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

delta_bravo

G_R wrote: »

Teachers get a standard salary cert from the dept of education in Athlone, they don't fill in individual ones, so that's your OH sorted. They post that one out so probably no harm requesting it now to allow for delays with the post.

For yourself, you should be fine once all the information that that bank would look for on their salary cert is covered on the one you have. Worst case scenario they will ask you to get a new one or even condition for one.

As for being a month out of date, you should be fine.

Thanks, sorry should have clarified they're private paid so will probably have to go with the per bank option. Thanks

Lux23

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

wally79

Lux23 wrote: »

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

You need to have a subject to loan clause in the contract to allow for that. Talk to solicitor about it

Lux23

Ah Ok, I know so little.

Vicxas

Quick questions lads,

I have a current loan that my mortgage provider is aware of, while we're still in the process of buying would topping up the loan (getting ready for the new house, and we need some bits) be classed as new credit or would it still stay under my old loan?

GingerLily

Lux23 wrote: »

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

Your booking deposit is fully refundable I thought, only your contract 10% deposit is not refundable.

wally79

GingerLily wrote: »

Your booking deposit is fully refundable I thought, only your contract 10% deposit is not refundable.

Sorry yes that’s probably more correct

I got confused on deposits there

anfield90

Hi everyone,

Quick question we have been given AIP from EBS. We are looking to purchase a house for approx €270k and currently have savings of €28k so we must basically keep saving for our legal fees, stamp duty etc at this stage. When the time comes that we have gone sale agreed on a house at what point do we go to the bank for the full mortgage approval? I'm just wondering will we get the full approval if we don't have all the money for the fees yet considering how long the house buying process takes.... thanks.

Brian201888

I've full approval from EBS without having the full amount for solicitors fees and stamp duty sat in the account. They said it would have to be there at drawdown but otherwise was fine.

G_R

Vicxas wrote: »

Quick questions lads,

I have a current loan that my mortgage provider is aware of, while we're still in the process of buying would topping up the loan (getting ready for the new house, and we need some bits) be classed as new credit or would it still stay under my old loan?

Would be classed as new credit. If it's with a different bank, they may never know about it, but if for whatever reason they rerun your ICB prior to drawdown they will see and it will look like you're trying to hide it.

Speak to your advisor first and ask them to work out if the mortgage still works with the higher loan amount - all these things feed into the calculations. If it still works and the monthly repayments arent increasing massively (to the point where it may affect your ability to pay the proposed mortgage) then it should be fine, but make sure you double check with the bank.

anfield90

Brian201888 wrote: »

I've full approval from EBS without having the full amount for solicitors fees and stamp duty sat in the account. They said it would have to be there at drawdown but otherwise was fine.

So drawdown is at the very end of the process when the money is transferred from the bank to the solicitor right? As in all most of the legal work and all that would be done at that stage? I'm just wondering are we technically in a position to put an offer on a house soon...

myshirt

anfield90 wrote: »

So drawdown is at the very end of the process when the money is transferred from the bank to the solicitor right? As in all most of the legal work and all that would be done at that stage? I'm just wondering are we technically in a position to put an offer on a house soon...

You are.

Put in the offer. If it's accepted then ring the bank and they will issue the formal offer letter. Between all the things you need to do it could be 2 months to even 6 months before you've keys in your hand. That's 2 to 6 months more of savings in your account.

Prospector1989

Got confirmation of drawdown this morning and can access the account on line. Buying the house we're in. We've been in the process for 8 months. *Massive sigh of relief*

Vicxas

Prospector1989 wrote: »

Got confirmation of drawdown this morning and can access the account on line. Buying the house we're in. We've been in the process for 8 months. *Massive sigh of relief*

Congrats. We just got our contracts this morning

Feels so surreal still

TheShow

mur223 wrote: »

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

if you require just basic mortgage protection then yes. if you need any other type of cover then you need to take to a broker for insurance.

el Fenomeno

We've signed contracts and had contracts signed by the vendor, so that side is all taken care of.

We were told a couple of months ago that the house would be ready "around August". Who would you follow up with in terms of seeing if that's still on track? We really only have the estate agent as a contact, we don't have any builders contacts as we've never met them. We usually only get down to the site at weekends so there's no one there to talk to.

Would it be weird to get the builders number from someone and fire them a random text without having met?

awec

el Fenomeno wrote: »

We've signed contracts and had contracts signed by the vendor, so that side is all taken care of.

We were told a couple of months ago that the house would be ready "around August". Who would you follow up with in terms of seeing if that's still on track? We really only have the estate agent as a contact, we don't have any builders contacts as we've never met them. We usually only get down to the site at weekends so there's no one there to talk to.

Would it be weird to get the builders number from someone and fire them a random text without having met?

The developer will probably have a contact in their office who is responsible for managing your development, they'll be the best person.

Estate agent won't know much themselves, but should be able to give you the right contact.

Vicxas

Anyone ever have a problem with their developers solicitor calculating your help to buy?

According to them we owe them another 3k

awec

Vicxas wrote: »

Anyone ever have a problem with their developers solicitor calculating your help to buy?

According to them we owe them another 3k

Your developers solicitor has nothing to do with your help to buy amount.

You owe them a specific amount as a deposit, generally 10% of the purchase price. If you haven't paid 10% of the purchase price to them then you'll owe them money.

Vicxas

awec wrote: »

Your developers solicitor has nothing to do with your help to buy amount.

You owe them a specific amount as a deposit, generally 10% of the purchase price. If you haven't paid 10% of the purchase price to them then you'll owe them money.

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

awec

Vicxas wrote: »

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

Help to buy can only cover a max of 5%

Brian201888

Vicxas wrote: »

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

Assuming you've mispoken and meant to say 5% is 15250 then we had similar in our one. They made a balls of the figures on the help to buy and when I called them they somehow got more confused but our solicitor just amended the contracts when we signed and all was good

Mickiemcfist

Quick question re approval - I'm going to be looking for a house which will presumably take months to finalise & draw down. When you get loan approval in principle can you get away with using your post-payday bank balance to make up the 10%? I'll have the full deposit in 2/3 months but just looking to get the ball rolling early. Thanks in advance.

Mickiemcfist

Quick question re approval - I'm going to be looking for a house which will presumably take months to finalise & draw down. When you get loan approval in principle can you get away with using your post-payday bank balance to make up the 10%? I'll have the full deposit in 2/3 months but just looking to get the ball rolling early. Thanks in advance.

Creamy Goodness

Mickiemcfist wrote: »

Quick question re approval - I'm going to be looking for a house which will presumably take months to finalise & draw down. When you get loan approval in principle can you get away with using your post-payday bank balance to make up the 10%? I'll have the full deposit in 2/3 months but just looking to get the ball rolling early. Thanks in advance.

Banks will want to see the full deposit and at least the solicitors fees (if not some money to furnish the house) in your accounts before they give you an underwritten AIP. Every other type of AIP is not worth the paper it’s written on.

Mickiemcfist

Creamy Goodness wrote: »

Banks will want to see the full deposit and at least the solicitors fees (if not some money to furnish the house) in your accounts before they give you an underwritten AIP. Every other type of AIP is not worth the paper it’s written on.

Thanks, can you use your post payday bank balance to achieve this? If so I'm grand

FitzElla

Another quick question on approval in principal - how long does it normally take to get back underwritten AIP? Have been waiting 6 weeks so far and not a work from the bank. Not sure if that is normal or not?

Creamy Goodness

Mickiemcfist wrote: »

Thanks, can you use your post payday bank balance to achieve this? If so I'm grand

I wouldn't think so, however my bank said to me to get my parent to write a gift letter for the amount I was short by, that I'd make up in savings by the time the house was built. In the end my house was delayed anyways and I didn't need the letter before getting my underwritten AIP.

deisedude

FitzElla wrote: »

Another quick question on approval in principal - how long does it normally take to get back underwritten AIP? Have been waiting 6 weeks so far and not a work from the bank. Not sure if that is normal or not?

Its normally up to 10 working days so i think you need to contact the bank and see whats going on

alwald

Haven have some good interest rates but there is a need to apply through an intermediary. I checked few intermediaries and the majority of them charge a fee. Can anybody recommend in Dublin an intermediary that doesn't charge a fee please. Thanks!