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

pmfcnl

Hoping to get some confirmation on this if anyone at all can assist.

We received out loan offer yesterday thankfully, our solicitor is currently on Annual Leave but I have gone through the loan offer and there is a "Specific Loan Offer Condition" (Ulster Bank) it states that Confirmation of Mortgage must be executed by (my parents who gave us a gift).

My question is that it says that the person providing the confirmation of mortgage must obtain legal advice. Can anyone shed some light on this if they have been in this predicament? Do my parents need to seek alternative legal advice to sign the confirmation or can they sign without getting it witnessed?

I have read on some posts that if they are aware and do not want any legal entitlements with the Mortgage they do not need to seek legal advice but just sign the document provided by my solicitor.

I would greatly appreciate any advice on this.

wally79

pmfcnl wrote: »

Hoping to get some confirmation on this if anyone at all can assist.

We received out loan offer yesterday thankfully, our solicitor is currently on Annual Leave but I have gone through the loan offer and there is a "Specific Loan Offer Condition" (Ulster Bank) it states that Confirmation of Mortgage must be executed by (my parents who gave us a gift).

My question is that it says that the person providing the confirmation of mortgage must obtain legal advice. Can anyone shed some light on this if they have been in this predicament? Do my parents need to seek alternative legal advice to sign the confirmation or can they sign without getting it witnessed?

I have read on some posts that if they are aware and do not want any legal entitlements with the Mortgage they do not need to seek legal advice but just sign the document provided by my solicitor.

I would greatly appreciate any advice on this.

It has to be witnessed but anyone can witness it (edit: anyone not involved in the transaction)

Your parents can get legal advice but not necessary. They are basically contracting away any part ownership of house

It’s the bank covering themselves legally

wally79

Also remember that this gift amount should be added to any future inheritance when calculating inheritance tax liability

LookingFor

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

pmfcnl

wally79 wrote: »

Also remember that this gift amount should be added to any future inheritance when calculating inheritance tax liability

Cheers Wally79 appreciate your reply.

I was thinking that if they needed to seek legal advice that might delay everything again and we have been through enough to get where we are with our mortgage. Whereas if they can just get this witnessed by another person that's half the battle.

Can you shed more light on what you mean on the future inheritance tax liability?

Thank a million.

wally79

pmfcnl wrote: »

Cheers Wally79 appreciate your reply.

I was thinking that if they needed to seek legal advice that might delay everything again and we have been through enough to get where we are with our mortgage. Whereas if they can just get this witnessed by another person that's half the battle.

Can you shed more light on what you mean on the future inheritance tax liability?

Thank a million.

If you receive inheritance from your parents x amount is tax free (changed yesterday so not sure of exact number now). That is over your lifetime so any gifts such as this would count as part of it.

wally79

wally79 wrote: »

If you receive inheritance from your parents x amount is tax free (changed yesterday so not sure of exact number now). That is over your lifetime so any gifts such as this would count as part of it.

Is this all self reported?

averagejoe123

Ayan Prickly Road wrote: »

Is this all self reported?

It does not need to be reported until you hit 80% of the threshold. The new threshold from yesterday's budget is €335,000 so you can receive €268,000 from your folks before you need to let the revenue know.

Amirani

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

A good solicitor would generally be requesting many of those items. Management agent would expect them for the most part, and the bank will require some of them (block insurance policy for example).

You won't ask about them directly yourself.

Bargain_Hound

Mortgage Exemption question...
I am a second time buyer (Previously owned house, sold). I earn 60k(w 6k annual bonus). Assuming 60 x 3.5 provides me with 210k max loan & a house purchase price of 230k. Going by the CB rules I would need a minimum 20% deposit of 46K. I have 35k saved at the moment, is it likely a bank would give me an exemption to lower my LTV to 10 or 15%?

(I had an exemption 2 years ago for 4 x salary when I was a FTB)

VonLuck

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

I would definitely look into obtaining as much of that information as you can. It's all part of your due diligence. Worst case scenario is that they say no, so what's there to lose?

My solicitor recently went searching for this kind of info and it uncovered a potential serious fire compliance issue which would otherwise have gone under the radar.

drunkmonkey

Request it all if the solicitor is good they will be looking for all those things, you should enquire about as much of it as you can as it'll be cheaper you make a phone call than the solicitor. Check are the management fees up to date yourself just call the management company. When you buy it make sure it's ready to sell the same day with no hidden charges to you if you decide to sell. If not anything that's missed is now your problem when it's time to sell.

Woshy

Does anybody have any experience with applying for a mortgage and having a sign-on bonus? My husband is due to start a new job and will be getting a sign-on bonus, that instead of being paid in a lump sum on starting employment is paid monthly over two years. So when we provide payslips etc his salary will be higher than just the base salary amount.

He has also been given stock options and the expectation is that after two years what these pay out will mean that his take-home pay will not go down once the sign-on bonus stops after two years.

Will the bank just take his base salary figure from a salary cert or will the extra income be take into account? Presumably the payslips will differentiate. Just wondering if anybody had been in a similar situation.

charlietheminxx

Woshy wrote: »

Does anybody have any experience with applying for a mortgage and having a sign-on bonus? My husband is due to start a new job and will be getting a sign-on bonus, that instead of being paid in a lump sum on starting employment is paid monthly over two years. So when we provide payslips etc his salary will be higher than just the base salary amount.

He has also been given stock options and the expectation is that after two years what these pay out will mean that his take-home pay will not go down once the sign-on bonus stops after two years.

Will the bank just take his base salary figure from a salary cert or will the extra income be take into account? Presumably the payslips will differentiate. Just wondering if anybody had been in a similar situation.

The sign on bonus can be included as a guaranteed bonus, it varies bank to bank but I think they usually count half of it. I don't think they take stock options into account.

Woshy

charlietheminxx wrote: »

The sign on bonus can be included as a guaranteed bonus, it varies bank to bank but I think they usually count half of it. I don't think they take stock options into account.

Cool, thanks for that. It'll be interesting to see what the banks say anyway! I think we'll be fine if they don't count it but you never know

Padre_Pio

Woshy wrote: »

Cool, thanks for that. It'll be interesting to see what the banks say anyway! I think we'll be fine if they don't count it but you never know

They should count it if you can sell your shares.

A Neurotic

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

drinkingwater

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

Ulster Bank. First meeting with mortgage advisor on 28/09/18, loan offer received on 10/10/18. We had all the paperwork in order.

tomister

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

BOI for me were super quick: application submitted on the Friday 27th September at 4pm, with full approval on Thursday 3rd October with the AIP letter out Friday and the Loan Pack issued on the following Monday.

Was the first time applying, as in had not previously looked for approval in principle before. FTB and using the HTB scheme

Theodora78

A Neurotic wrote: »

What's the fastest people have gotten mortgage approval? Assuming we have all the paperwork (bank statements, salary cert, P60s, payslips, etc etc), is there any bank known to be faster to process applications than others?

Ptsb ..we applied on Monday 3rd Sept and got our approval letter on Thursday 6th of Sept , in only 3 days!!
After 2 weeks we went sale agread, they arranged the valuation report in 2 days and the loan offer in 12 working days after sale agread.

Annasopra

Is a closing/completion date the day you get your keys?

Annasopra

LookingFor wrote: »

Not exactly mortgage related, but maybe someone can advise. Have gone sale agreed on an apartment, structural survey report came back, all seems OK, but the report seems to be full of boilerplate/standard recommendations of things to ask or request of the management company. There's quite a laundry list of things - e.g. ask for certificate of building regulation compliance, fire certificate, program of repairs, fire system maintenance record, ask about pyrite/asbestos, copy of insurance policy etc. etc. etc.

Asking some friends, they seemed dismissive of the need to get all this stuff. Some scarcely looked at their full structural report. Would an agent expect to get a list of requests like this, or should I pare it back a bit?

No.

It shouldnt be pared back!!! I once nearly bought an apartment that was a serious death trap according to the surveyors report.

mtoutlemonde

Creamy Goodness wrote: »

Nope. the dwelling has to be newly constructed as in the same year you buy it.

What can you apply for if it's a new build?

Misssally

Theodora78 wrote: »

Ptsb ..we applied on Monday 3rd Sept and got our approval letter on Thursday 6th of Sept , in only 3 days!!
After 2 weeks we went sale agread, they arranged the valuation report in 2 days and the loan offer in 12 working days after sale agread.

We went sale agreed mid June, got loan pack from Ptsb start of August (they had all info from AIP so nothing additional requested) sale fell through & we sale agreed on another house & it took another 3.5 weeks for loan pack again with no additional requests. System issues apparently 🙄

Creamy Goodness

mtoutlemonde wrote: »

What can you apply for if it's a new build?

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

mtoutlemonde

Creamy Goodness wrote: »

The help to buy scheme.
https://www.revenue.ie/en/property/help-to-buy-incentive/index.aspx

I have applied for that - I thought there was something I was missing. Thank you.

Gael23

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Creamy Goodness

Gael23 wrote: »

What’s the procedure for getting an exemption from the 3.5 times salary limit? I believe I can afford a higher payment based on my current rent and saving.

Every bank is different. You have to ask them.

mycro2013

If you are earning over 50k as a single applicant or 75k as a couple the bank can increase the factor above x 3.5

el Fenomeno

Finally got our keys yesterday.

No flooring, no furniture, not a bit of cutlery or anything of that sort in yet - just an empty shell.

But we sat on the floor eating Four Star Pizza last night to celebrate. Great feeling.

Thanks to everyone who has offered help, advice and information in this thread. A massive resource for anyone going through the process.