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

Corruptedmorals

elizunia87 wrote: »

Guys
How long does it usually take from sale agreed to receive the keys. It is a second hand house, no one lives there. Its been already one month and no news.
Getting crazy.

A month is nothing. Have you signed contracts? It takes time for insurance, valuation, survey and full loan pack to issue also. Standard time to close a sale is 3 months. They can be delayed for many reasons.

Dolbhad

wirelessdude01 wrote: »

Anyone here used Finance Ireland for their mortgage? Any pros or cons to them?

From what I’ve heard from my broker, it’s the bank you go to when every other bank has turned the client down for the mortgage. It is the mortgage lending part of Pepper. Pepper are more used to vulture funds so broker had said the mortgage department aren’t the best as for the most part don’t know what their doing. However I haven’t looked into interest rates etc.

Also as other poster has said, people should be remortgaging every few years. It can be a bit of hassle doing paperwork and getting a solicitor involved. But usually the bank cover legal fees anyway and presumably if you used the solicitor to buy the house, they know the legal title and it shouldn’t be much. My sister recently remortgaged. She bought in 2013 so was a great time to buy and her LTV is very good now. She kept the same repayment capacity but knocked off 5 years off her mortgage. That’s well worth doing the paperwork.

Uglysoik1

Hi all,

I got an offer accepted on a property. Paid deposit etc.. Now the EA is asking to see the full amount on the AIP letter(which I blocked off) and my savings statements.

Just wondering if this is normal, sounds very bizarre to me.

Thanks

Dolbhad

Uglysoik1 wrote: »

Hi all,

I got an offer accepted on a property. Paid deposit etc.. Now the EA is asking to see the full amount on the AIP letter(which I blocked off) and my savings statements.

Just wondering if this is normal, sounds very bizarre to me.

Thanks

Very normal. Started around two or three years ago when market started taking off to show you weren’t a time waster and actually have funds to buy. What you did should be sufficient. If for some reason it’s not, you can get your solicitor or bank person to confirm you have funds to purchase the house instead of showing the amount on AIP

Annasopra

Dolbhad wrote: »

From what I’ve heard from my broker, it’s the bank you go to when every other bank has turned the client down for the mortgage. It is the mortgage lending part of Pepper. Pepper are more used to vulture funds so broker had said the mortgage department aren’t the best as for the most part don’t know what their doing. However I haven’t looked into interest rates etc.

Also as other poster has said, people should be remortgaging every few years. It can be a bit of hassle doing paperwork and getting a solicitor involved. But usually the bank cover legal fees anyway and presumably if you used the solicitor to buy the house, they know the legal title and it shouldn’t be much. My sister recently remortgaged. She bought in 2013 so was a great time to buy and her LTV is very good now. She kept the same repayment capacity but knocked off 5 years off her mortgage. That’s well worth doing the paperwork.

Never ever go near Pepper

My solicitor advised that 100% of the Pepper mortgages he has dealt with have had hassle. Established banks might take 3 months to do something and Pepper can take 9-12.

I am dealing with them at the moment trying to release myself from a mortgage with them and they are a NIGHTMARE. It has taken about 2 years.

whatever76

Sorry if this is asked before - am close to draw down.
FTB , 2nd hand house , PAYE worker - am I entitled to any Income tax credits /Mortgage relief ? I think I know the answer in that all this has been taken away but double checking...

Creamy Goodness

whatever76 wrote: »

Sorry if this is asked before - am close to draw down.
FTB , 2nd hand house , PAYE worker - am I entitled to any Income tax credits /Mortgage relief ? I think I know the answer in that all this has been taken away but double checking...

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

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.

Interested Observer

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

Interested Observer 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?