Saving/Applying for a mortgage 2015/16/17/18/19

Mink

spiderlover wrote: »

Just want to bump this in the hope that someone can provide so insight. Hi everyone,
Long time lurker first time poster. Myself and the other half have AIP and have gone sale agreed on a place and have paid booking deposit. The valuation survey report has been sent to the bank so hoping for letter of offer this week. We have a structural survey booked for later this week so everything is moving along. What I was wondering was when we should expect contracts to come across from the sellers solicitor, we're heading into week 3 at this point and I thought they'd be over by now.

We went sale agreed on 1st November and seller wanted a "quick sale within 4 weeks". However we had to chase up EA to chase her solicitor around mid December as we'd done everything from our side but still no contracts.
Turned out seller's solicitor had realised that he now had to go looking for a BER cert. He told EA it will be with our solicitor the next day. Contracts didn't arrive til xmas week which was 7 weeks and presumably with instruction from seller to her solicitor that she wanted a fast sale.

TLDR; I'd ring EA and say you've done everything your side, what's the story with the contracts?

lbyrne121 wrote: »

Has anyone bought a house owned by the banks through an EA?  Just put in an offer for a house but wondering how long it will take to hear back as it is your standard owner occupier house?

Anyone any experience with this?  will I have to wait weeks to even see if offer was accepted or rejected? 
TIA

I don't have firsthand experience with this, only heard that sometimes people are waiting several months for an offer to be accepted as bank waiting to see if something better comes in.

lbyrne121

Reese Lively Cabinet wrote: »

lbyrne121 wrote: »

Has anyone bought a house owned by the banks through an EA?  Just put in an offer for a house but wondering how long it will take to hear back as it is your standard owner occupier house?

Anyone any experience with this?  will I have to wait weeks to even see if offer was accepted or rejected? 
TIA

Normally the banks will ask the EA to run a fairly structured marketing campaign, which could include 3/4 weekends of open views and a minimum number of private viewings also.

The EA in a lot of instances won't know what the minimum price acceptable to the bank is.

Generally the EA will put all offer to the bank as they come in and then the bank will ask the EA to recommend the best offers to them by the end of the agreed marketing time frame.

There are obviously exceptions to the above. Another thing to keep in mind is that the EA will only be dealing with one contact in the bank / receiver, and that person will require sign off from their superiors. Depending on how long the property is on the market, you could be expected to wait 3 weeks or so IMO.

Thank you for your response, the property has been on the market for around 5 months now, the EA said we are the only bid so far in the last 5 months.  Do you know off hand how long the property has to be on the market before banks will even consider an offer?  We are offer approx. 80% of the purchase price.

q85dw7osi4lebg

lbyrne121 wrote: »

Thank you for your response, the property has been on the market for around 5 months now, the EA said we are the only bid so far in the last 5 months.  Do you know off hand how long the property has to be on the market before banks will even consider an offer?  We are offer approx. 80% of the purchase price.

The banks should definitely be considering an offer based on the above, however if it was well below market value they may be content to sit and wait. It's in the EA's interest to sell the property, so if your offer is the only offer in 5 months I would rest assured that they are trying to get a deal done, or at least may come back with a figure that the bank would accept.

howtolive

morrga wrote: »

Contracts can roll for no longer than 2 years. At the end of two years the company has to either offer a permanent role or cease employment. They cannot offer another fixed term for another 12 months.

Hi,

Thanks so much. Fortunately, we have confirmation that her role is permanent rather than fixed term. Just have to show a few more months employment now and we can apply.

Thanks!

dzilla

Just in the final stage of receiving AIP there has been a delay of a few days getting some credit card stuff and signatures sorted out. The mortgage advisor has advised me that I the bank have advised that we have approval all bar the letter and to go and make an offer on the property. Would you guys make the offer on the back of that?

Blingy

dzilla wrote: »

Just in the final stage of receiving AIP there has been a delay of a few days getting some credit card stuff and signatures sorted out. The mortgage advisor has advised me that I the bank have advised that we have approval all bar the letter and to go and make an offer on the property. Would you guys make the offer on the back of that?

I reckon you could make an offer Considering the vendor could take some time to come back to you. Whether the EA would accept the offer without the AIP letter is another story.

spiderlover

Thanks Mink, we were also told the seller wanted a quick sale! I'm going to give the EA a call this afternoon and see what the hold up is.

Zzippy

dzilla wrote: »

Just in the final stage of receiving AIP there has been a delay of a few days getting some credit card stuff and signatures sorted out. The mortgage advisor has advised me that I the bank have advised that we have approval all bar the letter and to go and make an offer on the property. Would you guys make the offer on the back of that?

We did, broker looked at the figures and told us to bid even though we didn't have AIP yet, he was very sure we would get what we needed. Bidding was already underway when we viewed it so we couldn't really wait for AIP, but in our case the EA never requested it anyway.

kwat

Will hopefully have deposit gathered together over next few months and assuming mortgage application goes smoothly will be looking around Dublin 8/10/12. It's just me and my partner so would be happy with a 2 bed house (if some cosmetic work required that's okay / if turnkey even better). Max preferred budget about €250k. Could possibly go as far as €300k but would prefer not to (again presuming mortgage goes okay).

Just wondering from anyone's experience is the market as bonkers as its made out to be in these areas? First time buyer so new to the process - are bidding wars adding on huge amounts to initial asking prices?

Any advise appreciated.

dzilla

Zzippy wrote: »

dzilla wrote: »

Just in the final stage of receiving AIP there has been a delay of a few days getting some credit card stuff and signatures sorted out. The mortgage advisor has advised me that I the bank have advised that we have approval all bar the letter and to go and make an offer on the property. Would you guys make the offer on the back of that?

We did, broker looked at the figures and told us to bid even though we didn't have AIP yet, he was very sure we would get what we needed. Bidding was already underway when we viewed it so we couldn't really wait for AIP, but in our case the EA never requested it anyway.

Ok thank you for the reassurance

Blingy wrote: »

dzilla wrote: »

Just in the final stage of receiving AIP there has been a delay of a few days getting some credit card stuff and signatures sorted out. The mortgage advisor has advised me that I the bank have advised that we have approval all bar the letter and to go and make an offer on the property. Would you guys make the offer on the back of that?

I reckon you could make an offer Considering the vendor could take some time to come back to you. Whether the EA would accept the offer without the AIP letter is another story.

Ayuntamiento

kwat wrote: »

Will hopefully have deposit gathered together over next few months and assuming mortgage application goes smoothly will be looking around Dublin 8/10/12. It's just me and my partner so would be happy with a 2 bed house (if some cosmetic work required that's okay / if turnkey even better). Max preferred budget about €250k. Could possibly go as far as €300k but would prefer not to (again presuming mortgage goes okay).

Just wondering from anyone's experience is the market as bonkers as its made out to be in these areas? First time buyer so new to the process - are bidding wars adding on huge amounts to initial asking prices?

Any advise appreciated.

You probably won't get a 2 bed house in Dublin 8 for much less than 300k. And at the 300k level you're talking about a tiny 2 bed with a terrible energy rating. If you find one that seems cheap, be very wary of the area.

Crumlin seems incredibly cheap but there are reasons for that.

boris1234

kwat wrote: »

Will hopefully have deposit gathered together over next few months and assuming mortgage application goes smoothly will be looking around Dublin 8/10/12. It's just me and my partner so would be happy with a 2 bed house (if some cosmetic work required that's okay / if turnkey even better). Max preferred budget about €250k. Could possibly go as far as €300k but would prefer not to (again presuming mortgage goes okay).

Just wondering from anyone's experience is the market as bonkers as its made out to be in these areas? First time buyer so new to the process - are bidding wars adding on huge amounts to initial asking prices?

Any advise appreciated.

I am currently searching in D12 and have a similar budget to yourself. I find that every property goes over the asking price. Lot's of competition due to houses in this area being seemingly affordable, close to town etc.

Bidding on 2 properties currently both in excess of the asking price.

Like yourself we don't want to go past 300k but realistically hoping to get somewhere for 250ish.

I've noticed since we've got back in the swing of things after Christmas the bidding seems to be more aggressive, people coming straight in at the asking price etc. Whether or not that's just coincidence or as a result of the relaxed central bank rules is another thing.

pilly

Ayuntamiento wrote:

Crumlin seems incredibly cheap but there are reasons for that.

Plenty of really quiet places in Crumlin.

giddybootz

kwat wrote: »

Will hopefully have deposit gathered together over next few months and assuming mortgage application goes smoothly will be looking around Dublin 8/10/12. It's just me and my partner so would be happy with a 2 bed house (if some cosmetic work required that's okay / if turnkey even better). Max preferred budget about €250k. Could possibly go as far as €300k but would prefer not to (again presuming mortgage goes okay).

Just wondering from anyone's experience is the market as bonkers as its made out to be in these areas? First time buyer so new to the process - are bidding wars adding on huge amounts to initial asking prices?

Any advise appreciated.

The houses in Walkinstown are within your budget. There are a lot coming online as the older residences 'move on' so to speak. It's a quiet area and not too far from town. Has lots of supermarkets but is missing a good boozer!! Not sure if the prices are going much above asking price but at times I've seen a good few people show up for open viewings.

Around Crumlin village is nice & quiet too and has some nice, safe residential roads.

kwat

boris1234 wrote: »

I am currently searching in D12 and have a similar budget to yourself. I find that every property goes over the asking price. Lot's of competition due to houses in this area being seemingly affordable, close to town etc.

Bidding on 2 properties currently both in excess of the asking price.

Like yourself we don't want to go past 300k but realistically hoping to get somewhere for 250ish.

I've noticed since we've got back in the swing of things after Christmas the bidding seems to be more aggressive, people coming straight in at the asking price etc. Whether or not that's just coincidence or as a result of the relaxed central bank rules is another thing.

Thanks for the feedback. Yes I think realistically we'll be looking at Drimnagh / Crumlin given the demand/prices in D8.
Have noticed that prices have increased over the past few months, but it's just trying to get a feel of how much over the asking prices they will eventually go for. Hopefully if prices are a bit higher people will start the bidding that bit lower and won't end up too high above the asking price, but that's wishful thinking probably!

Mink

Keep an eye on property price register and it'll give a sort of idea of what houses in the area are going for.

pilly

kwat wrote: »

Thanks for the feedback. Yes I think realistically we'll be looking at Drimnagh / Crumlin given the demand/prices in D8.
Have noticed that prices have increased over the past few months, but it's just trying to get a feel of how much over the asking prices they will eventually go for. Hopefully if prices are a bit higher people will start the bidding that bit lower and won't end up too high above the asking price, but that's wishful thinking probably!

The houses in Drimnagh/Crumlin would be a good bit older too though so may require some renovation.

Lisa.louise

Myself and my husband are looking to get a mortgage in the future. We have just returned to Ireland after living abroad for 5 years. I have just accepted a full time permanent job and he is beginning his own maintenance/home improvements company.
I know when you are starting up your own business the process is different and the banks need to see 3 years from your books but are there any banks lenient on the 3 years?

Michael D Not Higgins

I'll be blunt, you won't get a mortgage.

You're in your first year of a new job (which you can be let go for any reason until that year is up), your husband is starting a new business (big risk), you're only just back in Ireland. You are a huge risk to any bank and it's unlikely you'd qualify.

derekbro

Lisa.louise wrote: »

Myself and my husband are looking to get a mortgage in the future. We have just returned to Ireland after living abroad for 5 years. I have just accepted a full time permanent job and he is beginning his own maintenance/home improvements company.
I know when you are starting up your own business the process is different and the banks need to see 3 years from your books but are there any banks lenient on the 3 years?

I got approval with 2 years assessments (IT contractor) from AIB with my wife in a permanent position but had to keep pushing them and eventually got it after about 3 months and a mountain of paperwork. I think you'll need at least 2 before you can apply.

zedhead

So we are still waiting. Sale agreed at the end of August and no sign of contracts with a closing date. We got contracts without a closing date before xmas but don't want to sign those and leave us tied in for however long it takes. The vendors are waiting for a closing date on their purchase before they can give us one and we keep just getting told it'll be next week.

Our mortgage approval runs out the end of March so the clock is ticking - I know we can reapply but we would really rather not.

I am losing all hope at this stage. I've also kept looking this whole time, but haven't found anything we like even nearly as much as this one.

Anyone have any experience in this? What is the best way to try and get this moving. Who should we be hassling and how often should we be calling/emailing?

listermint

zedhead wrote: »

So we are still waiting. Sale agreed at the end of August and no sign of contracts with a closing date. We got contracts without a closing date before xmas but don't want to sign those and leave us tied in for however long it takes. The vendors are waiting for a closing date on their purchase before they can give us one and we keep just getting told it'll be next week.

Our mortgage approval runs out the end of March so the clock is ticking - I know we can reapply but we would really rather not.

I am losing all hope at this stage. I've also kept looking this whole time, but haven't found anything we like even nearly as much as this one.

Anyone have any experience in this? What is the best way to try and get this moving. Who should we be hassling and how often should we be calling/emailing?

I'm not sure what you can do if you are in a chain to be brutally honest. Thus is the nature of buying like that.

Blingy

Anyone any idea of the going rate for solicitors for conveyancing Costs at the moment? Thanks.

phd

Blingy wrote:

Anyone any idea of the going rate for solicitors for conveyancing Costs at the moment? Thanks.

Ours is 1300 flat fee and estimated total cost about 2700 with additional fees - land registry etc.

Blingy

phd wrote: »

Ours is 1300 flat fee and estimated total cost about 2700 with additional fees - land registry etc.

Thank you I wonder would costs be more or less or pretty much the same for a new build.

Logical Nonsense

Hi guys long term lurker finally in a position to start posting so signed up.
We are in our early 30s and are hoping to buy in next few months. We have been quoted mortgages of approx 240,000 by banks. We love a house owned by our current landlord. However part of it has no planning. The previous owner built several extensions in late 80s early 90s all without planning. Current owner bought it and applied for retention in mid 00s. She got planning for everything except the extension of the garage and conversion into granny flat as it is not attached to the house.


We have sought advice but have been told it will not be granted permission. Is it possible to get plans drawn up to alter the house and address the issues with the granny flat and apply for a mortgage to include the purchase price and renovations?

Alkers

We started looking at houses ourselves in December last year and got our mortgage approval in early January. Since then we've had:
- Over 150 property viewings,
- 350+ emails to banks, brokers and insurance companies,
- countless application forms,
- 9 bidding wars - 6 of them lost,
- 3 sale agreed houses,
- 3 valuations paid for,
- 3 surveys paid for,
- a structural engineers inspection,
and finally collected our keys on Friday afternoon. This was in Dublin 300k-400k range, ended up buying in Walkinstown. My advice to anyone would be to shop around with as many banks as you can, we had banks offer us more money after we told them another bank had offered a higher amount. Also, do not stop looking at houses if you go sale agreed - that's only half the battle. We were sale agreed in February, again in August and then finally again in November

Samuel T. Cogley

Simona1986 wrote: »

We started looking at houses ourselves in December last year and got our mortgage approval in early January. Since then we've had:
- Over 150 property viewings,
- 350+ emails to banks, brokers and insurance companies,
- countless application forms,
- 9 bidding wars - 6 of them lost,
- 3 sale agreed houses,
- 3 valuations paid for,
- 3 surveys paid for,
- a structural engineers inspection,
and finally collected our keys on Friday afternoon. This was in Dublin 300k-400k range, ended up buying in Walkinstown. My advice to anyone would be to shop around with as many banks as you can, we had banks offer us more money after we told them another bank had offered a higher amount. Also, do not stop looking at houses if you go sale agreed - that's only half the battle. We were sale agreed in February, again in August and then finally again in November

This post should be stickied and flash up on the screen every time someone asks for advice on purchasing a property or looks for a broker recommendation.

sabinalee

Hi guys

If anyone give me idea how the banks really calculates salary income.
I thought we are in good position in applying for a mortgage approval, but now I'm really scared.

My husband works for same company from 2008, full time, 5/7 days a week, 35-39 hrs guaranteed on the permanent contract.
Every year his P60 will show around 30.000 per annum. That is including over times., but this is kind of job where extra hours are always there.

BUT TO THE POINT.
Our broker gave us the salary certs to be filled in by our employers and here came first shock. They calculated only basic which is OMG 24.000 plus 7000 into overtimes- as not guaranteed.
Which is more confusing that they marked - no full time! even my husband works a min 35 hrs always minimum 5 days a week!

I'm angry on myself for giving us a hope....as I was calculating both of us with what we earn every year from years...30.000 per head.
Do you think that broker and banks will take only 24.000 into consideration?
If yes, we will be renting till the end of our lives...

I'm 40 and my husband is 50. We have 30.000 in savings...Hope not end of story.

Mink

Simona 1986 - I take my hat off to you. That's some journey, delighted you got your keys in the end!

Logical Nonsense wrote: »

We have sought advice but have been told it will not be granted permission. Is it possible to get plans drawn up to alter the house and address the issues with the granny flat and apply for a mortgage to include the purchase price and renovations?

Who was the advice from?
What you're proposing sounds like it would work, but I really don't have experience in it. You really need to check with your solicitor and or mortgage adviser.

sabinalee wrote: »

Do you think that broker and banks will take only 24.000 into consideration?
If yes, we will be renting till the end of our lives...

I'm 40 and my husband is 50. We have 30.000 in savings...Hope not end of story.

I think they might... possibly. When we went to apply, I'm nearly sure they took my husband's bonus figures into account when working out how much we could borrow.

Talk to your broker, he'll know straight away if it will work and possibly might have a way to position your paperwork so it looks better. That's what he's there for.