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

Saints#33

Absolutely fuming.

We went sale agreed on a new build(on land of another house) and were told it was a fast, hassle free and quick sale. We shook hands and got EVERYTHING in order on our side within 2 weeks, all the while being told it was good to go once we were. We were told the other property had also been sold to the person renting it and they were a cash buyer waiting on us.

So our solicitor was told on Wednesday by the vendors solicitor that contracts would be over by courier Thursday morning, only for me to get a call on Thursday saying my deposit was refunded and both sales have fallen through. No further reason given, but by Thursday evening both properties were listed on DAFT by another agent for rent rather than sale, at a bloody insane price(2K in finglas to rent, seriously?).

This is the absolute worst luck as last week my wife got made redundant and we had the whole thing in place and advanced enough that we'd have gotten over the line anyways, but now we're in a situation where our mortgage will fall through and we'll have to re-apply and get her working for 3 months. I'd also converted my bonuses in work to salary for 3 months to get an extra chunk, but now I'll have to revert back to my normal salary and it's going to raise a huge red flag with the banks.

As bad as I had it, the other buyer was renting from these scumbags and they've not just pulled the sale from them, but they've told them to get out. I've heard a rumour from a neighbour that the seller is known to the gardai and something CAB related prevented the sale of the house.

An abolsute clusterf**k for us and we're stuck living with a relative now for at least another 3 months.

GaGa21

Saints#33 wrote:

This is the absolute worst luck as last week my wife got made redundant and we had the whole thing in place and advanced enough that we'd have gotten over the line anyways, but now we're in a situation where our mortgage will fall through and we'll have to re-apply and get her working for 3 months. I'd also converted my bonuses in work to salary for 3 months to get an extra chunk, but now I'll have to revert back to my normal salary and it's going to raise a huge red flag with the banks.

Hard luck! So annoying and frustrating when things like this happen. We are in a similar situation after bank pulled out last minute when we had everything ready to move. But there's nothing you can do except get on with it. I have to say the stress passes with time, we are just trying to believe that what's meant to be will be. We are lucky the vendor has kept house for us while we reapply and we are hoping for good news this week so fingers crossed. If not, we'll have to look at other options or pause the house hunt altogether. Very disappointing.

Hope things work out for ye in time.

Saints#33

GaGa21 wrote: »

Hard luck! So annoying and frustrating when things like this happen. We are in a similar situation after bank pulled out last minute when we had everything ready to move. But there's nothing you can do except get on with it. I have to say the stress passes with time, we are just trying to believe that what's meant to be will be. We are lucky the vendor has kept house for us while we reapply and we are hoping for good news this week so fingers crossed. If not, we'll have to look at other options or pause the house hunt altogether. Very disappointing.

Hope things work out for ye in time.

And you. They don't make this easy

Cuddlesworth

Saints#33 wrote: »

This is the absolute worst luck as last week my wife got made redundant and we had the whole thing in place and advanced enough that we'd have gotten over the line anyways, but now we're in a situation where our mortgage will fall through and we'll have to re-apply and get her working for 3 months. I'd also converted my bonuses in work to salary for 3 months to get an extra chunk, but now I'll have to revert back to my normal salary and it's going to raise a huge red flag with the banks.

Nah, they are completely cool with people lying about their base income and not bothering to inform them of job redundancy's before draw-down.

bri007

We are in the process of trying to buy, we are mortgages approved and our broker requested more payslips last week, so I would imagine before drawdown we would have to provide these again, so not sure you would be able to get the drawdown if you were made redundant, it’s too risky anyway but more than likely would need more payslips etc.

Everything happens for a reason, it’s horrible and tiring looking for a house, but 3 months isn’t too long of a wait and you never know what will happen in that time, better house could come up, more savings etc.

wersal gummage

To the sale falling through /renting person...

It's possible (likely?), that the banks will want to see more than 3 months statements. If the redundancy payment was substantial its possible you'll be asked to explain its origin, and I don't see how your wife working for 3 months would get you a mortgage. I could be wrong, but it's likely she'd need to be in a permanent job and I think banks usually want to see 6 months statements, not 3. Finally, on staying with a relative for another few months, it would be normal enough that it would take 3 months from sale agreed to getting keys, so 3 months might be optimistic if you need to go through all the mortgage approval process again and start searching for a house.

Saints#33

wersal gummage wrote: »

To the sale falling through /renting person...

It's possible (likely?), that the banks will want to see more than 3 months statements. If the redundancy payment was substantial its possible you'll be asked to explain its origin, and I don't see how your wife working for 3 months would get you a mortgage. I could be wrong, but it's likely she'd need to be in a permanent job and I think banks usually want to see 6 months statements, not 3. Finally, on staying with a relative for another few months, it would be normal enough that it would take 3 months from sale agreed to getting keys, so 3 months might be optimistic if you need to go through all the mortgage approval process again and start searching for a house.

We were right down the line on the sale and contracts hadn't come as we were told the seller was in Australia but they had been sent and were due to our solicitor on Thursday and sale could have been done in a fortnight tops as the house had been built for the purpose of a quick sale. You misunderstand on the redundancy, she literally got made redundant last week and everything was in place to draw down. She's still due payments from employer so if vendor hadn't of messed us we'd have drawn down without any issue.She was literally issued her salary cert 24 hours before being made redundant without any issue so the bank had already ticked all those boxes for us. And all the banks want to see is someone out of a probation period if they are changing jobs, so 3 months would be fine. So everything was fine and in place to complete the sale but thanks to the vendor being inept/dodgy we're now at a point where everything has collapsed for us. Literally at a point of taking the cash and just walking from Ireland as the hoops you need to jump through just so you can buy an overpriced piece of junk and owe the bank crazy money for the privilege is gone bananas.

AppleBottle

Saints#33 wrote: »

Absolutely fuming.

We went sale agreed on a new build(on land of another house) and were told it was a fast, hassle free and quick sale. We shook hands and got EVERYTHING in order on our side within 2 weeks, all the while being told it was good to go once we were. We were told the other property had also been sold to the person renting it and they were a cash buyer waiting on us.

So our solicitor was told on Wednesday by the vendors solicitor that contracts would be over by courier Thursday morning, only for me to get a call on Thursday saying my deposit was refunded and both sales have fallen through. No further reason given, but by Thursday evening both properties were listed on DAFT by another agent for rent rather than sale, at a bloody insane price(2K in finglas to rent, seriously?).

This is the absolute worst luck as last week my wife got made redundant and we had the whole thing in place and advanced enough that we'd have gotten over the line anyways, but now we're in a situation where our mortgage will fall through and we'll have to re-apply and get her working for 3 months. I'd also converted my bonuses in work to salary for 3 months to get an extra chunk, but now I'll have to revert back to my normal salary and it's going to raise a huge red flag with the banks.

As bad as I had it, the other buyer was renting from these scumbags and they've not just pulled the sale from them, but they've told them to get out. I've heard a rumour from a neighbour that the seller is known to the gardai and something CAB related prevented the sale of the house.

An abolsute clusterf**k for us and we're stuck living with a relative now for at least another 3 months.

While in one way I feel awful that this happened to you, if there was stuff to do with the garda and CAB maybe it’s better that it didn’t go ahead! Who knows if that would have brought trouble to your front door down the line.

AppleBottle

Any advise from those who have recently being into bidding on properties? Is it ever common to put under the asking price on the property?

We were outbidded on two properties recently. Just seen another this weekend that we think the asking price is low and would think it’s going to end up with a bidding war as the property is lovely too. We will put our bid on the house this week. Thinking of doing €1K increments if it gets into a bidding war (which we think it will!), is this reasonable? I would think it would drive the EA insane. The property is well under what we have been approved for so we have scope on our side to go up but think there will be a max of what we would want to pay on the property and what it would be worth to us. We are in a good position - mortgage fully approved, deposit, legal and stamp duty fees there. Already engaged with a solicitor too.

chrismon

AppleBottle wrote: »

Any advise from those who have recently being into bidding on properties? Is it ever common to put under the asking price on the property?

We were outbidded on two properties recently. Just seen another this weekend that we think the asking price is low and would think it’s going to end up with a bidding war as the property is lovely too. We will put our bid on the house this week. Thinking of doing €1K increments if it gets into a bidding war (which we think it will!), is this reasonable? I would think it would drive the EA insane. The property is well under what we have been approved for so we have scope on our side to go up but think there will be a max of what we would want to pay on the property and what it would be worth to us. We are in a good position - mortgage fully approved, deposit, legal and stamp duty fees there. Already engaged with a solicitor too.

We went to look at a house last week.
Above the asking was already on the house as the first bid, walked away as it was over priced (imo) already

Kingp35

AppleBottle wrote: »

Any advise from those who have recently being into bidding on properties? Is it ever common to put under the asking price on the property?

We were outbidded on two properties recently. Just seen another this weekend that we think the asking price is low and would think it’s going to end up with a bidding war as the property is lovely too. We will put our bid on the house this week. Thinking of doing €1K increments if it gets into a bidding war (which we think it will!), is this reasonable? I would think it would drive the EA insane. The property is well under what we have been approved for so we have scope on our side to go up but think there will be a max of what we would want to pay on the property and what it would be worth to us. We are in a good position - mortgage fully approved, deposit, legal and stamp duty fees there. Already engaged with a solicitor too.

We have just gone sale agreed on a house €5k under the original asking price so it is possible. The house is in an in demand area too. It all depends on timing and how much interest is in that property. I would be wary putting in a bid a good bit under asking price as that is inviting a bidding war to happen.

bri007

Hi all,

We have bid on a house, we went a bit under asking price due to the condition and the work that’s needed to make it habitable.

We bid nearly two weeks ago now, and nobody else has bid since our one. I rang today and estate agent said there’s some other interest but nobody else has put in a bid. I asked what the vendor thought of our bid and he said they felt it was too low.... and the estate agent then asked me to up our bid and he will revert back to the vendor and see what they are thinking!

Not sure what to do, should we hold off a bit longer and see if there’s anymore interest or should we go to the max we have budgeted for the property?

Thanks

Doop

bri007 wrote: »

Hi all,

We have bid on a house, we went a bit under asking price due to the condition and the work that’s needed to make it habitable.

We bid nearly two weeks ago now, and nobody else has bid since our one. I rang today and estate agent said there’s some other interest but nobody else has put in a bid. I asked what the vendor thought of our bid and he said they felt it was too low.... and the estate agent then asked me to up our bid and he will revert back to the vendor and see what they are thinking!

Not sure what to do, should we hold off a bit longer and see if there’s anymore interest or should we go to the max we have budgeted for the property?

Thanks

We're in similar position ourselves except were 10k over the asking as of our last bid 3 week ago. The agent said last week the vendor wants another 10k, ... like feck off ...im not going to bid against myself, and the only reason they stung us along for 3 weeks was in the hope that another bidder would come along..none did so they ask us to up our bid! I think its cheeky playing us every which way, good mind just to withdraw the offer as I dont think they're playing fair. I wouldn't mind but we weren't 'in love' with the property. Whats the point in setting an asking price and then not excepting 10k over it?

Depending on how far below the asking you are I'd suggest going up to the asking and saying you want an answer witihin 24hrs or the offer is withdrawn.

bri007

Yeah that’s very cheeky of the estate agent, like they set a price and you went above that price and now want more? Madness!

Yeah we were thinking of upping our offer and then putting a timeframe of accepting that offer or else walk away. I feel the estate agent is trying to force a bidding war somehow, there are interested parties but so far have sat back so it’s only us bidding against ourself.

We are not going to sit around waiting, we will possibly make one final bid this week closer to asking price and then if that’s rejected we will go elsewhere.

Doop wrote: »

We're in similar position ourselves except were 10k over the asking as of our last bid 3 week ago. The agent said last week the vendor wants another 10k, ... like feck off ...im not going to bid against myself, and the only reason they stung us along for 3 weeks was in the hope that another bidder would come along..none did so they ask us to up our bid! I think its cheeky playing us every which way, good mind just to withdraw the offer as I dont think they're playing fair. I wouldn't mind but we weren't 'in love' with the property. Whats the point in setting an asking price and then not excepting 10k over it?

Depending on how far below the asking you are I'd suggest going up to the asking and saying you want an answer witihin 24hrs or the offer is withdrawn.

ELM327

bri007 wrote: »

Hi all,

We have bid on a house, we went a bit under asking price due to the condition and the work that’s needed to make it habitable.

We bid nearly two weeks ago now, and nobody else has bid since our one. I rang today and estate agent said there’s some other interest but nobody else has put in a bid. I asked what the vendor thought of our bid and he said they felt it was too low.... and the estate agent then asked me to up our bid and he will revert back to the vendor and see what they are thinking!

Not sure what to do, should we hold off a bit longer and see if there’s anymore interest or should we go to the max we have budgeted for the property?

Thanks

Wouldn't up my bid. In that sense you are literally bidding against yourself!
Depends on how much you want that particular property though.

trooperdx3117

Hi Guys,

Just wondering if anyone else is having an issue like this. My partner and I wen't sale agreed on a new build which won't be completed until Summer 2019. I'm not gonna be optimistic with time lines so i'm going to assume August-September at the earliest we'd be drawing down the mortgage and moving in.

We've paid the initial booking deposit but we still have to sign the proper contracts that locks us in. We have mortgage approval in principal from AIB which will last eleven months before we would need to renew, this would give us plenty of time for the house to be completed. However our solicitor is advising that we need to request the full mortgage offer letter from AIB before signing contracts.

The problem with this is that the offer letter only lasts 6 months before running out and we would have to go through the whole mortgage approval process again. So it would run out in mid-April which would be useless for us!

The solicitor is saying that we need to request the letter before signing since its confirmation that we would have funds to buy the house. But this seems backwards to me because by requesting the mortgage letter now we're basically guaranteeing its going to have run out by the time the house is ready. Has anyone else had an issue like this? Do you think we should just push back at the solicitor and sign the contracts without requesting the full mortgage offer letter?

bri007

Thanks for the reply,

Yeah we spoke this evening about it, we are going to hold off bidding against ourselves. We will wait and see if there is any counter bids in our offer and sit tight for the time being!

ELM327 wrote: »

Wouldn't up my bid. In that sense you are literally bidding against yourself!
Depends on how much you want that particular property though.

kippy

trooperdx3117 wrote: »

Hi Guys,

Just wondering if anyone else is having an issue like this. My partner and I wen't sale agreed on a new build which won't be completed until Summer 2019. I'm not gonna be optimistic with time lines so i'm going to assume August-September at the earliest we'd be drawing down the mortgage and moving in.

We've paid the initial booking deposit but we still have to sign the proper contracts that locks us in. We have mortgage approval in principal from AIB which will last eleven months before we would need to renew, this would give us plenty of time for the house to be completed. However our solicitor is advising that we need to request the full mortgage offer letter from AIB before signing contracts.

The problem with this is that the offer letter only lasts 6 months before running out and we would have to go through the whole mortgage approval process again. So it would run out in mid-April which would be useless for us!

The solicitor is saying that we need to request the letter before signing since its confirmation that we would have funds to buy the house. But this seems backwards to me because by requesting the mortgage letter now we're basically guaranteeing its going to have run out by the time the house is ready. Has anyone else had an issue like this? Do you think we should just push back at the solicitor and sign the contracts without requesting the full mortgage offer letter?

The solicitor is giving you good advice. You should heed it. Only when you have full approval do you know that the underwriters have gone through your application and associated documents etc with s fine tooth comb. I believe the term of the offer letter can be extended fairly easily assuming no major changes in your circumstances.

wally79

trooperdx3117 wrote: »

Hi Guys,

Just wondering if anyone else is having an issue like this. My partner and I wen't sale agreed on a new build which won't be completed until Summer 2019. I'm not gonna be optimistic with time lines so i'm going to assume August-September at the earliest we'd be drawing down the mortgage and moving in.

We've paid the initial booking deposit but we still have to sign the proper contracts that locks us in. We have mortgage approval in principal from AIB which will last eleven months before we would need to renew, this would give us plenty of time for the house to be completed. However our solicitor is advising that we need to request the full mortgage offer letter from AIB before signing contracts.

The problem with this is that the offer letter only lasts 6 months before running out and we would have to go through the whole mortgage approval process again. So it would run out in mid-April which would be useless for us!

The solicitor is saying that we need to request the letter before signing since its confirmation that we would have funds to buy the house. But this seems backwards to me because by requesting the mortgage letter now we're basically guaranteeing its going to have run out by the time the house is ready. Has anyone else had an issue like this? Do you think we should just push back at the solicitor and sign the contracts without requesting the full mortgage offer letter?

When you apply for the mortgage letter the bank may decide the property isn’t valued at the price you have agreed or is too far from your work or have some other reason to reject the property.

Given that these days many new build Contracts omit the “subject to loan” clause you could end up with a house you need to pay for and no mortgage

GaGa21

wally79 wrote:

When you apply for the mortgage letter the bank may decide the property isn’t valued at the price you have agreed or is too far from your work or have some other reason to reject the property.

We were refused at the last hurdle for above reason. We had contracts signed and luckily our solicitor put in the clause dependant on mortgage issue or we would have lost our deposit.

trooperdx3117

kippy wrote: »

The solicitor is giving you good advice. You should heed it. Only when you have full approval do you know that the underwriters have gone through your application and associated documents etc with s fine tooth comb. I believe the term of the offer letter can be extended fairly easily assuming no major changes in your circumstances.

wally79 wrote: »

When you apply for the mortgage letter the bank may decide the property isn’t valued at the price you have agreed or is too far from your work or have some other reason to reject the property.

Given that these days many new build Contracts omit the “subject to loan” clause you could end up with a house you need to pay for and no mortgage

Oh right cheers lads, I guess we better get the offer just in case. Do you think I should be upfront with AIB that the house probably won't be finished before 6 months or should I play it by ear?

chrismon

Doop wrote: »

We're in similar position ourselves except were 10k over the asking as of our last bid 3 week ago. The agent said last week the vendor wants another 10k, ... like feck off ...im not going to bid against myself, and the only reason they stung us along for 3 weeks was in the hope that another bidder would come along..none did so they ask us to up our bid! I think its cheeky playing us every which way, good mind just to withdraw the offer as I dont think they're playing fair. I wouldn't mind but we weren't 'in love' with the property. Whats the point in setting an asking price and then not excepting 10k over it?

Depending on how far below the asking you are I'd suggest going up to the asking and saying you want an answer witihin 24hrs or the offer is withdrawn.

I got anxiety just reading that wow.

wally79

trooperdx3117 wrote: »

Oh right cheers lads, I guess we better get the offer just in case. Do you think I should be upfront with AIB that the house probably won't be finished before 6 months or should I play it by ear?

I defer to anyone with better knowledge but I would say be upfront. I imagine it’s fairly normal with new builds being sold in advance these days.Lots of people in the same situation I’m sure

Cypher_sounds

Saints#33 wrote: »

So our solicitor was told on Wednesday by the vendors solicitor that contracts would be over by courier Thursday morning, only for me to get a call on Thursday saying my deposit was refunded and both sales have fallen through. No further reason given, but by Thursday evening both properties were listed on DAFT by another agent for rent rather than sale, at a bloody insane price(2K in finglas to rent, seriously?).

This is the absolute worst luck as last week my wife got made redundant and we had the whole thing in place and advanced enough that we'd have gotten over the line anyways, but now we're in a situation where our mortgage will fall through and we'll have to re-apply and get her working for 3 months. I'd also converted my bonuses in work to salary for 3 months to get an extra chunk, but now I'll have to revert back to my normal salary and it's going to raise a huge red flag with the banks

Sorry to hear that about what has happened in your quest for a house. Hopefully you can get one as soon as everything is in order for you both again.

As an aside I thought you’ve to be in the same job for 6 months before you can get approval not 3 as suggested?

GingerLily

trooperdx3117 wrote: »

Oh right cheers lads, I guess we better get the offer just in case. Do you think I should be upfront with AIB that the house probably won't be finished before 6 months or should I play it by ear?

Banks lend for new builds all the time, listen to your solicitor and be honest with your bank.

Why on earth would you try hide stuff from your bank? Ridiculous

Frank Castle

trooperdx3117 wrote: »

Oh right cheers lads, I guess we better get the offer just in case. Do you think I should be upfront with AIB that the house probably won't be finished before 6 months or should I play it by ear?

Buying a new build off plan is quite common. Be up front with the bank, trying to lie to them is not worth it considering the amount of information they require from you, you will most likely get caught out or find yourself in an awkward situation that you can't easily navigate.

Tbh if you can afford to buy, then the bank will do all it can to get you a mortgage, they want your money after all.

And as always, make sure you have a good solicitor (yours does sound like they are keeping you on track correctly)... the help they provide you during the buying process is grossly understated.

Listen to your solicitor and proceed with getting the offer letter, your offer letter can be extended twice. up to a total of 18 months. You just need to keep on top of things and give the bank no reason to withdraw the offer.

IJS84

We are meeting our bank this week to re apply as our initial loan offer expires this week. We went Sale agreed in April, mapping and contracts have only been sent to our solicitor this week. Thankfully we havent much change other than putting deposits on a few things, booking deposit and, (as we are plannng our wedding too), venue, band, photographer, but we had 3 weddings to attend this year, 2 close friends and a family member. Add that to about €2,500 in car maintenence, tax and insurance since we had the initial loan offer go out, Im a little concerned with what they might do to reject it this time out. Valuaton was re done about 6 weeks back and that came back fine for us thankfully

Fingers crossed

tigger123

How much, approx, is a structural pre purchase survey on a house?

Veledan22

tigger123 wrote: »

How much, approx, is a structural pre purchase survey on a house?

I think mine was roughly €500 including VAT

Honestfrank01

tigger123 wrote:

How much, approx, is a structural pre purchase survey on a house?

Depends where you are but I managed to ring a few places and got one of them to do it 400 euro on the button no vat included