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

Bargain_Hound

purpleisafruit wrote: »

Due to close next week and everything is ready for the bank except effin Homebond :mad:

We were the same but the cert was issued very quickly and bank actioned and released funds with 48hrs. Nearly there :cool:
Keep in contact with all parties to make sure the cert. not sitting somewhere waiting to be actioned.

jc11

How long did it take everyone to sort home insurance?

Also Ulster Bank, how long does it take to drawdown once requested?

Cheers

GingerLily

jc11 wrote: »

How long did it take everyone to sort home insurance?

Also Ulster Bank, how long does it take to drawdown once requested?

Cheers

Home insurance - 5 minutes, mortgage protection - 5 weeks

purpleisafruit

Bargain_Hound wrote: »

We were the same but the cert was issued very quickly and bank actioned and released funds with 48hrs. Nearly there :cool:
Keep in contact with all parties to make sure the cert. not sitting somewhere waiting to be actioned.

Been following up with my solicitor and developers. My solicitor is also in contact with developer's solicitor and Homebond themselves appear to be the holdup

Rfrip

GingerLily wrote: »

Home insurance - 5 minutes, mortgage protection - 5 weeks

Mortgage protection broke my heart

alwald

I want to apply for a mortgage and I just want to know how much maintenance the bank will deduct per child if there is no maintenance agreement in place?

jc11

GingerLily wrote: »

Home insurance - 5 minutes, mortgage protection - 5 weeks

Got in early enough with mortgage protection thank god, both of us had a few old health things so knew it wouldn't be straightforward.

I know home ins takes a few min online but I mean by the time they post out docs to sign etc

Frank Castle

Rfrip wrote: »

Mortgage protection broke my heart

For anyone struggling with mortgage protection I recommend trying lion.ie

They really pulled us out of a hole after we had been turned down by irish life and laya due to a chronic illness.

(they had mortgage protection for us less than 2 weeks after we contacted them).

It was a real stress relief for us personally. And they were great to deal with.

tobsey

alwald wrote: »

I want to apply for a mortgage and I just want to know how much maintenance the bank will deduct per child if there is no maintenance agreement in place?

The general deduction for a dependant is roughly €250 per child per month. I'm not sure what else they can take into account when there's no agreement. If you are paying a fixed amount per month even if there's no agreement in place, then that anount will probably be used instead.

Trimm Trabb

Had a college loan with credit union that was 19k at its peak and went into arrears 2 years from end - continued to pay €220 a month as opposed to €440 and informed credit union i couldn’t afford to pay full amount due to cost of my rent in Dublin. Cleared loan over a year ago.

Now myself and wife are in permenant state jobs and meet all other criteria (6 months savings, 5% deposit and 5% HTB etc) - mortgage advisor was happy with everything but said the arrears are the one potential problem. Our application is in with a letter from CU saying I had kept them informed etc and we have new build we will buy if approved - anyone have experience of similar situation or have knowledge of what our chances of being approved are?

chrismon

When do you start looking for mortgage protection?

podgemonster

chrismon wrote: »

When do you start looking for mortgage protection?

A good 8 weeks before drawdown I'd gather. The insurer may need a report from your GP, this can slow things down with appointments and posting etc... Luckily my wife and I are in good health, no report was required and we got it sorted in 2 weeks.

KilOit

chrismon wrote: »

When do you start looking for mortgage protection?

Took about 10 weeks for us. you can get some that will do it quicker at a premium though.
Banks don't really stress how important it is till you go to draw it down, shouldn't even be be allowed to give an offer without mortgage protection

Mark1916

Long time viewer of this forum and sometimes contributor! Finally got the keys to our house today 5 months after going sale agreed, it is a huge relief the feeling of putting the keys in the front door is one of relief and joy! We've been through sub standard attic conversions and frustrating solicitors but its worth it.

I know it's been said numerous times before but its completely worth it and this forum is a huge help!

Good luck to everyone starting their journey and those near the finish!

chrismon

Wow I didn't realise it took that long to get it sorted.
Is there anything I can have ready / requested to get things moving quicker when I do go applying.

snowflake1989

Hi all, am currently dealing with a broker atm, constantly looking for paperwork and i feel like the process is so long now how long did it take yous to get approval with a broker if you went with one?!
Were currently bidding on a house with his go ahead but im stressing as i have no full apprroval yet, with more paperwork being asked for been with him since early september

GingerLily

snowflake1989 wrote: »

Hi all, am currently dealing with a broker atm, constantly looking for paperwork and i feel like the process is so long now how long did it take yous to get approval with a broker if you went with one?!
Were currently bidding on a house with his go ahead but im stressing as i have no full apprroval yet, with more paperwork being asked for been with him since early september

There's a pretty standard list of documents for a mortgage app, is the broker asking for more? Did they not give the the full documentation check list on day 1?

Creamy Goodness

chrismon wrote: »

Wow I didn't realise it took that long to get it sorted.
Is there anything I can have ready / requested to get things moving quicker when I do go applying.

It usually doesn’t. You could get it sorted a day before if you’d like but if you have any minor health issue or family history or anything outside of the norm it will take longer.

They all allow you to do the process and pause the start date until you move in so the sooner you start it the better.

Rfrip

chrismon wrote: »

Wow I didn't realise it took that long to get it sorted.
Is there anything I can have ready / requested to get things moving quicker when I do go applying.

Go about it as soon as you can. If you have no outstanding referrals with a gp and good health then it will be pain free!

I had an outstanding referral and due to waiting list I won’t be seen till March. As it was nothing serious I couldn’t be bumped up the list.. Due to get the keys of my house this month and the bank refused a waiver when I told them I was refused mortgage protection.
Have to say it was the most stressful time of my life. In the end chill insurance increased premium slightly and accepted my medical records. Irish life refused me.

It was only because of here that I started looking into it early. They need to emphasis it more I think in the process.

chrismon

Thanks guys.
If had a minor health issue a few years ago that I get yearly check ups for (no issues since).
Hopefully it doesn't cause too many issues.

tigger123

Is there any advantage to getting your mortgage protection with the same company that do your health insurance (... assuming they do both, which I'm not even sure Laya do)?

I'd imagine your "no claims bonus" with your health insurance would make things a little easier in terms of proving you don't have any ongoing health issues ...?

jc11

Another recommendation here for lion.ie for mortgage protection, myself and husband had some old health stuff that was an issue. They are great to deal with and completley took the stress out of it!

tigger123

Second question, sorry, but do you need mortgage protection and life assurance in order to take out the mortgage? Or just life assurance?

jc11

tigger123 wrote: »

Second question, sorry, but do you need mortgage protection and life assurance in order to take out the mortgage? Or just life assurance?

You just need mortgage protection

chrismon

jc11 wrote: »

Another recommendation here for lion.ie for mortgage protection, myself and husband had some old health stuff that was an issue. They are great to deal with and completley took the stress out of it!

I think I'll be giving them a call. Do any banks offer this themselves?

jc11

chrismon wrote: »

I think I'll be giving them a call. Do any banks offer this themselves?

Banks will offer mortgage protection but afaik its not best price, they're just pushing a product for some commission!

TheShow

chrismon wrote: »

Wow I didn't realise it took that long to get it sorted.
Is there anything I can have ready / requested to get things moving quicker when I do go applying.

It doesn't normally take that long. If you/ye are both healthy with no existing conditions it can be done very quickly.
It only gets prolonged if you have medical conditions and need to get GP reports etc.

My advice would be to get it sorted soon after you've got your mortgage approval and have a house lined up. You can arrange it for a start date in the future.

TheShow

tigger123 wrote: »

Second question, sorry, but do you need mortgage protection and life assurance in order to take out the mortgage? Or just life assurance?

one or the other.

TheShow

tigger123 wrote: »

Is there any advantage to getting your mortgage protection with the same company that do your health insurance (... assuming they do both, which I'm not even sure Laya do)?

I'd imagine your "no claims bonus" with your health insurance would make things a little easier in terms of proving you don't have any ongoing health issues ...?

Depends, not all health cover providers, offer life insurance. For those that do there may be a little discount, but the best option is to shop around, much like you would for car insurance.

chrismon

TheShow wrote: »

It doesn't normally take that long. If you/ye are both healthy with no existing conditions it can be done very quickly.
It only gets prolonged if you have medical conditions and need to get GP reports etc.

My advice would be to get it sorted soon after you've got your mortgage approval and have a house lined up. You can arrange it for a start date in the future.

Good to know!
I might start chatting to a few companies.