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27-07-2012, 13:49   #781
killers1
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Quote:
Originally Posted by Muirne View Post
Hi, we've just gotten approval in principle for a 92 per cent mortgage and are approved for what we asked for - 160k. Our situation is as follows:

Combined income of 74k. My husband works in private sector. He was unemployed for about a year and did a job bridge scheme for 6 months and he got offered a permanent contract at the end so he's been in his job a year now.

I'm a public servant with 12 years service.

We have 2 children and savings of about 17k. During the year while he was unemployed we still managed to save 200 each month and since he's been working full-time we've been saving 1400 per month. I think savings are key and while we wouldn't have huge savings they've been growing very steadily.

We went through a broker and got approval from AIB. The only thing they really looked for was a letter from my husband's employer to say his probation was finished.

To be honest when we were told we'd been approved I was floored as I expected them to say come back in 6 months. So we're delighted.

Been on the phone to estate agents since organising viewings. Looking at the first one today. There's one for sale in the estate we're renting in. Been on the market for about a year and surprise surprise the agent tells me there's an offer of 170k in on it (asking price is 195). Not sure I believe him!
Your application was a complete no brainer to be honest an no surprise you were approved based on those figures/circumstances. I'd be inclined not to believe the EA is that situation... Ask them when the offer was put in, has it been rejected and take it from there...
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27-07-2012, 14:52   #782
clarelady
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Mortgage approval

Sorry if this is not in the correct area:

We have mortgage approval from BOI for a mtg for 270k (i think 90%) so could look at houses for 300k approx

Now if they were willing to stand over that approval and apply it to a self build instead of a house purchase would the below apply:

Cost to build 270k
Mtg 90% = 243k
Deposit needed = 27k
Site already gifted

If when we started building we were able to save money and it only ended up costing us 250k to build, would the bank still give us the 243 K or how would that work ?
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27-07-2012, 19:24   #783
heltipp
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Finally signed contracts for house this week. The Sellors Solicitors is on holidays at the moment so hoping that once he returns they will sign and we should have an idea of a closing date in the next few weeks. I am praying it will be by the end of august. sick of the whole proces by now and we still have to renovate the house once we eventually get it.
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27-07-2012, 20:49   #784
Muirne
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Quote:
Originally Posted by killers1 View Post
Quote:
Originally Posted by Muirne View Post
Hi, we've just gotten approval in principle for a 92 per cent mortgage and are approved for what we asked for - 160k. Our situation is as follows:

Combined income of 74k. My husband works in private sector. He was unemployed for about a year and did a job bridge scheme for 6 months and he got offered a permanent contract at the end so he's been in his job a year now.

I'm a public servant with 12 years service.

We have 2 children and savings of about 17k. During the year while he was unemployed we still managed to save 200 each month and since he's been working full-time we've been saving 1400 per month. I think savings are key and while we wouldn't have huge savings they've been growing very steadily.

We went through a broker and got approval from AIB. The only thing they really looked for was a letter from my husband's employer to say his probation was finished.

To be honest when we were told we'd been approved I was floored as I expected them to say come back in 6 months. So we're delighted.

Been on the phone to estate agents since organising viewings. Looking at the first one today. There's one for sale in the estate we're renting in. Been on the market for about a year and surprise surprise the agent tells me there's an offer of 170k in on it (asking price is 195). Not sure I believe him!
Your application was a complete no brainer to be honest an no surprise you were approved based on those figures/circumstances. I'd be inclined not to believe the EA is that situation... Ask them when the offer was put in, has it been rejected and take it from there...
Thanks Killers. We're going to see the house tomorrow so we'll suss out the situation then.
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30-07-2012, 15:05   #785
cassiedoll
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Finally buying my first house after years of saving and living with parents. I am half expecting something to go wrong. I work in a solicitors firm and i have seen all the horrible things that can go wrong for people. But so far so good for me, which has me worried. Got the house for e15,000 under the asking price. Mortgage is e126,000. I have a list of things to get for the bank, 6 months worth of payslips, letter confirming i'm permanent etc. etc. BER Cert was more infomative than i thought it would be and my surveyor is goin to the property next week...so fingers crossed.

Best of luck to anybody buying their first house this year

Last edited by cassiedoll; 30-07-2012 at 15:43.
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30-07-2012, 15:08   #786
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i have scene all the horrible things that can go wrong for people.
can you elaborate?
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30-07-2012, 15:43   #787
cassiedoll
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can you elaborate?

Well i won't give too many examples but planning permission not complied with is a major one (i'm not talking about new builds) and especially in houses where extension mights have been built many years ago, when planning permission wasn't as strict as it is now and no architect's certificate was ever obtained.

Internal walls being removed and no paper work to confirm it was done with building regs in mind.

One of the more recent ones was a house was being sold after the owner died and the next door neighbours had built a big extension some years ago. When an surveyor went in to have a look at the property, part of the extension was actually built in to garden of the house for sale - by a 6 inches or so but the roof especially was well over in to the property. Anything that is of serious concern on a surveyor's report has to be disclosed to the bank and they then investigate it further

I know this seems small but it gets on my nerves, property is sold with "vacant possession" - which means everything gone (except what is agreed to in the contracts), no rubbish left in the house. And the amount of our clients, even though we advise them to do an inspection before money is handed over, it is not always possible, but bins are left full, shed is stacked high with stuff they didn't want and attics aren't emptied.

We even had a case when our clients were handed over the keys to their new house and they were in bed a night or 2 after they moved in and an old friend of the previous owners had a key and came in to the house after having a few drinks in the local

I personally would advise everybody to get a surveyor in to have a look at the property, even if it's a new build. It's better to be safe than sorry
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30-07-2012, 16:15   #788
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Quote:
Originally Posted by cassiedoll View Post
Well i won't give too many examples but planning permission not complied with is a major one (i'm not talking about new builds) and especially in houses where extension mights have been built many years ago, when planning permission wasn't as strict as it is now and no architect's certificate was ever obtained.

Internal walls being removed and no paper work to confirm it was done with building regs in mind.

One of the more recent ones was a house was being sold after the owner died and the next door neighbours had built a big extension some years ago. When an surveyor went in to have a look at the property, part of the extension was actually built in to garden of the house for sale - by a 6 inches or so but the roof especially was well over in to the property. Anything that is of serious concern on a surveyor's report has to be disclosed to the bank and they then investigate it further

I know this seems small but it gets on my nerves, property is sold with "vacant possession" - which means everything gone (except what is agreed to in the contracts), no rubbish left in the house. And the amount of our clients, even though we advise them to do an inspection before money is handed over, it is not always possible, but bins are left full, shed is stacked high with stuff they didn't want and attics aren't emptied.

We even had a case when our clients were handed over the keys to their new house and they were in bed a night or 2 after they moved in and an old friend of the previous owners had a key and came in to the house after having a few drinks in the local

I personally would advise everybody to get a surveyor in to have a look at the property, even if it's a new build. It's better to be safe than sorry
thanks for that.
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30-07-2012, 17:59   #789
Nouginougi
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Hi all,

Does the bank review the house insurance taken?

Reason being, the house i'm buying is underpinned (subsidence) and I cannot get house insurance. Bank will not accept insurance excluding subsidence cover.

If were just to go online and get an online quote, not declaring the underpinning, would the bank notice?

N.
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31-07-2012, 02:02   #790
ectoraige
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Originally Posted by killers1 View Post
Your application was a complete no brainer to be honest an no surprise you were approved based on those figures/circumstances.
Just out of curiosity, if we brought our savings up to €20,000 what do you would be the upper end that we could be granted? 200k? 225k?
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01-08-2012, 13:28   #791
killers1
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Just out of curiosity, if we brought our savings up to €20,000 what do you would be the upper end that we could be granted? 200k? 225k?
What ages are you? Was your other post under a different name?
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01-08-2012, 16:17   #792
sarkozy
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OK, I suppose I'll put this in here. I've posted in this thread before, but I wonder if I might be able to get some clear information. Firstly, I'll say that this process of trying to buy a house with my wife has been hell. Mostly due to the slowness and (and other things) of our particular lending and life assurance institutions.

Where we are: Booking deposit paid long ago; house surveyed; house valued; Mortgage Protection approved; mortgage pack finalised and 'sent up' (whatever that means); fire cover/house insurance policy about to be applied for.

Now we need to sign contracts and pay the balance deposit. Am I right in thinking the following:
  • Someone (me or our solicitor) receives an 'Unconditional Loan Offer' confirming the bank's agreement to lend the amount to borrow;
  • This paves the say for return of 'Unconditional Contracts' (legal contract tying us into the purchase) and payment of the balance deposit;
  • We immediately apply for fire cover and ensure the Letter of Indemnity stating the bank's interest in the property is issued at least three days prior to drawdown of the loan (the bank will require a schedule of the policy, too);
  • Something legal happens we don't know about
  • We, through our solicitor, with the vendor's solicitor, agree a date for closing the sale, which means from that date, we get the keys, ensure this is the date when house insurance comes into effect and we begin repaying the mortgage.

There are other things to arrange, such as finding new tenants for the place we're renting, and we're very unsure of the current timeline, steps and practical options from this point.
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01-08-2012, 16:57   #793
quarryman
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Quote:
Originally Posted by sarkozy View Post
OK, I suppose I'll put this in here. I've posted in this thread before, but I wonder if I might be able to get some clear information. Firstly, I'll say that this process of trying to buy a house with my wife has been hell. Mostly due to the slowness and (and other things) of our particular lending and life assurance institutions.

Where we are: Booking deposit paid long ago; house surveyed; house valued; Mortgage Protection approved; mortgage pack finalised and 'sent up' (whatever that means); fire cover/house insurance policy about to be applied for.

Now we need to sign contracts and pay the balance deposit. Am I right in thinking the following:
  • Someone (me or our solicitor) receives an 'Unconditional Loan Offer' confirming the bank's agreement to lend the amount to borrow;
  • This paves the say for return of 'Unconditional Contracts' (legal contract tying us into the purchase) and payment of the balance deposit;
  • We immediately apply for fire cover and ensure the Letter of Indemnity stating the bank's interest in the property is issued at least three days prior to drawdown of the loan (the bank will require a schedule of the policy, too);
  • Something legal happens we don't know about
  • We, through our solicitor, with the vendor's solicitor, agree a date for closing the sale, which means from that date, we get the keys, ensure this is the date when house insurance comes into effect and we begin repaying the mortgage.

There are other things to arrange, such as finding new tenants for the place we're renting, and we're very unsure of the current timeline, steps and practical options from this point.
I'm confused, what part of that has been "hell"? The list of completed tasks there seem in the correct order, what there a delay between them all?
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01-08-2012, 17:01   #794
sarkozy
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Originally Posted by quarryman View Post
I'm confused, what part of that has been "hell"? The list of completed tasks there seem in the correct order, what there a delay between them all?
That version is missing a lot of detail, and I'm not going to go into it.

My question is about somebody explaining what the next steps actually mean and the best course as we're very confused about what should be happening.
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01-08-2012, 17:17   #795
lisasimps
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Hi all,

Looking for a bit of feedback re: applying for a mortgage.

I'm hoping to apply for a mortgage on my own, but am self employed and only in business 2 years. We made a minute profit year 1 and about 20k year two, so far things are looking to increase again for year 3.

I have been paying rent for about 4 years, between 500 and 700pm.

I have practically no savings (about 1k in the credit union).

Im hoping to apply for a mortgage, and, though im not expecting to be approved I just wanted to hear if I have any chance at all?!

I was planning on getting a 10k loan from the credit union and telling the bank that it was a gift from my parents? Was then hoping to be approved for a 90k mortgage but should manage to find somewhere for about 70 / 80k if necessary.

Is there ANY chance of having a loan approved?

While my own business is ticking over nicely, i've applied for a managers position at another organisation so may possibly have that as a second income, however I doubt i'd be able to get a letter stating that that's permanent.
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