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

L1011

The seller is paying - they just took the cash at the time of the booking deposit basically. It's transparent to the buyer

Blanco100

L1011 wrote: »

The seller is paying - they just took the cash at the time of the booking deposit basically. It's transparent to the buyer

so buyer is refunded the booking deposit?

wally79

Blanco100 wrote: »

Does the buyer pay the estate agent out of their booking deposit?

Was my understanding the agent is engaged by seller and they pay the agents fees.

They are talking about selling a house not buying

Phileas Frog

Blanco100 wrote: »

so buyer is refunded the booking deposit?

What???? No. The buyer pays a booking deposit of usually 5k to the estate agent. Once the sale is completed the estate agent subtracts their fee from this 5k and send the remainder (if any) to the vendor

Blanco100

Phileas Frog wrote: »

What???? No. The buyer pays a booking deposit of usually 5k to the estate agent. Once the sale is completed the estate agent subtracts their fee from this 5k and send the remainder (if any) to the vendor

That what I was asking, the 5k booking deposit comes off the purchase price

The deduction of estate agents fees comes off the sellers end

Phileas Frog

Blanco100 wrote: »

That what I was asking, the 5k booking deposit comes off the purchase price

The deduction of estate agents fees comes off the sellers end

Of course. Who else would be paying it.?

The Mig

myshirt wrote: »

It's not total bollox.

Someone has ballsed it up there with that guy if he's telling the truth and he got the mortgage. Internal Audit will be all over that if it's discovered. Abject failure in preventative controls and within AIB which shocked on.

It was me. I did get my mortgage in the same place. I'm not lying. The underwriters questioned it. I paid off the small amount that was remaining ASAP.
Full AIP was granted. Loan offer sent start of May. Drawdown end of May. Currently living in my A3 Energy rated 3 bed home :P

So your never ever ever ever point is total boll*x

Mushy

Closing and getting keys tomorrow, exciting times. Just have to visit it tomorrow to give final orders for completion.

Mainly been a lurker here, but got some great info so thanks to all who contribute. Barely over 4 months from first open visit to now, quick turnaround. Now for the fun of moving everything, apartment is a mess with bags and boxes all over the place.

Sunrise_Sunset

Mushy wrote: »

Closing and getting keys tomorrow, exciting times. Just have to visit it tomorrow to give final orders for completion.

Mainly been a lurker here, but got some great info so thanks to all who contribute. Barely over 4 months from first open visit to now, quick turnaround. Now for the fun of moving everything, apartment is a mess with bags and boxes all over the place.

Congratulations!!!

Atomic Pineapple

Has anyone experience with getting an exemption from the loan to value ratio rule for a second mortgage? I have read that banks can be more lenient with some candidates on this, at their discretion (for a certain percentage of applicants). Is this still the case? We've had meetings with two different mortgage advisors (from the same bank) and one suggested it is a possibility but another said it was 20% without question.

heebusjeebus

Atomic Pineapple wrote: »

Has anyone experience with getting an exemption from the loan to value ratio rule for a second mortgage? I have read that banks can be more lenient with some candidates on this, at their discretion (for a certain percentage of applicants). Is this still the case? We've had meetings with two different mortgage advisors (from the same bank) and one suggested it is a possibility but another said it was 20% without question.

You can get it up to 90% LTV but you need to be a very high earner, especially with another mortgage.
The bank will need full details on your current mortgage along with potential rental revenue from the property.

JDD

We got an exemption from 20% to 10% on a mortgage of €440,000. Our combined income at the time was around €135k, so we were well within the 3.5 times threshold. Having said that, we have three kids and the first mortgage relates to a house I bought with my brothers in 2006 which was just out of negative equity and did have an payment arrangement in place for about a year in 2012, so it wasn't at all a straightforward application. But we got there in the end. I think it helped that I had a public service job.

Butterface

We have our loan offer from the bank and are hoping to sign contract this week for a new build.

Our solicitor advised that we engage an Engineer to check out the plans (few special conditions regarding way leave, and to check local drainage layout plans).

We rang two Engineers and both advised that there's not much they can do now at this stage, but once the build is complete they will be available for snagging.

Has anybody else had this suggestion from their solicitor at contract signing stage for a new build?

Atomic Pineapple

Our solicitor did mention something about ESB way leave at the contract signing stage, but she just double checked with the builder's solicitor about it. She got some guarantees around it and changed the contract slightly to reflect this. We had very little access to our house when it was being built and no contact with the builders. All we were able to do is request info/changes through the estate agent and then obviously during snagging get any issues addressed.

mycro2013

Just a quick query. At present we are mortgage approved and houses viewed. The thing is I've been offered a new role with a substantial pay increase. If I accept this will I have to notify the bank and reapply for the mortgage.

Atomic Pineapple

Do you have a probation period in the new job? Can you get them to write a letter stating that you are not on probation and cannot be let go in the first 3/6 months?

mycro2013

Atomic Pineapple wrote: »

Do you have a probation period in the new job? Can you get them to write a letter stating that you are not on probation and cannot be let go in the first 3/6 months?

I can get that would that cover it.

Dolbhad

Butterface wrote: »

We have our loan offer from the bank and are hoping to sign contract this week for a new build.

Our solicitor advised that we engage an Engineer to check out the plans (few special conditions regarding way leave, and to check local drainage layout plans).

We rang two Engineers and both advised that there's not much they can do now at this stage, but once the build is complete they will be available for snagging.

Has anybody else had this suggestion from their solicitor at contract signing stage for a new build?

Yes I actually spoke about this in another thread recently. Our solicitor advised to have an engineer go out and inspect the property once or twice as it goes up and review plans with us if we could afford it.

But did say snagging and boundary check needs to be carried out at end. I used an engineer who actually was already on site checking it out for our neighbours. I’d quoted a few engineers who all advised the same thing. But others on boards said they just do snagging. I was clueless about new build so was nice to go through the plans with our engineer. He went on site once for us. Told us the estimated date by builder was off by three months (and our engineer was right looking at when the estate was done). He said they were insulating the house for noise when he visited and said they did a great job which was a comfort. He also could tell us about the builder and actually had given us the site foreman details before auctioneer. Yes the build will be fine but it’s the extra comfort for me. My partner had work colleagues who, at the same time, were buying a new build also and we’re having massive issues with their builder so we were very cautious.

Ultimately didn’t sign contracts for the house as we changed our mind. Nothing to do with the builder or quality. But felt it was money well spent and would do it again.

It is optional and seems most people here just do the snag.

moonlighting_1

Lads whats the story with putting in a offer on a house. I offered close to asking price but didn't give any deadline. Should I give a week/month for the offer. so far the estate agent just asked for my letter of mortgage approval in principle from the bank I guess just to see if my offer was serious? at what stage would I proceed with the bank mortgage. (Have approval in principle)

Dolbhad

moonlighting_1 wrote: »

Lads whats the story with putting in a offer on a house. I offered close to asking price but didn't give any deadline. Should I give a week/month for the offer. so far the estate agent just asked for my letter of mortgage approval in principle from the bank I guess just to see if my offer was serious? at what stage would I proceed with the bank mortgage. (Have approval in principle)

If you have not given the approval in principal letter, redact the amount you are approved for in it so auctioneer doesn’t know what you have. If auctioneer has a problem with it, say your solicitor will confirm the offer.

You move to the loan offer once you have gone sale agreed on the property so when your offer is accepted.

There was another thread on how long to wait for an offer to be accepted/declined. To be honest, there isn’t a set time. The seller will wait it out as long as they can to see if someone else comes along and offers more. So keep checking in with auctioneer on whether the offer is accepted but keep looking at other houses. You could put a deadline on the offer but that would only be worth doing if you aren’t prepared to offer anymore and can walk away if offer is not accepted.

moonlighting_1

Thats sound, Makes sense, thanks for the info.

Dupont

We’ve got our mortage accepted and there sending the letter of offer to our solicitor. What rates are people choosing.
1 and 2 year fixed at 2.9%
3 and 5 year fixed at 3%
10 year rate at 3.5%
Variable rate at 4.5%

We’re thinking of 2 year

Star Lord

Given the uncertainty with how things may go in the next few years, we went 5 year, fixed at 3%. Made sense to us. That variable rate seems much higher than I'd expect at the minute though!

drunkmonkey

Yea going with the 3% fixed for 5yrs with €4.5k cash back, will cover the solicitor, surveyor and valuer free. Hopefully something left for a few beers. Couldn't see a better deal out there, some lower rates but cash back swung it.

Dolbhad

Anybody good at maths work out is it better long term if the mortgage to focus on the cash back or the rate? I get with the cash back, it is money I am paying back and banks don’t give money for free. But weighing up a lower interest rate with lower cash back with Ulster Bank vs a bigger cash back and slightly bigger rate with BOI.

Mickiemcfist

Dolbhad wrote: »

Anybody good at maths work out is it better long term if the mortgage to focus on the cash back or the rate? I get with the cash back, it is money I am paying back and banks don’t give money for free. But weighing up a lower interest rate with lower cash back with Ulster Bank vs a bigger cash back and slightly bigger rate with BOI.

Just multiply the monthly difference in repayments by 12, then by the amount of years you're paying it off. Then you have the difference in overall cost of the mortgage.

drunkmonkey

You won't get any rate that betters the cash back offer from what I can see based on 3% interest fixed and 3% cash back, all depends on the size of your mortgage though.
The con is if you never switch but after year 6 if there's a better deal out there just go for it. Maybe a switching offer or something.
I could be missing something but looks like the best deal considering rates aren't a lot under 3% now anyway.

thomasdylan

Bit of a beginners question here.

Say for example if I make 100k a year and get a mortgage for 3.5 my salary - so 350k.
My deposit is is 40k. Is my maximum purchase 350k or 390k (350+40)?

Spartacus91

thomasdylan wrote: »

Bit of a beginners question here.

Say for example if I make 100k a year and get a mortgage for 3.5 my salary - so 350k.
My deposit is is 40k. Is my maximum purchase 350k or 390k (350+40)?

Your purchase price could be 390k in this instance.

Interested Observer

thomasdylan wrote: »

Bit of a beginners question here.

Say for example if I make 100k a year and get a mortgage for 3.5 my salary - so 350k.
My deposit is is 40k. Is my maximum purchase 350k or 390k (350+40)?

It's 390k. You can borrow 3.5x your salary, you can purchase up to whatever you can borrow + whatever you have additionally yourself, with the minimum deposit being 10% of purchase price.

Dolbhad wrote: »

Anybody good at maths work out is it better long term if the mortgage to focus on the cash back or the rate? I get with the cash back, it is money I am paying back and banks don’t give money for free. But weighing up a lower interest rate with lower cash back with Ulster Bank vs a bigger cash back and slightly bigger rate with BOI.

Depends on your circumstances. The cashback up front was much more valuable to me than saving it back over a couple of years in mortgage payments.