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

Im_No_Superman

5 months and a week since going sale agreed and am picking up the keys to the house today.
Alot of blood sweat and tears dealing with revenue, banks, solicitors, etc, all worth while in the end!
This has been a very useful forum during that 5 months and helped a lot.
Best of luck to anyone going through the house buying ordeal!

Looly8726

Thargor wrote: »

I got my first payslip after a significant raise today so its time to start getting myself in order for approval.

Problem is my finances are a bit messy. I have enough for about a 50% deposit saved, its split between shares, prize bonds, post office savings and cash in my current account.

The problem is last year my landlord gave me a couple of weeks free rent in exchange for a cash lump sum covering 6 months rent. Last week he called round and we did the same thing again so now I'm paid up until next November, but now I'm wondering if I've shot myself in the foot as there will be no regular outgoings for rent.

What should I do? Do I need to consolidate my savings now or will they accept statements from each account? Should I go straight to a broker? Should I start paying 50% of my wages into some kind of regular saver?

Sorry for all the questions but I'm a bit lost...

They should accept statements from each of your savings accounts. If you can show regular savings going into your post office and also money building up in your current account it should cover you.
The rent situation isn’t ideal as it would be nicer for them to see the amounts going out each month. Did you physically withdraw the cash from your account to pay your landlord? I know someone who was paying rent in cash and the bank was less inclined to accept it but if they were able to show the exact amount being withdrawn from their account and match it to rent receipts they might have had some chance apparently. Of course if you can set up a regular savings account and transfer a nice chunk of your wages for 6 months then that would look great too!

Looly8726

Im_No_Superman wrote: »

5 months and a week since going sale agreed and am picking up the keys to the house today.
Alot of blood sweat and tears dealing with revenue, banks, solicitors, etc, all worth while in the end!
This has been a very useful forum during that 5 months and helped a lot.
Best of luck to anyone going through the house buying ordeal!

Congrats and good luck with the move! We are sale agreed just over a month now and time is dragging!! What was the hold up if you don’t mind me asking?

DelBoy Trotter

Can somebody explain to me how the property price register works? Do the exact sale price of new homes get put on it? Or is the sale price without the 13.5% VAT? Is it the same for second hand houses?

TheShow

DelBoy Trotter wrote: »

Can somebody explain to me how the property price register works? Do the exact sale price of new homes get put on it? Or is the sale price without the 13.5% VAT? Is it the same for second hand houses?

New homes is the cost of the build less the site cost less VAT. You wont know the breakdown of the site cost/build cost.

Second hand homes is just the agreed sale price as there is no VAT or site involved.

colly10

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say.

Bigmac1euro

colly10 wrote: »

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say.

Might be worth popping that into the help to buy thread.

Julez

colly10 wrote: »

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say.

I think you still need to apply as a group if the mortgage wil be in both your names. What I think you should do is apply as a group, but when you're submitting her part just don't select any years to claim tax back from. As long as you have enough tax to cover you should be fine.

Lux23

If you get a promotion in your workplace, but have to do a year's probation - would this affect your full application? If you somehow failed the probation period, you just get your old job back? The salary wouldn't be hugely different in the beginning.

Uncle_Joe

Hi,

Quick question from those that's been through the ringer.

From experience, how long does the conveyancing take from the time your solicitor receives the contract to the point where contracts are signed and you get the keys?

Trying to work a notice-date to give my landlord and figure out rents etc :-/

Im_No_Superman

Looly8726 wrote: »

Congrats and good luck with the move! We are sale agreed just over a month now and time is dragging!! What was the hold up if you don’t mind me asking?

Ah loads of little things really that just all add up -

Took awhile for contracts to be sent to my solicitor Took more time back and forth with solicitors over structural reports, etc.. Contractor had to be set up as HTB approved contractor. Banks first loan offer wasn't right so had to get a second one sent in and resigned. Had to wait for HTB money to be in builders account before closing.

Feels great this morning not having to be chasing up with solicitors, banks, etc!:D

Phileas Frog

Im_No_Superman wrote: »

Contractor had to be set up as HTB approved contractor.

Any idea how long that took once they applied?

Im_No_Superman

Phileas Frog wrote: »

Any idea how long that took once they applied?

From a quick glance of my mails from when I was told they had everything read to go to apply, to when they actually did get on the approved list it took 5 weeks. Again not sure if that's typical or not.

awec

colly10 wrote: »

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say.

Everyone on the mortgage must be in the help to buy application. This is how they ensure that both of you are first time buyers.

But you don't have to claim anything from the second person at all.

niamhzie

Builders have told us that the house is ready for snagging this week or next, but it's proving really hard to find someone at such short notice! I'm getting stressed thinking that this will delay us

lilywhitearmy

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

charlietheminxx

niamhzie wrote: »

Builders have told us that the house is ready for snagging this week or next, but it's proving really hard to find someone at such short notice! I'm getting stressed thinking that this will delay us

It's not ideal but I believe you can print off a detailed snag checklist yourself and go through it item by item, but I suppose that's only helpful if you know what you're looking for!

loriexxx

lilywhitearmy wrote: »

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

Two days for us a few weeks ago but our solicitor was very on top of things

niamhzie

charlietheminxx wrote: »

It's not ideal but I believe you can print off a detailed snag checklist yourself and go through it item by item, but I suppose that's only helpful if you know what you're looking for!

Got sorted! I know in theory we could do it ourselves but we're not the most handy so for peace of mind and 200 quid I'd rather get someone! Thanks though

thepropertyguy

lilywhitearmy wrote: »

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

Hi Lilywhitearmy

I would always allow 10 work days for drawdown from Ulster Bank. To give you an idea of the process and why the drawdown length can vary I have outlined some of the items that need to be addressed before drawdown can take place.

Typically your solicitor will need to have:

Certified Title to the bank
Given an undertaking to the bank
Signed and sent your loan pack back to the bank
Provided copies of your home and life insurance
Provided a copy of their professional indemnity insurance to the bank

You as the client will usually need to have:

Put in place mortgage protection insurance
Put in place home insurance
Provided a copy of both to the bank or your solicitor
Filled in your direct debit instruction

Delays can occur if any of the above remain outstanding also if your solicitors client bank account is not Ulster Bank it can take up to 3 days for funds to clear, so this must be accounted for.

colly10

I'm looking at fixed vs variable mortgage rates at the moment.
Does a bank with a higher than normal variable indicate that they're likely to be higher than normal when your fixed term ends?

At the moment, Ulster have a fixed rate of around 2.6 over 4 years, but when you come off that, you could end up paying their 4.4 variable.
AIB have a 5 year fixed at 2.85 over 5 years and when you come off that you'd be put on their 3.15 variable.

I know there's no way of knowing the changes in variable, but does it make sense to go for the lowest possible fixed assuming that you have no idea of the variable when it ends or would you assume that a bank with a better than normal variable now is likely to have a better than normal variable in the future?

Sorry, just trying to understand what logic people are using to decide.

hanaimai

Just switch to whoever has the lowest rate when your fixed term ends.

G_R

colly10 wrote: »

I'm looking at fixed vs variable mortgage rates at the moment.
Does a bank with a higher than normal variable indicate that they're likely to be higher than normal when your fixed term ends?

At the moment, Ulster have a fixed rate of around 2.6 over 4 years, but when you come off that, you could end up paying their 4.4 variable.
AIB have a 5 year fixed at 2.85 over 5 years and when you come off that you'd be put on their 3.15 variable.

I know there's no way of knowing the changes in variable, but does it make sense to go for the lowest possible fixed assuming that you have no idea of the variable when it ends or would you assume that a bank with a better than normal variable now is likely to have a better than normal variable in the future?

Sorry, just trying to understand what logic people are using to decide.

You can also re-fix at the end of your fixed term too, depending on the bank.

colly10

hanaimai wrote: »

Just switch to whoever has the lowest rate when your fixed term ends.

Thanks, there's the solicitor and evaluation fee on switching so would work where they have the incentives to cover that

G_R

colly10 wrote: »

Thanks, there's the solicitor and evaluation fee on switching so would work where they have the incentives to cover that

Yeah, switching, while a pain in the arse, will probably net you money at the end of it (assuming the current offers banks have continue). Most of then offer either a set amount of cash back or a percentage of the mortgage back.

Jack_92

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

myshirt

Jack_92 wrote: »

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

Absobloodylutely.

We Irish people tend not want to make a fuss and we say ah here, it's grand. Don't do that. You are the customer. You shouldn't use the opportunity as a stick to beat the vendor with, nor should you be an absolute pain the arse, but 100% check this stuff. You're fully entitled to, and any reasonable person will accommodate you.

Dolbhad

Jack_92 wrote: »

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

Defo get that turned on - would have insisted on it being turned on for house survey. Also it may just be a case it’s turned off as no one is house and saves on costs. However if it was disconnected, that’s a heavy reconnection fee you’d get caught with so make the sellers pay for that

fungie

I have 2 somewhat hypothetical questions:

If I take a mortgage for say 400000 with my partner when buying a house and after a year or 2 we want to switch providers for lower rate etc but one of us has a lower salary than we had when taking initial mortgage out, lower than 3.5 limit, will we be able to switch? What I mean, do central bank rules come into it when switching?

Can I change the term as I go? i.e. If I take out a 30 year loan but after 5 years when moving provider decide I'd like to reduce the term to 20 years. Is this possible?

hanaimai

fungie wrote: »

I have 2 somewhat hypothetical questions:

If I take a mortgage for say 400000 with my partner when buying a house and after a year or 2 we want to switch providers for lower rate etc but one of us has a lower salary than we had when taking initial mortgage out, lower than 3.5 limit, will we be able to switch? What I mean, do central bank rules come into it when switching?

The central bank rules don't apply to switchers. You'd still need to satisfy whatever the individual banks own affordability requirements are.