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

Laghan

Hello everyone, it's my first time posting here. I am (hopefully) soon to be a first time buyer! I have been going to see houses for the last few months and was finally approved a mortgage last week. It's a very small mortgage (€105,000) as I had to apply on my own as my boyfriend still has a year left in college. I graduated myself last year as a mature student so we have both been living at home with our parents as would not have been able to afford rent. We are lucky that we had the support, but it's about time we have a space of our own!
Our choices are so limited given our budget and we don't have a huge pot of money. By the end of this month we hope to have €13,000, not a lot since realizing how much everything costs!! Our plan is that this is the first rung on the ladder, it won't be our forever home and may possibly become a rental property down the line, or we might sell it and get something better in a few years. Of the houses I have seen, there are 2 in particular that are of interest.

1. Advertised at 95k, current offer is 90k. Property was rented, very small and in rough enough condition. With a good clean up and a lick of paint it would be livable but a lot of work to be done over time. Eg. Single glazed windows, electric storage heaters. The area is ideal for us, the house is in a little square and it's possible to park right outside the door.

2. Advertised at 130k, no current offers. Has been on the market for 2 months. The seller is eager to sell as it was a rented property but nobody living there presently. Also, they have land that they want to build on before planning expires. I asked the EA if the price was negotiable, he said they would take minimum of €125k. The house is in a good area but not as ideal an area as house 1 (both are within walking distance of my job). This house is a much better house than the first, 3 decent sized bedrooms, central heating with combi boiler, double glazed windows to name a few things. I went to see a similar sized house in the area about a month ago that was advertised for 115k, last I heard there was an offer of 105k but I'm not sure how much it went for (this house had single glazing and no central heating system). I did ask the EA looking after it but got the impression they didn't want to tell what it went for.

So, the predicament - house number 1 is within our budget right now. If we offered and won the bid then we could spend minimal money for now and just move in. In reality we wouldn't be able to do much work until my bf gets a job next summer.
House number 2 is totally out of our budget at 130k! However, I was thinking of making an offer of somewhere closer to what we can afford I think we are in a good position as we would have the finances ready, solicitor is lined up and we are ready to move asap. Obviously I would need to borrow some money from my parents to make up the difference so there will be the added pressure of paying them back afterwards.

So, what would you do in my position?

Brioscai

Laghan, if I was you I would save, save, save and wait until your partner gets a job or else borrow and get the biggest house in the best possible area. As someone who had your plan and got hit by the bust in a tiny house, getting older, then with kids, I would steer anyone away from thinking they could trade up easily. In a year and a half, your partner will contribute to your spending power. Or else, I'd buy the bigger house, with help and rent a room or get students. While things might be tight the first year, presumably with your partner working next year, you would comfortably afford the loan and mortgage. I would offer what you think you can get away with on property 2 or else stop looking and keep saving for another year.

Michael D Not Higgins

Laghan wrote: »

So, what would you do in my position?

Definitely keep saving. The second house looks ideal but realistically you're at least 10k off it right now.

You can check the Property Price Register for what price the houses are actually achieving but if it was recent enough it might not have been updated yet. It'll still give you an idea for the area though.

fermanagh_man

KathleenF wrote: »

Hi all.

First time poster (and hopefully buyer!) in this thread. I'll jump straight in... I viewed a property over the weekend that is ticking almost all the boxes I have, and enough that I'm seriously considering it. I've more than 10% of the deposit saved, and am a regular saver, but haven't applied for a mortgage. I got approval in principle earlier this year with KBC but didn't pursue it as I wasn't looking in earnest. However the property in question has fallen into my lap and I've an appointment with the same bank tomorrow. Just wondering if anyone on here who got their mortgage through KBC could tell me how long roughly it took to get full approval once they submitted documents? Thanks a mil.

I first spoke with KBC when applying for my mortgage but there communication was dreadful, failed to returned calls and when I called they were never available

I went with AIB in the end, they were much more efficient with everything and offered the same variable rate as KBC but didn't require me to open a bank account with them

Most mortgage providers will have a checklist on their websites regarding what you need for your application

68 lost souls

KathleenF wrote: »

Hi all.

First time poster (and hopefully buyer!) in this thread. I'll jump straight in... I viewed a property over the weekend that is ticking almost all the boxes I have, and enough that I'm seriously considering it. I've more than 10% of the deposit saved, and am a regular saver, but haven't applied for a mortgage. I got approval in principle earlier this year with KBC but didn't pursue it as I wasn't looking in earnest. However the property in question has fallen into my lap and I've an appointment with the same bank tomorrow. Just wondering if anyone on here who got their mortgage through KBC could tell me how long roughly it took to get full approval once they submitted documents? Thanks a mil.

Since your gathering all the required documentation anyway, apply to every bank and see what the outcome is. Then pick the best one for you once you have a choice. Costs nothing to apply and time is reduced by the fac tthat they all need the same things anyway.

We did this and bar permanent TSB who have been a nightmare and keep losing stuff/forgetting about us we have had great dealings with all banks. We now have a range of options to choose from and when we go to select the actual house we will pick based on the rates at the time.

brennarr

KathleenF wrote: »

Hi all.

First time poster (and hopefully buyer!) in this thread. I'll jump straight in... I viewed a property over the weekend that is ticking almost all the boxes I have, and enough that I'm seriously considering it. I've more than 10% of the deposit saved, and am a regular saver, but haven't applied for a mortgage. I got approval in principle earlier this year with KBC but didn't pursue it as I wasn't looking in earnest. However the property in question has fallen into my lap and I've an appointment with the same bank tomorrow. Just wondering if anyone on here who got their mortgage through KBC could tell me how long roughly it took to get full approval once they submitted documents? Thanks a mil.

With KBC it only took us 9 workings days for approval.

Applied on June 10th and had approval by the 23rd.

Few emails queries back and forth but overall quick enough in the end,

I would recommend making an appointment with the a member of the mortgage team in the bank - easier to deal with someone who you met face to face.

angeldelight

We spent the first night in our new home last night

New floors and doors downstairs, new banisters and the whole place painted - it's like a new house. We've needed to get something done with the boiler that we didn't foresee and then had a small leak too - still mega excited though!

Tasden

angeldelight wrote: »

We spent the first night in our new home last night

New floors and doors downstairs, new banisters and the whole place painted - it's like a new house. We've needed to get something done with the boiler that we didn't foresee and then had a small leak too - still mega excited though!

hawkeye_bmr

Contracts all done, money ready to transfer....almost across the finish line.....

zedhead

We heard back from 2 of the other banks and have AIP from all 3. Just waiting for our broker to come back with a breakdown of each offer so we can decide which is the best to go with.

We have our first viewings this week!! Very excited for that!

BronsonTB

KathleenF wrote: »

Hi all.

First time poster (and hopefully buyer!) in this thread. I'll jump straight in... I viewed a property over the weekend that is ticking almost all the boxes I have, and enough that I'm seriously considering it. I've more than 10% of the deposit saved, and am a regular saver, but haven't applied for a mortgage. I got approval in principle earlier this year with KBC but didn't pursue it as I wasn't looking in earnest. However the property in question has fallen into my lap and I've an appointment with the same bank tomorrow. Just wondering if anyone on here who got their mortgage through KBC could tell me how long roughly it took to get full approval once they submitted documents? Thanks a mil.

Dropped you a PM...

SB_Part2

KBC just rang me to follow up whether I'd be proceeding with the mortgage. The mortgage they turned me down for because they said the property wasn't habitable.

Dopes.

Hazydays123

We only applied to the bank that we have all our accounts with and I found that process so unbelievably time consuming. I was constantly on the phone or back and forth to the bank fetching them more paperwork. It really put me off going near any of the other banks as I could barely handle the workload put on me by one.
I might consider trying the others as our bank was so strict and inflexible over everything. Maybe we could get more money from one of the others... Anecdotally I've heard of TSB being more willing to accept contracts/probation.
If a bank turns you down do any of the others have a way of finding that out and would it impact on getting a mortgage from the others?

mirrorwall14

Hazydays123 wrote: »

We only applied to the bank that we have all our accounts with and I found that process so unbelievably time consuming. I was constantly on the phone or back and forth to the bank fetching them more paperwork. It really put me off going near any of the other banks as I could barely handle the workload put on me by one.
I might consider trying the others as our bank was so strict and inflexible over everything. Maybe we could get more money from one of the others... Anecdotally I've heard of TSB being more willing to accept contracts/probation.
If a bank turns you down do any of the others have a way of finding that out and would it impact on getting a mortgage from the others?

Haven and EBS under writers are on the same floor and discuss cases. We got the same outcome from both on an awkward case.

We are hopefully found sale agreed...!

68 lost souls

Hazydays123 wrote: »

We only applied to the bank that we have all our accounts with and I found that process so unbelievably time consuming. I was constantly on the phone or back and forth to the bank fetching them more paperwork. It really put me off going near any of the other banks as I could barely handle the workload put on me by one.
I might consider trying the others as our bank was so strict and inflexible over everything. Maybe we could get more money from one of the others... Anecdotally I've heard of TSB being more willing to accept contracts/probation.
If a bank turns you down do any of the others have a way of finding that out and would it impact on getting a mortgage from the others?

The thing is applying to multiple banks is not much more hassle as youve jumped through the hoops already. The only additional thing you will need is printouts of your statements from the bank you are with

mirrorwall14

Well we're going sale agreed! We're talking to solicitors. What's an average cost for solicitor? I can't believe we're this far this fast!

SB_Part2

mirrorwall14 wrote: »

Well we're going sale agreed! We're talking to solicitors. What's an average cost for solicitor? I can't believe we're this far this fast!

Huge congrats to you.

I paid roughly 2000 for mine not including property tax and stamp duty.

Hazydays123

mirrorwall14 wrote: »

Well we're going sale agreed! We're talking to solicitors. What's an average cost for solicitor? I can't believe we're this far this fast!

1100-1500 seems to be their baseline conveyancing fee. Then add on land registry searches, VAT (23%) and stamp duty.

mirrorwall14

Thanks guys, we're bang on with that so will go with the recommendation we have. I cannot sleep. I genuinely cannot believe we have gotten this far. It's unreal!

So can anyone tell me if I'm right about what comes next?
-we put our solicitor in touch with the EA and let her off. I'm assuming we haven't much to do with contracts being drawn up? How do we agree dates for stuff, do they just pick em and we roll with it?
-we inform our mortgage broker and let him off to talk to the bank. Do we do anything here?
-We talk to the landlord about moving out

Do we organise our own survey ourselves?

mirrorwall14

zedhead wrote: »

We heard back from 2 of the other banks and have AIP from all 3. Just waiting for our broker to come back with a breakdown of each offer so we can decide which is the best to go with.

We have our first viewings this week!! Very excited for that!

Good luck!! This was me like two weeks ago!!

SB_Part2

mirrorwall14 wrote: »

Thanks guys, we're bang on with that so will go with the recommendation we have. I cannot sleep. I genuinely cannot believe we have gotten this far. It's unreal!

So can anyone tell me if I'm right about what comes next?
-we put our solicitor in touch with the EA and let her off. I'm assuming we haven't much to do with contracts being drawn up? How do we agree dates for stuff, do they just pick em and we roll with it?
-we inform our mortgage broker and let him off to talk to the bank. Do we do anything here?
-We talk to the landlord about moving out

Do we organise our own survey ourselves?

You just need to give the EA your solicitors details and they will contact them.

I'd arrange for the survey as soon as possible to get the ball rolling.

You need to get back onto your broken and get your offer letter. The bank will want the valuation done before they give this.

mirrorwall14

SB_Part2 wrote: »

You just need to give the EA your solicitors details and they will contact them.

I'd arrange for the survey as soon as possible to get the ball rolling.

You need to get back onto your broken and get your offer letter. The bank will want the valuation done before they give this.

Much appreciated!

Well our roles are done right now. Booking deposit paid. Solicitors have the ball now and the broker is dealing with the bank. Building survey is organised.

This is supposed to be a quick sale although I'm cautious of believing that having read the horror stories online.

On an optimistic note did anyone get moving boxes? If so where? There's some cheap ones on adverts which I may pick up

hawkeye_bmr

We got some plastic storage boxes, the ones with the clip-on lids. Ideal for moving, then we are intending on using them to store stuff in the attic once we are moved in.

Finger crossed we get the keys tomorrow!!

mirrorwall14

hawkeye_bmr wrote: »

We got some plastic storage boxes, the ones with the clip-on lids. Ideal for moving, then we are intending on using them to store stuff in the attic once we are moved in.

Finger crossed we get the keys tomorrow!!

Did that not work out really expensive? Those boxes don't seem to be cheap!

hawkeye_bmr

mirrorwall14 wrote: »

Did that not work out really expensive? Those boxes don't seem to be cheap!

It depends where you buy them, some of the euro shops have them.

We had ones we sent home from Oz by sea mail, they arrived battered and bruised but intact, so could be reused unlike a cardboard box that could get damp/wet and fall apart.

Tuesday_Girl

I did the same, agreed it's not cheap but like hawkeye_bmr I will use them in my new place for attic storage. Cardboard moving boxes and small and not very strong so can't hold a lot

SB_Part2

Ikea sell moving boxes

http://www.ikea.com/ie/en/products/small-storage-organisers/storage-boxes-baskets/j%C3%A4ttene-packaging-box-brown-art-60047151/

sadie1502

Well we are having a horror story. Christ don't want to get it into it I'd be here all year. Basically the vendor gazzumped us and wasted 3 months of our time. So upsetting it really is. It was a private sale and he apparently had a house bought and lead us up the garden path. We pulled out in the end as that's what he was forcing. Karma will get him I'm full sure. So now bidding on a another house and estate agent has gone on two holidays and said nothing to anyone. Office is closed. Like something out of father Ted. I hate hate hate hate buying a house it's nothing but stress. That's just on the flip side of when sales go wrong we could still be hanging on but we said enough. So be careful it's not always straight sales even though ours should have been on paper.

loveisdivine

Silly question ahead!

How do you find out things like the property's current telephone number, or who the utilities are currently supplied by? Do you just set up all new ones when you move in? Surely you need account numbers and such to change electricity providers etc? Should it be in the contracts?

What about the bins, do we ring the current provider and give them our details now?

68 lost souls

loveisdivine wrote: »

Silly question ahead!

How do you find out things like the property's current telephone number, or who the utilities are currently supplied by? Do you just set up all new ones when you move in? Surely you need account numbers and such to change electricity providers etc? Should it be in the contracts?

What about the bins, do we ring the current provider and give them our details now?

You set up new accounts when you move.

The Gas/Electricty meters have a unique number and that is whats used to set up an account. You need to give them original readings, presumably on signing day, and they may send someone out for this.

The phone number will probably be a new one assigned by your new provider.