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

Juwwi

hooch-85 wrote: »

Well I suppose not too unusual but my girlfriend is on a 24 month contract so her income wasnt taken into account.

Was this with all the banks or just one bank that didn't take her income into account ?

hooch-85

robbie1977 wrote: »

Was this with all the banks or just one bank that didn't take her income into account ?

We just went to EBS & AIB, didn't try any of the others but went to a broker about a month ago, will be reapplying to other banks through him in April.

Samuel T. Cogley

hooch-85 wrote: »

Well I suppose not too unusual but my girlfriend is on a 24 month contract so her income wasnt taken into account.

Try KBC. AIB would lend to us but KBC are more willing to deal with professionals on contract.

hooch-85

Samuel T. Cogley wrote: »

Try KBC. AIB would lend to us but KBC are more willing to deal with professionals on contract.

Yeah trying KBC and UB next month. Just waiting to have another bit saved before reapplying.

Juwwi

Samuel T. Cogley wrote: »

Try KBC. AIB would lend to us but KBC are more willing to deal with professionals on contract.

Have you had any experience with Ulster Bank and people on contracts ?

Samuel T. Cogley

hooch-85 wrote: »

Yeah trying KBC and UB next month. Just waiting to have another bit saved before reapplying.

UB can be fairly useless on the service front. We had some palaver with them. We never actually got a final decision, although it was my bonus they were taking issue with rather than my wife's work. KBC came through first so we just went with them as they were a lower interest rate.

Samuel T. Cogley

robbie1977 wrote: »

Have you had any experience with Ulster Bank and people on contracts ?

^^^

You read my mind! :pac:

UB, KBC, Haven (AIB) all were willing to lend. AIB was the lowest amount. UB we didn't quite get final approval.

BOI didn''t want to know - fair play they didn't waste any time.

EBS - tried to help, we didn't make the affordability criteria because of the mortgage we have on our other property.

PTSB - Okay it might have been a simple mistake but we eventually, and through a broker (you know the people who deal with these companies daily and are meant to know these things) said, yeah no problem with contracts... as long as we can get a letter saying it permanent. :rolleyes:

Yeah she's a project manager on multi-million euro research projects that last for a period of time, yeah of course a 3 year grant is permanent you Muppets. Suffice it to say not a happy camper with PTSB or the broker, who probably helped create the confusion as it was one of the very limited banks they could deal with as some don't deal with brokers.

Juwwi

Thanks will be applying to Ulster Bank next month in the hope of transfering a tracker mortgage to a different property ,the problem is the main earner is on a 24 month contract .

Daisy78

Not sure if this is the right thread for this but can anyone tell me an estate agent is legally obligated to disclose fundamental issues in relation to the structural integrity of the property, for example if is liable to flood or if there are outstanding planning issues. I know you have to organise your own structural assessment by an engineer but I guess you don't want to get to that stage to be informed that there are massive issues with the property.

listermint

Daisy78 wrote: »

Not sure if this is the right thread for this but can anyone tell me an estate agent is legally obligated to disclose fundamental issues in relation to the structural integrity of the property, for example if is liable to flood or if there are outstanding planning issues. I know you have to organise your own structural assessment by an engineer but I guess you don't want to get to that stage to be informed that there is massive with the property.

They are not.

You have to get your own surveyor

Naid23

Daisy78 wrote: »

Not sure if this is the right thread for this but can anyone tell me an estate agent is legally obligated to disclose fundamental issues in relation to the structural integrity of the property, for example if is liable to flood or if there are outstanding planning issues. I know you have to organise your own structural assessment by an engineer but I guess you don't want to get to that stage to be informed that there are massive issues with the property.

They wont tell you anythinng like that- not in their interest. We went sale agreed on a house last year, got the survey done to find there was major structual issues. EA's response when we told him why we were withdrawing our offer "just needs a bit of modernisation".

Someone we know went sale agreed on the house after us without knowing it was the same house we pulled out of, EA told them we pulled out cause we bought another place- same line he told us.
Found out afterwards that 3 couples before us pulled out after getting surveys done and was never mentioned by the EA! Sure why would he.

Get a survey done for your own peace of mind!

syndrome777

Naid23 wrote: »

They wont tell you anythinng like that- not in their interest. We went sale agreed on a house last year, got the survey done to find there was major structual issues. EA's response when we told him why we were withdrawing our offer "just needs a bit of modernisation".

Someone we know went sale agreed on the house after us without knowing it was the same house we pulled out of, EA told them we pulled out cause we bought another place- same line he told us.
Found out afterwards that 3 couples before us pulled out after getting surveys done and was never mentioned by the EA! Sure why would he.

Get a survey done for your own peace of mind!

put aside everything else, but this should be illegal. Or at least regulated that it has to be disclosed.

Or that past surveys are available to anyone online or somehow.....this is BS whats happening in this country/market :eek:

athtrasna

Mod note

Can we please get back on topic. This thread is about saving/applying for a mortgage. Thanks

Zenify

Can someone please send me the details of the broker mentioned a lot. I think the name is killers?

Thanks

Michael D Not Higgins

Zenify wrote: »

Can someone please send me the details of the broker mentioned a lot. I think the name is killers?

Thanks

killers1

howtolive

Hey all,

Quick question - how much do banks want to see left over for rainy day spending and furnishing after deposit, fees, etc? Are they looking for 20k left over to furnish a house and fix an emergency issue that may crop up or more like 4-5k and realise people do things bit by bit?

zedhead

howtolive wrote: »

Hey all,

Quick question - how much do banks want to see left over for rainy day spending and furnishing after deposit, fees, etc? Are they looking for 20k left over to furnish a house and fix an emergency issue that may crop up or more like 4-5k and realise people do things bit by bit?

All the banks wanted to see from us was we could afford to pay the deposit and legal fees/stamp duty. When we got approval that was all we had - no more. Waiting for the sale to close we have saved more for furnishing the place, but haven't had to show them that.

Bored Accountant

howtolive wrote: »

Hey all,

Quick question - how much do banks want to see left over for rainy day spending and furnishing after deposit, fees, etc? Are they looking for 20k left over to furnish a house and fix an emergency issue that may crop up or more like 4-5k and realise people do things bit by bit?

Our broker suggested we should have about 8k on top of the deposit, to show we could cover the legal fees, stamp duty etc and with about 2 or 3 spare to cover any unknowns. He said a gift letter from a parent to say you were getting it would be sufficent even if there was actually no gift coming.

Parchment

zedhead wrote: »

All the banks wanted to see from us was we could afford to pay the deposit and legal fees/stamp duty. When we got approval that was all we had - no more. Waiting for the sale to close we have saved more for furnishing the place, but haven't had to show them that.

It was the same for us - we dealt with the bank, no broker but there was never a mention of having "x amount" left over.

We did have money left over - we had money to cover the solicitor/stamp duty etc and then some for the essentials to get us going in the house. I think thats the norm for most people.

howtolive

Parchment wrote: »

It was the same for us - we dealt with the bank, no broker but there was never a mention of having "x amount" left over.

We did have money left over - we had money to cover the solicitor/stamp duty etc and then some for the essentials to get us going in the house. I think thats the norm for most people.

Thanks all that's good to know.

Next thing to figure out is how many annual leave days to leave aside for viewings/meeting with banks/solictors!

zedhead

howtolive wrote: »

Thanks all that's good to know.

Next thing to figure out is how many annual leave days to leave aside for viewings/meeting with banks/solictors!

We didn't do that many viewings in the end but all of them were outside work hours - weekends and evenings, so I think a lot of agents can be flexible if that helps with that. I had to leave work 15 mins early a couple of times, but that was it.

We went through a broker and he also met us after working hours. We have yet to physically meet with our solicitor - he told us there was no point until the contracts were ready to be signed. Not sure if thats best practice, but it means that I only have to take a half day when that happens and then time off when the closing actually happens. No other time off needed. I had saved loads last year for that reason and ended up having to use them all in december for nothing.

Bradz213

Got AIP from EBS and AIB as a sole applicant for 147k and 200k respectively. So where do these "rules"come into it. How can there be such a huge difference?. Madness

Samuel T. Cogley

Bradz213 wrote: »

Got AIP from EBS and AIB as a sole applicant for 147k and 200k respectively. So where do these "rules"come into it. How can there be such a huge difference?. Madness

Because different banks have different affordability criteria and one may have had an exception for you, others not. The CB rules weren't designed to level the mortgage market place, simply make them work within a set of boundaries.

Black_Knight

I've held off posting here many times, expecting to jinx things, but it's happening. We've bought a house. I hear all the pain people go through when buying a house, but honestly our experience has been simple.

Got our AIP in September through a great broker (cork based, pm if you want details). Started looking in late October, viewed 2 places. One was never going to happen, just too much work needed. Second house we viewed we liked. We outbid the other bidder and they pulled out. A couple of weeks and no other bidders (viewers but no offers) we pushed for sale agreed. House was a bit under the asking and they wanted closer to it. We offered a little bump to get closer and to make a deal before Christmas. Smooth sailing since and getting keys next week! Delighted!

We liked the idea of buying late in the year. It's a bad time to sell since houses look their worst, and had the bonus of hitting the January sales for furniture etc. Certainly wouldn't be getting our keys next week without our broker. We didn't need any exemptions or anything. We had everything ready to go (deposit, statements etc) but it was a nice piece of mind having a broker who know how everything worked.

howtolive

zedhead wrote: »

We didn't do that many viewings in the end but all of them were outside work hours - weekends and evenings, so I think a lot of agents can be flexible if that helps with that. I had to leave work 15 mins early a couple of times, but that was it.

We went through a broker and he also met us after working hours. We have yet to physically meet with our solicitor - he told us there was no point until the contracts were ready to be signed. Not sure if thats best practice, but it means that I only have to take a half day when that happens and then time off when the closing actually happens. No other time off needed. I had saved loads last year for that reason and ended up having to use them all in december for nothing.

Great stuff, might just keep a few emergency days so!

Jake2

Hi ,

Looking for some advice on my Approval in Princple Letter from KBC, they have a requirement below relating to my deposit/savings account. Is this normal? I provided 6 months statements but they were scanned documents. Are they looking to just see original documents 6 months or are they asking for evidence of the build up of 20000+. As this seems like alot to have to provide. I moved money from credit union to bank a year ago and the money was saved over 4 years so money came in/out and so on. I don't have 4 years worth of statements.

The balance of funds required to complete the purchase and cover associated costs is EURxxxx. The applicant is to provide
original bank statements to evidence the historic buld of these funds.


Thanks in advance

Samuel T. Cogley

Perfectly normal, but is some of the money from a credit union loan? That used to be a common 'trick' with deposits.

You can request, at cost, bank statements from old bank accounts/credit union.

listermint

Jake2 wrote: »

Hi ,

Looking for some advice on my Approval in Princple Letter from KBC, they have a requirement below relating to my deposit/savings account. Is this normal? I provided 6 months statements but they were scanned documents. Are they looking to just see original documents 6 months or are they asking for evidence of the build up of 20000+. As this seems like alot to have to provide. I moved money from credit union to bank a year ago and the money was saved over 4 years so money came in/out and so on. I don't have 4 years worth of statements.

The balance of funds required to complete the purchase and cover associated costs is EURxxxx. The applicant is to provide
original bank statements to evidence the historic buld of these funds.


Thanks in advance

They need to see money coming out of x account and going into y account

X income.
Y savings.

And that the money didn't just .... Appear

Jake2

Yes I know they need evidence but I was just wondering do they tend to ask for more than 6 months. The 6 months shows about 9000 worth of savings evidence so do they need to see the further 20000 within that bank account.

No I do not have a loan in Credit Union but some of that money would have been inheritance gift over 2 years ago.

Samuel T. Cogley

Jake2 wrote: »

Yes I know they need evidence but I was just wondering do they tend to ask for more than 6 months. The 6 months shows about 9000 worth of savings evidence so do they need to see the further 20000 within that bank account.

No I do not have a loan in Credit Union but some of that money would have been inheritance gift over 2 years ago.

Where they're looking at larger sums they need to be able to trace it back. Where it's an inheritance they'll need proof, a gift they'll need a letter from the giftor stating they have no interest in the property, potentially at least.

It's all very normal and a pain in the arse!