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Buying a house 2012

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  • Registered Users Posts: 3,590 ✭✭✭Blackjack


    sarkozy wrote: »
    Silly question: what places has anyone bought big boxes and packing material for moving?

    Last time, we had silly archive boxes for offices and they fell apart in seconds. I want proper removal man stuff.

    B&Q have some of the Mover type large plastic crates, they looked to me like they'd be the right thing.


  • Registered Users Posts: 4,751 ✭✭✭Ste-


    Ok may be a silly question but what banks seem to be the best at the minute ?
    I know people say to check with them all , just see a few mentions of Ulster Bank, does anyone have an issues with them, ? or any problems with BOI or AIB ? What are PTSB like ? I know they don't do many rate changes etc.

    Thanks.


  • Registered Users Posts: 1,991 ✭✭✭DavyD_83


    Ste- wrote: »
    Ok may be a silly question but what banks seem to be the best at the minute ?
    I know people say to check with them all , just see a few mentions of Ulster Bank, does anyone have an issues with them, ? or any problems with BOI or AIB ? What are PTSB like ? I know they don't do many rate changes etc.

    Thanks.

    We were advised by our broker, and family/friends that AIB was best option, next BOI.

    Reality was AIB and BOI wouldn't lend us the ammount we wanted because we didn't have the demonstrated ability to repay that they demand.

    So we're with Ulster in the end. I have not had any problems with them so far at all (only drew down 2 weeks ago); rates are slightly higher than the others, but for us it was only option to borrow the money we wanted.
    Also, if you are going Ulster make sure you sign up to a uFirst current account with them as well, lowers your rate by 0.65% and the initial banks valuation is free (instead of approx 150).

    You need to understand each banks lending rules, to figure out how much each will approve you for and at what rate, and just decide what is best for you really.

    Happy to try and help answer some more specific questions if you have them.
    Good luck!


  • Closed Accounts Posts: 5,857 ✭✭✭professore


    Reganovski wrote: »
    Is it normal for an estate agent to not accept a bid "Subject to a Structural Survey"?

    We're thinking of bidding on a house but the EA said you must get a survey first. We've bid before on houses but always before getting a survey done.

    It's a really old house that has been renovated in last few year so it'll have to be a thorough survey but that'll cost somewhere between €300-€500.
    I am not going to fork out that sort of money without being certain I'm buying the house.


    That sort of money is nothing in the grand scheme of things if it stops you buying a money pit.


  • Registered Users Posts: 967 ✭✭✭Reganovski


    professore wrote: »
    That sort of money is nothing in the grand scheme of things if it stops you buying a money pit.

    Oh I understand that but why can't I submit a bit subject to a full "Structural Survey"? Of course, I would get it checked out once I know that I am the person buying the house.


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  • Closed Accounts Posts: 2,630 ✭✭✭folan


    Reganovski wrote: »
    Oh I understand that but why can't I submit a bit subject to a full "Structural Survey"? Of course, I would get it checked out once I know that I am the person buying the house.
    it could well be that the EA has their suspicions that there is something major wrong with the property, and doesnt want to start doing business before all the facts are known.


  • Registered Users Posts: 92 ✭✭DrBass


    Quick question folks if I may...

    Is there any point in us applying for a joint mortgage when my partner is just off maternity leave and about to take 4 months parental leave?

    A house has come up that we really like and we to make an offer on it and we do not really want to have to wait more than half a year to apply


  • Registered Users Posts: 1,443 ✭✭✭killers1


    DrBass wrote: »
    Quick question folks if I may...

    Is there any point in us applying for a joint mortgage when my partner is just off maternity leave and about to take 4 months parental leave?

    A house has come up that we really like and we to make an offer on it and we do not really want to have to wait more than half a year to apply

    It completely depends on your salary, amount you're looking to borrow and whether you are reliant on any of your partners savings or rent payments to prove repayment capacity. If your salary is sufficient to qualify for the amount you need and have sufficient income to meet stressed repayments and have sufficient income to meet net disposable income guidelines for a one income family with dependants then you can apply in joint names.


  • Registered Users Posts: 92 ✭✭DrBass


    killers1 wrote: »
    It completely depends on your salary, amount you're looking to borrow and whether you are reliant on any of your partners savings or rent payments to prove repayment capacity. If your salary is sufficient to qualify for the amount you need and have sufficient income to meet stressed repayments and have sufficient income to meet net disposable income guidelines for a one income family with dependants then you can apply in joint names.

    Thanks for your reply Killers, yes, I would be relying on all of the above as it we would apply for a joint mortgage - my partner will go back to work in January, we are looking to loan 220k.

    Rent is 1000pm - Im just not sure how favorable they will look at her last 3 months payslips reading 0000


  • Registered Users Posts: 1,443 ✭✭✭killers1


    DrBass wrote: »
    killers1 wrote: »
    It completely depends on your salary, amount you're looking to borrow and whether you are reliant on any of your partners savings or rent payments to prove repayment capacity. If your salary is sufficient to qualify for the amount you need and have sufficient income to meet stressed repayments and have sufficient income to meet net disposable income guidelines for a one income family with dependants then you can apply in joint names.

    Thanks for your reply Killers, yes, I would be relying on all of the above as it we would apply for a joint mortgage - my partner will go back to work in January, we are looking to loan 220k. Our P60's from January gone would indicate combined gross income of 88k with no loans or CC payments outstanding.

    Rent is 1000pm - Im just not sure how favorable they will look at her last 3 months payslips reading 0000

    If the banks are to factor your partners income into account they generally insist on waiting until she has returned to work and can supply 1 payslip


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  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,059 Mod ✭✭✭✭L1011


    Anyone else finding vendors insisting that they "cannot" come under a figure that's very close to the asking price?

    In both cases I've walked away to see if they come back to me (not hugely under the figure they're claiming is some imposed floor) but neither has. Even if its some form of bank sale, I can't see a bank being that desperate to hold out for a final few thousand?


  • Registered Users Posts: 359 ✭✭doc holliday


    Hi

    I am in the middle of buying a house at the moment. Have deposit paid. The problem is with the mortgage. the underwriters have said that they have looked up the estate on google maps and according to the streetview pictures of the estate it is unfinished/building site. The mortgage advisor has replied informing them that google maps is dated about 4 years ago and since then the estate has been further developed and no longer resembles a building site. We are just awaiting the underwriters response.

    The estate in question is Barnwell, hansfield, Dublin 15 and the lender is boi.
    I was just wondering has anyone had similar problems buying a property recently?

    Thanks,

    Darren


  • Registered Users Posts: 569 ✭✭✭Funnyonion79


    Hi

    I am in the middle of buying a house at the moment. Have deposit paid. The problem is with the mortgage. the underwriters have said that they have looked up the estate on google maps and according to the streetview pictures of the estate it is unfinished/building site. The mortgage advisor has replied informing them that google maps is dated about 4 years ago and since then the estate has been further developed and no longer resembles a building site. We are just awaiting the underwriters response.

    The estate in question is Barnwell, hansfield, Dublin 15 and the lender is boi.
    I was just wondering has anyone had similar problems buying a property recently?

    Thanks,

    Darren

    BOI will send out their own valuer anyway (and you will have the privilege of paying his €130 fee) to confirm that the house exists and isn't a building site so I'd say it's ok.

    What did the banks do before google maps? They couldn't base their decision solely on the accuracy or inaccuracy of google maps. I'd say you're fine.


  • Registered Users Posts: 359 ✭✭doc holliday


    Hi

    I am in the middle of buying a house at the moment. Have deposit paid. The problem is with the mortgage. the underwriters have said that they have looked up the estate on google maps and according to the streetview pictures of the estate it is unfinished/building site. The mortgage advisor has replied informing them that google maps is dated about 4 years ago and since then the estate has been further developed and no longer resembles a building site. We are just awaiting the underwriters response.

    The estate in question is Barnwell, hansfield, Dublin 15 and the lender is boi.
    I was just wondering has anyone had similar problems buying a property recently?

    Thanks,

    Darren

    BOI will send out their own valuer anyway (and you will have the privilege of paying his €130 fee) to confirm that the house exists and isn't a building site so I'd say it's ok.

    What did the banks do before google maps? They couldn't base their decision solely on the accuracy or inaccuracy of google maps. I'd say you're fine.


    Thanks for the response funnyonion, yeah of course it seems ridiculous that they would base their decision on google maps, the worrying thing is that they said they are unwilling to lend on an unfinished estate so at the moment it is stalled. I should find out on Tuesday if they are satisfied with my explanation of google maps being outdated.
    Fingers crossed


  • Closed Accounts Posts: 1,509 ✭✭✭Tiesto


    Does anyone expect for the government to follow through with the scrapping of the mortgage interest relief scheme? Lets be real. They have quite a habit of not sticking to their words. And in an already stagnant market, surely if they scrap it, things would only become worse?
    Secondly, if they were to scrap it, would it in some indirect way have an affect on the price of property? Afterall, people would be able to afford less of a mortage as a result..


  • Closed Accounts Posts: 2,630 ✭✭✭folan


    hi guys

    going to see a new prospect tonight. its a different beast to what weve been looking at so far.

    however, we are a bit off put by what lands are actually available. im assuming that the EA will have full details on where the property ends, but then the EA has changed since we first asked, as the situation for the seller has changed. it seems the house is now owned by the bank, as the builder went bust.

    anyway, an area which we thought was part of the plot and the original EA agreed with us on, has been fenced off (im assuming by a neighbour). Im hoping the EA will be able to explain whats happening there, but it would reduce the appeal of the house if the property size was much smaller than it is at the minute.

    it looks like a quick sale is wanted here, which tbh would definatly suit us.

    its been suggested that this will mean a cash buyer is going to be prefered, which i suppose is understandable, though were FTB's with our approval in place and are really ready to spring as quick as possible. so that will hopefully be in our favor.

    Update: Pyrite.

    nuff said


  • Closed Accounts Posts: 2,630 ✭✭✭folan


    Tiesto wrote: »
    Does anyone expect for the government to follow through with the scrapping of the mortgage interest relief scheme? Lets be real. They have quite a habit of not sticking to their words. And in an already stagnant market, surely if they scrap it, things would only become worse?
    Secondly, if they were to scrap it, would it in some indirect way have an affect on the price of property? Afterall, people would be able to afford less of a mortage as a result..
    im assuming that it will, which is a pity. but i havent been adding that into my calculations of my repayment ability because increasing interest rates will probably offset it soon enough anyway, and sure god know what else will.

    Im not sure whats going to happen. A part of me thinks there will be a scramble to buy between now and december, which could push prices up in some areas. at the same time, more people might try to sell now because there might be more buyers in the market at the minute.

    either way, best bet is not to depend on it still being around next year. probably best to stand back, and only buy if really really sure, or else just continue to wait until next year.


  • Registered Users Posts: 1,443 ✭✭✭killers1


    folan wrote: »
    hi guys

    going to see a new prospect tonight. its a different beast to what weve been looking at so far.

    however, we are a bit off put by what lands are actually available. im assuming that the EA will have full details on where the property ends, but then the EA has changed since we first asked, as the situation for the seller has changed. it seems the house is now owned by the bank, as the builder went bust.

    anyway, an area which we thought was part of the plot and the original EA agreed with us on, has been fenced off (im assuming by a neighbour). Im hoping the EA will be able to explain whats happening there, but it would reduce the appeal of the house if the property size was much smaller than it is at the minute.

    it looks like a quick sale is wanted here, which tbh would definatly suit us.

    its been suggested that this will mean a cash buyer is going to be prefered, which i suppose is understandable, though were FTB's with our approval in place and are really ready to spring as quick as possible. so that will hopefully be in our favor.

    As a FTB with approval in place you are no less attractive to the seller than a cash buyer.. Best of luck with the viewing!


  • Registered Users Posts: 1,443 ✭✭✭killers1


    Hi

    I am in the middle of buying a house at the moment. Have deposit paid. The problem is with the mortgage. the underwriters have said that they have looked up the estate on google maps and according to the streetview pictures of the estate it is unfinished/building site. The mortgage advisor has replied informing them that google maps is dated about 4 years ago and since then the estate has been further developed and no longer resembles a building site. We are just awaiting the underwriters response.

    The estate in question is Barnwell, hansfield, Dublin 15 and the lender is boi.
    I was just wondering has anyone had similar problems buying a property recently?

    Thanks,

    Darren

    The Bank's valuation report together with your structural survey will confirm that the property is completed and there are no works needed.


  • Registered Users Posts: 11,460 ✭✭✭✭Ush1


    Howdy folks,

    Just agreed to buy a house for 185k in Tallaght. Mortgage approved for up to 180k.

    The estate agent said I need to put in a deposit of 5k. So is this done through the solicitor? I have a solicitor recommended and then I need a surveyor yes?

    Can someone recommend me a good surveyor in Tallaght? I would be interested in getting the plans of the house drawn up also.


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  • Registered Users Posts: 7,496 ✭✭✭quarryman


    Ush1 wrote: »
    Howdy folks,

    Just agreed to buy a house for 185k in Tallaght. Mortgage approved for up to 180k.

    The estate agent said I need to put in a deposit of 5k. So is this done through the solicitor? I have a solicitor recommended and then I need a surveyor yes?

    Can someone recommend me a good surveyor in Tallaght? I would be interested in getting the plans of the house drawn up also.

    You might be approved for 180k, but the max the bank will give you on that property is 170k.

    You need to give the deposit to the EA in the form of a bank draft. The solicitor does not need to get involved for that.


  • Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,059 Mod ✭✭✭✭L1011


    quarryman wrote: »
    You might be approved for 180k, but the max the bank will give you on that property is 170k.

    You need to give the deposit to the EA in the form of a bank draft. The solicitor does not need to get involved for that.

    While it does depend on the mortgage provider, I thought anything >90% was basically unobtainable?

    Would mean the max they'd give would be ~166 on a 90%.


  • Registered Users Posts: 7,496 ✭✭✭quarryman


    MYOB wrote: »
    While it does depend on the mortgage provider, I thought anything >90% was basically unobtainable?

    Would mean the max they'd give would be ~166 on a 90%.

    AIB give 92%, so the max is 170k.


  • Closed Accounts Posts: 2,630 ✭✭✭folan


    anyone else hearing of houses going for their asking prices or even slightly above recently? phantom effect of the summer ending and the end of tax relief coming in?


  • Registered Users Posts: 14,240 ✭✭✭✭leahyl


    folan wrote: »
    anyone else hearing of houses going for their asking prices or even slightly above recently? phantom effect of the summer ending and the end of tax relief coming in?

    Did an estate agent tell you that? I can't imagine any house going for the asking price or above the asking price!!! If somebody is paying above the asking price for a house they are very foolish IMO - esp with the way things are at the moment

    Went to view a house last week and my mum and dad were with me and my mum (innocently) asked the agent if she had anymore properties on the market in my price range and the agent said "well, one just went sale agreed there yesterday" and my mum said "how much did that go for do you mind me asking" and she said "well the asking price was 175k and do you know it actually went for above the asking price in the end"!!!!

    I just said "Really, that's AMAZING" and she waffled something about how the demand was there blah blah. Please, I know exactly what house she was talking about (a tiny townhouse) and it wasnt even worth 175k nevermind above it. She was trying to tell me there was a bidding war on it.

    That's just my take on it anyway - it's nonsense!


  • Closed Accounts Posts: 2,630 ✭✭✭folan


    yep, an estate agent. after we were outbid on the house. twice now its happened. once when we werent even close to the bid that got the house


  • Registered Users Posts: 1,476 ✭✭✭sarkozy


    leahyl wrote: »
    Did an estate agent tell you that? I can't imagine any house going for the asking price or above the asking price!!! If somebody is paying above the asking price for a house they are very foolish IMO - esp with the way things are at the moment

    Went to view a house last week and my mum and dad were with me and my mum (innocently) asked the agent if she had anymore properties on the market in my price range and the agent said "well, one just went sale agreed there yesterday" and my mum said "how much did that go for do you mind me asking" and she said "well the asking price was 175k and do you know it actually went for above the asking price in the end"!!!!

    I just said "Really, that's AMAZING" and she waffled something about how the demand was there blah blah. Please, I know exactly what house she was talking about (a tiny townhouse) and it wasnt even worth 175k nevermind above it. She was trying to tell me there was a bidding war on it.

    That's just my take on it anyway - it's nonsense!
    While in theory, you're right, I suspect in some 'high demand' areas, some places are going above the asking price only when the EA has recommended putting the house on the market at a low price to drum up interest. These high demand areas, IMO, are Dublin metropolitan red brick neighbourhoods of the 3-bed townhouse variety or the inner suburbs such as Dundrum with 3-4 bedrooms and more garden - all going for in and around the €200-250k mark. So it's conceivable that this is happening in these kinds of houses, but not across the board in any sense. But, sure, I'm probably deluded, too. As a soon-to-be home-owner, I suppose I'm scared about this register coming out, but it'll be a really important step.


  • Registered Users Posts: 14,240 ✭✭✭✭leahyl


    sarkozy wrote: »
    leahyl wrote: »
    Did an estate agent tell you that? I can't imagine any house going for the asking price or above the asking price!!! If somebody is paying above the asking price for a house they are very foolish IMO - esp with the way things are at the moment

    Went to view a house last week and my mum and dad were with me and my mum (innocently) asked the agent if she had anymore properties on the market in my price range and the agent said "well, one just went sale agreed there yesterday" and my mum said "how much did that go for do you mind me asking" and she said "well the asking price was 175k and do you know it actually went for above the asking price in the end"!!!!

    I just said "Really, that's AMAZING" and she waffled something about how the demand was there blah blah. Please, I know exactly what house she was talking about (a tiny townhouse) and it wasnt even worth 175k nevermind above it. She was trying to tell me there was a bidding war on it.

    That's just my take on it anyway - it's nonsense!
    While in theory, you're right, I suspect in some 'high demand' areas, some places are going above the asking price only when the EA has recommended putting the house on the market at a low price to drum up interest. These high demand areas, IMO, are Dublin metropolitan red brick neighbourhoods of the 3-bed townhouse variety or the inner suburbs such as Dundrum with 3-4 bedrooms and more garden - all going for in and around the €200-250k mark. So it's conceivable that this is happening in these kinds of houses, but not across the board in any sense. But, sure, I'm probably deluded, too. As a soon-to-be home-owner, I suppose I'm scared about this register coming out, but it'll be a really important step.

    This was in Cork! Prices in Cork are still insane in a lot of areas - was looking recently at house prices in Dublin and there's some great value for money there but in Cork sellers are still deluded in a lot of cases


  • Registered Users Posts: 1,476 ✭✭✭sarkozy


    leahyl wrote: »
    This was in Cork! Prices in Cork are still insane in a lot of areas - was looking recently at house prices in Dublin and there's some great value for money there but in Cork sellers are still deluded in a lot of cases
    Sellers probably stuck with crazy mortgages.


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  • Closed Accounts Posts: 2,630 ✭✭✭folan


    can make that 3 houses. the bidding on this latest house had gotten to well over the asking price when i last checked. whoever is buying that house really believes in it.


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