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

TheShow

simons104 wrote: »

Would you need AIP for a deposit to be accepted on a new build? Mortgage obviously wouldn't be drawn down until months later when the house is finished

Generally no, but you do have to confirm mortgage approval within a specified period, particularly if white goods are included. but in the current market where the demand is strong, like it is now, I have heard of agents looking for confirmation of AIP before they take a deposit on new builds, purely because there are people lining up to buy. If there is a new development you’re looking at, ring the office and ask or speak to the sales agent directly.

z0oT

simons104 wrote: »

Would you need AIP for a deposit to be accepted on a new build? Mortgage obviously wouldn't be drawn down until months later when the house is finished

We paid a booking deposit on a new build last month and there was no mention of AIP or anything mortgage related from the Estate Agent to accept it. Our solicitor has since got the contracts last week.


We're not buying in or around Dublin though.

Catmologen

z0oT wrote: »

We paid a booking deposit on a new build last month and there was no mention of AIP or anything mortgage related from the Estate Agent to accept it. Our solicitor has since got the contracts last week.


We're not buying in or around Dublin though.

Same here. All they wanted was the deposit, we didn't have to show AIP or proof of funds. We bought in South Dublin.

Monife

The agent/developer for new builds in Rush and Lusk was looking for AIP with deposit.

Creamy Goodness

I think it’s a pretty simple case of the agent knowing if the sale will be likely to go through or not. They’ve no time for wasters now, AIP requirement at least cuts down on the amount of time wasters/nosey neighbours clogging up viewings etc.

If I was an agent I’d be looking for it, you have to show some seriousness as a buyer.

Glen_Quagmire

Folks, at what stage should you have your solicitor lined up? Is this before or after you approach a bank or broker to get your AIP or at what stage in the process?

stargazer 68

Glen_Quagmire wrote: »

Folks, at what stage should you have your solicitor lined up? Is this before or after you approach a bank or broker to get your AIP or at what stage in the process?

As soon as we went sale agreed the agent wanted the deposit and solicitor details.

Creamy Goodness

Glen_Quagmire wrote: »

Folks, at what stage should you have your solicitor lined up? Is this before or after you approach a bank or broker to get your AIP or at what stage in the process?

totally depends,

our agent wanted booking deposit and AIP, then solicitors details within 3 working days. then 21 working days to sign contracts and pay the balance of the deposit.

bored_newbie

How long did it take people to get a loan pack from their bank, once all documents had been submitted? I'm interested to hear about AIB, Bank of Ireland and Ulster Bank.

Mark1916

bored_newbie wrote: »

How long did it take people to get a loan pack from their bank, once all documents had been submitted? I'm interested to hear about AIB, Bank of Ireland and Ulster Bank.

We went with BoI and had house hunter AIP from the offset so once we found a house and submitted all details I think we got approval for that amount in 2 days with the offer letter following a couple of days later, seamless process to be fair!

z0oT

Glen_Quagmire wrote: »

Folks, at what stage should you have your solicitor lined up? Is this before or after you approach a bank or broker to get your AIP or at what stage in the process?

Solicitor's details were requested from us when I paid the Estate Agent the booking deposit, so you'd need to have one lined up by the time you get to going sale agreed I would think.

bored_newbie wrote: »

How long did it take people to get a loan pack from their bank, once all documents had been submitted? I'm interested to hear about AIB, Bank of Ireland and Ulster Bank.

We're with BOI - It took just a single day to get AIP with them and about 3-4 days to get the formal Loan Offer pack.

Glen_Quagmire

Anyone have any good solicitor recommendations? Please PM me if you do. Cheers

AppleBottle

bored_newbie wrote: »

How long did it take people to get a loan pack from their bank, once all documents had been submitted? I'm interested to hear about AIB, Bank of Ireland and Ulster Bank.

Got AIP on the day we went in for the intital meeting with AIB. We have some minor documents to send in but should be no issues. Still need to submit those but should be doing this during the week. But we have our AIP letter


Also interested in recommended solicitors. Based around Maynooth/Celbridge/Naas/Newbridge ideally.

awec

AppleBottle wrote: »

Got AIP on the day we went in for the intital meeting with AIB. We have some minor documents to send in but should be no issues. Still need to submit those but should be doing this during the week. But we have our AIP letter


Also interested in recommended solicitors. Based around Maynooth/Celbridge/Naas/Newbridge ideally.

This comes up quite a bit on here but it's not really AIP if it hasn't went through the underwriters. You have no idea if you'll actually be approved for that amount or not until you hear back from the underwriters.

AppleBottle

awec wrote: »

This comes up quite a bit on here but it's not really AIP if it hasn't went through the underwriters. You have no idea if you'll actually be approved for that amount or not until you hear back from the underwriters.

Oh yeah, we know this. But the advisor said we shouldn’t have any issues with the amount we are asking for so fingers crossed he was right!!

MissElle

awec wrote: »

This comes up quite a bit on here but it's not really AIP if it hasn't went through the underwriters. You have no idea if you'll actually be approved for that amount or not until you hear back from the underwriters.

I’d agree with this 100%, the advisors can talk a good talk but ultimately can’t give any guarantees. We were “assured” we’d have no problems but once it went through the underwriters we needed to submit extra documentation that the advisor hadn’t even mentioned initially. It wasn’t quite as straightforward as they had made out

z0oT

AppleBottle wrote: »

Oh yeah, we know this. But the advisor said we shouldn’t have any issues with the amount we are asking for so fingers crossed he was right!!

It all comes down to circumstances.

If you're looking for less than the 3.5 times income rule, have your 10% (first time buyer) and funds for legal fees & stamp duty already saved, have permanent jobs, have no debt, and have no children, and you're not looking for a low term time that would make repayments crazy high, it should be straightforward then.

Once you start adding outstanding loans, credit card debt, childcare costs etc. getting the approval becomes that little bit more complicated - they're likely to request more documents then. But it's still perfectly achievable if you meet the banks lending rules.

Bargain_Hound

When drawing down mortgage, do banks usually look for another salary cert / payslip etc? I've just provided them with update salary cert/payslips to extend the original 6 month mortgage offer (which was approved) but not due to drawdown for another 4-6 weeks. Just wondering if I have to go through all that hassle again.

autumnbelle

When drawing down a mortgage (building a house) does the solicitor get paid in the last drawdown or first drawdown

Bawnmore

We've just gotten our loan offer following the valuation of the house. It looks to be for a particular type/interest rate/term duration (2 year fixed/3.6%/30 years). Should we have had a discussion with the bank before now on options? It was only discussed in the initial discussion with the bank up to now as more of a "this is how the mortgage process works" type conversation.

Mantis Toboggan

Bawnmore wrote: »

We've just gotten our loan offer following the valuation of the house. It looks to be for a particular type/interest rate/term duration (2 year fixed/3.6%/30 years). Should we have had a discussion with the bank before now on options? It was only discussed in the initial discussion with the bank up to now as more of a "this is how the mortgage process works" type conversation.

Did you compare rates before going into that bank? Much better rates available elsewhere.

Mantis Toboggan

autumnbelle wrote: »

When drawing down a mortgage (building a house) does the solicitor get paid in the last drawdown or first drawdown

It's upto the solicitor but I'd imagine most would want to be paid before first drawdown.

TheShow

Bargain_Hound wrote: »

When drawing down mortgage, do banks usually look for another salary cert / payslip etc? I've just provided them with update salary cert/payslips to extend the original 6 month mortgage offer (which was approved) but not due to drawdown for another 4-6 weeks. Just wondering if I have to go through all that hassle again.

no, not unless the offer letter requires it as a condition of approval.

autumnbelle

Tyson Fury wrote: »

It's upto the solicitor but I'd imagine most would want to be paid before first drawdown.

Thats what I was thinking but then as its five stages we will be drawing down over I thought maybe you dont pay until they are finished their work

Bawnmore

Tyson Fury wrote: »

It's upto the solicitor but I'd imagine most would want to be paid before first drawdown.

Cheers - I'm definitely aware of that, but we're pretty unappealing from banks perspective at the moment (I've just switched companies to a new position, and moved into contracting in the last few months). Our own bank are happy to proceed, but others don't want to take the risk. Tried broker too who told us the same - at least a year in new position before we should start looking at application. Our own bank signed off with the underwriters based on existing long term relationship.

Question here is should we have discussed options for the loan with the bank at this stage? I'd assume we should, but could be wrong.It could also be that this is the terms that the underwriters have signed off on specifically.

Cheers,
Sean

hanaimai

Bawnmore wrote: »

We've just gotten our loan offer following the valuation of the house. It looks to be for a particular type/interest rate/term duration (2 year fixed/3.6%/30 years). Should we have had a discussion with the bank before now on options? It was only discussed in the initial discussion with the bank up to now as more of a "this is how the mortgage process works" type conversation.

I'm applying for loan offers at the moment and I've been specifically asked what rate and term I want put on the application. If you've already gotten the offer you can still change the rate/term but the application will have to go to the underwriters again (since the affordability assessment part is dependent on what rate and term you pick).

ainy

autumnbelle wrote:

Thats what I was thinking but then as its five stages we will be drawing down over I thought maybe you dont pay until they are finished their work

Ours took it out of our second or third drawdown. Can't fully remember which it was!

coffee_cake

hanaimai wrote: »

I'm applying for loan offers at the moment and I've been specifically asked what rate and term I want put on the application. If you've already gotten the offer you can still change the rate/term but the application will have to go to the underwriters again (since the affordability assessment part is dependent on what rate and term you pick).

Oh, that's annoying. we just submitted as an initial feel for were we okay or not okay. i will have to start looking at rates

are people generally preferring to fix? 5 or 10 y?

Bawnmore

hanaimai wrote: »

I'm applying for loan offers at the moment and I've been specifically asked what rate and term I want put on the application. If you've already gotten the offer you can still change the rate/term but the application will have to go to the underwriters again (since the affordability assessment part is dependent on what rate and term you pick).

Thanks hanaimai - I've gotten on to the bank and waiting on a response. We were hoping to extend out to 35 year on a variable rate and overpay where possible, so affordability (I'm assuming) should be fine. But I'd imagine you're right in that the application will need to go to underwriters again which we'll need to find out.

hanaimai

bluewolf wrote: »

Oh, that's annoying. we just submitted as an initial feel for were we okay or not okay. i will have to start looking at rates

are people generally preferring to fix? 5 or 10 y?

Yea, that's what we were told anyway and I suppose it does make sense in that if you choose a shorter term/higher interest rate then your repayments will differ to what is in your loan offer and could potentially affect whether the bank offers you the full mortgage amount or not.

We're fixing for sure since those are where the lowest rates are found at the moment. Gonna go for either Ulster Bank's 2 year fixed at 2.3% or EBS's 3 year fixed at 3% with the 2% cashback offer.

Bawnmore wrote: »

Thanks hanaimai - I've gotten on to the bank and waiting on a response. We were hoping to extend out to 35 year on a variable rate and overpay where possible, so affordability (I'm assuming) should be fine. But I'd imagine you're right in that the application will need to go to underwriters again which we'll need to find out.

I imagine extending the term or going on a lower interest rate wouldn't cause any issues and will be relatively quick with the underwriters alright.