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

tigger123

Commuting options to work is always high on the list for me. It's a journey you'll typically have to do 10 times per week.

Goose76

Has anyone transferred the booking deposit straight to the estate agent?

Our solicitor has advised to transfer it to them first, but we fear this will delay the process (EA has given us a deadline).

The excitement of going Sale Agreed has quickly evaporated with all the stuff we need to do now!! Grateful for any insights.

wally79

Goose76 wrote: »

Has anyone transferred the booking deposit straight to the estate agent?

Our solicitor has advised to transfer it to them first, but we fear this will delay the process (EA has given us a deadline).

The excitement of going Sale Agreed has quickly evaporated with all the stuff we need to do now!! Grateful for any insights.

Yes our booking deposit went to EA

I think that’s fairly standard.

Haven’t bought a new build so it may be different

dk1982

Goose76 wrote: »

Has anyone transferred the booking deposit straight to the estate agent?

Our solicitor has advised to transfer it to them first, but we fear this will delay the process (EA has given us a deadline).

The excitement of going Sale Agreed has quickly evaporated with all the stuff we need to do now!! Grateful for any insights.

Just signed contracts on new build. 3k booking deposit went straight to the builder initially. Bank details passed on from estate agent. 7k balance of deposit went to my solicitor after we signed the contracts. But when I sold my house recently the booking deposit from the buyers was paid direct to my estate agent. This was then returned to my solicitor minus the estate agents fee at the end. Standard procedure, doesnt hold things up at all.

TheShow

Goose76 wrote: »

Has anyone transferred the booking deposit straight to the estate agent?

Our solicitor has advised to transfer it to them first, but we fear this will delay the process (EA has given us a deadline).

The excitement of going Sale Agreed has quickly evaporated with all the stuff we need to do now!! Grateful for any insights.

Its normal to make the booking deposit to the EA. It is only an offer of interest in purchasing the property. The solicitors only get involved at signing contracts when interest changes to intent.

Goose76

thanks everyone, looks like in my excitement I misinterpreted the instructions from the solicitor.:rolleyes:

laserlad2010

limnam wrote: »

Does it make that much of a difference?

Well, anecdotally I would expect an owner-occupied house to be better maintained - perhaps better fittings etc.


Other than that probably not

Interested Observer

Made a bid on a property about 2 weeks back, was turned down as not enough. Took a week to get a response. Upped our bid (still below asking) and another week has passed without a response. Dunno if it's the vendors, the EA, both of them but they're not really engaging. Just find it very odd, as far as we know there are no other parties interested and the house has been on sale for a while.

whatever76

Interested Observer wrote: »

Made a bid on a property about 2 weeks back, was turned down as not enough. Took a week to get a response. Upped our bid (still below asking) and another week has passed without a response. Dunno if it's the vendors, the EA, both of them but they're not really engaging. Just find it very odd, as far as we know there are no other parties interested and the house has been on sale for a while.

Wow I am kind of in same situation myself except I didn't up my offer but offer slightly below asking and no other bids that I know of - a week since I last heard from EA grrrrr but will ring later I think … hard to read but my current thinking is
1 - Sellers not happy that they not getting a lot of parties interested for a bidding war so just stalling or something in hope other interested buyers to get over their asking

2 - Sellers rethinking position and may wait till new year and hope more interested buyers come one board .

Not sure - all speculation ! but I will keep you posted on how my scenario evolves.

hanaimai

Got our keys. Absolutely thrilled! Thanks to this thread for all the help and advice. Other than with the life insurance (nightmare) we didn't really encounter any major hurdles along the way. Now to get cracking on the million things we need to sort to move in before Christmas!

Ladjacket

Life insurance is a tough one if any conditions prevalent. We are going with MPP only just to keep the ball rolling and will look at a life policy once we are in the property and settled.

limnam

laserlad2010 wrote: »

Well, anecdotally I would expect an owner-occupied house to be better maintained - perhaps better fittings etc.


Other than that probably not

Right, but things like fittings etc you can see when you view it, so if you're happy, the fact it was rented is not really relevant.

limnam

Interested Observer wrote: »

Made a bid on a property about 2 weeks back, was turned down as not enough. Took a week to get a response. Upped our bid (still below asking) and another week has passed without a response. Dunno if it's the vendors, the EA, both of them but they're not really engaging. Just find it very odd, as far as we know there are no other parties interested and the house has been on sale for a while.

IMO there's no point trying to figure these things out.


EA's are an odd bunch. Sellers are on odd bunch.


Reach out again but crack on with your search.

laserlad2010

Interested Observer wrote: »

Made a bid on a property about 2 weeks back, was turned down as not enough. Took a week to get a response. Upped our bid (still below asking) and another week has passed without a response. Dunno if it's the vendors, the EA, both of them but they're not really engaging. Just find it very odd, as far as we know there are no other parties interested and the house has been on sale for a while.

Do NOT bid against yourself, why would you do that? You're just telling the EA that you'll undermine yourself.



If you really want the house - and can afford it - bid the asking price. You want the house for as little as possible but if you want to seal the deal, make a serious offer.



The alternative is to put a time limit on it and walk away, but you don't seem like you're willing to do that...


My (limited) advice would be to put a strong asking price offer on the table and wait.

z0oT

We've now paid our 10% desposit, and signed contracts.

We're signing our mortage offer now, but a number questions in the meantime:

The house we're purchasing is a new build, contstruction is ongoing now, we have a tentative completion date of February. We may reduce our mortage amount further if circumstances allow before completion.

At what point is worthwhile getting home insurance & mortgage protection sorted out? Or if you're likely to ask for a reduced amount are you better you hold off until you've the final amount?

Also, the bank has sent on documents that it looks like the insurance company and the mortgage protection provider will have to complete. Is this the norm?

For new builds, when typically is the valuation for the bank done? I presume it's right up near completion? It actually so happens that the Auctioneer for the new development is on the Banks list of valuers.

Rfrip

if you have no outstanding referrals or any medical conditions then your fine with mortgage protection, if you do, apply now.
House insurance takes 5 mins over the phone so that can be done after snagging etc
House valuation was done by the bank around the same time as snagging for me

Glen_Quagmire

Went out to have a look at progress on the new build we are buying. 1st phase is all done bar one house at the end of the street. 2nd phase (of which we are buying) is starting to come along a bit since I last looked a month ago with foundations down for half of the houses and block work underway on the first 5-6 houses out of about 20 along this road of houses.

Question is, how long does the building take once they start with the block work?

The estate agent is very vague on the completion date, so just looking for estimations

GingerLily

Glen_Quagmire wrote: »

Question is, how long does the building take once they start with the block work?

The estate agent is very vague on the completion date, so just looking for estimations

Almost impossible to say, so many factors involved, especially with winter weather setting in

hanaimai

I'd say it can vary widly but there is a row of new builds I pass every day and the foundations were laid in about July and they're only finishing the exterior of the last house now (about 10-12 houses I think?). Can't speak for the interiors obviously.

Glen_Quagmire

I was thinking about 4-5 months myself but obviously that is dependent on weather over the winter as mentioned above.

AppleBottle

Anyone need to do a nurses medical for mortgage protection cover? The insurer sends out a nurse to your home to have a chat and do some tests.

detoxkid

We are buying a new build in an estate. We signed the contract on the condition that the build was completed by 6 months. It is 2 weeks behind schedule - so it can be done within 6/7 months.

ILikeBoats

Glen_Quagmire wrote: »

Question is, how long does the building take once they start with the block work?

The estate agent is very vague on the completion date, so just looking for estimations

About 16 weeks from when roof is on

purpleisafruit

My house was the last in a row of detached, started mid july and handed over 2 weeks ago. We did stress to them that we needed to be in by the start of December and in fairness, they delivered ahead of schedule. Would have been a week earlier but for Homebond certificate holding things up.

RobTheLad

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

How did you get on with this? I have been asked similar by KBC. I've topped up about 250-300 over the last few months to my Revolut card, mainly for PP, but a few one off online purchases.

GingerLily

ILikeBoats wrote: »

Glen_Quagmire wrote: »

Question is, how long does the building take once they start with the block work?

The estate agent is very vague on the completion date, so just looking for estimations

About 16 weeks from when roof is on

It'll depend also on the infrastructure around the property too (water power connections, safe access) , if the EA isn't getting dates from the builders yet I'd reckon there's a few things that could delay completion

factnee

I'm looking at getting a mortgage of 295,000 on a property I'm looking to buy for 660,000. I have another property which is rented out and after being stress tested by Permanent TSB I was given a net income percentage of 48% and they say they need a minimum of 55%. As a result they're only prepared to give me a mortgage of 255,000.

I'm just wondering if anyone knows if any of the other banks would lend more money, given the low LTV and the fact that I'm looking for less than 3.5 times my salary, and also if I'd be better going through the banks directly or via a broker?

amcalester

Is the other property mortgaged?

What’s the combined LTI if it is?

factnee

amcalester wrote: »

Is the other property mortgaged?

What’s the combined LTI if it is?

There's a tracker on the other property. If I got the mortgage I wanted for 295, the combined LTI would be around 60%

amcalester

factnee wrote: »

There's a tracker on the other property. If I got the mortgage I wanted for 295, the combined LTI would be around 60%

The loan to income is 60%, or the loan to value is 60%?

AFAIK the combined mortgage borrowings need to be less than 3.5 times salary, not just the new mortgage.

From what people are saying on here few banks are currently giving exceptions at the moment, have you tried a broker? Might be your best beat.