Buying a house 2012

heltipp

Felexicon wrote: »

heltipp wrote: »

You'd be mad to take this Mortgage with Ulster Bank. They have some of the most expensive rates on the Market. Your application is very straightforward and all banks will approve you for the amount you need. Save yourself a lot of money and shop around...

Oh god was worried you would say that. Not sure i can go through process again. If i was too is it ok to ask ulster bank for all our documents back? Also which bank would you recommend?

We went through a broker and he advised that AIB have the best rates at the moment. It took about 2 weeks for the approval to go through. H e did recommend not going with Ulster bank[/Quote]


Thanks for reply. Did he say why not to go with ulster bank?

marcus2000

dufferlover wrote: »

No way! What happened?

Jesus, maybe I should say we'll be in by the end of the month

marcus2000 wrote: »

Was buying in 2009....still buying in 2012. (Same House!!) Everything that could go wrong with a house purchase, has gone wrong. 3 years of saying " I'll be in within 4-6wks"....I dont even believe myself anymore when I say it.

I should be in within 4-6wks!!!

Its about 10weeks since I said I should be in within 4-6wks!!!
Just thought I'd update that!! I should be in within another 4-6wks!!

the groutch

marcus2000 wrote: »

Its about 10weeks since I said I should be in within 4-6wks!!!
Just thought I'd update that!! I should be in within another 4-6wks!!

please tell me you're not buying it at the price agreed in 2009.
if so you'd be better to walk away, risk losing your deposit, buy somewhere else, and still be better off.

marcus2000

the groutch wrote: »

please tell me you're not buying it at the price agreed in 2009.
if so you'd be better to walk away, risk losing your deposit, buy somewhere else, and still be better off.

Nah. Contract lapsed in the meantime (there was an 18mth restriction on it) and the price was renegotiated a few times since. Its actually due to lapse again in June!! If anything, it just adds a little bit more stress - Discounts vs time/effort invested and further delays!!

DavyD_83

heltipp wrote: »

We went through a broker and he advised that AIB have the best rates at the moment. It took about 2 weeks for the approval to go through. H e did recommend not going with Ulster bank

Thanks for reply. Did he say why not to go with ulster bank?[/QUOTE]

I'm currently trying to get mortgage approval as a FTB.

Our broker reccommended that AIB should definitely be the first choice, but they are only willing to give us a much smaller sum than required due to their 6% stress testing.

So, it looks like we're going for Ulster too.
Are their rates really THAT bad?
As I understand it, there would be scope to change provider in a few years time if needed, is this true?

Obviously we don't want to get into a BAD mortgage, but it looks like it's Ulster or no house at the moment, unless we hold off for 6 months and demonstrate greater ability to pay off monthly installments.....

Felexicon

DavyD_83 wrote: »

Thanks for reply. Did he say why not to go with ulster bank
I'm currently trying to get mortgage approval as a FTB.

Our broker reccommended that AIB should definitely be the first choice, but they are only willing to give us a much smaller sum than required due to their 6% stress testing.

So, it looks like we're going for Ulster too.
Are their rates really THAT bad?
As I understand it, there would be scope to change provider in a few years time if needed, is this true?

Obviously we don't want to get into a BAD mortgage, but it looks like it's Ulster or no house at the moment, unless we hold off for 6 months and demonstrate greater ability to pay off monthly installments.....

The main reason was the interest rate on offer at the moment.

AIB offered us pretty similar to most of the others we applied to so I don't think thier stress test is too over the top.

killers1

Felexicon wrote: »

Oh god was worried you would say that. Not sure i can go through process again. If i was too is it ok to ask ulster bank for all our documents back? Also which bank would you recommend?

We went through a broker and he advised that AIB have the best rates at the moment. It took about 2 weeks for the approval to go through. H e did recommend not going with Ulster bank[/QUOTE]

Ulster Bank Variable rate = 4.75%
AIB variable rate = 3.24%

I'd go through the process again for the sake of 2 weeks paperwork to save that amount of money...Difference of approx €28k additional interest payments on a €90k mortgage over 30 yrs (assuming rates don't change).... Still not worth the hassle??

killers1

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??

heltipp

killers1 wrote: »

Felexicon wrote: »

Oh god was worried you would say that. Not sure i can go through process again. If i was too is it ok to ask ulster bank for all our documents back? Also which bank would you recommend?

We went through a broker and he advised that AIB have the best rates at the moment. It took about 2 weeks for the approval to go through. H e did recommend not going with Ulster bank

Ulster Bank Variable rate = 4.75%
AIB variable rate = 3.24%

I'd go through the process again for the sake of 2 weeks paperwork to save that amount of money...Difference of approx €28k additional interest payments on a €90k mortgage over 30 yrs (assuming rates don't change).... Still not worth the hassle??[/Quote]

yes you are prob right....i will have to get my head round it all again. We are getting a variable rate of 4.10% as we have a ufirst account. Still a big difference i know. But they were so good and helpful. And chances are interest rates will change

Felexicon

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??

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

We got a decent AIP from ICS aswell

killers1

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

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

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

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

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

fitzachery wrote: »

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

Sounds like a no-brainer....

sillyruby

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

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

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

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

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

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

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

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

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

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

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

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

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

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