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

angeldelight

We just paid our solicitor bill two days ago and it was 5k. That includes the stamp duty which is the most of it, then the solicitors fee + VAT, searches, deed registration etc and property tax.

I'm surprised they want you to have it before they will even start helping you get your application together, we wouldn't have had it at the very beginning

Utah

Both our approvals are based on having the legal fees and stamp duty saved already

hufpc8w3adnk65

First time poster. Should have my house 13th of July. My solicitors fees are €4200 worth keeping that in mind

Naid23

MrMac84 wrote: »

First time poster. Should have my house 13th of July. My solicitors fees are €4200 worth keeping that in mind

Is that including your stamp duty?

SB_Part2

valovalo wrote: »

Hi
Pay for them with continued savings , we don't just stop saving just because we have approval , plus these are paid at the end or are they paid upfront ?,
Plus deposit back from rented house is near 1500,

Solicitors fees are usually paid upfront. You can't count the 1500 for your rented house until you have it in your hands.

Utah wrote: »

Both our approvals are based on having the legal fees and stamp duty saved already

Same with me. It was hammered home to us that we needed to show we had solictiors fee funds available. Also, because my house came without whitegoods they wanted to see that we had money available for those as well.

conor05

Hi guys

Need some advice on this please. Couple with 1 year baby renting currently in North East. Both in permanent jobs. My partner is set on moving back to her homeland of North Kerry to build a house. We have no site but have looked at a few below and they are reasonably priced.
By next October 2017 we should have 45K in savings and ready to apply for mortgage.
My question is can we apply for a mortgage in AIB up in North East (through local broker) as we are both in permanent jobs and use that mortgage to buy site and start to build in Kerry?
We will eventually move to Kerry and my partner can get permanent good paying job down there and I should pick up work also.
Any guidance on how to go about this would be very much appreciated.

SB_Part2

I don't think that'll be a runner unfortunately. They'll want to see that you have a job in the area you are buying in. They'll know you won't be commuting that distance. Also, I didn't think banks were giving mortgages for builds anymore but I could be wrong. I'd speak to a broker if I were you.

hufpc8w3adnk65

Naid23 wrote: »

Is that including your stamp duty?

Stamp duty, 3x land registry, search fees, commissioner fees and solicitors fees

Naid23

MrMac84 wrote: »

Stamp duty, 3x land registry, search fees, commissioner fees and solicitors fees

Great thanks. Thought that was just the solicitors fees alone

Sheeeeit

FizzleSticks wrote: »

This post has been deleted.

You can borrow 3.5 times your income.
I have mortgage approval at the moment. The key thing is to show you can save a certain amount of money every month over the next while (a few years is loads of time). If you get a mortgage of say €250k for 30 years for instance and your monthly repayments work out at roughly €1k, then you need to be able to show you can save more than €1k every month. You probably need to show you can save €1.3k even to cover insurance, bills etc. The more you save now for your deposit, the less you will have to borrow and the less your monthly repayments.

Sheeeeit

I have a question. I'm buying a new house and the bank require the valuation to be no more than 2 months old before the sale is closed.
My EA recently got in contact looking for the valuation to be done on the new house, when I told him about the 2 months required by the bank he said the sale will be closed end of August so lets do the valuation next week. Is that not cutting things a bit tight? How can he be so sure we'll close at that time? If there's even 1 week of a delay we'd probably end up having to get a second valuation done. It just seems a bit too eager for my liking, I wonder is he worried about the effects of Brexit or anything like that? Or am I just being paranoid?

SB_Part2

It's a bit odd that the EA is looking for the valuation to be done. Usually it's the bank that pushes for it.

Sheeeeit

SB_Part2 wrote: »

It's a bit odd that the EA is looking for the valuation to be done. Usually it's the bank that pushes for it.

My thinking exactly, I wonder why he's so eager?

Naid23

Just got our official Approval in Principal letter from the broker

conor05

SB_Part2 wrote: »

I don't think that'll be a runner unfortunately. They'll want to see that you have a job in the area you are buying in. They'll know you won't be commuting that distance. Also, I didn't think banks were giving mortgages for builds anymore but I could be wrong. I'd speak to a broker if I were you.

Yes was thinking the jobs issue would be the barrier alright. So realistically we would need to rent a cheap place in Kerry, start the new jobs below and then apply for mortgage 6 -12 months later down in Kerry?

Utah

conor05 wrote: »

Yes was thinking the jobs issue would be the barrier alright. So realistically we would need to rent a cheap place in Kerry, start the new jobs below and then apply for mortgage 6 -12 months later down in Kerry?

Yeah, you would need to be permanent too in your role as far as I know i.e. past the probationary period.

Tasden

Naid23 wrote: »

Just got our official Approval in Principal letter from the broker

Yay!

Utah

Utah wrote: »

Yeah, you would need to be permanent too in your role as far as I know i.e. past the probationary period.

Just to point out you don't necessarily need to be permanent to get approval but you do need a continuous record of employment over a number of year in a similar or the same role.

loveisdivine

We're sale agreed for 3 weeks, no contracts received from vendors solicitors yet. What the average time this usually takes?

Our solicitor hasn't received our offer letter from the bank yet either, but our broker asked for the solicitor details last week so I'm hoping it gets sent soon.

Also, the surveyor reckoned we'd have the full report on Tuesday yet here we are on Thursday afternoon and nothing!

SB_Part2

You can't sign anything anyway until your solicitor receives your offer letter. Get onto your broker and ask him when it'll be sent out.

loveisdivine

Yeah I've sent him an email. Fingers crossed.

Tuesday_Girl

loveisdivine wrote: »

We're sale agreed for 3 weeks, no contracts received from vendors solicitors yet. What the average time this usually takes?

Our solicitor hasn't received our offer letter from the bank yet either, but our broker asked for the solicitor details last week so I'm hoping it gets sent soon.

Also, the surveyor reckoned we'd have the full report on Tuesday yet here we are on Thursday afternoon and nothing!

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

angeldelight

Our first closing date was yesterday which has been and gone, solicitor thinks they might release funds tomorrow so fingers crossed!

GinaI

Tuesday_Girl wrote: »

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

Why does it take that long for sellers solicitors?......I am awaiting contacts as well.

GinaI

At what stage I have to have a house insurance and a mortgage protection organised? before the contracts are signed?

angeldelight

GinaI wrote: »

At what stage I have to have a house insurance and a mortgage protection organised? before the contracts are signed?

You'd be advised to have them in place before you sign contracts in case you have any difficulties getting a policy. They can be set up but not activated until you ring them so probably a safer bet

GinaI

Tuesday_Girl wrote: »

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

What are the options in the situation where delay is on the seller's side? Just to wait?The agent said they were looking for a quick sale. That what one of the reasons I chose the house. Now the other 4 houses I viewed have been sold but "mine is still shown as For Sale on daft. It has not even been changed to Sale agreed. I went Sale agreed on the 2 of June and I really hoped I could move by the end of August so my child can start a new school. Really doubt it now...and very worried

Tuesday_Girl

GinaI wrote: »

What are the options in the situation where delay is on the seller's side? Just to wait?The agent said they were looking for a quick sale. That what one of the reasons I chose the house. Now the other 4 houses I viewed have been sold but "mine is still shown as For Sale on daft. It has not even been changed to Sale agreed. I went Sale agreed on the 2 of June and I really hoped I could move by the end of August so my child can start a new school. Really doubt it now...and very worried

Not many options really but to follow up regularly to at least understand the delay and timelines but also to try to push them to get the contracts out. Unfortunately all kinds of issues can cause a delay and there are no standard timelines for a sale so it's impossible to know when exactly you'll get the keys

loveisdivine

Received the loan offer this morning so solicitors should get the loan pack next week. Then it's just playing the waiting for contracts game!

GinaI

loveisdivine wrote: »

Received the loan offer this morning so solicitors should get the loan pack next week. Then it's just playing the waiting for contracts game!

and , I guess, organising insurance