Buying a house 2012

killers1 · 18-05-2012 2:19pm

Felexicon wrote: »

Hey man you're the expert here I'm only speaking from very limited personal experience

We got a decent AIP from ICS aswell

Wasn't being critical, it's a big investment, do some research & buy your money as cheaply as possible! Even ptsb have reduced their rates for new business recently and Ulster Bank have taken over the mantle of having extortionate rates!

killers1 · 18-05-2012 2:51pm

sillyruby wrote: »

thanks killers really duno if they will lower it as we already have gone sale agreed approx. 40k under the asking price we would be asking for that again off it

I can appreciate that you like the house and probably want to buy it...but...do you really want to pay €40k more than it's worth to get it??

and...it was obviously well overpriced at €80k above market value so I'd ignore the 'reduction' in the asking price...

DavyD_83 · 18-05-2012 3:33pm

killers1 wrote: »

Why are people jumping from AIB directly to Ulster Bank? What about the cheaper banks in between who have a more generous calculator that AIB??

Personally, we were told that with our demonstrated ability to pay (only about 5%), that AIB and Bank of Ireland weren't interested except to offer a much lower loan ammount.

I am really just trusting my broker, he told us that Ulster was next best bet and that they were willing to look at lending us what we need.

Possibly it is because these are the only banks his company deals with? Could you give me an example of some of the banks we are jumping over and i can try and suss them myself; definitely willing to do some legwork if it will make a decent saving in the long run.

We only went with broker because we thought they would find us best deal, and might help us avoid time-wasting mistakes in the process.

killers1 · 18-05-2012 3:41pm

DavyD_83 wrote: »

Personally, we were told that with our demonstrated ability to pay (only about 5%), that AIB and Bank of Ireland weren't interested except to offer a much lower loan ammount.

I am really just trusting my broker, he told us that Ulster was next best bet and that they were willing to look at lending us what we need.

Possibly it is because these are the only banks his company deals with? Could you give me an example of some of the banks we are jumping over and i can try and suss them myself; definitely willing to do some legwork if it will make a decent saving in the long run.

We only went with broker because we thought they would find us best deal, and might help us avoid time-wasting mistakes in the process.

It just sounds a bit strange... did you see any decline letters or approvals for lessor amounts from the other banks? The reason I think it is strange is that Ulster Bank don't deal with Brokers. Have you met Ulster Bank at any stage? Did he process the application through a Branch? He won't be paid a commission by UB so is he charging you a fee? It could well be the case that he's run the figures and decided you won't qualify with AIB,BOI, ICS,EBS, KBC (although max ltv 80%), PTSB but I'm not sure whether he's mentioned these banks to you? In fairness Ulster bank are approving some loans that other banks won't entertain at the moment... this is because their rates are so expensive it's the only way they'll grow any market share.. I'd check with him to see exactly how he's processing the application through UB because as I said they don't accept applications via mortgage intermediaries apart from arrangements brokers have with branch managers but can't get paid for introducing.

fitzachery · 18-05-2012 4:46pm

killers1 wrote: »

+1 to this, you'll be fine. You've been paying a similar mortgage amount for 18 yrs with an unblemished record... So long as your not in your 60's and earn less than 10k per annum you'll be fine!

Thank you, yes, "only" fifty, 42k pa so here's hoping.

killers1 · 18-05-2012 4:54pm

fitzachery wrote: »

Thank you, yes, "only" fifty, 42k pa so here's hoping.

Sounds like a no-brainer....

sillyruby · 18-05-2012 7:49pm

killers1 wrote: »

sillyruby wrote: »

thanks killers really duno if they will lower it as we already have gone sale agreed approx. 40k under the asking price we would be asking for that again off it

I can appreciate that you like the house and probably want to buy it...but...do you really want to pay €40k more than it's worth to get it??

and...it was obviously well overpriced at €80k above market value so I'd ignore the 'reduction' in the asking price...

On investigation turns out the lady who types up the reports put wrong figures! House is actually wprth more than we r paying for it! Panic over

sillyruby · 18-05-2012 7:50pm

killers1 wrote: »

sillyruby wrote: »

thanks killers really duno if they will lower it as we already have gone sale agreed approx. 40k under the asking price we would be asking for that again off it

I can appreciate that you like the house and probably want to buy it...but...do you really want to pay €40k more than it's worth to get it??

and...it was obviously well overpriced at €80k above market value so I'd ignore the 'reduction' in the asking price...

On investigation turns out the lady who types up the reports put wrong figures! House is actually wprth more than we r paying for it! Panic over

Felexicon · 18-05-2012 7:54pm

sillyruby wrote: »

On investigation turns out the lady who types up the reports put wrong figures! House is actually wprth more than we r paying for it! Panic over

I'd say your beer/wine tonight will taste alot better now.
You went from :eek: to

to

killers1 · 18-05-2012 9:54pm

sillyruby wrote: »

On investigation turns out the lady who types up the reports put wrong figures! House is actually wprth more than we r paying for it! Panic over

Haha! It does happen.... I saw a valuation on a €280k house come in at €820k once!

nemo32 · 19-05-2012 8:09am

Sale is finally closed and the house is ours! 3mths from deposit to close but felt like 3 years.. Best of luck everyone it will be worth all the hard work :-)

blueturnip · 19-05-2012 10:51am

nemo32 wrote: »

Sale is finally closed and the house is ours! 3mths from deposit to close but felt like 3 years.. Best of luck everyone it will be worth all the hard work :-)

3 months? Well at least that gives us something to work towards! We paid ours a month ago now, and haven't really heard much to be honest. But another 2 months would suit as our lease is up at the beginning of August.

Quick update on what else we have done since:

Life assurance arranged: €30 a month
Valuer: €150
Surveyor: €295

Valuer reckons we got quite a good deal, and I haven't seen the report yet, but the surveyor said there were no major issues!

Also, received our official loan offer from the bank, so only the home insurance left to organise I think.

fitzachery · 19-05-2012 1:39pm

killers1 wrote: »

Sounds like a no-brainer....

My thinking too but little doubts creep in and I lose my confidence so I just have to get organised and go for it. Thanks for the reassurance:)

nemo32 · 20-05-2012 7:44am

blueturnip wrote: »

nemo32 wrote: »

Sale is finally closed and the house is ours! 3mths from deposit to close but felt like 3 years.. Best of luck everyone it will be worth all the hard work :-)

3 months? Well at least that gives us something to work towards! We paid ours a month ago now, and haven't really heard much to be honest. But another 2 months would suit as our lease is up at the beginning of August.

Quick update on what else we have done since:

Life assurance arranged: €30 a month
Valuer: €150
Surveyor: €295

Valuer reckons we got quite a good deal, and I haven't seen the report yet, but the surveyor said there were no major issues!

Also, received our official loan offer from the bank, so only the home insurance left to organise I think.

sounds like your well organised blue turnip, id say mine would have closed a little earlier but we had to get gas and electricty turned back on before the survey so that wasted approx 3 weeks so id be thinking 3mths at the longest if there are no major issues. Your solicitor is prob just waiting for the vendors contracts now and you'll be ready to roll :-) good luck!

brendash · 21-05-2012 10:10am

In the same boat...thought I'd be in months ago but at least I have now a closing date..so should be in in a few weeks!! (I've said that enough times!!) Anyway, when do I arrange with the vendor to take readings for electricity etc inorder to change it into my name...on the closing date???

nemo32 · 21-05-2012 10:14am

brendash wrote: »

In the same boat...thought I'd be in months ago but at least I have now a closing date..so should be in in a few weeks!! (I've said that enough times!!) Anyway, when do I arrange with the vendor to take readings for electricity etc inorder to change it into my name...on the closing date???

Sorry Brendash I have no idea, There was no one living in my house so I had to get all the gas and electricity turned back on myself so I just took a reading and called up bord gas and signed up as the new owner and gave them the readings. Is there currently someone in your house?

copeyhagen · 21-05-2012 10:26am

not as easy as we thought it would be, mortgage approved 2 months, seems to be a lot of bidders bidding on same houses as ourselves, just by pure (un)luck, every house we have bid on is with the same estate agent.

they know how much we have as we bid our limit on first house, so now i think shes jsut reeling us in..

this is no fun

heltipp · 21-05-2012 10:35am

can someone tell me when bank sends out letter of offer does it just go to solicitor or do you get something in post as well.

nemo32 · 21-05-2012 10:44am

copeyhagen wrote: »

not as easy as we thought it would be, mortgage approved 2 months, seems to be a lot of bidders bidding on same houses as ourselves, just by pure (un)luck, every house we have bid on is with the same estate agent.

they know how much we have as we bid our limit on first house, so now i think shes jsut reeling us in..

this is no fun

And people say that nobody is getting approved and buying houses, I strongly disagree with this statement as I have seen the same happen. Alot of people out there looking for a good deal so there all bidding on the same good deal houses... keep the faith, it will happen for you!

nemo32 · 21-05-2012 10:45am

heltipp wrote: »

can someone tell me when bank sends out letter of offer does it just go to solicitor or do you get something in post as well.

Then send it out after the valuation is done and sent back into them, they send a copy to you and the solicitor, we went to the solicitors to sign ours then

DavyD_83 · 21-05-2012 10:57am

killers1 wrote: »

It just sounds a bit strange... did you see any decline letters or approvals for lessor amounts from the other banks? The reason I think it is strange is that Ulster Bank don't deal with Brokers. Have you met Ulster Bank at any stage? Did he process the application through a Branch? He won't be paid a commission by UB so is he charging you a fee? It could well be the case that he's run the figures and decided you won't qualify with AIB,BOI, ICS,EBS, KBC (although max ltv 80%), PTSB but I'm not sure whether he's mentioned these banks to you? In fairness Ulster bank are approving some loans that other banks won't entertain at the moment... this is because their rates are so expensive it's the only way they'll grow any market share.. I'd check with him to see exactly how he's processing the application through UB because as I said they don't accept applications via mortgage intermediaries apart from arrangements brokers have with branch managers but can't get paid for introducing.

Hmmm, strange. I'm pretty sure he did list Ulster to us from the start as one of the banks he deals with.

PTSB was also mentioned, but at the time only as a last resort (I realise rates have probably shifted since then)

We're not paying a fee, so I am intrigued by the fact you say they don't pay a commission. There has been no mention of an extra cost to us. That would seem to mean he's doing himself out of payment, or something else is happening....

The broker has said that he is dealing with a guy in a branch, and has told me branch and name of contact, but I just thought this was a normal part of the process.

Thanks for the heads up; I have gotten the impression that everything is fully above board to be honest, but it's good to know the questions to ask just in case.

copeyhagen · 21-05-2012 11:30am

nemo32 wrote: »

And people say that nobody is getting approved and buying houses, I strongly disagree with this statement as I have seen the same happen. Alot of people out there looking for a good deal so there all bidding on the same good deal houses... keep the faith, it will happen for you!

yeh thats true, everyone told us the banks weren't lending, that we would be in great situation. bs!

or the estate agents are liars.. that couldnt be true surely!!! :eek::p

Roxee · 21-05-2012 12:19pm

Ack me nerves. Have put in offer this morning on house (no word back yet) but have only sent off docs to AIB over weekend to get AIP. They say today that it'll probably take up to two weeks. They said 2-3 days initially, but seems there's a backlog.

No other competing offers in at the moment on the house, thankfully. That could change at any moment though. Scared now that someone else will come along in coming days and while I might be able to outbid them in theory, the vendor might be anxious not to lose the other offer and might go with that.

It's been on market since November (albeit at higher prices). Would be a shame if they didn't hold out an extra few days though. Fingers crossed.

Has there been much discussion of gazumping here before? Tum tee tum...

)

nemo32 · 21-05-2012 12:47pm

Roxee wrote: »

Ack me nerves. Have put in offer this morning on house (no word back yet) but have only sent off docs to AIB over weekend to get AIP. They say today that it'll probably take up to two weeks. They said 2-3 days initially, but seems there's a backlog.

No other competing offers in at the moment on the house, thankfully. That could change at any moment though. Scared now that someone else will come along in coming days and while I might be able to outbid them in theory, the vendor might be anxious not to lose the other offer and might go with that.

It's been on market since November (albeit at higher prices). Would be a shame if they didn't hold out an extra few days though. Fingers crossed.

Has there been much discussion of gazumping here before? Tum tee tum... )

Does your EA know you don't have AIP? When did they say they'd come back to you with an acceptance or denial of the offer? It's nerve wrecking times, best of luck

Verte11 · 21-05-2012 6:30pm

Hi Heltipp. My bank sent an offer letter out to me and then one to my solicitor when I had appointed him.
I'ts been so long since I've put the offer in on my house I can't remember.I've signed the contract conditional on vendor providing something and but waiting on vendor to sign. They have asked for proof that extension on house was not subject to bye-laws. So they need to do a search with the council. It's approaching our closing date and she hasn't signed or produced the search.Getting SOOO anxious now. WOuld so love to be in for the Summer. God hope vendor doesnt pull out.AAHh

killers1 · 21-05-2012 8:57pm

DavyD_83 wrote: »

Hmmm, strange. I'm pretty sure he did list Ulster to us from the start as one of the banks he deals with.

PTSB was also mentioned, but at the time only as a last resort (I realise rates have probably shifted since then)

We're not paying a fee, so I am intrigued by the fact you say they don't pay a commission. There has been no mention of an extra cost to us. That would seem to mean he's doing himself out of payment, or something else is happening....

The broker has said that he is dealing with a guy in a branch, and has told me branch and name of contact, but I just thought this was a normal part of the process.

Thanks for the heads up; I have gotten the impression that everything is fully above board to be honest, but it's good to know the questions to ask just in case.

That's what I thought, it is being processed through a Branch. The Underwriters will be under the impression that it's a Branch application. Just make sure that the other banks did actually get to see the application and look for either decline confirmation or approvals for lessor amounts.

killers1 · 21-05-2012 8:58pm

nemo32 wrote: »

Sale is finally closed and the house is ours! 3mths from deposit to close but felt like 3 years.. Best of luck everyone it will be worth all the hard work :-)

Congrats! Best of luck in your new home!

killers1 · 21-05-2012 9:01pm

Verte11 wrote: »

Hi Heltipp. My bank sent an offer letter out to me and then one to my solicitor when I had appointed him.
I'ts been so long since I've put the offer in on my house I can't remember.I've signed the contract conditional on vendor providing something and but waiting on vendor to sign. They have asked for proof that extension on house was not subject to bye-laws. So they need to do a search with the council. It's approaching our closing date and she hasn't signed or produced the search.Getting SOOO anxious now. WOuld so love to be in for the Summer. God hope vendor doesnt pull out.AAHh

Hey Verte. Don't be worried about the fact the the seller hasn't exchanged contracts yet. This generally happens at the last minute and you'll probably find the council search will be delivered with the signed contracts just before your closing date. Unless anyone has told you differently work to the presumption that you are still going to close as scheduled. You can always contact your solicitor to chase up the vendors solicitor for an update.

killers1 · 21-05-2012 9:04pm

brendash wrote: »

In the same boat...thought I'd be in months ago but at least I have now a closing date..so should be in in a few weeks!! (I've said that enough times!!) Anyway, when do I arrange with the vendor to take readings for electricity etc inorder to change it into my name...on the closing date???

When you get the keys, take the readings and inform the utility companies. If there's any monies outstanding it's the vendors responsibility.

Verte11 · 22-05-2012 8:02am

killers1 wrote: »

Hey Verte. Don't be worried about the fact the the seller hasn't exchanged contracts yet. This generally happens at the last minute and you'll probably find the council search will be delivered with the signed contracts just before your closing date. Unless anyone has told you differently work to the presumption that you are still going to close as scheduled. You can always contact your solicitor to chase up the vendors solicitor for an update.

Thanks Killers. Just don't have a clue and I'm probably being negative thinking it's all going to fall through or something.I've been on to my solicitors loads. They say theyhave been chasing the vendors solicitor all last week but no reply. Cheers anyway.

brendash · 22-05-2012 10:09am

to heltipp, both your solicitor and yourself will get a letter

brendash · 22-05-2012 10:11am

Hi nemo32, so its best to take the reading on the closing date and as you did, setup a new account with the gas/electricity..thx

Verte11 · 22-05-2012 7:04pm

Hi, I might be a bit thick but but I don't understand the reply I got from my solicitor in response to the question 'Has the vendor signed the contract yet?'. This is what he wrote : 'They advised that they returned one Contract for Sale but same was enclosed in their letter so I have sent them a quick fax about that and a list of the documents we require on closing so that they can get fully ready for the date'.
Does this mean the vendor has or has not signed the contract? Is there some solicitor speak I'm missing out on here? I take 'same' was enclosed as meaning the signed contract is enclosed, however he uses the word 'but' which suggests it is not enclosed.I'm so confused.

Verte11 · 22-05-2012 7:05pm

Congrats Nemo on the new house.

killers1 · 22-05-2012 7:15pm

Verte11 wrote: »

Hi, I might be a bit thick but but I don't understand the reply I got from my solicitor in response to the question 'Has the vendor signed the contract yet?'. This is what he wrote : 'They advised that they returned one Contract for Sale but same was enclosed in their letter so I have sent them a quick fax about that and a list of the documents we require on closing so that they can get fully ready for the date'.
Does this mean the vendor has or has not signed the contract? Is there some solicitor speak I'm missing out on here? I take 'same' was enclosed as meaning the signed contract is enclosed, however he uses the word 'but' which suggests it is not enclosed.I'm so confused.

Doesn't really matter what they mean. It sounds like both solicitors are working towards the agreed closing date and until such time as someone tells you it won't close on that date you've nothing to worry about. Sounds like the contract they sent back may have been missing a signature... It'll be fine...

irbx · 22-05-2012 7:37pm

we were thinking of buying a house this year. but with current Greece issue (part 10).

it's making me rethink this in case the crisis will get much worst . any one have the same idea as me?

shannonside26 · 22-05-2012 11:45pm

The house I have deposit on is not finished, it still has to be plastered on inside etc. the EA sent me an email today telling me it will be ready 4 months from when contract is signed. I have yet to sign contract. I'm not sure where I stand with my mortgage now as I presume aib will not release monies until house is completed.... Is there a time frame on my mortgage approval for this house? I sent form to Valuer but can it be valued?

Formation · 23-05-2012 2:13am

With the allsop auctions, is it possible to get an engineer in to check out the property prior to the auction? Can I view the property prior to the auction?

Are allsop the only agency auctioning off defaulted/distressed properties? Where do I find out about other Dublin auctions?

ted1 · 23-05-2012 3:51pm

finally signed contracts today. closing on Thursday week. Nearly time to head on over to the DIY forum..

nemo32 · 23-05-2012 4:58pm

ted1 wrote: »

finally signed contracts today. closing on Thursday week. Nearly time to head on over to the DIY forum..

Well done.. nearly there so, congrats.
See you on the DIY forum

heltipp · 23-05-2012 5:56pm

Hi all.... i just got a call from bank last thursday saying we got our mortgage but hae not yet received loan offer. I know that valuation was done last friday so when should i expect letter???

Also relatisticly how long do ye think it will take before closing?? I know that it can take quite a long time but i know the sellers are very anxious to close soon. the house is empty so this wont cause any issues! any help greatly appreicated.

spider77 · 23-05-2012 11:15pm

Hi,

I am a FTB and earn 46k and have AIP from AIB for up to 220k. I am looking at two properties, 170 and 210k ish. I am just wondering if 210 would be too high to manage on my own? I have 25k of a deposit and am looking at repayments of about 800 p/m for the house at 210k. Just a little anxious I am going beyond my means. Am I just being over cautious? I may rent a room on the house at 210 if needs be but would prefer not to have to depend on that. Any advise welcome!

ted1 · 23-05-2012 11:21pm

Which of the two can you see yourself being happiest with ?

If you spent 40k on the
Cheaper one, how awesome would it be.

Formation · 23-05-2012 11:29pm

spider77 wrote: »

Hi,

I am a FTB and earn 46k and have AIP from AIB for up to 220k. I am looking at two properties, 170 and 210k ish. I am just wondering if 210 would be too high to manage on my own? I have 25k of a deposit and am looking at repayments of about 800 p/m for the house at 210k. Just a little anxious I am going beyond my means. Am I just being over cautious? I may rent a room on the house at 210 if needs be but would prefer not to have to depend on that. Any advise welcome!

how will you be fixed if interest rates rise 1.5%?

spider77 · 24-05-2012 7:01am

ted1 wrote: »

Which of the two can you see yourself being happiest with ?

If you spent 40k on the
Cheaper one, how awesome would it be.

They are both new properties and both locations are good for me. The cheaper one has a bus route as an advantage but is a corner plot and a little further out from city. Also, I know people who already bought in the area and are happy there.

spider77 · 24-05-2012 7:04am

Formation wrote: »

how will you be fixed if interest rates rise 1.5%?

Good question! I'm not good at working out that but would hope salary will rise also but that's not guaranteed these days. I am currently looking at a rate of 3.28 variable with AIB.

connundrum · 28-05-2012 12:06pm

Right,

We've been offered a mortgage by AIB, and have put a bid on the house.

The EA came back on Friday to say that the bid was accepted.

My wife has been on to the bank all through the process (updating them about the offer made/received etc) and they've said that everything is ok.

Literally, what are our next steps?

My wife is due to meet the EA tomorrow with a €6000 deposit.

Do I need to start contacting valuers now and organising him/her to visit the house this week/next week?

When do we engage a solicitor?

Thanks

Dave

artheb · 28-05-2012 12:14pm

connundrum wrote: »

Right,

We've been offered a mortgage by AIB, and have put a bid on the house.

The EA came back on Friday to say that the bid was accepted.

My wife has been on to the bank all through the process (updating them about the offer made/received etc) and they've said that everything is ok.

Literally, what are our next steps?

My wife is due to meet the EA tomorrow with a €6000 deposit.

Do I need to start contacting valuers now and organising him/her to visit the house this week/next week?

When do we engage a solicitor?

Thanks

Dave

Hi,
Good to hear that your offer was accepted. I am not sure what is the next step but I am after placing an offer on the house and I wonder what have you offered. Was it 10/20/30% of the asking price? Did they come back to you with counter offer?

Thanks.

connundrum · 28-05-2012 12:30pm

artheb wrote: »

Hi,
Good to hear that your offer was accepted. I am not sure what is the next step but I am after placing an offer on the house and I wonder what have you offered. Was it 10/20/30% of the asking price? Did they come back to you with counter offer?

Thanks.

We've agreed on a price exactly 11.2% below asking. This taking into consideration that the asking price had already been dropped on daft by 15% since the middle of 2011.

Overall, since Mid 2011 the house has fallen by approx 26% (asking price to selling price), and by approx 52% since it's highest valuation (based on a similar house on the same road selling in 2007).

We're very happy with the agreed price though.

My wife played an excellent game with the EA, in not budging from the initial big despite big talk from the EA.

nemo32 · 28-05-2012 6:49pm

connundrum wrote: »

Right,

We've been offered a mortgage by AIB, and have put a bid on the house.

The EA came back on Friday to say that the bid was accepted.

My wife has been on to the bank all through the process (updating them about the offer made/received etc) and they've said that everything is ok.

Literally, what are our next steps?

My wife is due to meet the EA tomorrow with a €6000 deposit.

Do I need to start contacting valuers now and organising him/her to visit the house this week/next week?

When do we engage a solicitor?

Thanks

Dave

You'll need to find a solicitor now and call the bank and tell them your offer has been accepted, they'll ask for the solicitors details and house address and give you there list of valuers and you just need to pick one of them and once that is done your letter of offer will be sent from the bank and solicitors and the solicitor will tell you all the next steps after that :-)

Good luck!

Buying a house 2012

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