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

Dolbhad

Trimm Trabb wrote: »

Do they actually ask for current documentation at drawdown (eg statement of earnings/bank statements from last 6 months again) or do they just proceed with documentation supplied at time of loan offer?

They will say they may require updated document on drawdown but don’t know anybody whose has been asked. Also if your mortgage bank is the same bank as your current account is with, they could easily check anyway so I would keep the finances the same. Maybe if your about a week away from loan offer expiring and requesting funds they will ask. They will do another credit check to ensure no additional loans or credit cards have been taken out.

Dylan94

Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?

Empty_Space

Dylan94 wrote: »

Does anyone know long new developments tend to last? We are only starting to save now, and are hoping to be ready to buy around September/October. If it doesnt work out, it could be as late as next December though.

The new barnhall meadows in Lexlip would be perfect for us, its 450 houses and launched last weekend. Is there any hope that the final phase wont be sold by then?

The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.

Dylan94

Empty_Space wrote: »

The market will have an impact I think.

Builders these days like to slowly release to keep demand high. I dont think December next year will be too late.

I had a look at those houses, which size were you looking at?. Smaller ones looked cramped to me.
Good location but the motorway behind is very loud I felt. I recommend you go there at rush out in morning and listen.

We aren't sure yet about the size, it'll depend on what variation they have when we are buying, I was going for a four bed, but I prefer the upstairs layout of the three bed. I suppose it will depend on what types they have when we are ready.

I'll check it out, but the motorway noise won't bother me. I previously lived 150 meters from a train track, and about 800m from the m50.

scarepanda

I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?

scarepanda

scarepanda wrote: »

I know no one can give a definitive answer, but what's the general consensus from those of you with more knowledge than I, with regards to what's most likely to happen with interest rates in the next 3-5 years? At this moment in time would you go with a 3 or 5 year fixed?

Also, for those that went with PTSB, was the 2% lump-sum back on drawdown mentioned in the loan approval letter?

Anybody who gives you an actual answer to this is a spoofer.

scarepanda

Ayan Prickly Road wrote:

Anybody who gives you an actual answer to this is a spoofer.

I figured as much.... :-/ worth asking for opinions though

r93kaey5p2izun

Do people think it's likely Ulster Bank will extend their €1500 cashback towards legal fees? It's currently due to run until Dec 31st.

Corruptedmorals

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

scarepanda

Corruptedmorals wrote:

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

Are you responding to me?

r93kaey5p2izun

Corruptedmorals wrote: »

My understanding although we are not going with a cashbook offer is that the cashback is on or after drawdown and that it can't be used because all legal fees have to be in place and paid before that.

Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?

Corruptedmorals

Amber Round Eyelid wrote: »

Ulster Bank's one is specifically advertised as being towards legal fees. But yes, it's really just another cash back offer. I have my loan offer but it's unlikely to be drawn down before 31st Dec due to probate delays. I'm just wondering if people think they're likely to extend the offer in the current market, or are these offers likely coming to an end?

Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.

r93kaey5p2izun

Corruptedmorals wrote: »

Ah, very smart of them to tailor the timing of it for legal fees so. They might know if they are extending it by now if you ring them? Dying to draw down by then ourselves as our loan offer will expire in January.

Fingers crossed for you - I know you've had some unexpected delays. My offer doesn't expire until early March. I'm not sure if the cashback remains valid until then because the offer was made before it expires, even if drawdown doesn't happen until the new year? I'll check in with my broker about it I think. It's not make or break for me anyway.

ChewBerecca

Ayan Prickly Road wrote: »

Anybody who gives you an actual answer to this is a spoofer.

I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.

Padre_Pio

ChewBerecca wrote: »

I don't see massive increases or decreases. We may be one of the highest in the Eurozone, but I don't see Irish banks slashing rates either.

We went variable to throw an extra few hundred in a month whilst we are child-free and because we don't see the rates skyrocketing over the next 1-5 years. One month in and the repayment has already gone down over a euro - it's the little things.

Is there any way to get a mortgage from banks outside ireland?

You see German banks offering 0.5 - 1% mortgages.

GingerLily

Padre_Pio wrote: »

Is there any way to get a mortgage from banks outside ireland?

You see German banks offering 0.5 - 1% mortgages.

Yup, you have to buy a house outside of Ireland though!

8-10

scarepanda wrote: »

I figured as much.... :-/ worth asking for opinions though

My opinion would be to budget based on a 1.5% increase. You definitely shouldn't be looking to max out at current rates regardless of what the outlook might be

Dolbhad

The “legal fees” sum will have been around for ages now. I’d expect it to keep going esp as it’s one of the lowest cash backs out there. But it’s really cashback as solicitor will require fees beforehand. There isn’t a time limit on them so provided it’s in loan offer and you draw down within the 6 months of the Loan.

I’ve heard the kbc loan offers have clauses giving 3k additional cashback provided your a FTB and your not getting an exemption provided you draw down by 31st December. So that has a time limit. Extra incentive to get the books balance for end of year but really if the sale isn’t ready to close, it’s not going to close. Extra 3k won’t move things along.

tomister

BOI recently extended their Cashback offer so I would be confident that other banks will extend their offering to stay somewhat competitive. I know people will say the rate should be the deciding factor and that should be the bigger draw to one bank over another but the cashback/legal fees is a nice incentive

drunkmonkey

Total cost should be deciding factor and possibly worked out over the time period for full cash back eg a 5yr deal as you'll have other offers to tempt you after that. Comparing them both over a 20/30yr period isn't necessarily the correct way to view the offer.

wirelessdude01

How long before drawdown does mortgage protection have to be in place?

whatever76

wirelessdude01 wrote: »

How long before drawdown does mortgage protection have to be in place?

Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !

wirelessdude01

whatever76 wrote: »

Id advise get it in place ( shop about for quotes) as soon as you are good to go after Engineer report and happy to proceed with sale. it does not kick in until drawdown anyway so you don't pay anything … its a good box to have ticked as you come towards end of closing with other docs and crap needed !

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

tomister

wirelessdude01 wrote: »

How long before drawdown does mortgage protection have to be in place?

Shop around for quotes and look to have it ready to go a few weeks before drawdown. However if drawdown is delayed remember to push back the start date on the mortgage protection or else the mortgage protection might fall short of the mortgage term

Paul_Mc1988

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

I'd say your on the money there if hes organising it. We went direct with the bank as it was the cheapest and it kicks in on the day we draw down. Hopefully it comes before Christmas

whatever76

wirelessdude01 wrote: »

Broker is trying to say it needs to be activated 3/4 weeks before draw down. Wonder are they trying to use it to hit a sales target?

Hmm that I don't know - I went with the bank that I got mortgage with ( BOI) and was told it will only kick in after drawdown so maybe with bank they manage it for you as all in one place - if you go external you may need to define a target date - I paid my first payment about a week after drawdown earlier this month.

Orla h

Hi can anyone advise how long it took from submitting docs for drawdown to receiving money with EBS. We are self build. Waiting on first stage payment. Thanks 😊

Kevhog1988

Hi all,

When a first time buyer are banks usually favourable to a mortgage for a place which needs work?.

Jess2019

Hi all, my partner and I have been saving for 11 months now. And finally, have enough for a deposit, and are in the process of gathering the required documents to apply for a mortgage.
The only issue I can see is the past 2-3 months my partner had been unwell, and had missed a lot of work. He does not receive paid sick leave. So his payslips are inconsistent, and some are much lower than what he is usually paid. He is fine now, and there's a part of me that thinks maybe we should hold off before applying. So his payslips and wages have a chance to stabilise.
Has anyone been in a similar situation? I mean it could be fine but it's the only 'red flag' we have.

Canyon86

Hi

Have some questions that I hope people might help me with

Can anybody advise how long it would take to get the full mortgage approval (I have approval in principal) AIB website says 10 days is it this quick in reality?

How long would it take for the surveyor to complete his assessment? would I be talking weeks for this?

At what stage would i have a solicitor ready? when I go bid accepted or later on?