Buying a house 2012

rushbrooke1

I've applied to PTSB for a mortgage. The cost of the house was 57500. I have 10k in cash. Now PTSB tell me they will only lend a minimum of 70k!!!! Has anybody else had this difficulty?

efb

Movement Engineer for inspection next week

killers1

rushbrooke1 wrote: »

I've applied to PTSB for a mortgage. The cost of the house was 57500. I have 10k in cash. Now PTSB tell me they will only lend a minimum of 70k!!!! Has anybody else had this difficulty?

Try AIB, they've no minimum loan amount requirement

rushbrooke1

Will do - thanks!:)

folan

bidding on a house now. just wondering, when would I need to be closed in order to get the interest relief (as in the last possible day)?

killers1

folan wrote: »

bidding on a house now. just wondering, when would I need to be closed in order to get the interest relief (as in the last possible day)?

You become eligible for TRS on the drawdown of your mortgage and it has nothing to do with the closing date. Seeing that banks stop issuing mortgage cheques a couple of days before Christmas and the fact that solicitors don't tend to be open the 2 days in between Christmas & New Year you will need to drawdown your mortgage by around the 20th of December. There will be cases where people won't actually close until January 2013 but will instruct their solicitor to drawdown the funds prior to the banks cut off date and hold them over Christmas to ensure they qualify for TRS.

donalmoore

Hi,

I don't now if anyone has any insight on to real prices presently versus the asking, had a wierd situation recently with a "local" estate agent, went to a house and came back with a builder to price work to be done. evantually spoke to EA 2 weeks later and told me it was sale agreed. I would have thought he'd approach me to counter offer, to get the best price?

any advice on the guide price would be welcomed?

ted1

dove2011 wrote:

Like a fool i purchased furniture ....I am also paying life assurance and house insurance for a property I do not own.

Ring them up and tell them the story, you shouldn't eb paying anythign till the mortgage is drawn down. at the moment you have no financial interest and therefore have no insurabel risk. they should refund the money already paid and change the start date.

Ritchi

_sheep wrote: »

Just wondering how long are people waiting for AIB to come back to them when applying at the moment? I put in a full application on Friday the 7th of September and its been the guts of 10 working days since it went in. Tried phoning the lady at the branch that took our application and no returned calls until yesterday - she then tells me shes been on annual leave and it 'will be a few more days'.

Does it really take 12+ working days to get an application done, or did she go on holidays without putting in my application?

All depends on how complicated your situation is (and which branch you're in, how busy they are). We went in on a Monday and had a phonecall on the Wednesday. Ours was as straightfoward as it could be though. Applied for a lot less than they suggested, had obvious records of savings and rent to prove we could pay back more than we asked for, and no loans.

efb

they say that buying a house is one of the most stressful things you can do if your life- they'd be right!!!

killers1

efb wrote: »

they say that buying a house is one of the most stressful things you can do if your life- they'd be right!!!

Did you have some issues with your survey?

Roxee

efb wrote: »

they say that buying a house is one of the most stressful things you can do if your life- they'd be right!!!

I think it's moving house that they say is one of the most stressful things!

efb

killers1 wrote: »

Did you have some issues with your survey?

survey not done yet- EA closed!!!! (wondered why he hadnt been returning my calls!!!- say they are dealing with my case though)

I intend to move into the house i intend to buy, Roxee, so I assume this counts!!!

Glenbhoy

donalmoore wrote: »

Hi,

I don't now if anyone has any insight on to real prices presently versus the asking, had a wierd situation recently with a "local" estate agent, went to a house and came back with a builder to price work to be done. evantually spoke to EA 2 weeks later and told me it was sale agreed. I would have thought he'd approach me to counter offer, to get the best price?

any advice on the guide price would be welcomed?

Well the house price register is due out this week, all might be revealed then!!

killers1

efb wrote: »

killers1 wrote: »

Did you have some issues with your survey?

survey not done yet- EA closed!!!! (wondered why he hadnt been returning my calls!!!- say they are dealing with my case though)

I intend to move into the house i intend to buy, Roxee, so I assume this counts!!!

All you need the EA for at this stage is just to let the surveyor in! After that it's out of their hands and everything is handled via the solicitors. I'm sure they can manage that for you....

folan

sent an email with an offer yesterday after ea requested it.

havent heard back since.

fingers crossed.

Kristinew

It sure is stressful and its all the waiting for responses and the uncertainty that has a big knot in my stomach, here is a update on my progress:
12/09 Offer accepted on house
14/09 Paid booking deposit
18/09 Documents sent to AIB for loan application
21/09 AIB phoned requesting more documentation
24/09 emailed copies of requested documents
25/09 Phoned AIB to confirm they received them and they advised they have enough info and i should know early next week.

The EA wants contracts and deposit paid by next Tuesday which is nowhere close to happening, i have a valuer lined up if i receive Loan Offer.

Things are moving quickly i think however it feels like an age. Fingers still crossed...

Roxee

Kristinew wrote: »

It sure is stressful and its all the waiting for responses and the uncertainty that has a big knot in my stomach, here is a update on my progress:
12/09 Offer accepted on house
14/09 Paid booking deposit
18/09 Documents sent to AIB for loan application
21/09 AIB phoned requesting more documentation
24/09 emailed copies of requested documents
25/09 Phoned AIB to confirm they received them and they advised they have enough info and i should know early next week.

The EA wants contracts and deposit paid by next Tuesday which is nowhere close to happening, i have a valuer lined up if i receive Loan Offer.

Things are moving quickly i think however it feels like an age. Fingers still crossed...

Kristenw - you had an offer accepted and paid deposit without having approval in principle from AIB? Or just without having a formal loan offer?

All in all that's a VERY short process, fair play. I'll be closing early next week too but my offer was accepted on July 27th! Been a long summer..

dublin8681

AIB wanted my valuation before letter of loan offer will be sent.... so I had that done and it got sent yesterday.... are you waiting on approval in principle letter from them or the loan offer letter ?

+1 (on the summer feels like an age)

Kristinew wrote: »

It sure is stressful and its all the waiting for responses and the uncertainty that has a big knot in my stomach, here is a update on my progress:
12/09 Offer accepted on house
14/09 Paid booking deposit
18/09 Documents sent to AIB for loan application
21/09 AIB phoned requesting more documentation
24/09 emailed copies of requested documents
25/09 Phoned AIB to confirm they received them and they advised they have enough info and i should know early next week.

The EA wants contracts and deposit paid by next Tuesday which is nowhere close to happening, i have a valuer lined up if i receive Loan Offer.

Things are moving quickly i think however it feels like an age. Fingers still crossed...

Roxee

dublin8681 wrote: »

AIB wanted my valuation before letter of loan offer will be sent.... so I had that done and it got sent yesterday.... are you waiting on approval in principle letter from them or the loan offer letter ?

+1 (on the summer feels like an age)

Yeah - scratching my head on this one too! The Loan Offer comes after the bank valuation. It's dependant on it. So I presume what you're waiting on is approval in principle. Unusual for an EA to accept an offer, or at least for the vendor's solicitors to allow them to accept an offer, if the buyer doesn't have loan approval in principle, even.

Mad that the EA thinks you'll be ready to sign contracts by next Tuesday! Best of luck though, I'm sure it'll all go through very quickly

Kristinew

I did start the process backwards i must admit, a house came on the market locally as the owner passed away, i was not looking to buy a house but asked the EA could i take a look at it.
I phone a mortgage advisor, gave all my details and asked what my chances of getting a mortage and what i could borrow.
I rang AIB on the 12th and filled in my details over the phone and they sent out a mortgage pack.

I placed an offer on the house before i had approval in principle There was two weeks back and forth before my offer was accepted. I filled in the form with the house details and sent it to AIB on the 18th. However they did have most of the details from the day i phoned them. I ran a credit check on myself on the 13th and when it arrived in the post it showed that AIB had requested it on the 12th, the day i phoned them first about applying for a mortgage.

Everything has run smoothly considering i started the process a bit backwards and im praying that it all doesnt fall apart. I hope by early next week that i will have approval in principle and then will need the valuers report to send back to AIB and then hopefully Loan offer!!!!

It all seems a bit crazy and i am under no illusions that there are a hundred things that can go wrong. I told the EA when i paid the booking deposit that i had just applied for approval in principle and that i hadnt received it yet. He told me the deposit was fully refundable and asked had i spoken to a mortgage advisor and what was the outlook. He probably should not have accepted my offer without approval but there is nothing that can be done now and i know now that its not the way to do things and i can see how if i was selling a house what a nightmare this could become. :eek:
still praying it turns out good for both me and the seller!!!!

orlaanne

Had approval in principle from AIB before we started looking.

6th September - made offer
7th September - offer accepted and booking deposit paid
13th - 19th of September - another couple tried to outbid us, a tender and finally our slightly higher offer reaccepted.
19th September - Had survey done
21st September - Valuer out to house

Just waiting on AIB to come back with the loan offer and the solicitors to get the contracts sorted. Set deadline for signing contracts of second week in October as we need to give notice on our rented place.

dublin8681

Hey, We got our valuer out on 20th and confirmed with AIB yest that they received it.... did they tell you estimate of how long to hear back from them after they review the valuation ?

orlaanne wrote: »

Had approval in principle from AIB before we started looking.

6th September - made offer
7th September - offer accepted and booking deposit paid
13th - 19th of September - another couple tried to outbid us, a tender and finally our slightly higher offer reaccepted.
19th September - Had survey done
21st September - Valuer out to house

Just waiting on AIB to come back with the loan offer and the solicitors to get the contracts sorted. Set deadline for signing contracts of second week in October as we need to give notice on our rented place.

orlaanne

dublin8681 wrote: »

Hey, We got our valuer out on 20th and confirmed with AIB yest that they received it.... did they tell you estimate of how long to hear back from them after they review the valuation ?

I'm going through a broker and she advised me it would be 5-8 days after they receive the valuation that they will issue the loan offer.

cmbutterfly45

What day is the house price register coming out? Where would I be able to find it? Thanks

folan

house prices rose by 0.5% afaik, according to the report.

Article

in similar news, our offer was accepted, so now were onto the fun and games of getting everything else sorted out.

BookBook

killers1 wrote: »

If you're on full salary and intend to go back to work fulltime you'll have no difficulty obtaining approval for the amount you need.

Thanks for this Killers1. I really appreciate it. Looks like taking the extra 4 months unpaid maternity leave is a no no if i want to apply for a mortgage. Tut.

killers1

BookBook wrote: »

Thanks for this Killers1. I really appreciate it. Looks like taking the extra 4 months unpaid maternity leave is a no no if i want to apply for a mortgage. Tut.

That will really depend on what level of confirmation they look for around your return to work date... You might get away with a letter confirming you are due back on X date and and if they don't look for confirmation that you have gone back you'd get away with taking the unpaid leave... just be satisfied yourself that the unpaid leave wouldn't effect your ability to meet the mortgage repayments!!

cassiedoll

I post in this forum already but a quick update. Signed my contracts 2 weeks ago, i'll give the vendor another week to 10 days and then i'll start pushing for return of contracts.

i've complied with all the terms of the loan offer and everything has gone smoothly as far as the title deeds and banking end of this but ive a gut feeling the vendor is going to start dragging their heels a bit.

My concern at this point is if it drags for too long, i'll be cutting it fine to avail of the TRS. Afaik you mortgage must be drawn down and used/made a payment prior to the 31/12/12.

Fingers crossed, it's just my nerves

cassiedoll

What is the position if I take out a loan in 2013 or later?

Home Loans taken out in 2013 or later do not qualify for mortgage interest relief. Tax relief is available in respect of interest paid on a qualifying loan, taken out on or after 1 January 2004 and on or before 31 December 2012, which was used to purchase, repair or improve a qualifying residence. Taken out prior to 31 December 2012 means that the loan has been drawn down and used by you on the qualifying residence (e.g. purchase of site plus building costs) before that date.
September 2012

From Revenue.ie