Buying a house 2012

nemo32

cowboyjoe wrote: »

Hi all - long term interested observer of this forum/thread. So AIB issued myself and girlfriend loan sanction letter last friday - €240k loan. We sent in our application the previous friday. So basically 5-6 working days for a positive decision, albeit with plenty of telephone pressure from ourselves. We didn't go through a broker.

Well done cowboyjoe, Happy shopping

unknownlegend

For those of you that have recently gone mortgage approved could you say what salary multiple they are capping at? And what the ratio of main/secondary wage is?

Obviously it's not a 'target' to borrow but still interesting to know. or is it now based on a percentage of nett salary? (again split out by a combination of main/secondary salary)

shannonside26

Does anyone know how much is the fee for one of aib's approved Valuers?

Iamhere

shannonside26 wrote: »

Does anyone know how much is the fee for one of aib's approved Valuers?

I got quoted €180 from one and €130 from another...

shannonside26

Thanks Iamhere

killers1

shannonside26 wrote: »

Does anyone know how much is the fee for one of aib's approved Valuers?

€130 is the standard fee. Sometimes valuers will charge mileage if they've a longer journey to travel ( usually country valuers) but you definitely find one who'll just charge you the standard fee

blueturnip

shannonside26 wrote: »

Does anyone know how much is the fee for one of aib's approved Valuers?

We paid €150 for one in the same area as in the house.

shannonside26

Thanks guys, would it be the norm for solicitor and outlays including stamp duty to come to €2,630?? Does anybody have any recommendations for house and life ins?

Bigcheeze

shannonside26 wrote: »

Thanks guys, would it be the norm for solicitor and outlays including stamp duty to come to €2,630?? Does anybody have any recommendations for house and life ins?

Stamp duty is 1% of the purchase price so no one can answer your question without knowing the price of the house.

Outlays are around 600 if buying.

You can get solicitor fees for under 1k + stamp + outlay.

For house and life just get a few online quotes.

TheDriver

absolutely don't be pressurised into the banks life assurance, I have found 123.ie to be the cheapest at moment for house but thats only me! Don't touch AA unless you want 4-5 letters in the next week and people ringing you to "check on the quote"-well if i didn't buy I don't want it!
I found it hard to get a sub 1k solicitor to be honest except ones that looked a bit dodge and not the greatest rep. I paid 1200 + outlays etc and solicitor was always on the email or phone etc.

nemo32

I found the bank insurance alot more expensive than what I eventually went for. Stephen at http://www.mortgagebrokers.ie/ looked after my life insurance. I found he was very informative and helpful, made the process alot easier

LouEd1000

We are a married couple, married almost 4 years. No dependents.

I am self employed, so my income cannot be taken into account. My wife earns €53,000 per annum in a full time job where she has been for 3 and a half years (permanent).

We have no loans, 2 credit cards with all balances paid off, and savings of €21,000.

We have been renting and paying €920 per month for the last 4 years, plus paying €239 per month on a car loan until Feb 12 when this was repaid in full.

We are looking to buy a house for €180,000, with a mortgage over 28 years.

Our application went to AIB three weeks ago and they turned us down last week, due to a poor credit rating on my behalf. At this point, AIB couldn't find me in their system.

We applied to the ICB for our Credit Reports. My wife's showed the car loan and the credit cards - all perfectly kept and the loan repaid. Mine showed nothing - no loans, no credit cards, no bad history at all.

AIB eventually found me and told me that they had me down as being late with some loan repayments in 1999. They told me to send in the new credit reports we received as they could then update their records and wipe the old bad history.

These reports have now gone to AIB with an appeal. Does this sound right to anybody else? Surely they will not simply change their mind on foot of a blank credit report from the ICB?

In the meantime, the loan application has now gone to ICS. My worry about this is that they will see that the AIB have checked the Credit Report and will know that they turned us down for some reason. Does this ever affect the banks' decision?

BTW, we have done all this through a broker. I'd just like someone else's thoughts on it (he has been very helpful.)

killers1

LouEd1000 wrote: »

We are a married couple, married almost 4 years. No dependents.

I am self employed, so my income cannot be taken into account. My wife earns €53,000 per annum in a full time job where she has been for 3 and a half years (permanent).

We have no loans, 2 credit cards with all balances paid off, and savings of €21,000.

We have been renting and paying €920 per month for the last 4 years, plus paying €239 per month on a car loan until Feb 12 when this was repaid in full.

We are looking to buy a house for €180,000, with a mortgage over 28 years.

Our application went to AIB three weeks ago and they turned us down last week, due to a poor credit rating on my behalf. At this point, AIB couldn't find me in their system.

We applied to the ICB for our Credit Reports. My wife's showed the car loan and the credit cards - all perfectly kept and the loan repaid. Mine showed nothing - no loans, no credit cards, no bad history at all.

AIB eventually found me and told me that they had me down as being late with some loan repayments in 1999. They told me to send in the new credit reports we received as they could then update their records and wipe the old bad history.

These reports have now gone to AIB with an appeal. Does this sound right to anybody else? Surely they will not simply change their mind on foot of a blank credit report from the ICB?

In the meantime, the loan application has now gone to ICS. My worry about this is that they will see that the AIB have checked the Credit Report and will know that they turned us down for some reason. Does this ever affect the banks' decision?

BTW, we have done all this through a broker. I'd just like someone else's thoughts on it (he has been very helpful.)

Sounds like you're poor repayment history has shown up on AIB's internal check somewhere along the line but icb is clear as problem is going back to 1999. Loan you had with late repayments is obviously with AIB? If the repayments were just late as opposed to missed they may overlook it but chances are they won't and the decline will stand (basing this on a similar case recently). Your application with ICS will be fine and as your icb is clear the issue from 1999 won't effect your application and nor will the AIB enquiry on your credit check. Based on your figures etc you'll meet ics's criteria...AIB's decision to approve you won't be based on a clear icb report it'll be based on whether your account behaviour in 1999 can be signed off by an underwriter willing to overlook it.

BRIDGE27

Hi folks, just a quick question. We have agreed €285k for a house. It was previously owned. The first step is trying to get a solicitor???Does anybody know roughly what fee I should be paying for solicitor. The prices seem to vary?

stressederic

LouEd1000 wrote: »

We are a married couple, married almost 4 years. No dependents.

I am self employed, so my income cannot be taken into account. My wife earns €53,000 per annum in a full time job where she has been for 3 and a half years (permanent).

We have no loans, 2 credit cards with all balances paid off, and savings of €21,000.

We have been renting and paying €920 per month for the last 4 years, plus paying €239 per month on a car loan until Feb 12 when this was repaid in full.

We are looking to buy a house for €180,000, with a mortgage over 28 years.

Our application went to AIB three weeks ago and they turned us down last week, due to a poor credit rating on my behalf. At this point, AIB couldn't find me in their system.

We applied to the ICB for our Credit Reports. My wife's showed the car loan and the credit cards - all perfectly kept and the loan repaid. Mine showed nothing - no loans, no credit cards, no bad history at all.

AIB eventually found me and told me that they had me down as being late with some loan repayments in 1999. They told me to send in the new credit reports we received as they could then update their records and wipe the old bad history.

These reports have now gone to AIB with an appeal. Does this sound right to anybody else? Surely they will not simply change their mind on foot of a blank credit report from the ICB?

In the meantime, the loan application has now gone to ICS. My worry about this is that they will see that the AIB have checked the Credit Report and will know that they turned us down for some reason. Does this ever affect the banks' decision?

BTW, we have done all this through a broker. I'd just like someone else's thoughts on it (he has been very helpful.)

HI,
I am in a pretty similar situation as urself. I'm permanent 0n 43,000. Husband is not perm so he couldnt be taken into account. At first they got back saying no mortgage, then after a week waiting on appeal, they offered us 80,000. We asked for 220,000. To be honest I think they were just using ur late repayments as an excuse because they want all joint applicants to be PERMANENT! I really think they should stress this more befor wasting everybodys time. What they will do is basically figure out ur wifes net monthly income (mine was 2300) They then require u to have 2000 to live on so we basically had 300 to put towards a mortgage! I had a nightmare dealing with them

On a more positive note, I just received approval from BOI today!YIPEE, they gave us the full 220,000!Couldnt believe it! I think they might have taken a portion of my husbands income into account. The advisor at the branch was so helpful. I recommend u try BOI!

stressederic

BRIDGE27 wrote: »

Hi folks, just a quick question. We have agreed €285k for a house. It was previously owned. The first step is trying to get a solicitor???Does anybody know roughly what fee I should be paying for solicitor. The prices seem to vary?

I think all the outlays are roughly the same, its professional fee that can differ. Cheapest I found was 1,000 for this and seems very efficient so far. Definitely ring around for value!

Roxee

Hi, this may seem like a really braindead question, but bear with me!....

Bank says I can get a mortgage of max, say, 150,000.
And that represents 92pc....
So 100pc would be 163,000, leaving me to pay the other 13k. Fine.

But I have 30,000 cash savings and an option of gift/very long term loan from family of, say, another 20000.

DOes it mean the highest value house I can purchase is still 100pc, ie 163,000? ie, if I have cash amassed then I'm free to put that towards the house, even if it's actually making it 115pc - that make sense?

Or would they expect me to use that cash against my max house value of 163k, and borrow less from them?

I'll ring bank and ask on Monday but just curious in the meantime!

Thanks a mil

OUTOFSYNC

NO you can borrow 150k - and add whatever you wan to that - for example of you have 100k savings - you can buy a house for 250k.

However you could look into getting a better rate - eg if you are only borrowing 80% of the house value - the bank might offer a more attractive interest rate.

Roxee

Thanks, OutofSync - I'm mortified, realised the second I shut the laptop I'd just had a very dim backwards maths moment and was calculating the percentage the wrong way. Christ!

Thanks though.

Been thinking about gifts of money though. In my scenario, I've been offered money that wouldn't have to be paid back for 20 years. I'm wondering if in all honesty I could have it declared a gift and then in my own time, start a savings account to steadily the money back again in increments I can afford?

When I mentioned it briefly in theory to the mortgage advisor the response seemed to be that if it's a very long term slightly casual loan like that from family that the repayments are sorta my own business. They just ask that people have 1250 left per month after mortgage comes out (even when stress testing repayments) and so as long as I do, then something like that would just come under my own personal outgoings like my UPC or car tax or anything else...

So I wonder is it being dishonest to have the family member declare it as a gift, or is it just being practical in a no harm done sense?

ted1

Roxee, its a harmless white lee although if you are getting a gift you need a signed declaration from the giftee that it is non relatable.

With regards AIB requiring both parties to be full time employees that's nonsense as my wife is a house wife with no income and she has to go on the application which AIB approved.

Felexicon

So we've got AIP and have a second viewing on a house we really want tomorrow.
This process is not good for the nerves!!!!!

Yeboah

were given a provisional closing date of next week. now its all held up again because of contract issues...Just so sick of the whole process at this stage..was hoping to be in house in Early April at latest....Would put anyone off buying a property

killers1

Yeboah wrote: »

were given a provisional closing date of next week. now its all held up again because of contract issues...Just so sick of the whole process at this stage..was hoping to be in house in Early April at latest....Would put anyone off buying a property

It can be very frustrating when things outside of your control delay things... All I'd say is hang in there and hopefully everything will be resolved sooner rather than later

RuailleBuaille

Hello all, been reading the thread for a long while, it makes me feel calmer about the whole house-buying process knowing there's help here and no vested interests (Killers1 you're doing a great job!).

I am meeting the bank tomorrow to talk about getting a mortgage. I'm on my own and feel sick every time I think about it! I have a permanent full time job and 20k in savings, no credit cards or loans or debts, which I think should give me a good chance of getting a mortgage but if I listen to friends/ colleagues 'the banks won't touch me'. Somebody please reassure me that's not the case! I only have to bring a payslip up, that has me worried! I don't really know what to expect from this meeting!

Thanks!

killers1

RuailleBuaille wrote: »

Hello all, been reading the thread for a long while, it makes me feel calmer about the whole house-buying process knowing there's help here and no vested interests (Killers1 you're doing a great job!).

I am meeting the bank tomorrow to talk about getting a mortgage. I'm on my own and feel sick every time I think about it! I have a permanent full time job and 20k in savings, no credit cards or loans or debts, which I think should give me a good chance of getting a mortgage but if I listen to friends/ colleagues 'the banks won't touch me'. Somebody please reassure me that's not the case! I only have to bring a payslip up, that has me worried! I don't really know what to expect from this meeting!

Thanks!

There's absolutely no reason to feel sick or worried about the process in the slightest! Believe it or not banks still want to lend and want your business! I would be inclined to completely ignore friends/colleagues experiences as every single mortgage application is completely different and is assessed on it's own merits. Your application will be assessed to see what your income allows you to borrow. Then they will look at the stressed repayment on that amount and look at your savings/rent/previous loan repayments etc to see if you have proven you can afford it! D Without knowing who your bank is don't put all your eggs in one basket by just talking to your bank, particularly if it is one with expensive rates! Just because your own bank agree to give you a mortgage doesn't mean a cheaper lender won't offer you the same amount at a better rate! Best of luck tomorrow and if you've any questions feel free to ask!

killers1

ted1 wrote: »

With regards AIB requiring both parties to be full time employees that's nonsense as my wife is a house wife with no income and she has to go on the application which AIB approved.

It depends on the application. If you are a couple with 1 income which is sufficient to borrow the amount requested that's fine. If both parties are working and both incomes need to be included to qualify you to borrow the amount you need then both applicants need to be permanent employees.

shannonside26

Killers just want to thank you again for your replies, I have deposit down on property. Just another question for you, I have a deposit on a house, but it's not finished inside yet, has to be plastered and kitchen fitted, tiled etc which are all included in purchase price. Can I get onto EA about time frame etc or does it all go through solicitor now. Probably a stupid question but really on my own with all this so not sure what I should be doing. Really should of went through a broker!!!!

killers1

shannonside26 wrote: »

Killers just want to thank you again for your replies, I have deposit down on property. Just another question for you, I have a deposit on a house, but it's not finished inside yet, has to be plastered and kitchen fitted, tiled etc which are all included in purchase price. Can I get onto EA about time frame etc or does it all go through solicitor now. Probably a stupid question but really on my own with all this so not sure what I should be doing. Really should of went through a broker!!!!

There's no difficulty contacting the EA to get an idea of the timeframe for completion. Alternatively, when the contracts arrive with your solicitor they will indicate a closing date which will give you a good idea of when the seller expects the property to be completed. I'd ring the EA first to see what they say....

The Irish Riddler

5 years ago when I was a broke mature student I had a 12 month loan from ulster for e2k, an overdraft for e1.4k and a credit card debt of e1.6k with boi (before the interest was tacked on).

I was broke and had no way to pay these loans back and did not answer phone calls from the bank when they got credit management companies to chase up the debt.

Long story short 2 years later I went to each bank and paid off the debts in one lump sum.

3 years on from that I am self employed with two businesses and made E120k last year.

I do most of my banking with ulster and ptsb and have E70k in stocks and E25k savings.

I have not checked my credit rating and have not had a loan since and have done my best to avoid it after my previous experience. Clean renting history for 3 years [BOI DD]

I will likely be looking to buy a house in the next 12-24 months, currently single but good chance that will change in a similar timeframe [she is a primary school teacher].

I assume I would be completely blackballed from a mortgage with aib and boi after my previous history.

Where would I stand in your experience if I applied for a mortgage tomorrow for E300k on a E350k house?

killers1

The Irish Riddler wrote: »

5 years ago when I was a broke mature student I had a 12 month loan from ulster for e2k, an overdraft for e1.4k and a credit card debt of e1.6k with boi (before the interest was tacked on).

I was broke and had no way to pay these loans back and did not answer phone calls from the bank when they got credit management companies to chase up the debt.

Long story short 2 years later I went to each bank and paid off the debts in one lump sum.

3 years on from that I am self employed with two businesses and made E120k last year.

I do most of my banking with ulster and ptsb and have E70k in stocks and E25k savings.

I have not checked my credit rating and have not had a loan since and have done my best to avoid it after my previous experience. Clean renting history for 3 years [BOI DD]

I will likely be looking to buy a house in the next 12-24 months, currently single but good chance that will change in a similar timeframe [she is a primary school teacher].

I assume I would be completely blackballed from a mortgage with aib and boi after my previous history.

Where would I stand in your experience if I applied for a mortgage tomorrow for E300k on a E350k house?

If you were to apply tomorrow your chances would be dependent on two things. Firstly, what your credit report actually shows (I'd suggest you order a copy (www.icb.ie) & secondly because you are self employed it will depend on the industry you work in, how long you have been self employed & your average earnings over the past 2/3 yrs. You wouldn't be the first student to run up a debt and now have a successful business. Whilst the previous history is a blackmark, if any lender has issued you credit facilities since your bad debts that would go in your favour..