Buying a house

Started by Boolerhead Mel, January 06, 2009, 03:54:19 PM

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Milltown Row2

Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

Smokin Joe

I know of an apartment in Dublin that was bought for €515k back in 2005 (so a good bit before the peak), and at the start of this year, so before the coronavirus, it was valued at €375k.
It's unreal that it has never recovered since the massive falls, despite the long time period that has elapsed.


Milltown Row2

Quote from: Smokin Joe on June 18, 2020, 09:01:11 PM
I know of an apartment in Dublin that was bought for €515k back in 2005 (so a good bit before the peak), and at the start of this year, so before the coronavirus, it was valued at €375k.
It's unreal that it has never recovered since the massive falls, despite the long time period that has elapsed.

The Celtic tiger inflated a lot of prices in housing in Dublin at that time?
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

Smokin Joe

Quote from: Milltown Row2 on June 18, 2020, 09:04:25 PM
Quote from: Smokin Joe on June 18, 2020, 09:01:11 PM
I know of an apartment in Dublin that was bought for €515k back in 2005 (so a good bit before the peak), and at the start of this year, so before the coronavirus, it was valued at €375k.
It's unreal that it has never recovered since the massive falls, despite the long time period that has elapsed.

The Celtic tiger inflated a lot of prices in housing in Dublin at that time?

For sure.  I was just surprised, so I must have forgotten just how totally stupidly high the prices must have gotten in Dublin during that time.

Milltown Row2

I remember at a time in West Belfast housing was so cheap until the mid 90's, then it started to get out of control, I'm 12 minutes from my old house on the Falls, there was a house that went for sale at a price I bought this one, similar time, the comparison is vast.
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

redzone

Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

Milltown Row2

Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

Rois

Quote from: Milltown Row2 on June 18, 2020, 10:41:19 PM
Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
If you keep your current account to a minimum because you move a whack to savings every month, having an overdraft is perfectly reasonable if it is interest-free. In fact, you could argue that it is financially savvy (maybe not at the minute when savings rates are so low, but the principle stands).

Milltown Row2

Quote from: Rois on June 18, 2020, 10:54:54 PM
Quote from: Milltown Row2 on June 18, 2020, 10:41:19 PM
Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
If you keep your current account to a minimum because you move a whack to savings every month, having an overdraft is perfectly reasonable if it is interest-free. In fact, you could argue that it is financially savvy (maybe not at the minute when savings rates are so low, but the principle stands).

I've never had issues with overdraft, £1000 overdraft I'd have thought was standard? Maybe it's not I don't know in fairness.

I generally haven't taken on the finances in the house, if my wife dies or runs off on me I wouldn't have a clue!

As long as I've enough for wine and chocolate,  I'm easy!
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

redzone

Quote from: Milltown Row2 on June 18, 2020, 11:00:01 PM
Quote from: Rois on June 18, 2020, 10:54:54 PM
Quote from: Milltown Row2 on June 18, 2020, 10:41:19 PM
Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
If you keep your current account to a minimum because you move a whack to savings every month, having an overdraft is perfectly reasonable if it is interest-free. In fact, you could argue that it is financially savvy (maybe not at the minute when savings rates are so low, but the principle stands).

I've never had issues with overdraft, £1000 overdraft I'd have thought was standard? Maybe it's not I don't know in fairness.

I generally haven't taken on the finances in the house, if my wife dies or runs off on me I wouldn't have a clue!

As long as I've enough for wine and chocolate,  I'm easy!
I'm not surprised she deals with the finances.

Milltown Row2

Quote from: redzone on June 18, 2020, 11:04:59 PM
Quote from: Milltown Row2 on June 18, 2020, 11:00:01 PM
Quote from: Rois on June 18, 2020, 10:54:54 PM
Quote from: Milltown Row2 on June 18, 2020, 10:41:19 PM
Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
If you keep your current account to a minimum because you move a whack to savings every month, having an overdraft is perfectly reasonable if it is interest-free. In fact, you could argue that it is financially savvy (maybe not at the minute when savings rates are so low, but the principle stands).

I've never had issues with overdraft, £1000 overdraft I'd have thought was standard? Maybe it's not I don't know in fairness.

I generally haven't taken on the finances in the house, if my wife dies or runs off on me I wouldn't have a clue!

As long as I've enough for wine and chocolate,  I'm easy!
I'm not surprised she deals with the finances.

So can you get mortgages with an overdraft? Cause you seem to be on the ball on this?
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

GiveItToTheShooters

You definitely can get a mortgage with an overdraft. Most people will have one.

redzone

Quote from: Milltown Row2 on June 18, 2020, 11:09:52 PM
Quote from: redzone on June 18, 2020, 11:04:59 PM
Quote from: Milltown Row2 on June 18, 2020, 11:00:01 PM
Quote from: Rois on June 18, 2020, 10:54:54 PM
Quote from: Milltown Row2 on June 18, 2020, 10:41:19 PM
Quote from: redzone on June 18, 2020, 09:15:03 PM
Quote from: Milltown Row2 on June 18, 2020, 08:50:07 PM
Quote from: redzone on June 18, 2020, 08:43:50 PM
If you are using an overdraft every month surely that would be a red flag to a mortgage lender would it not

They were offering it, I didn't say I was using it
The fact you have one at all should rule you out of getting a mortgage

I've had two houses and remortgage twice over the years, Ive always had an overdraft, you need to show you haven't been using your overdraft. But hey, maybe you know different
If you keep your current account to a minimum because you move a whack to savings every month, having an overdraft is perfectly reasonable if it is interest-free. In fact, you could argue that it is financially savvy (maybe not at the minute when savings rates are so low, but the principle stands).

I've never had issues with overdraft, £1000 overdraft I'd have thought was standard? Maybe it's not I don't know in fairness.

I generally haven't taken on the finances in the house, if my wife dies or runs off on me I wouldn't have a clue!

As long as I've enough for wine and chocolate,  I'm easy!
I'm not surprised she deals with the finances.

So can you get mortgages with an overdraft? Cause you seem to be on the ball on this?
I'm sure you can but that's the systems fault. I'm saying you shouldnt get one.

imtommygunn

You shouldn't get one if you require an overdraft but if you have one available to you that's a different matter entirely.

screenexile

Yeah it totally depends a lot of people will have an overdraft for the odd time they do overspend in a month like Christmas or holidays or something like that. . . it shouldn't unduly affect you unless you're at the limit of it each month or slightly going over it.

A big thing that a lot of people don't seem to realise is that no credit is worse than bad credit!

Having an overdraft that you've paid back is better in the long run than having no overdraft or other borrowings at all.