage is worth €300k, and the vulture fund buys it for €150k, then surely it makes more sense for the home owner to buy it for €180k. That to me, would just lead to everyone stopping paying their mortgage, and buying it back cheaper.

There's no excuse for these vulture funds to still be paying no tax.

Also, our Loan to Value is due to go below 80% by the end of the year I hope  And that's based on what we paid for the house. The value of it would have risen a few % since we bought so we could be below 80% already. Would this give us any bargaining room? 

We were in a similar boat to yourself, bought at about 82% LTV, would now be about 76% on our original value but the bank (AIB) wasn't going to move us to the lower than 80% rate. So moving to BOI, 5 years fixed there, gets 3% back over the years too, knocks about 2 years off the end of the mortgage, and the cashback offer will easily cover the fees.

A friend said her brother has switched twice and got back 8k twice in cashback offers.

The CBI are trying to shut down the cashback offers at the moment so if anyone's thinking of doing it, get a move on

Think you need to pay what they would have made in interest over the fixed term in order to get out

It cost us €100 in break fee but we were saving more than that per month or it knocked over 4 years off our term. 

Went from 3.15% to 2.95%.

Hopefully no change in rates anytime soon!

An Post and the Credit Unions talking about entering the Mortgage market next year. An Post talking about offering 1% less than the competition. I'll be having a look at that. 

How much did the valuation cost? Out of interest. 

Credit Unions are already giving mortgages but nothing too big and not on a massive scale. An Post coming into the market would be interesting and if it happens, would add solid competition. Our mortgage rates are still fairly criminal by European standards!

I’ve noticed the UK rates are so are much lower. 

 

Ours is 2.45% and we only had 10% deposit. We could have got around 2 but that was with online only lenders and the mrs wasn't happy not having a branch.

 

 

I'd be a bit sceptical of An Post claiming they are going to enter the Irish mortgage market with rates as much as 1% lower. As far as I know they are still looking for a partner to help finance the proposition so there's plenty up in the air still.

I did mine last year. Changed bank and fixed for 10years at 2.95%

kept the payments the same and have taken about 3 years off it.

Valuation cost €150. Got a cash reward for changing bank that covered the legal fees and a bit left for us too.

Who is the mortgage with?

Friend of mine got word back today from Haven that they don't have a LTV rate for existing customers so can't do anything for them.

It's a nice boost alright but there's always a chance rates will go up. I don't want to fix because I like the flexibility. Ideally want the mortgage gone by the time I'm 40  

Which bank are you with?? Do hey just charge that breakage fee as standard ??

BOI

Breakage fee I presume is just because we were in the middle of a 3 year fixed rate. They wouldn’t charge it if we were in a variable rate. Same as breaking a phone contract really

Jaysus who’s that with?

We ended our 2 year fixed in May of 3.65% and dropped it to 3% and didn’t have to get a valuation at all so maybe they just did their own value and decided our LTV met the criteria for the 3% rate, our LTV is approx 62% or so I reckon so I’m happy enough with 3% fixed for 3 years. 

Did your LTV not just naturally go below a certain rate though? 

The bank has to match your fixed rate with a hedge for a fixed term to make sure they don't carry the risk of rate changes. All this is very clearly explained at the time of fixing so don't see why the surprise. Why wouldn't anyone break a fixed for a lower rates when rates drop if there wasn't a fee? 

Sono's example is due to interest rates falling. Back in 2016, 3.65% would have been a normal rate for 2 year fixed, nowadays it's closer to 3% for 3 year fixed (my own 2 year fixed expired this year, was 3.65%, they moved us to variable at 3.15%, so we moved to BOI). I reckon if Sono went to BOI or UB they could get an even chepaer rate but would have had to switch mortgage via a solicitor etc. 3% isn't bad

I knew I would have to pay but wasn’t really aware how much it be 😢 AIB have said they will more than likely waive the fee if we take our new mortgage out with them anyway so hopefully they will 👍🏻👍🏻

They've started sending texts of late saying the last day of the month falls on a weekend so make sure you've paid up. That's fine and thanks for the heads up.

But this morning I've received a text from them saying there's only 2 weeks left of the month and we are yet to receive your payment......

I pay on the 27th/28th so buck off.

Thankfully i am in a position to pay every month but i think of people living month to month and 2 weeks prior to payment being due, they're getting these texts.

I like the feeling of control I have determining when the banks get their mulah

Plus the possibility of forgetting to pay one month and getting a bad credit rating. Horrible and relentless as it is, I prefer to pay on DD. The EBS online account has changed recently and doesn't seem to show as much detail as previously on my mortgage. 

Good news, hopefully, that we might have another year of relatively low interest rates. Still sickening that we are paying twice the EU average though. 

Hopefully this talk of new competition next year might have a positive impact on rates. 

Currently paying 2.95%.

Not you I'm aiming this at all, but people want it both ways. 

If rates are to be lower, Vulture funds need to be able to buy bad loans and people evicted more quickly. I'm not advocating that but do see a lot of people want the lower rates but against vulture funds. 

I want to start knocking money off the loan moving forward, want to be mortgage free by 2030, but that might change if interest rates jump up. Glad I didn't decide to fix it now as looks like another 2 years of low interest at least. 

Similar to you Andy I want to be mortgage free by the time I'm 40. 10 years to pay a 16 year mortgage. Will be tough but going to give it a lash! 

Even with the top up, our mortgage is still pittance compared to what people are paying for rent. Got so so lucky. A lot of my friends got stung with high mortgages as they bought in the boom, i didnt cause i was pissing everything away each month, when i was finally mature enough to ssttle down, house prices had sank.

With most of life's major events out of the way, want to chip away at it next year.

What will help next year is I got headhunted by another department in my organization and starting a fancy new job in two weeks on a lot more money.  

Really feel like I am a lucky sh*t.

I never had a mortgage until I was 45

Congrats. When is the candlelight supper dinner porty?

Near the Children's hospital in Crumlin, not too far from where I am at the minute. Two bed place so if I rent out a room I'll cover a decent part of the mortgage, which is a help.

And if you bring the royal doulton with hand painted periwinkles, I'll do the cooking.

That was an awful show! 

So, you will have a nice, innocent  paediatric nurse moving in? I am sure I saw a film based on that.

Well done on finding a home though.

Don't count your chickens. While it was 3 months for myself. A colleague sitting near me here in work is presently in month 10 of waiting after going sale agreed!

Congratulations but remember that many things can go right and wrong from here. Only when you have the keys in your hand can you relax

1) It was indeed a terrible show.

2) That is among the plans. If it ends up like the film you saw, all the better.

Jaysus. I've heard some terrible stories of things with estate sales, fighting siblings, divorce sales, repossessions, probate delays, and dodgy extensions. None of the usual sort of things should slow this down but you never know.

I'm buying off a landlord who lives in Australia so that might slow things down but hopefully not.

Timeline really depends on the situation of who you bought it from, if they're free to move out quickly, you'll be in quickly, if they need to now find and go sale agreed on their own place you could be another 6 months.

An investor who lives in Oz and wants to buy their own place there, so they should want to move quick enough. I know the solicitor on my end and it's an apartment, so I'm happy enough there shouldn't be too many title issues.

Anyway, if there are delays, I'll live with them, even if it means renting somewhere for a month or two.

terrible advice! 

if anyone can clear their mortgage by 40 go for it, don't let people who didn't start early drag you down mark, the less you owe the rotten banks the better, good luck with it

I hear Crumlin is like South Central Los Angeles these days. 

At least that's what Conor McGregor says. 

We could all pay down our mortgage if we didn’t go out, go on holidays, have some fun etc 

I think he means you have to live now. 

Absolutely over-pay your mortgage if you have spare cash. 

Congrats SD - 99% of the time it works out fine, it may be longer than you think but you are nearly there.

SD enjoy the moment but like what has been said nothing is final until you have the keys in your hand . 

https://stayinyourhome.ie/" rel="nofollow - https://stayinyourhome.ie/

Thinking of buying my first property in the Greater belfast area and I am completely new to the whole thing, and generally quite confused about mortgages

Any tips/ideas on the first steps on how to go about getting a mortgage, do I have the property in mind first that I want or see how much a mortgage I can afford? Which is best mortgage broker or bank?

How long should the whole process take? Think SD has gone through it lately

Closing this week. I went sale agreed the week before Christmas.

There were a few delays along the way, partly caused by the vendor's solicitor, partly caused by the bank, partly caused by me waiting on a few quid from the folks.

The first thing I did was go to the bank and get approval in principle. I did that in October, then started looking. I had a look at the rates online before I went to the bank. Ulster Bank were among the best with their rates down here so I went with them.

I bid on, I think, three different places. I was outbid on the first and the vendor accepted a bid on the second I would have went above, but for the fact I couldn't commit to going higher at that stage as I was the highest bidder on the first. I got the third though, which is an apartment.

Once I had that done, I went to my solicitor, and we had to get a good few things from the vendor's solicitor, including things from the management company of the apartments.

If it is an apartment, it will take longer than a house. I know that I'd definitely have been able to close at least two weeks earlier if we weren't waiting for so long for things from the management company and for the bank to check them out and it would probably have been even quicker than that. The bank need to make sure that the block insurance covers them, whereas if you are buying a house, it's a bit more straightforward, as you just get that yourself and send it over to them.

Anyway, from bid accepted to keys in hand has taken me just under four months (counting me getting the keys this week).

Had you already been banking with Ulster Bank or did you just go to them when you seen that their rates were the best?

So it is best to go and look for an approval for x amount and when you then have been approved go out and look and see where you want to buy?

If you aren't telling little white lies on your application, once you have pre-approval you can comfortably start looking and bidding.

Provided you don't have outstanding loans (car, credit union) and you can show a good track record of paying rent and saving, you should be okay.

Once you have an account that you were regularly transferring x amount into evey month, then you should be fine. 

bogball88 wrote: With regards to savings, I don't have the likes of a savings account or an ISA, just a couple of different current accounts along with a credit union account. Will the absence of such accounts count against me?

I was banking with Ulster Bank. However, I'm self employed so I had to send them on my tax returns and revenue forms, so I basically had to give them the same as I'd have had to give to anyone else. I just went with them because they had a decent fixed rate deal and it was marginally handier to go with them seeing as I already banked with them.

I didn't have any savings accounts at all, just current accounts, but there was a building balance in them at least. If you have statements from the credit union, that might do the job.

Godd luck with the move.

With Management fees to be factored in, with some charging up to €2000 per year, if you're there for 30 or so years it can add up to a lot additional costs.

What were your thoughts on your budget with this extra costs

Got my keys today. Hurray.

Hoskins: Didn't think of it that much, tbh. Sure if you own a house, you have a garden and drive that needs looking after. Admittedly it doesn't cost €2k a year but it is something that the management company look after, plus you have secure parking and waste included for that too. The converse is that you can't extend an apartment, of course.

Hah, they offered once I had the approval in principle from the bank.

Once you know how much the bank will give you & how much you'll have yourself, you can figure out your budget. You still need to allow a good few thousand on top - the total cost of valuation fees, legal fees, pro-rated management fees & pro-rated property tax (rates in your case) will add up to a few thousand, probably the best part of five or six, then you have the cost of furnishing on top.

And once you know the budget, you can go to the folks. Say the bank will give you £130k and you have as much as £30k, your budget is probably only £150k, given legal costs, furnishing costs & the need for a bit of headroom, especially if you buy a house and want to do any works at all. Also, remember mortgage rates will drop if you are below 80% LTV... that definitely helped me.

You thinking about asking his parents as well?

currently in the middle of a self build mortgage process. justifying your spending to banking ****s is like trying to justify whether or not to have a wank while watching embarrassing bodies to a fat yoke with crabs  

A cousin did this a few years ago was a nightmare i remember them tell me. The Bank wanted close to 30% deposit. 

ripoff.ie 

http://www.bloomberg.com/news/articles/2021-01-05/danes-get-20-year-0-mortgages-as-interest-rates-keep-sinking" rel="nofollow - http://www.bloomberg.com/news/articles/2021-01-05/danes-get-20-year-0-mortgages-as-interest-rates-keep-sinking

 

 Nope ,but as a guess i would say double what you paid for the house .