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Buying a house 2012

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    #212
    Learpholl
    Registered Users Posts: 73 ✭✭Learpholl


    leahyl wrote: »
    I have heard mixed things about AIB. I know they have the best rate out of the main banks (I think?!) but going on my brothers experience he said they were as bad as PTSB.
    Just to contrast this, I've only just taken out a mortgage with AIB in the past month or so and have found them to be great throughout. I also applied with BOI and I found AIB were quicker to respond each time and have been very straightforward to deal with. So i wouldn't rule out the bank with the most competitive interest rate at the moment just on the experience of one person even if he is your brother. Might just be that he had a bad advisor in the bank so maybe try a different bank to him.


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    #213
    nemo32
    Registered Users Posts: 355 ✭✭nemo32


    Learpholl wrote: »
    Just to contrast this, I've only just taken out a mortgage with AIB in the past month or so and have found them to be great throughout. I also applied with BOI and I found AIB were quicker to respond each time and have been very straightforward to deal with. So i wouldn't rule out the bank with the most competitive interest rate at the moment just on the experience of one person even if he is your brother. Might just be that he had a bad advisor in the bank so maybe try a different bank to him.

    I agree with learpholl, I banked with BOI for 20 years and no credit problems and they told me to come back in a couple of mths when I had saved a couple of grand more (even though I had 10% deposit, stamp duty and solicitors fees) and the same day AIB submitted my application and I got approved within 7 days. LTV was better and rates are better so happy BOI weren't interested in the end. There loss!


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    #214
    leahyl
    Registered Users Posts: 14,244 ✭✭✭✭leahyl


    Hey guys, thanks for your input!

    I asked my dad to enquire at AIB today for me (God my dad is beginning to sound like my personal mortgage shopper;)! Have no time cos am working all day)
    so will get an idea then on whether they would be willing to lend.

    Obviously, I will have to go in myself and talk with them in person.:)


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    #215
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    leahyl wrote: »
    Hey guys, thanks for your input!

    I asked my dad to enquire at AIB today for me (God my dad is beginning to sound like my personal mortgage shopper;)! Have no time cos am working all day)
    so will get an idea then on whether they would be willing to lend.

    Obviously, I will have to go in myself and talk with them in person.:)

    Sounds like Dad should be a mortgage broker!! Then you'd never need to go and talk to any of them in person!!!


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    #216
    mmc2010
    Registered Users Posts: 145 ✭✭mmc2010


    leahyl wrote: »
    Hey guys, thanks for your input!

    I asked my dad to enquire at AIB today for me (God my dad is beginning to sound like my personal mortgage shopper;)! Have no time cos am working all day)
    so will get an idea then on whether they would be willing to lend.

    Obviously, I will have to go in myself and talk with them in person.:)

    hi leahyl, its great fun, this mortgage process... I would recommend getting a broker for your own sanity!


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    #217
    Starrgrrl
    Registered Users Posts: 95 ✭✭Starrgrrl


    Hi!! We're hoping to buy soon to! Just waiting for our official acceptance now really. We have a booking deposite paid for the house and approval in principal but our case is a bit different because we're buying an unfinished building (it's at the 2nd fix stage) so we're getting a combination normal and self build mortgage.

    It's hard work gathering everything together but fingers crossed we'll be sorted sooner rather then later!!


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    #218
    Flancrest
    Closed Accounts Posts: 212 ✭✭Flancrest


    Starrgrrl wrote: »
    Hi!! We're hoping to buy soon to! Just waiting for our official acceptance now really. We have a booking deposite paid for the house and approval in principal but our case is a bit different because we're buying an unfinished building (it's at the 2nd fix stage) so we're getting a combination normal and self build mortgage.

    It's hard work gathering everything together but fingers crossed we'll be sorted sooner rather then later!!
    Good stuff best of luck with it. Hopefully you'll get a few BBQs in the new garden this year.


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    #219
    sillyruby
    Registered Users Posts: 34 ✭sillyruby


    We have gone sale agreed and have mortgage and all sorted, got an independent surveyor to assess the house and he has turned up quite a few issues the major ones being the roof and stairs in the house not being up to regulations. Now he said he will sort the roof and few of smaller things but where do we stand on the others? Can we use some of them to reduce the current sale agreed price?This has cast doubt and a dampener on our excitement- main problem seems he and worker friends did a lot of work on the house.


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    #220
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    sillyruby wrote: »
    We have gone sale agreed and have mortgage and all sorted, got an independent surveyor to assess the house and he has turned up quite a few issues the major ones being the roof and stairs in the house not being up to regulations. Now he said he will sort the roof and few of smaller things but where do we stand on the others? Can we use some of them to reduce the current sale agreed price?This has cast doubt and a dampener on our excitement- main problem seems he and worker friends did a lot of work on the house.

    The most important person here that you should be talking to in relation to this is your surveyor. You will NEVER get a blank survey back and there will always be some issues highlighted. I'd suggest talking to the Surveyor in detail about the issues to see if any of them are deal breakers or not. I presume when you said 'he' would get them sorted you meant the owner? There's no harm in letting him do the work and then getting your surveyor back to ensure they're happy with the works. Do not proceed until the property meets building regulations. If the other items are minor you can raise them with the owner to see how many of the issues they are willing to put right. If they are more serious issues you can try to use them to renegotiate the purchase price which may or may not be successful. When you buy a property there is also an element of you are buying it in the condition it's in and can't expect the owner to put every single item highlighted in your surveyors report right but then again there's nothing stopping you in asking...Ultimately if the Surveyor suggests you should walk away then take their advice...


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    #221
    Yeboah
    Registered Users Posts: 188 ✭✭Yeboah


    sillyruby wrote: »
    We have gone sale agreed and have mortgage and all sorted, got an independent surveyor to assess the house and he has turned up quite a few issues the major ones being the roof and stairs in the house not being up to regulations. Now he said he will sort the roof and few of smaller things but where do we stand on the others? Can we use some of them to reduce the current sale agreed price?This has cast doubt and a dampener on our excitement- main problem seems he and worker friends did a lot of work on the house.

    could be a problem..we had a house fall through because of building regs and planning issues as mentioned before in this thread. It depends how much needs to be done and whether exemptions are needed etc. We had too much to do and had to walk away (esp with our solicitors advice)..Only when we were officially pulling out did the vendors make an attempt to lower price but it was too late by then.Hope its just a few small things and it all works out for you anyways.On my own house, the long awaited title has been found, just waiting for confirmation of planning and contracts now.. Still hoping for that Summer BBQ :D


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    #222
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Yeboah wrote: »
    Still hoping for that Summer BBQ :D

    I look forward to the invite.....:D


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    #223
    Yeboah
    Registered Users Posts: 188 ✭✭Yeboah


    killers1 wrote: »
    I look forward to the invite.....:D

    more than welcome Killers1 :cool:


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    #224
    Northside26
    Closed Accounts Posts: 3 ✭Northside26


    I'm interested in your group of buyers!!

    Wondering if anyone can help me....Hoping to buy first home soon.... I'm currently renting in Baldoyle I would like to move over to Southsude Dublin as I'm originally from Crumlin, even though I wouldn't buy in Crumlin right now it is a great location for shops and facilities nearby..... I did originally like Lucan and looked in Lucan but it seems to be houses EVERYWHERE not many shops pubs really am also thinking of Rathcoole or Castleknock

    Does anyone have any suggestions for a good area to buy right now??:confused:


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    #225
    blueturnip
    Registered Users Posts: 166 ✭✭blueturnip


    Hi again all!

    We had an offer on a house accepted today! Now we have no clue what's next! :)

    We have the deposit going to the EA tomorrow and have spoken to my solicitor and everything.

    But, is now the time, I complete the mortgage application form and send it off? With regards to the Valuation of the property, does the bank organise this (AIB) or do we organise it? Do I have to have this done before sending in the completed loan application?

    Thanks!


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    #226
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    blueturnip wrote: »
    Hi again all!

    We had an offer on a house accepted today! Now we have no clue what's next! :)

    We have the deposit going to the EA tomorrow and have spoken to my solicitor and everything.

    But, is now the time, I complete the mortgage application form and send it off? With regards to the Valuation of the property, does the bank organise this (AIB) or do we organise it? Do I have to have this done before sending in the completed loan application?

    Thanks!

    Yes apply for Mortgage next.
    You organise valuation using one of the valuers listed on the AIB website.

    Send in application before valuation to get it started in the process but you and your solicitor won't get the full offer until valuation done.


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    #227
    nemo32
    Registered Users Posts: 355 ✭✭nemo32


    blueturnip wrote: »
    Hi again all!

    We had an offer on a house accepted today! Now we have no clue what's next! :)

    We have the deposit going to the EA tomorrow and have spoken to my solicitor and everything.

    But, is now the time, I complete the mortgage application form and send it off? With regards to the Valuation of the property, does the bank organise this (AIB) or do we organise it? Do I have to have this done before sending in the completed loan application?

    Thanks!

    Hi Blueturnip,

    Yes this is the time to complete the mortgage application, once you have that done AIB will give you a list of valuers that they use and you need to pick one of them and get the valuation orgainsed, but the valuer will contact the EA directly to organise the valuation and send the report into AIB, the only thing you need to do is call them up and give them the details and pay them :)
    I would say if your unsure of the process steps, call the bank and get them to run through it with you. I went with AIB and they were very helpful in explaining what has to happen and in what sequence.

    Congrats and I hope it all runs smoothly for you :)


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    #228
    Bigcheeze
    Closed Accounts Posts: 2,858 ✭✭✭Bigcheeze


    These are the AIB valuers: http://www.aib.ie/personal/mortgages/residential-mortgage-panel


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    #229
    leahyl
    Registered Users Posts: 14,244 ✭✭✭✭leahyl


    leahyl wrote: »
    Hey guys, thanks for your input!

    I asked my dad to enquire at AIB today for me (God my dad is beginning to sound like my personal mortgage shopper;)! Have no time cos am working all day)
    so will get an idea then on whether they would be willing to lend.

    Obviously, I will have to go in myself and talk with them in person.:)

    Just to update - my dad dropped into AIB and they said (just from my dad giving them some info about my situation/finances) that I would qualify for 105k which I thought was quite low considering BOI quoted 135k!


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    #230
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    leahyl wrote: »
    Just to update - my dad dropped into AIB and they said (just from my dad giving them some info about my situation/finances) that I would qualify for 105k which I thought was quite low considering BOI quoted 135k!

    AIB's calculator changed recently and depending on the applicants salary the figures will come out significantly lower than other lenders.


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    #231
    Marco85
    Registered Users Posts: 357 ✭✭Marco85


    killers1 wrote: »
    AIB's calculator changed recently and depending on the applicants salary the figures will come out significantly lower than other lenders.

    So they have moved the goalposts slightly. Do they do this often killers?


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    #232
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Marco85 wrote: »
    So they have moved the goalposts slightly. Do they do this often killers?

    Generally only happens once a year to take into account any changes in the previous Budget like tax changes or TRS changes..but they could do it at any time if they wanted to.


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    #233
    Marco85
    Registered Users Posts: 357 ✭✭Marco85


    killers1 wrote: »
    Generally only happens once a year to take into account any changes in the previous Budget like tax changes or TRS changes..but they could do it at any time if they wanted to.

    What kind of drop are you looking at then? Spoke to you via pm couple of months back regarding figures. Missus on 25k gross in civil service and i am on 15k net self employed. Both 27,no dependants,no loans.


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    #234
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Marco85 wrote: »
    killers1 wrote: »
    Generally only happens once a year to take into account any changes in the previous Budget like tax changes or TRS changes..but they could do it at any time if they wanted to.

    What kind of drop are you looking at then? Spoke to you via pm couple of months back regarding figures. Missus on 25k gross in civil service and i am on 15k net self employed. Both 27,no dependants,no loans.

    Hey Marco,
    I have your details so I'll the figures for you again later when I back to the laptop tonight and send you a PM...tks


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    #235
    Marco85
    Registered Users Posts: 357 ✭✭Marco85


    killers1 wrote: »
    Hey Marco,
    I have your details so I'll the figures for you again later when I back to the laptop tonight and send you a PM...tks

    Cheers killers,much appreciated!


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    #236
    Starrgrrl
    Registered Users Posts: 95 ✭✭Starrgrrl


    Good news today! Formal offer of mortagage came through this morning! Yipee!!!!!!
    Meeting with the bank to talk about insurance (I think) on Monday.
    Any idea what happens next?
    How long till we get our keys??!!!?
    Sooooo excited! (and a but sick)


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    #237
    dove2011
    Registered Users Posts: 338 ✭✭dove2011


    Hi all,
    This is a very informative thread and has provided me with an amount of information. I have applied to AIB for a mortgage for E96,000, I have the 8% deposit saved with AIB which has accumlated of 3 years of savings based on E250 per month. I put an offer on a house last monday with the view of been granted a mortgage which they accepted. The vendor is looking for a quick sale. I have till next Friday to confirm if I am granted a mortgage.
    I am in full time employment with a salary of E30k, non dependants and first time buyer. The mortgage repayments will be less than what I save and rent per month; would you believe I would get a mortgage? How long do you think the process will take? Will the EA accept the letter in principle

    I originally wanted to go with a broker but I had to ring few times to get an appointment after providing them with full details.

    Any advice would be greatly appreciated.


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    #238
    mmc2010
    Registered Users Posts: 145 ✭✭mmc2010


    Hi dove2011, it is not a quick process applying for a mortgage. To be approved in principle with AIB will take at least 10 days - maybe 15days. To be approved in full (after you provide all the information they require) could take another 10 days and again, maybe longer. I would suggest going with a broker, as I have.
    So much depends on the quality of the application going to the underwriters that I would not leave it to chance that you come across a good lending officer in a branch! Killers1 is very helpful on this thread and may be willing to help (if you ask him nicely:)).
    I'm sure if you explain to the EA that you will need to wait longer than 5 days to obtain AIP, he might hold it for another week.


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    #239
    pabloh999
    Registered Users Posts: 516 ✭✭✭pabloh999


    Would anyone know which bank has the best interest rates?
    Which type of loan would be the most sensible, fixed or variable etc


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    #240
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    dove2011 wrote: »
    Hi all,
    This is a very informative thread and has provided me with an amount of information. I have applied to AIB for a mortgage for E96,000, I have the 8% deposit saved with AIB which has accumlated of 3 years of savings based on E250 per month. I put an offer on a house last monday with the view of been granted a mortgage which they accepted. The vendor is looking for a quick sale. I have till next Friday to confirm if I am granted a mortgage.
    I am in full time employment with a salary of E30k, non dependants and first time buyer. The mortgage repayments will be less than what I save and rent per month; would you believe I would get a mortgage? How long do you think the process will take? Will the EA accept the letter in principle

    I originally wanted to go with a broker but I had to ring few times to get an appointment after providing them with full details.

    Any advice would be greatly appreciated.

    Hi Dove2011,
    Your salary of €30k will be sufficient to qualify you to borrow €96k (providing your not 50 yrs old or something like that!). When did you apply to AIB? If your rent & savings combined are a couple of hundred euro per month over the proposed repayment and you have been consistently saving/paying rent for over 6-8 months with evidence of same you should have no difficulty obtaining approval. I would be inclined to tell the EA next Fri that you have approval (even if it hasn't come through yet) and that you will arrange to pay the booking deposit the following week once you organise a solicitor and that the valuer will be in touch in due course. This will keep the EA happy and buy you some time until the approval comes through. Your booking deposit is fully refundable in any case. If for any reason your application was declined you can always just say you changed your mind about buying the property. As to how long it will take will depend on when your application was submitted and what level of documentation went it.

    Regarding you trying to contact a broker it's unforgiveable in this market that they wouldn't return your call.

    If you've any queries let me know...


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    #241
    Sonya.Max
    Registered Users Posts: 59 ✭✭Sonya.Max


    Hi!
    Looking for some information about buying house with cash.
    About a month ago myself and husband placed an offer on a house, which was accepted after 3 weeks. 2 weeks ago we paid deposit to EA and contacted solicitor, she took some info and said she will contact us when needed.
    How long it usually takes to complete the sale?
    I know a lot depends on solicitor..


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