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

TheShow

purple hands wrote: »

Hi folks

For those that bought second-hand, did you do a pre-close walkthrough and how was it organised? i.e. the day before, or day of closing?

For sure, you need to make sure that everything that was supposed to be included in the sale is still there and that there isnt great big holes in the walls etc from stuff being ripped out.

Talk to selling agent or arrange via your solicitor, few days prior to closing is best.

Toulouse

purple hands wrote: »

Hi folks

For those that bought second-hand, did you do a pre-close walkthrough and how was it organised? i.e. the day before, or day of closing?

I did ours the day before we closed. They had taken some stuff that was in the list of contents we’d agreed would stay so that was resolved.

When I got the keys the next day the bastards had taken the washing machine, again, clearly listed in the contents which were to remain and had still been there the day before.

My advice would be to do the walk through as soon as they vacate and give the keys to the estate agent but before you’ve instructed your solicitor to transfer funds to their solicitor.

If I ever buy a house again this is exactly the way I will do it!

chrismon

Toulouse wrote: »

I did ours the day before we closed. They had taken some stuff that was in the list of contents we’d agreed would stay so that was resolved.

When I got the keys the next day the bastards had taken the washing machine, again, clearly listed in the contents which were to remain and had still been there the day before.

My advice would be to do the walk through as soon as they vacate and give the keys to the estate agent but not before you’ve instructed your solicitor to transfer funds to their solicitor.

If I ever buy a house again this is exactly the way I will do it!

Good advice there thanks.

Goose76

Got PTSB approval in principle today

Question - our AIP letter states that the AIP cannot be used to buy property at an auction.

Out of interest, what would a first time buyer need, document/approval wise, in order to bid at an auction? There are a few properties online which we are interested in but are auction only.

Aisling(",)

I'm not in a position to buy, have 25k saved and I'm earn about 32,800 a year, but have to say I love this thread because everyone is so helpfull and I'm finding all the tips and advice given great for when I hopefully am preparing to step onto the ladder.

Just wanted to say thanks to you all

amcalester

Goose76 wrote: »

Got PTSB approval in principle today

Question - our AIP letter states that the AIP cannot be used to buy property at an auction.

Out of interest, what would a first time buyer need, document/approval wise, in order to bid at an auction? There are a few properties online which we are interested in but are auction only.

The purchase price in cash probably.

ELM327

Yes, it's very difficult to buy at auction if you are intending to use a mortgage as the funding instrument.

Doop

Just wondering if anyone can shed any light on this for us, we are mortgage approved and have savings over what is required for the deposit but in our approval letter PTSB appear to have deducted an amount from our savings... we believe this is to cover stamp duty and fees.

Example:
approved 250,000
savings 50,000
total 300,000

Letter of approval suggests ability to buy a property up to 294,000 (cant recall exact wording or figure)

Figures above are only an example, but basically we are really struggling at the amount we have so want to throw every penny at the offer, and will work out the fees afterwards (could get a family loan, put on credit card etc etc... couple of grand doesn't concern me we'll muddle through)

tigger123

Doop wrote: »

Just wondering if anyone can shed any light on this for us, we are mortgage approved and have savings over what is required for the deposit but in our approval letter PTSB appear to have deducted an amount from our savings... we believe this is to cover stamp duty and fees.

Example:
approved 250,000
savings 50,000
total 300,000

Letter of approval suggests ability to buy a property up to 294,000 (cant recall exact wording or figure)

Figures above are only an example, but basically we are really struggling at the amount we have so want to throw every penny at the offer, and will work out the fees afterwards (could get a family loan, put on credit card etc etc... couple of grand doesn't concern me we'll muddle through)

Yep, it's Stamp duty and legal fees.

However, in reality, with PTSBs cashback offer all you really need to do is borrow your stamp duty and legal fees from somewhere (family or whatever) and repay it when you get your cashback at the time you drawdown the mortgage. You'd probably need to borrow it for a max of 6 weeks.

Doop

tigger123 wrote: »

Yep, it's Stamp duty and legal fees.

However, in reality, with PTSBs cashback offer all you really need to do is borrow your stamp duty and legal fees from somewhere (family or whatever) and repay it when you get your cashback at the time you drawdown the mortgage. You'd probably need to borrow it for a max of 6 weeks.

Great thanks for that ...and yes we have the cashback in our back pocket too, but I suppose our concern is will PTSB throw a spanner in the works if we go Sale Agreed at say 300k in the example above.

wersal gummage

Doop wrote: »

Great thanks for that ...and yes we have the cashback in our back pocket too, but I suppose our concern is will PTSB throw a spanner in the works if we go Sale Agreed at say 300k in the example above.

You can go sale agreed at 300k or 400k, it doesn't matter. When it becomes important is before the sale closes, you will need to have the total amount transferred to your solicitor. This total has to be enough to cover the purchase price, the stamp duty and almost certainly your legal fees. You may also have to cover apportionment of management fees or property tax if relevant. So the point is, you need the total funds. You can't rely on the 2% back to get you over the line as that money is made available after the sale completes. This is just my understanding, I'm not a financial advisor or mortgage expert

tigger123

Doop wrote: »

Great thanks for that ...and yes we have the cashback in our back pocket too, but I suppose our concern is will PTSB throw a spanner in the works if we go Sale Agreed at say 300k in the example above.

I doubt it. Most likely they will ask you to have a family member write and sign a gift letter that confirms they will "gift" you the balance you need [6k in your example] and that you won't have to pay them back (wink wink).

But in reality, they'll be lending you the money for 5 or 6 weeks so you can close the sale. Then, you drawdown your mortgage, get your cashback and pay them back.

We applied for a mortgage with Ulster Bank via a broker recently.
I just got word back that they need a few more documents, including Revolut statements.
I've always used my revolut card for pub purchases and the some visits to betfair.

Realistically, am I screwed?
I have 18 outgoings to betfair over the last 6 months, but the most recent was in August, and I closed my account shortly after that.
I have 4 refunds in the same time. With a net loss of approx. €350

For the transactions in the pub, I have 7 I believe, but there all pretty minor, and spread out. Total cost of those 7 transactions are around €160 (including cash back)

I emailed the broker to get her advice, but I have a feeling this going to push us back until March now Wife ain't going to be happy

hots

Deleted User wrote: »

We applied for a mortgage with Ulster Bank via a broker recently.
I just got word back that they need a few more documents, including Revolut statements.
I've always used my revolut card for pub purchases and the some visits to betfair.

Realistically, am I screwed?
I have 18 outgoings to betfair over the last 6 months, but the most recent was in August, and I closed my account shortly after that.
I have 4 refunds in the same time. With a net loss of approx. €350

For the transactions in the pub, I have 7 I believe, but there all pretty minor, and spread out. Total cost of those 7 transactions are around €160 (including cash back)

I emailed the broker to get her advice, but I have a feeling this going to push us back until March now Wife ain't going to be happy

You're probably fine so long as you can afford it anyway. It's the first I've heard of Revolut being asked for, you must be topping up frequently for it to be an issue I would have thought? I've used it a good bit but top up infrequently enough, wasn't questioned.

hots

hots wrote: »

You're probably fine so long as you can afford it anyway. It's the first I've heard of Revolut being asked for, you must be topping up frequently for it to be an issue I would have thought? I've used it a good bit but top up infrequently enough, wasn't questioned.

Just spoke with the broker. She said that it was to be expected. My fault.
Anyway, since the account has been closed since August, she wants to hold off on submitting the documents until next month, so that there will no similar transactions for 3 months, which should make things a bit better.
The pubs weren't an issue, as I had heard before.

Anyway, onwards and upwards. The only good thing, is that there are no new houses going on the market right now in the area that we are interested in, and we're not in any major rush. I'll hear about it later though

As for topping up the Revolut card, yeah, we used it a lot in July and August while on honeymoon, so that must have caught their eye

eoghan104

Deleted User wrote: »

Just spoke with the broker. She said that it was to be expected. My fault.
Anyway, since the account has been closed since August, she wants to hold off on submitting the documents until next month, so that there will no similar transactions for 3 months, which should make things a bit better.
The pubs weren't an issue, as I had heard before.

Anyway, onwards and upwards. The only good thing, is that there are no new houses going on the market right now in the area that we are interested in, and we're not in any major rush. I'll hear about it later though

As for topping up the Revolut card, yeah, we used it a lot in July and August while on honeymoon, so that must have caught their eye

I was thinking about Revolut too. Some transactions on my account.

Why not say it is your friends card that you use sometimes when travelling and you don't have access to a statement? I'm sure it wouln't wash but I was wondering!

eoghan104

eoghan104 wrote: »

I was thinking about Revolut too. Some transactions on my account.

Why not say it is your friends card that you use sometimes when travelling and you don't have access to a statement? I'm sure it wouln't wash but I was wondering!

I imagine I could change the name on the account, and act like it's used by a few of us, but I imagine that would raise loads of red flags.
Worst case scenario, if we wait until March, we're still not in bad shape, and allows us to save some more, and have clean accounts

L1011

eoghan104 wrote: »

Why not say it is your friends card that you use sometimes when travelling and you don't have access to a statement? I'm sure it wouln't wash but I was wondering!

Not only would it not wash, lying to a potential lender is not going to endear you to them.

Glen_Quagmire

Do you have to pay tax on the 2% cashback offer by BOI and some other banks

myshirt

Glen_Quagmire wrote: »

Do you have to pay tax on the 2% cashback offer by BOI and some other banks

No.

chrismon

Glen_Quagmire wrote: »

Do you have to pay tax on the 2% cashback offer by BOI and some other banks

Oh that would suck.
Hope not!

bri007

I asked in EBS and they said you don’t pay tax on the cash back offer?

TheShow

[Deleted User] wrote: »

We applied for a mortgage with Ulster Bank via a broker recently.
I just got word back that they need a few more documents, including Revolut statements.
I've always used my revolut card for pub purchases and the some visits to betfair.

Realistically, am I screwed?
I have 18 outgoings to betfair over the last 6 months, but the most recent was in August, and I closed my account shortly after that.
I have 4 refunds in the same time. With a net loss of approx. €350

For the transactions in the pub, I have 7 I believe, but there all pretty minor, and spread out. Total cost of those 7 transactions are around €160 (including cash back)

I emailed the broker to get her advice, but I have a feeling this going to push us back until March now Wife ain't going to be happy

It won’t be an issue, unless there’s lots of transactions for gambling. Gambling and going to the pub is not illegal and how you spend your money is your own business. As long as it does not impact your finances (putting you overdrawn and incurring overlimit fees or items being returned) then there is nothing to worry about.

Mac-Chops

Glen_Quagmire wrote: »

Do you have to pay tax on the 2% cashback offer by BOI and some other banks

Not with BOI for sure.

You do have to pay DIRT on their (BOI) mortgage saver bonus though which I wasn't aware of initially.

lillycakes2

Hey everyone, is it a good or bad thing to have a car loan when applying for a mortgage?

Frank Castle

lillycakes2 wrote: »

Hey everyone, is it a good or bad thing to have a car loan when applying for a mortgage?

Provided you can afford it, then it is not an issue.
The bank will do an affordability test. Provide you can afford your debt then they will have no issue with it.

I personally had a car loan (PCP), a personal loan and credit card debt, not an issue for the bank.
Just make sure you keep your debt affordable and you will be fine.

LauraMarieA

Hi, I'm wondering if anyone has any advice in relation to the following.

We have our deposit saved and extra for solictor/stamp duty etc. The home we want is a new build and currently selling out quite quickly. Our broker could not meet us until next Monday (Nov 12th) but last Friday there was only one home left in the current phase that we would be happy with so our broker advised us to put a booking deposit down to reserve it. I know the rule is you have 21 days from the day contracts are issued to sign. But basically our broker cannot go ahead with a mortgage application until my partner gets a pay slip on November 25th as he recently had quite a large wage increase which has put us in the position of being able to borrow the money we need for the home.

Basically what I want to know is does anyone have experience of having being able to delay the timeline of signing the contract beyond the 21 day point? The broker is confident we will get the mortgage and I contacted Ulster bank myself which they also told me they could lend me the amount. I'm just worried about the 21 day timeline for signing contracts and us losing the house we want. Also the home is not currently built with expected completion in March/April next year!

Thanks for your help!

JDD

We got an extension from the builder's solicitors to our 21 day time limit to sign contracts. Get your solicitor on board. The builder's solicitors aren't going to put the house back on the market just for the sake of a few days delay. The only thing I would worry about is that most new builds say that they will throw in the white goods if you sign within 21 days. Make sure that it's agreed you won't miss out on that. And make sure you have absolutely EVERYTHING else with the bank, apart from the payslip, so that they can put it through underwriting immediately on 25 November.

LauraMarieA

JDD wrote: »

We got an extension from the builder's solicitors to our 21 day time limit to sign contracts. Get your solicitor on board. The builder's solicitors aren't going to put the house back on the market just for the sake of a few days delay. The only thing I would worry about is that most new builds say that they will throw in the white goods if you sign within 21 days. Make sure that it's agreed you won't miss out on that. And make sure you have absolutely EVERYTHING else with the bank, apart from the payslip, so that they can put it through underwriting immediately on 25 November.

Thanks so much for that. Good to hear it has been done before. I will speak to my solictor regarding delaying it and also with the broker about having everything else with the banks so we just have to send them the pay slip on Nov 25th. Didn't know about some builders offering goods if contracts are signed within the 21 days but will be mindful of this now! Thanks again!

hanaimai

We bought a new build and didn't even get the contracts for 2 months so you could be totally fine.