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

lilywhitearmy

Everything is in place according to all parties. The snag seems to be the last thing on the list. Fingers crossed...

Mushy

Good timing with all of this info on valuation. Got our loan offer letter today and came to ask exactly this. Will have to wait until house is fully done according to AIB, should be next month as that's when developer said we should be able to start snagging. No contracts signed yet though, that'll happen in next week or 2 I'd say

123Vicki

Hi, we got mortgage approved yesterday. It had all been about getting the mortgage and now we have no clue about the next steps!
We transferred the 5k booking deposit today to EA (new build). House is built but ESB needs to be sorted so should be ready late July/August to move in.
Hoping to have contracts signed mid June. Once we sign contracts do we need to start paying the mortgage even though wont get the keys for possibly another 2 months?We are renting current house over 3 years so think will need to give 2 months notice. Dont want to give notice until contracts are signed so means we will probably be paying rent plus mortgage for about 2 months?
Does anyone have recommendations for solicitors in Dublin?
Any tips and advice welcome. Thanks

Natashaw88x

123Vicki wrote: »

Hi, we got mortgage approved yesterday. It had all been about getting the mortgage and now we have no clue about the next steps!
We transferred the 5k booking deposit today to EA (new build). House is built but ESB needs to be sorted so should be ready late July/August to move in.
Hoping to have contracts signed mid June. Once we sign contracts do we need to start paying the mortgage even though wont get the keys for possibly another 2 months?We are renting current house over 3 years so think will need to give 2 months notice. Dont want to give notice until contracts are signed so means we will probably be paying rent plus mortgage for about 2 months?
Does anyone have recommendations for solicitors in Dublin?
Any tips and advice welcome. Thanks

You won’t start paying the mortgage till after you drawdown. I presume at this stage you just have AIP? You will need to meet the conditions on that and then get issued with your letter of offer . A copy of this will go to your solicitor and you. Once you have this you can sign contracts. Your solicitor won’t let you sign without it.

Then when the house is finished you’ll snag etc and your solicitor will request funds from bank, you’ll sign closing contracts and get the keys. Only then will you start paying the mortgage. I’m currently buying a new build and as the last few posts discuss at some point you will need a valuation done so ask bank about that.

Also we are using a solicitor from skerries, and they have been fantastic. If your able to travel there I can PM you the name.

123Vicki

Natashaw88x wrote: »

You won’t start paying the mortgage till after you drawdown. I presume at this stage you just have AIP? You will need to meet the conditions on that and then get issued with your letter of offer . A copy of this will go to your solicitor and you. Once you have this you can sign contracts. Your solicitor won’t let you sign without it.

Then when the house is finished you’ll snag etc and your solicitor will request funds from bank, you’ll sign closing contracts and get the keys. Only then will you start paying the mortgage. I’m currently buying a new build and as the last few posts discuss at some point you will need a valuation done so ask bank about that.

Also we are using a solicitor from skerries, and they have been fantastic. If your able to travel there I can PM you the name.

Great thank you. Yes AIP at the moment, the white goods come with the property if we sign contracts within 28 days so is there initial contracts and then a closing contract? Yes please PM that would be great thanks

Natashaw88x

123Vicki wrote: »

Great thank you. Yes AIP at the moment, the white goods come with the property if we sign contracts within 28 days so is there initial contracts and then a closing contract? Yes please PM that would be great thanks

You’ll sign your legally binding contracts in the next 28 days, and then you’ll sign when you’re closing the sale at the very end. (I think you’re signing the deeds but not 100%). But yes when you sign within 28 days it’ll ensure you’re white goods. Best of luck with it!

0gac3yjefb5sv7

If my solicitor is getting the title deeds and contracts soon, but I haven't done a survey, valuation or life assurance, am I miles off keys?

Creamy Goodness

Bank will require valuation and mortgage protection is in place before they’ll release the funds.

123Vicki

Natashaw88x wrote: »

You’ll sign your legally binding contracts in the next 28 days, and then you’ll sign when you’re closing the sale at the very end. (I think you’re signing the deeds but not 100%). But yes when you sign within 28 days it’ll ensure you’re white goods. Best of luck with it!

Thank you!

wally79

123Vicki wrote: »

Great thank you. Yes AIP at the moment, the white goods come with the property if we sign contracts within 28 days so is there initial contracts and then a closing contract? Yes please PM that would be great thanks

Make sure there’s a subject to loan clause in the contract. Solicitor should spot if there isn’t but good to ask

deisedude

How long does it roughly take to get your refund from the Help to Buy after uploading the relevant documents?

Not at that stage yet but dont see anything about timeline online anywhere

Phileas Frog

deisedude wrote: »

How long does it roughly take to get your refund from the Help to Buy after uploading the relevant documents?

Not at that stage yet but dont see anything about timeline online anywhere

The HTB is paid directly to the developer, it's not a refund to you.

deisedude

Phileas Frog wrote: »

The HTB is paid directly to the developer, it's not a refund to you.

Sorry in that case, when is it sent to the developer?

el Fenomeno

Phileas Frog wrote: »

The HTB is paid directly to the developer, it's not a refund to you.

Your send your access code and claim reference to your solicitor, they confirm the details are all correct, and then you'll get a mail from Revenue (to your My Enquiries inbox) confirming they've verified and that the refund will be issued in approx. 5 business days.

Jack_92

So today we are going to sign the contracts. However, yesterday our solicitor informed us that there seemed to be a small discrepancy in the address between the title and the loan offer / the valuer's report. The vendor's solicitor has reverted to say that neither they nor the managing agent can explain the change of address. We have checked with the bank and it had to be amended and a new loan offer was required, which should be with our solicitor in the next couple of days. I spoke to our solicitor and they advised to still come to their office to go through and to sign the contracts and they will keep it until they receive amended loan offer.

Should we be aware of anything before signing the contracts without having amended full loan offer?

SameOleJay

I am approaching 6 months permanent employment having done 6 months probation prior. Before that I was in the UK for 3 years. What can I expect the banks to look for from the UK time... a credit check? p60? or will a year employed here be sufficient document wise?

Dolbhad

Jack_92 wrote: »

So today we are going to sign the contracts. However, yesterday our solicitor informed us that there seemed to be a small discrepancy in the address between the title and the loan offer / the valuer's report. The vendor's solicitor has reverted to say that neither they nor the managing agent can explain the change of address. We have checked with the bank and it had to be amended and a new loan offer was required, which should be with our solicitor in the next couple of days. I spoke to our solicitor and they advised to still come to their office to go through and to sign the contracts and they will keep it until they receive amended loan offer.

Should we be aware of anything before signing the contracts without having amended full loan offer?

No - as long as one loan offer issued your fine. Bank won’t look for additional information for the amended loan offer as long as previous one didn’t expire. It’s very common for mistakes on current home address, spellings of name and the property to be purchased that it should be quick. I presume solicitor will go through the current loan offer since the contents will be the same when going through contracts to speed things up. And since they will hold onto the contracts, I say it’s just to speed things up to sign now.

Also there can me so many variations of an address I’m sure discrepancy like that can occur

tailgunner

SameOleJay wrote: »

I am approaching 6 months permanent employment having done 6 months probation prior. Before that I was in the UK for 3 years. What can I expect the banks to look for from the UK time... a credit check? p60? or will a year employed here be sufficient document wise?

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

scarepanda

Quick question, we got mortgage approval last month through a mortgage broker. Should we have received some sort of correspondence directly from the bank to confirm approval etc? So far the only confirmation we have is through emails from the broker.

Interested Observer

scarepanda wrote: »

Quick question, we got mortgage approval last month through a mortgage broker. Should we have received some sort of correspondence directly from the bank to confirm approval etc? So far the only confirmation we have is through emails from the broker.

I never communicated directly with the bank. Ask your broker for a letter saying you have approval.

scarepanda

Interested Observer wrote:

I never communicated directly with the bank. Ask your broker for a letter saying you have approval.

Ok cool, that's good to know. We were bidding at the time we got approval and he said he could issue a letter/send an email to the agent if needed one, but we didn't need it in the end. But that was the day/day after we got approval.

Cheers

SameOleJay

tailgunner wrote: »

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

Thanks for this, was a p60 required too? My employment/finances over there were very messy so may be best asking around the banks on requirements.

SameOleJay

tailgunner wrote: »

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

Thanks for this, was a UK p60 required too? My employment/finances over there were very messy so may be best asking around the banks on requirements.

Interested Observer

scarepanda wrote: »

Ok cool, that's good to know. We were bidding at the time we got approval and he said he could issue a letter/send an email to the agent if needed one, but we didn't need it in the end. But that was the day/day after we got approval.

Cheers

No problem. The first letter we received directly from the bank was our mortgage balance right after moving in

mur223

For life insurance, what amount should we be requesting for cover? Is it the price of the amount your borrowing?

niamhzie

mur223 wrote: »

For life insurance, what amount should we be requesting for cover? Is it the price of the amount your borrowing?

Yes, and for the term of your mortgage. So if you're borrowing 300k for 30 years then that's what you arrange cover for.

mur223

niamhzie wrote: »

Yes, and for the term of your mortgage. So if you're borrowing 300k for 30 years then that's what you arrange cover for.

Brilliant thanks very much

Lux23

It is now three weeks since we met with Ulster Bank about our mortgage application (underwritten AIP) and we haven't heard a dickie bird from them. Rang, emailed and left messages. Headwrecking.

el Fenomeno

Lux23 wrote: »

It is now three weeks since we met with Ulster Bank about our mortgage application (underwritten AIP) and we haven't heard a dickie bird from them. Rang, emailed and left messages. Headwrecking.

Depends very much on the branch and person you're dealing with I suppose.

We went with TSB, but Ulster Bank were one of the banks we also applied and they were the ones always checking in with us, and even following up with evening emails. Was very impressed.

wally79

Also a lot of people would be on holidays recently and would be working through a backlog when they return