Buying a house 2012

nemo32 wrote: »

Do you mean to get approval or when you have signed your letter of offer and all other documents have been submitted to the bank after the contracts are signed?

You beat me to it....

bambam26 wrote: »

Hi Guys.

Looking for some advise as i am going out of my mind, 3 weeks ago i recieved full underwriters approval of a mortage application subject to satisfactory valuation. Needles to say 2 day later the seller removed the property from the market and decided to stay put.

I continued to look and found a new propery for less that i was approved for and pyut an offer in, went sale agreed and paid a deposit. When i notified the bank i was told i must re apply fro mortage. Can anyone let me know if this is the norm and what are the chances of being refuesed this time, nothing about my situation has change and if anything its a bit better what with 1 months extra saving going into my account.

Does underwriters approval of a mortage application subject to satisfactory valuation mean i will definatly be offered a mortage once the valuer is happy

Thanks

What bank is it? You won't need to apply again. You just submit the new valuation report & loan amount required and the loan offer will issue. You've been confused by someone somewhere along the line. An approval is valid for 3 months and if you have approval subject to valuation as the only condition this is as concrete an approval you can have prior to a loan offer. Just submit the valuation report to the bank, tell them how much you now need to borrow and an loan offer will issue.

nemo32 wrote: »

:-) I am learning from you killers!

Excellent! An apprentice!! You can take over from me....!:D

shannonside26 wrote: »

Just wondering could any one help, I am looking to get a mortgage for 88,000, I am a ftb and I am being gifted the deposit by my partner. Aib have said this is fine aslong as I provide them with a letter "non refundable etc" I am on 40k pa, have 4,000 savings but also 4,000 loan. I am saving/paying off loan 200 e a week. I didn't cancel loan off with my savings as I wanted them to see I was saving. I am working in Dublin but looking to buy in Galway, am waiting on transfer, rent in Dublin 160 p/m. Do I stand a chance of getting mortgage??

You've a good chance of getting approval if presented correctly to the bank. Your salary is sufficient to borrow that amount of money and you have a proven repayment capacity based on existing savings/rent & loan. The concern I would have (and this is where it needs to be presented correctly) is in relation to buying in Galway and working in Dublin, the chances of getting a transfer and also the gift from your partner... It may seem like swings and roundabouts to you but I would be inclined to use the gifted monies to repay the loan and then you are seen to be putting some of your own money towards the purchase with the balance coming by way of gift. AIB in particular not overly keen where applicant is making no contribution themselves to the purchase and are reliant on a gift for the full deposit.

shannonside26 wrote: »

Thanks killers1, ya the problem I have is transfer as I have applied but would not able to show anything to aib, it is a waiting game but I am confident I would have it in a couple of months. My employer will not give me anything in writing for aib. If I got mortgage I plan on staying with relatives in Dublin so wouldn't be paying any rent. My application is with aib since today so was told it would be 7-10 days, should I clear my loan with gift money now or wait until I hear? Thanks again.

If it's gone in already there's not much you can do about it now and no point in paying the loan off at this stage. Best of luck!

MrThrifty wrote: »

Thanks killers - but I'd heard before (back in the boom days!) that it took a week or two from the last piece of info submitted? I assumed it would be longer now if anything! Must go talking to bank...

If everything is in already including the cheque req there's no reason why your solicitor wouldn't have funds in 2 days. If the last piece of info was received today it would take 2 days for that to be scanned onto the system and then a further 2 days for the cheque to issue. Your solicitor can get an update from the completions dept for you..

bambam26 wrote: »

killers1 wrote: »

What bank is it? You won't need to apply again. You just submit the new valuation report & loan amount required and the loan offer will issue. You've been confused by someone somewhere along the line. An approval is valid for 3 months and if you have approval subject to valuation as the only condition this is as concrete an approval you can have prior to a loan offer. Just submit the valuation report to the bank, tell them how much you now need to borrow and an loan offer will issue.

Thanks Killer1

I am with Ulster Bank, they arrange the valuer and i have to fill in ,well sign a new application form and give most recent bank statment and the girl i am dealing with said it was a re application once thats approved they will sent out a valuer !!!!!! I never recieved an offical letter saying it was approved pending valuation report i just got an email from her stating this. I hoe it is a case that i have picked her up wrong and i dont have to completly re apply

Thanks for you help

If it's just another signature and one bank statement it is nowhere near having to completely apply again. It'll will just be referred back to the Underwriter to sign off on. You'll be fine...

bambam26 wrote: »

killers1 wrote: »

If it's just another signature and one bank statement it is nowhere near having to completely apply again. It'll will just be referred back to the Underwriter to sign off on. You'll be fine...

Thanks again Killer,

I am a FTB and a little clueless when it comes to banks and how they work

Don't worry, you'll be an expert by the end of it!! If you've any questions at any stage just ask. Best of luck!

Gally05 wrote: »

great thread lads ,
currently in the middle of a sale myself (FTB)
i wish i had all this info 12months ago , maybe things would have moved quicker

I'm sure you saved a few thousand bny not buying then

bambam26 wrote: »

I spoke to the girl in the bank today (think she is fresh out of mortgage school and I doubt she finished top of the class) She confirmed that it is a new application. She is just waiting some of the forms from the original app to be put up on their system and attached to the new application ( I only signed that so I presume she is filling in the details ) and then it will be sent to the underwriter for them to make a decision. This could take a while as they are swamped with applications. But not to fret because I got passed a few weeks ago so the outcome SHOULD be the same:eek:
Has anyone come across this before?
Will they do another credit check as I heard this can take a few days to get from ICB
It is 2 weeks tomorrow that I gave the EA the deposit and the bank the signed form and new bank statement and I am panicking that A... I won’t get passed this time and B.. the seller will pull out due to lack of movement
Sorry for the long post but I am tearing my hair out at this stage and the info on her is 100 times better than what i get of the bank
thanks

Stop stressing! They're calling it a 'new application' only because the property address has changed. Nearly all the info you submitted for the previous application will just be transferred to the 'new' reference no. and then it will be reviewed by the Underwriter. If there has been no changes in your circumstances since last application you'll be absolutely fine as there has been no change in UB's credit policy since then. Have you given the EA your solicitor details yet? Has the EA been on to you for an update? If not, that's fine. If he does contact you he'll probably just want to know when will the valuation be carried out. Just tell him you'll get on to the bank and check it out with them. Then call him back a day later and tell him the valuer will be in touch in the coming days. This will satisfy him and buy you some time. The ICB check takes about a half an hour to come through so that won't delay anything. It's literally just to queue to be looked at by the Underwriter that's holding you up but based on what you've said you'll be absolutely fine and approval will be a formality. 2 weeks isn't a long time in the house buying process so don't be worrying about the seller pulling out. Once they hear mention of a valuer being in touch there mind will be put at rest and they'll be more than happy...

Has anyone arranged a mortgage through Chrome capital before?

Myself and the other half are using them just wondering if they're any good

Iamhere wrote: »

We have recently went sale agreed and the valuation has just been done, i spoke to the valuer today and he said it was trying to get a ordnance survey map of the property and had contact the builders solicitor. Now i don't know too much about these maps, but i went on to osi.ie and the section of the estate where the house is located is under construction since 2010, i am now wondering if there is going to be a problem getting the map...

Banks sometime look for the valuer to stamp & sign an ordnance survey map to show exactly where the property is located in relation to the main roads or nearest town. It's generally where the house has no number or is a one-off house. It doesn't matter if the property is still under construction (or not built) on the map in 2010 the valuer will just mark where the site is and confirm that's the property. The OS map will generally arrive in your solicitors with the contracts or you should get your solicitor to chase up the vendors solicitor to provide the map for the valuer. Won't be an issue for you...sometimes can just take a while to get a copy of the map..

Iamhere wrote: »

Thanks that makes sense, the valuer said that AIB have been sending back any valuation reports without a OS map recently...

Yeah AIB can be a bit fussy about OS maps sometimes. Their rationale behind it is that if aliens came down from the moon and needed to find your house they would have a sufficient map on file to guide them there...

'Closing' is where money is handed over to the vendors solicitor for vacant possession of the property in sale by getting the title deeds to the property and the keys.

You will either collect the keys from your solicitor or the EA, whatever arrangements have been made and whatever suits. You can check this with your solicitor the day before you close to find out where the keys will be available from..

dove2011 wrote: »

Hi all, just to let you know AIB approved my loan... so now the fun begins... Will let you all know how it goes for me.

Also on a less selfish note............CONGRATULATIONS :D:D

Bigcheeze wrote: »

The bank won't let it be on your own head as you won't be getting a mortgage if
the valuation comes back lower.

well I presume a lower valuation would just push up the LTV from current 79% to a higher rate, but I should still get a mortgage assuming it doesn't push it beyond their lending LTV ?

stressederic wrote: »

Killers,
I have a query for u seeing as u seem to be well clued up on all this mortgage business!
This is my situation. I'm a permanent teacher 43,000 gross. Husband working for agency as carer in hospital, not permanent and no chance of any because of embargo in HSE. Have 25,000 deposit and no loans. Anyway applied to AIB fr 92% which is around 236,000. Now I knew this was a long shot but I thought they would get back saying "No, but we will give you x amount instead" but they didnt! Anyway it is being appealed at the moment. Question is what do u think my chances are with this appeal or any other bank even? I can be gifted 20,000 which I think I will need at this stage! I need to get approval asap as I have booking deposit on the house, didnt realise my husbands salary wouldnt be considered and hes more of a liability than an asset!

Hi there, what are your ages?, do you have kids?, how much do you save per month?, how much rent do you pay pm?, do you have any other loans?

folan wrote: »

making an offer this morning for the first time. Nerves are up!

Best of luck with it! Just remember the negotiation is a process and if you're first offer is accepted you've gone in too high!