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Buying a house 2012

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    #512
    brian81
    Registered Users Posts: 5 ✭brian81


    uli84 wrote: »
    Applied for a mortgage with AIB over 3 weeks ago, got a call on Tue but couldnt answer, tryin to reach whomever left me the msg for last 4 days but it keeps goin to the voicemail and no call back despite my beggin ;) not impressed. Do they normally call to inform of acceptance/rejection or should I assume they want to clarify sth?

    They would send you out a letter, not a phone call, when I got a letter to say I was not approved it took me 6 days of ringing twice a day to actually speak to someone so keep on hounding them!!


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    #513
    Roxee
    Registered Users Posts: 71 ✭✭Roxee


    uli84 wrote: »
    Applied for a mortgage with AIB over 3 weeks ago, got a call on Tue but couldnt answer, tryin to reach whomever left me the msg for last 4 days but it keeps goin to the voicemail and no call back despite my beggin ;) not impressed. Do they normally call to inform of acceptance/rejection or should I assume they want to clarify sth?

    I was approved via AIB a week ago. I posted documents on a Sunday, got one call the following Friday with two questions to clarify certain elements. Was told to expect answer by following Friday or possibly early the week after that. Called them on the Friday to chase (really wanted answer so I could move on house before Bank Hol) and was told over phone I was approved and that the letter confirming this had been posted the previous day. Sure enough, it was there when I got home Friday night. So it was less than two weeks from when the documents arrived with them to when they approved.

    When you ring, have they said how far along the documents have moved? Are they giving you an estimated date to expect answer? They kept saying how they're out the door with applications etc. Don't worry. But keep calling! Best of luck!


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    #514
    Roxee
    Registered Users Posts: 71 ✭✭Roxee


    brian81 wrote: »
    They would send you out a letter, not a phone call, when I got a letter to say I was not approved it took me 6 days of ringing twice a day to actually speak to someone so keep on hounding them!!

    6 days to speak to ANYone? What number are you ringing? Is it a branch application or just direct banking. Mine was just the general direct banking route and every time I rang I either got through to the mortgage department or if they were all tied up, someone else answered, took my ref number for the application, and was able to check it and tell me how far along it was. On the last day, they took number and said someone would ring me back in 5 mins when they were free. And they did. Just to be fair on AIB, coz I've found them nothing but helpful so far!


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    #515
    brian81
    Registered Users Posts: 5 ✭brian81


    Roxee wrote: »
    6 days to speak to ANYone? What number are you ringing? Is it a branch application or just direct banking. Mine was just the general direct banking route and every time I rang I either got through to the mortgage department or if they were all tied up, someone else answered, took my ref number for the application, and was able to check it and tell me how far along it was. On the last day, they took number and said someone would ring me back in 5 mins when they were free. And they did. Just to be fair on AIB, coz I've found them nothing but helpful so far!

    This was about 6 month back, I was ringing branch application, to be fair to them when I did get through the lady I was speaking to was great and as you said they were backed up with applications, it was just so frustrating waiting to get an answer.


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    #516
    pjmaloney
    Registered Users Posts: 2 ✭pjmaloney


    Hi all - i know you guys are sick of these advice posts but im really confused an could do with some sane sounding boards! I was hoping to apply for a mortgage this year (i do all my banking with BOI so i thought id start there) and before i went and risked getting turned down i wanted to see what you guys think. I'm in a permanent job (2 years now) salary 59000, 5% annual bonus and savings of 20000. I pay rent monthly by DD of 600 direct from only current account. i would be looking for something in the realm of 240000 (should be able to put a few more grand away this summer). The thing is i would like to buy a place in dublin (currently live in kilkenny). my better half has gone back to college up there - so no income from her. i would commute to work ( i already do this two days a week). Any advice?? should i just man up and go suss out BOI or try a mortgage broker?. Ive done some research but i'm really turned around and not sure what to do!


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    #517
    blueturnip
    Registered Users Posts: 166 ✭✭blueturnip


    Verte11 wrote: »
    AH it is exciting. God I don't know what the first thing I'll do is. have so much to think about. Renting a van to move stuff and pick up a bed. Then I'll probably have some wine!

    Did you get your keys?? What does it feel like? :)


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    #518
    Catweasel
    Registered Users Posts: 54 ✭✭Catweasel


    Currently applying for a mortgage and just wanted to thank everyone who has posted on this thread especially Killer1. Reading through this thread was incredibly helpful.

    One question, I have a viewing this week with an EA who happens to also be the AIB valuer for the area i.e. on their approved panel). I'm just wondering if AIB have guidelines for valuations for valuers.

    Going by yield and comparable sq m recent sales in the area, I think the asking price of the property is overvalued by approx 15%. I'm wondering whether as a valuer the EA is aware of this or is he just doing the valuation based on "feel" and "instinct".

    Any insight into AIB policy or guidelines on these valuations would be great. Thanks.


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    #519
    heltipp
    Registered Users Posts: 43 ✭heltipp


    finally got loan offer today so at least things are moving again. hopefully it all ok from here on. next step get survey done


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    #520
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Catweasel wrote: »
    Currently applying for a mortgage and just wanted to thank everyone who has posted on this thread especially Killer1. Reading through this thread was incredibly helpful.

    One question, I have a viewing this week with an EA who happens to also be the AIB valuer for the area i.e. on their approved panel). I'm just wondering if AIB have guidelines for valuations for valuers.

    Going by yield and comparable sq m recent sales in the area, I think the asking price of the property is overvalued by approx 15%. I'm wondering whether as a valuer the EA is aware of this or is he just doing the valuation based on "feel" and "instinct".

    Any insight into AIB policy or guidelines on these valuations would be great. Thanks.

    The EA has priced the property following discussions with the vendor and probably expects the property to sell for less than the asking price. The fact that the EA is also on the banks panel of approved valuers is mostly irrelevant, just ensure that if you do have an offer accepted you use a different Valuer on their panel because obviously the EA won't be subjective as he'll want the sale to proceed. A different Valuer from the panel will be completely impartial and if the house isn't worth what you're paying for it they won't be willing to sign off at that level. The EA will probably tell you anyway that they can't carry out the valuation as they are the selling agent and there would be a conflict of interest. The house is priced using his EA's hat as opposed to his bank valuers one...


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    #521
    Formation
    Registered Users Posts: 712 ✭✭✭Formation


    brian81 wrote: »
    Really? I would have never even thought about that, thanks for pointing it out I will have to look into that!
    how are you going to look into that?


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    #522
    Catweasel
    Registered Users Posts: 54 ✭✭Catweasel


    killers1 wrote: »
    The EA has priced the property following discussions with the vendor and probably expects the property to sell for less than the asking price. The fact that the EA is also on the banks panel of approved valuers is mostly irrelevant, just ensure that if you do have an offer accepted you use a different Valuer on their panel because obviously the EA won't be subjective as he'll want the sale to proceed. A different Valuer from the panel will be completely impartial and if the house isn't worth what you're paying for it they won't be willing to sign off at that level. The EA will probably tell you anyway that they can't carry out the valuation as they are the selling agent and there would be a conflict of interest. The house is priced using his EA's hat as opposed to his bank valuers one...

    Thanks. Just trying to get into the EA's head. If he has valued it with the client but knows that the bank won't accept that valuation, it might tell me something. If for instance, I knew that AIB insisted that yields were above 5% or something like that, it might make it easier for the EA to accept a lower bid in line with this yield and work their client around.

    Mind you I've met a number of EA who have told me that yield calculations doesn't apply in this area :eek:


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    #523
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    Catweasel wrote: »
    killers1 wrote: »
    The EA has priced the property following discussions with the vendor and probably expects the property to sell for less than the asking price. The fact that the EA is also on the banks panel of approved valuers is mostly irrelevant, just ensure that if you do have an offer accepted you use a different Valuer on their panel because obviously the EA won't be subjective as he'll want the sale to proceed. A different Valuer from the panel will be completely impartial and if the house isn't worth what you're paying for it they won't be willing to sign off at that level. The EA will probably tell you anyway that they can't carry out the valuation as they are the selling agent and there would be a conflict of interest. The house is priced using his EA's hat as opposed to his bank valuers one...

    Thanks. Just trying to get into the EA's head. If he has valued it with the client but knows that the bank won't accept that valuation, it might tell me something. If for instance, I knew that AIB insisted that yields were above 5% or something like that, it might make it easier for the EA to accept a lower bid in line with this yield and work their client around.

    Mind you I've met a number of EA who have told me that yield calculations doesn't apply in this area :eek:

    There are no lenders looking at yield values in determining the 'value' of a property and there is no section on a valuation form requesting that information. A property valuation is subjective and whilst there's an element of 'a house is worth what somebody is willing to pay' AIB also look for valuers to quote examples of 2/3 comparable prices achieved recently for similar type properties in that area. Valuers have some room with the banks I.e if a house is for sale for €200k and 2 bidders push the price up to €210k the Valuer will be happy to sign off at that level because that's what someone was willing to pay. There's no 'formula' as such..


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    #524
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    pjmaloney wrote: »
    Hi all - i know you guys are sick of these advice posts but im really confused an could do with some sane sounding boards! I was hoping to apply for a mortgage this year (i do all my banking with BOI so i thought id start there) and before i went and risked getting turned down i wanted to see what you guys think. I'm in a permanent job (2 years now) salary 59000, 5% annual bonus and savings of 20000. I pay rent monthly by DD of 600 direct from only current account. i would be looking for something in the realm of 240000 (should be able to put a few more grand away this summer). The thing is i would like to buy a place in dublin (currently live in kilkenny). my better half has gone back to college up there - so no income from her. i would commute to work ( i already do this two days a week). Any advice?? should i just man up and go suss out BOI or try a mortgage broker?. Ive done some research but i'm really turned around and not sure what to do!

    Your salary will qualify you to borrow the amount you are looking for. The main part is to be able to prove you can afford the stressed repayments by way of rent and monthly savings contributions. Once the total of these exceed the stressed mortgage repayment and you have been paying rent and saving consistently over a period of time you should be fine. You'll need to apply on your own as your girlfriend has no income and would have a negative effect on the application as the banks would want to see a higher disposable income available each month to support 2 people. I suggest you talk to a broker as there are cheaper rates out there than Boi


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    #525
    tipp81
    Registered Users Posts: 4 ✭tipp81


    Hi was just reading this thread and found it very helpfull so i signed up, anyway like a lot of people here i'm thinking of applying for a Mortgage and any help would be much appreciated.
    Earn 26,000 (gross)
    Permanant 4 years and as secure as you can be in private sector.
    Single, no loans, savings of 10,000.
    What could i expect to get if anything at all.


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    #526
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    tipp81 wrote: »
    Hi was just reading this thread and found it very helpfull so i signed up, anyway like a lot of people here i'm thinking of applying for a Mortgage and any help would be much appreciated.
    Earn 26,000 (gross)
    Permanant 4 years and as secure as you can be in private sector.
    Single, no loans, savings of 10,000.
    What could i expect to get if anything at all.

    Max figure of €130k


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    #527
    SaKi-The-Killer
    Registered Users Posts: 38 ✭SaKi-The-Killer


    I'm in the same boat with my partner however the max we seem to be able to get is 175k[AIB]
    Both are earning ~26k in private sector (Retail Management/Software Eng),in permanent jobs,no loans and 25k savings between us.
    The mortgage calculators online seem to offer us ~200-215k.


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    #528
    tipp81
    Registered Users Posts: 4 ✭tipp81


    killers1 wrote: »
    Max figure of €130k

    Cheers Killers for the quick reply.
    I'm with AIB and i've a meeting with a financial advisor tommorow about savings and just needed to know if i brought up about a Mortgage would i be laughed out of the place, i'd feel more confident about bringing it up now.
    Thanks


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    #529
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    tipp81 wrote: »
    Cheers Killers for the quick reply.
    I'm with AIB and i've a meeting with a financial advisor tommorow about savings and just needed to know if i brought up about a Mortgage would i be laughed out of the place, i'd feel more confident about bringing it up now.
    Thanks

    On AIB's calculations you're looking at a max loan of €106k


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    #530
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    SaKi-The-Killer wrote: »
    I'm in the same boat with my partner however the max we seem to be able to get is 175k[AIB]
    Both are earning ~26k in private sector (Retail Management/Software Eng),in permanent jobs,no loans and 25k savings between us.
    The mortgage calculators online seem to offer us ~200-215k.

    Presuming you're both under the age of 30 and have no kids the max AIB would lend is €205k. The reason they have only offered you €175k is that you must only be showing a proven repayment capacity for circa €1kpm whereas to get the full €205k you need to be showing capacity for circa €1,200pm. Increase your savings by €200pm and you'll get approval at that level in 6 months time... Alternatively you may get a higher figure elsewhere now...


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    #531
    SaKi-The-Killer
    Registered Users Posts: 38 ✭SaKi-The-Killer


    At least it makes sense now. Cheers for the advice!


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    #532
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    SaKi-The-Killer wrote: »
    At least it makes sense now. Cheers for the advice!

    No problem, unfortunately the banks never really explain these things very well to applicants...


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    #533
    Yeboah
    Registered Users Posts: 188 ✭✭Yeboah


    finally looks like we could be getting the contract issues finally sorted out...been a long struggle...will update when keys are got -- hopefully


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    #534
    Catweasel
    Registered Users Posts: 54 ✭✭Catweasel


    killers1 wrote: »
    There are no lenders looking at yield values in determining the 'value' of a property and there is no section on a valuation form requesting that information. A property valuation is subjective and whilst there's an element of 'a house is worth what somebody is willing to pay' AIB also look for valuers to quote examples of 2/3 comparable prices achieved recently for similar type properties in that area. Valuers have some room with the banks I.e if a house is for sale for €200k and 2 bidders push the price up to €210k the Valuer will be happy to sign off at that level because that's what someone was willing to pay. There's no 'formula' as such..

    Thanks.....I suppose it goes some way to explaining why we are where we are


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    #535
    folan
    Closed Accounts Posts: 2,630 ✭✭✭folan


    viewing 2 houses in the next 2 days. fingers crossed they tick enough boxes!


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    #536
    heltipp
    Registered Users Posts: 43 ✭heltipp


    killers question...we got loan offer and it says first payment is 7th july. i presume this wont be the case if we dont have mortgage drawdown by then.


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    #537
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    heltipp wrote: »
    killers question...we got loan offer and it says first payment is 7th july. i presume this wont be the case if we dont have mortgage drawdown by then.

    What bank is your mortgage with?


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    #538
    debbiermcd
    Registered Users Posts: 28 ✭debbiermcd


    Great thread and have picked up lots of info.

    We're buying at the moment and I have a query in relation to asking price. We've just offered the asking price and are waiting to hear if we've been lucky but just drove past the house in question and noticed a new "for sale" sign in the garden. A few houses in the area sold quickly lately so I'm wondering if they are allowed to increase the price once an offer which is actually €1k over asking has been made?

    It's been on the market for about 3-4 months and the price has never changed up to now but the sign has never been there until today.


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    #539
    Jilly0212
    Registered Users Posts: 10 ✭Jilly0212


    Hi all apologies if this has been answered before but do you know if there is anyway being able to avoid having a deposit to buy a house. Myself and the boyfriend are sick of renting but it will take us a good few years to save up a deposit and I was just wondering if there is a way around it. Thanks fo ryour help


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    #540
    Verte11
    Registered Users Posts: 66 ✭✭Verte11


    Hi. I just thought I'd let everyone know how it is going for me in the final stages of buying a house. We were meant to close on Friday but still waiting now. There is a delay on the side of the vendor's solicitor due to not returning documents on time. I thought everything would go to plan on the agreed closing date but obviously not. Just thought I'd share this info to give an insight into the final days of the process.


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    #541
    nomoreindie
    Closed Accounts Posts: 161 ✭✭nomoreindie


    Jilly0212 wrote: »
    Hi all apologies if this has been answered before but do you know if there is anyway being able to avoid having a deposit to buy a house. Myself and the boyfriend are sick of renting but it will take us a good few years to save up a deposit and I was just wondering if there is a way around it. Thanks fo ryour help

    no banks are giving 100% mortgages so your only hope is to get a loan from a relative or maybe credit union


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