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

mirrorwall14

Rackstar wrote: »

Have you tried these guys? https://www.pulse-insurance.co.uk

Couldn't get cover in Ireland but was able to using them.

We have a five year policy with them for him but underwriting say it's not good enough

loveisdivine

Have you tried Quote Devil mirrorwall?

I had a minor accident in my car (I bumped into the back of a van, only going about 10kph at some lights) but because I'd only ever been insured in Ireland as a named driver on my husbands policy I suddenly became un-insurable! It was ridiculous!
Quote Devil were the only ones that would insure me, now it ended up costing me a fortune but I got the insurance which was the main thing.
They guy I dealt with even joked that you'd think I'd caused some multi car pile up and loads of people had died or something, the way other insurers were treating me.

mirrorwall14

loveisdivine wrote: »

Have you tried Quote Devil mirrorwall?

I had a minor accident in my car (I bumped into the back of a van, only going about 10kph at some lights) but because I'd only ever been insured in Ireland as a named driver on my husbands policy I suddenly became un-insurable! It was ridiculous!
Quote Devil were the only ones that would insure me, now it ended up costing me a fortune but I got the insurance which was the main thing.
They guy I dealt with even joked that you'd think I'd caused some multi car pile up and loads of people had died or something, the way other insurers were treating me.

The three companies they work with have refused him. We have a very good broker who has been doing his damndest to get something (pulse is the current something) unfortunately it's just changing goalposts and a long battle. We can't fix the family history or health conditions but he has given up smoking and is losing weight so time will tell whether that will be enough to make a difference with the life companies. Hopefully.

Santy2015

Cheque was requested yesterday by our solicitor from BOI hopefully won't take too long. She just wants our engineer to check if snags have been completed and she'll issue the funds then

Parchment

We put an counter offer in on a house last week (Wednesday) this is the fourth bid on this house so the EA knows we are interested. He said it was only us bidding against one other party at this point.

Today i end up phoning the EA to see what is going on. He cant recall what bid we put in and then said he needs to ring around to all the other parties before its sale agreed - i said well its only one party according to you and if they dont counter bid, thats it. He then said he needed to "talk around" the seller - i asked him to elaborate and he didnt. I then asked him to go to the seller/other party and then get back to me (its almost a month since we viewed the house and made our initial bid). I asked him for a time frame for him to get back to me as i said we want to either close or move on. He then said i was putting him "under pressure". I couldnt believe it. he then said he wanted the sale agreed and the property off his books as he was juggling lots of other properties. I told him we would be happy too if it could be sale agreed.

If acted the way he did at my job i would be let go pretty quickly. Honestly i have found being a buyer so demoralising.

elainep13

Parchment wrote: »

We put an counter offer in on a house last week (Wednesday) this is the fourth bid on this house so the EA knows we are interested. He said it was only us bidding against one other party at this point.

Today i end up phoning the EA to see what is going on. He cant recall what bid we put in and then said he needs to ring around to all the other parties before its sale agreed - i said well its only one party according to you and if they dont counter bid, thats it. He then said he needed to "talk around" the seller - i asked him to elaborate and he didnt. I then asked him to go to the seller/other party and then get back to me (its almost a month since we viewed the house and made our initial bid). I asked him for a time frame for him to get back to me as i said we want to either close or move on. He then said i was putting him "under pressure". I couldnt believe it. he then said he wanted the sale agreed and the property off his books as he was juggling lots of other properties. I told him we would be happy too if it could be sale agreed.

If acted the way he did at my job i would be let go pretty quickly. Honestly i have found being a buyer so demoralising.

Can't remember your bid, how annoying and unprofessional!
Have been bidding on a house for six weeks, we have been the top bidder for weeks. It is a marriage break-up so legal stuff going on. So frustrating waiting/not getting a straight answer from the agent. I'm concerned one side is trying to block the sale.

Irish_rat

Drawdown has been done by bank, wohoo. Just the matter of my solicitor sorting out the rest. My stress level is dropping a few notches now

mirrorwall14

Irish_rat wrote: »

Drawdown has been done by bank, wohoo. Just the matter of my solicitor sorting out the rest. My stress level is dropping a few notches now

Congratulations!!!!

Irish_rat

mirrorwall14 wrote: »

Congratulations!!!!

Cheers, sorry to hear about your situation Hope you find a resolution to it soon.

Now the little matter of making a new house a home. I would be thinking at least 20k? :-o

Santy2015

Irish_rat wrote: »

Cheers, sorry to hear about your situation Hope you find a resolution to it soon.

Now the little matter of making a new house a home. I would be thinking at least 20k? :-o

Congrats. Hope mine is as fast. I don't know the size of your place but we reckon think €6k has done it for us for the time being. We've been given a loan of a couch and dining table and chairs.

mirrorwall14

Irish_rat wrote: »

Cheers, sorry to hear about your situation Hope you find a resolution to it soon.

Now the little matter of making a new house a home. I would be thinking at least 20k? :-o

I'm a sucker for punishment. I'm back living in hope that we get the reduced amount this week.

Depends on what you want to do! Adverts could become your best friend now lol

Irish_rat

Santy2015 wrote: »

Congrats. Hope mine is as fast. I don't know the size of your place but we reckon think €6k has done it for us for the time being. We've been given a loan of a couch and dining table and chairs.

My mate spent 40k but lavished out on expensive wardrobes presses etc but finished the house off well. Mine is much smaller 3bed but I'll be landscaping the back and that will cost a good chunk.

I think I'll go without grass, I'd imagine it would be less maintenance?

I have the breakfast bar so only chairs for the first few months! Obviously blinds/curtains and flooring the first to be done and maybe a change of paint on one room! Exciting times!

It took a day to process for me once all the documentation was in order

Santy2015

Irish_rat wrote: »

My mate spent 40k but lavished out on expensive wardrobes presses etc but finished the house off well. Mine is much smaller 3bed but I'll be landscaping the back and that will cost a good chunk.

I think I'll go without grass, I'd imagine it would be less maintenance?

I have the breakfast bar so only chairs for the first few months! Obviously blinds/curtains and flooring the first to be done and maybe a change of paint on one room! Exciting times!

It took a day to process for me once all the documentation was in order

We're lucky in that respect, house has all the bottom floor floored with tile and wood and upstairs bathrooms are tiled as well. Just need to do our room, stairs and landing. We'll paint our room. I'm going to rotivate the back garden and re seed. We've got bedside lockers, 2 chest of drawers and a wardrobe already from our respective rooms at our homes. House has a kitchen fitted already too and we just need to tile the walls. It's a new build too

Irish_rat

Santy2015 wrote: »

We're lucky in that respect, house has all the bottom floor floored with tile and wood and upstairs bathrooms are tiled as well. Just need to do our room, stairs and landing. We'll paint our room. I'm going to rotivate the back garden and re seed. We've got bedside lockers, 2 chest of drawers and a wardrobe already from our respective rooms at our homes. House has a kitchen fitted already too and we just need to tile the walls. It's a new build too

Thats handy always good to have a start like that. Its going to be fun! Waiting for the keys is the worst part I think. Best of luck on the drawdown, keep us updated

Santy2015

Irish_rat wrote: »

Thats handy always good to have a start like that. Its going to be fun! Waiting for the keys is the worst part I think. Best of luck on the drawdown, keep us updated

Will do thanks

RoyalMarine

Hi all,

My parents have given me my inheritance early towards a deposit on a house.

We have 5k ourselves, and they have given us 25 plus 5 for fee's etc.

We're both long time with AIB, and have opened a mortgage application.

We haven't received the funds from my parents yet, however they are happy to provide any proof or letter to the bank. (they are also with AIB).

Does anyone know the best process for them to give us the money, and for us to document it to the bank?

Thanks in advance!

Zenify

RoyalMarine wrote: »

Hi all,

My parents have given me my inheritance early towards a deposit on a house.

We have 5k ourselves, and they have given us 25 plus 5 for fee's etc.

We're both long time with AIB, and have opened a mortgage application.

We haven't received the funds from my parents yet, however they are happy to provide any proof or letter to the bank. (they are also with AIB).

Does anyone know the best process for them to give us the money, and for us to document it to the bank?

Thanks in advance!

Unfortunately revenue do not see this as an early inheritance... make sure you pay the tax liability with any gifts as banks are red flagging it to Revenue.

T-b0n3

Zenify wrote: »

Unfortunately revenue do not see this as an early inheritance... make sure you pay the tax liability with any gifts as banks are red flagging it to Revenue.

My understanding is you can receive up to €225k from your parents in your lifetime before any tax is due. But the gift you receive now will reduce that total amount.

Is that incorrect?

Utah

T-b0n3 wrote: »

My understanding is you can receive up to €225k from your parents in your lifetime before any tax is due. But the gift you receive now will reduce that total amount.

Is that incorrect?

Was also my understanding

GeorgeOrwell

There was an article about this in the Irish Times yesterday available here

You're comfortably below the threshold for tax. However, the bank may require a letter from your parents confirming that the money is a gift (not a loan) and that they do not wish to have an interest in the property you intend to buy with that gift.

If they do seek a letter, it's very easy to draw up and either your parents solicitor or accountant will be able to draft something to keep the bank happy.

Dr.Rieux

AIB have a gift letter in their mortgage pack.

Are you paying rent and saving regularly to build up your 5K in savings? They are going to look at the capacity to repay, and 5K isn't a huge amount to have saved, unless you're paying a lot in rent.

zedhead

Hi All,

Joining this thread as myself and my partner have finally taken the step to apply for a mortgage. We have been saving like mad for the past year and a half and finally have a deposit comfortably saved. We've applied through a broker who was recommended to us to take the stress out of it as we both work quite long hours. Hoping to hear sometime next week about AIP.

Its been a bit tougher for us as my partner is self employed which is really the only that might go against us. Because they work in averages over a certain time frame its been really hard to know what we will be approved for so worried that the houses we have been looking at til now could be over our budget. Will be good to know what we can actually work with and get serious about looking for somewhere now.

I'm still learning about how this all works so may be back looking for advice when we start viewing/bidding.

SB_Part2

They might also want to see the gift money in your account.

Naid23

RoyalMarine wrote: »

Hi all,

My parents have given me my inheritance early towards a deposit on a house.

We have 5k ourselves, and they have given us 25 plus 5 for fee's etc.

We're both long time with AIB, and have opened a mortgage application.

We haven't received the funds from my parents yet, however they are happy to provide any proof or letter to the bank. (they are also with AIB).

Does anyone know the best process for them to give us the money, and for us to document it to the bank?

Thanks in advance!

My sister was given 10k gift towards her deposit a couple of years ago. The bank asked for proof that it was a gift and not a loan that was repayable. Solicitor drew up a letter and have my parents and my sister sign it and that was accepted as proof.

RoyalMarine

Dr.Rieux wrote: »

AIB have a gift letter in their mortgage pack.

Are you paying rent and saving regularly to build up your 5K in savings? They are going to look at the capacity to repay, and 5K isn't a huge amount to have saved, unless you're paying a lot in rent.

Cheers, we pay 1225 a month rent, and have saved 1k for the past 5 months.

AIB have stress tested our repayment capacity, and it's wel above their requirements.

Looks all good so.

elainep13

T-b0n3 wrote: »

My understanding is you can receive up to €225k from your parents in your lifetime before any tax is due. But the gift you receive now will reduce that total amount.

Is that incorrect?

Yes that is correct, it is a life time limit for gifts and inheritance less the yearly small gift allowance 3k

Utah

Utah wrote: »

Broker is of the opinion that permanent tsb will cut their rates soon enough. Anyone know anything about that?

Broker was right!

L1011

My fixed is expiring in a few months - hopefully BOI cut soon enough as they're hugely out of step with the market now.

Sleepy

Just got word that the contracts have been exchanged and the loan has been accepted so just waiting on vendors to give us a completion date now!

hufpc8w3adnk65

I also got a gift and it was just a case of my solicitor writing out a document saying in lehmans terms the money is a gift and that they have no legal right to the house