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

AppleBottle

laserlad2010 wrote: »

Heartbreak.

The surveyor has found major issues with the rear extension and multiple issues throughout the house. The difficulty is separating normal deterioration of an older house from big problems.

The EA had mentioned that the house had gone sale agreed previously but fallen through at survey stage. Clearly they found the same problems we did!

Not sure what to do now. I have no dependents so I am seriously considering switching my focus to an apartment. Just can't face downloading the MyHome app again...

Would it be worth considering the cost of what this will take to get fixed? There was one house we saw and there was some work to be done on an extension also (related to new gutters need and some damp/damage on the inside where the water flow wasn’t correct). Within a few days of us seeing it, the EA rang us to say the vendor had dropped the price by 10K. Not sure if it was related to the works that would be needed to the extension but it did cross my mind.

Maybe go back to the EA with a revised bid? If this happened before, it may happen again if you pull out and goes sale agreed with another party. The vendor is going to have to make a decision on how to sell the property. I’d consult your solicitor on this and see what they think.

Cuddlesworth

laserlad2010 wrote: »

Heartbreak.

The surveyor has found major issues with the rear extension and multiple issues throughout the house. The difficulty is separating normal deterioration of an older house from big problems.

The EA had mentioned that the house had gone sale agreed previously but fallen through at survey stage. Clearly they found the same problems we did!

Not sure what to do now. I have no dependents so I am seriously considering switching my focus to an apartment. Just can't face downloading the MyHome app again...

Honest advise. Your biggest mistake was assuming you had a house and deleting the app in the first place.

Don't stop looking
Don't stop going to viewings
Don't stop considering giving offers on other propertys

Until contracts are signed.

Glen_Quagmire

We've bought a new build off plans which is currently being constructed. Can we request the building drawings from the estate agent or builder or are we entitled to them?

What's the best approach to getting these?

GingerLily

Glen_Quagmire wrote: »

We've bought a new build off plans which is currently being constructed. Can we request the building drawings from the estate agent or builder or are we entitled to them?

What's the best approach to getting these?

Have you paid a booking deposit or signed contracts?

The EA gave us floor plans for our specific house once we paid booking deposit and we accessed the planning applications from the county council to see the overall plan for the estate.

Glen_Quagmire

GingerLily wrote:

Have you paid a booking deposit or signed contracts?

GingerLily wrote:

The EA gave us floor plans for our specific house once we paid booking deposit and we accessed the planning applications from the county council to see the overall plan for the estate.

We've paid full deposit and signed contracts.

I have the overall plan for the house and estate but I'm after the architects drawings, wiring and plumbing drawings etc.

Are we entitled to them?

Mr Jinx

GingerLily wrote: »

Have you paid a booking deposit or signed contracts?

The EA gave us floor plans for our specific house once we paid booking deposit and we accessed the planning applications from the county council to see the overall plan for the estate.

Can you view these online? or do you have to apply to the county council for them?

GingerLily

Mr Jinx wrote: »

GingerLily wrote: »

Have you paid a booking deposit or signed contracts?

The EA gave us floor plans for our specific house once we paid booking deposit and we accessed the planning applications from the county council to see the overall plan for the estate.

Can you view these online? or do you have to apply to the county council for them?

Online, it's tricky to find but should be there for all recent applications, obviously depends on your county council!

Mr Jinx

GingerLily wrote: »

Online, it's tricky to find but should be there for all recent applications, obviously depends on your county council!

Scrap that, just found them easy enough. wealth of information

chrismon

Whats the longest you would wait before calling about an offer you have put on a house?
Was told I'd hear back within the day but it's been 2 working days now.
Don't want to seem to keene.

Interested Observer

chrismon wrote: »

Whats the longest you would wait before calling about an offer you have put on a house?
Was told I'd hear back within the day but it's been 2 working days now.
Don't want to seem to keene.

After that long, yeah I think you're safe enough.

Honestfrank01

chrismon wrote:

Whats the longest you would wait before calling about an offer you have put on a house? Was told I'd hear back within the day but it's been 2 working days now. Don't want to seem to keene.

If you don't want to sound so keen maybe keep them in check that your viewing other properties and put deadlines on your offers

chrismon

Thanks, will give them a shout tomorrow.

chrismon

Went sale agreed today.
Thanks for all the help so far.

Still loads to to do!

Working on mortgage protection (lion.ie are great so far!), finding an engineer (anyone know anyone good in the midlands?), need to work with solicitor, estate agent, surveyor(think bank are sorting that), and finalise funds with the bank.

Estate agent thinks if everything goes to plan we could be all sorted by the middle of January, so I'm hoping in reality to be in by March.

Honestfrank01

chrismon wrote:

Estate agent thinks if everything goes to plan we could be all sorted by the middle of January, so I'm hoping in reality to be in by March.

Fair play to ya and also fair play to set your date a bit further things can pop up just get all your side in order and you can relax then knowing when drawdown comes around youll have noting to worry about

chrismon

Honestfrank01 wrote: »

Fair play to ya and also fair play to set your date a bit further things can pop up just get all your side in order and you can relax then knowing when drawdown comes around youll have noting to worry about

Thanks very much!
From what I've heard mortgage protection can take a while once I get over that hurdle I'll be happy.

eoghan104

chrismon wrote: »

Thanks very much!
From what I've heard mortgage protection can take a while once I get over that hurdle I'll be happy.

It will only take a while if there is health issues to be discussed.

tigger123

chrismon wrote: »

Went sale agreed today.
Thanks for all the help so far.

Still loads to to do!

Working on mortgage protection (lion.ie are great so far!), finding an engineer (anyone know anyone good in the midlands?), need to work with solicitor, estate agent, surveyor(think bank are sorting that), and finalise funds with the bank.

Estate agent thinks if everything goes to plan we could be all sorted by the middle of January, so I'm hoping in reality to be in by March.

Well done and Congrats!

I think the bank my be organising a valuation, which can be done by a surveyor, but that's not a structural survey, it's just for the bank to make sure they're not paying over the odds for the property.

You should get your own pre purchase survey done.

Just my two cents.

tigger123

eoghan104 wrote: »

It will only take a while if there is health issues to be discussed.

Ditto. We did ours over the phone. Sorted within an afternoon.

chrismon

tigger123 wrote: »

Ditto. We did ours over the phone. Sorted within an afternoon.

Good to know thanks!

tigger123 wrote: »

Well done and Congrats!

I think the bank my be organising a valuation, which can be done by a surveyor, but that's not a structural survey, it's just for the bank to make sure they're not paying over the odds for the property.

You should get your own pre purchase survey done.

Just my two cents.

That's not a bad idea thanks!

eoghan104 wrote: »

It will only take a while if there is health issues to be discussed.

Thanks.
Yeah I have a minor health issue so need to get everything from my consultant, that will be the hardest part I think.

_feedback_

chrismon wrote: »

Went sale agreed today.
Thanks for all the help so far.

Still loads to to do!

Working on mortgage protection (lion.ie are great so far!), finding an engineer (anyone know anyone good in the midlands?), need to work with solicitor, estate agent, surveyor(think bank are sorting that), and finalise funds with the bank.

Estate agent thinks if everything goes to plan we could be all sorted by the middle of January, so I'm hoping in reality to be in by March.

Congrats!

Hoping to be in the same position in the next day or two. I notice you said you were already working on mortgage protection already? Is that something I should be doing (I was leaving all that off until was sale agreed)

What sort of stuff needs to be gotten together for the mortgage protection (no serious health issues here, thankfully)

tigger123

chrismon wrote: »

Good to know thanks!



That's not a bad idea thanks!



Thanks.
Yeah I have a minor health issue so need to get everything from my consultant, that will be the hardest part I think.

Most people's recommendation would be that getting your own pre purchase survey done is essential. It will cost you €500 (in Dublin, I think less outside), but could potentially save you untold money in structural repairs if something was wrong with the house.

It's probably the biggest financial transaction of your whole life - ya want to make sure it's a solid buy!

TheShow

chrismon wrote: »

We have viewed a house twice and want to put an offer down, I want to bring a builder to check the place over.
Is there any point or would I just get the engineer to do any checks?
How detailed of a check does the engineer do?

You generally will have to make an offer and have it accepted before you can have a survey done.

TheShow

Glen_Quagmire wrote: »

We've bought a new build off plans which is currently being constructed. Can we request the building drawings from the estate agent or builder or are we entitled to them?

What's the best approach to getting these?

Agent should have them freely available.

RebelScorned

Collected our keys today - can't believe we are homeowners! After the whole process, it just feels so surreal. Viewing the house to completion took just under 3 months for us so I know we have been lucky.

For the folks on this thread who are saving for a deposit or applying for a mortgage or bidding or waiting to complete - hang in there even when you want to pull your hair out with frustration - it is genuinely such a proud and joyful moment getting those keys in your hand

Thanks millions to all the contributors on this thread - I have found it very helpful.

My top tips are :

1. Get a mortgage broker - the mortgage application process was a doddle for us because we had a brilliant broker. We gave her all of our bank statements, payslips etc., she applied on our behalf and she provided us with a spreadsheet of all the banks that made offers comparing rates etc. so it was easy for us to compare and contrast the different packages. If you need a recommendation for a great broker, feel free to pm and i will give you her details. The mortgage broker did not cost us a cent as she gets commission from the bank and her advice was invaluable.

2. Meet your solicitor early on and set your boundaries. Don't be afraid to chase and follow up. Keep an eye on the deadlines and set appointments.

3. Be very nice to the estate agent - you are not their client so they owe you nothing but when our solicitor was unable to get through to the vendor solicitor, the estate agent was a great intermediary.

4. When you view a property, decide you would like to bid and learn that there are other bidders, hold your nerve, don't get carried away and be prepared to walk away. Set your price and stick to it.

5. Get everything organised as soon as you can. For example, if you are getting mortgage protection insurance, you will have to fill in a medical questionnaire and you may or may not need to get your GP to prepare a report - make sure your GP is up to speed and has all of your medical records.

6. Get your survey and valuation done asap - I had both done within a week of going sale agreed.

7. Keep in mind the costs to close even after your deposit - booking deposit, surveyor fees, valuation fee, rest of deposit, solicitor fees, stamp duty, mortgage protection insurance, home insurance, property tax apportionments, potential management fee/residents association apportionments, setting up accounts and direct debits once you get in. Depending of course on the value of your home and the stamp duty, I would estimate that you need the best part of €10k on top of your deposit. So many of my friends were not aware of this and ended up begging/borrowing/stealing in the final hour.

Back to packing boxes for me now but I hope this little insight from the other side is helpful.

chrismon

TheShow wrote: »

You generally will have to make an offer and have it accepted before you can have a survey done.

I was talking about if we had an offer accepted, planning ahead.

nim1bdeh38l2cw

Hi guys and girls, would anyone recommend a broker who has knowledge of IT contractors? PM me if necessary, thanks a million!

Thargor

Is there a way to get out of any tax burden from accepting a gift from your parents in the 20-50k range if its being put towards a house? I assume they cant just give it to you?

Fol20

Thargor wrote: »

Is there a way to get out of any tax burden from accepting a gift from your parents in the 20-50k range if its being put towards a house? I assume they cant just give it to you?

They can gift you 3k tax free per year. If your apply with your partner. The teo of you could receive 3k each this year with a further 3k next year. The rest will fall under the regular cat and you your under your lifetime threshold, you should be ok

nim1bdeh38l2cw

Fol20 wrote: »

They can gift you 3k tax free per year. If your apply with your partner. The teo of you could receive 3k each this year with a further 3k next year. The rest will fall under the regular cat and you your under your lifetime threshold, you should be ok

3k from each parent per year too don't forget. Theoretically, 12k in December and another 12k in January.

Brego888

What are the penalties and how are they calculated for paying a lump sum directly off the capital on a fixed rate mortgage? Do every bank calculate it differently or is there a formula.

We are in the process of securing a mortgage and looking at fixing with Ulster bank for 2 years at 2.3%. Issue is my partner is due to come into some money in the middle of next year when we should have already drawn down the mortgage. We hope to use this money to pay off some of the principle/capital of the property.

If the penalties for paying this during a fixed rate period are prohibitive we're unsure of whether going with a higher variable rate makes more sense before possibly fixing at a later stage.