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

Bored Accountant

We signed contracts on Monday. our Solicitor is happy now that all certification that house complies with the original planning 20 years ago is in place - they hadn't bothered getting everthing certified when house was originally built.

Surveyor raised a concern that garage extension that was built 10 years ago is being used as bedroom rather than store room as defined on planning, but solicitor said she would declare it to the bank, but they shouldn't care.

Mortgage Protection & Serious Illness Cover in process of being sorted. There was few queries and additional questionaires, but hopefully all good now.

Home Insurance sorted today. Got quote from AIB. Told our broker the quote and he just said he wouldn't even bother searching for us cause he wouldn't get anywhere near it!!

So closing date has been set as 25th November...so 2 & half weeks to wait.
Can't Wait
Give us time to get settled in before Christmas.

Laghan

Got keys last Tuesday! We were due to close on the Friday of the long weekend but my solicitor said it would be a tight squeeze and to expect Tuesday instead! Got an email from the mortgage advisor at 4pm on the Friday to say congratulations as the money had been transferred. Tried to call my solicitor immediately but she was gone home! I had loads of stuff to do at the weekend so it was probably for the best as the house would have been a distraction, but it was still a bit annoying!!
So I took the week off and spent the whole time cleaning and we knocked down a wall! We got some friends over on Friday evening to help us to paint over a few beers and some food! Lots of painting got done, some accidental! Went to ikea on Saturday and literally spent 8 hours in there before officially moving in on Sunday! Everything is great so far, the place is freezing and very rough around the edges. But all this is temporary as next year we will be stripping the place back to a shell and literally rebuilding it which I am super excited about! We will need to move out for a couple of months which I am dreading but the end result will be worth it.

Mortgage approved mid July, sale agreed end of July on the first bid I ever put on a house and moved in on the 2nd November. Went with AIB for the mortgage and also got a super cheap quote from them on home insurance through AXA. We don't have to pay a mortgage repayment until May which is great as it gives us a head start on the savings for renovations. Overall, we couldn't be happier! Best of luck to all going on this journey, I realise it's a bumpier path for many but the destination makes it all worthwhile!

intheclouds

Finally signed contracts this morning (sale agreed since end of August) and now it looks like we need to do the valuation again to satisfy the bank because more than 2 months will have passed from valuation to close. Close date set for 2 weeks time but who knows.

Always thought it'd be fun and exciting to buy a house but it's just stressful and tiring!

whiskeyman

intheclouds wrote: »

now it looks like we need to do the valuation again to satisfy the bank because more than 2 months will have passed from valuation to close.

Will you need to pay for it again??

intheclouds wrote: »

Always thought it'd be fun and exciting to buy a house but it's just stressful and tiring!.

This so so much!
The first viewing was fun and exciting...
but it quickly became a race of attrition.

Congrats on signing and hopefully you get the keys soon!

intheclouds

whiskeyman wrote: »

Will you need to pay for it again??



This so so much!
The first viewing was fun and exciting...
but it quickly became a race of attrition.

Congrats on signing and hopefully you get the keys soon!

Yeah I'm sure we will.

I've asked the bank if it's really needed because it's 2 months and 1 week. Dunno how strict they are about it.

Ugh I know. From feeling conned by the estate agent to feeling worn out chasing things up....... It better be worth it!

Naid23

intheclouds wrote: »

Yeah I'm sure we will.

I've asked the bank if it's really needed because it's 2 months and 1 week. Dunno how strict they are about it.

Ugh I know. From feeling conned by the estate agent to feeling worn out chasing things up....... It better be worth it!

I know with EBS that you have to pay half the price for a second valuation - not sure bout other banks. it is really annoying that they do that - 2 months is not a realistic timeline.

zedhead

intheclouds wrote: »

Yeah I'm sure we will.

I've asked the bank if it's really needed because it's 2 months and 1 week. Dunno how strict they are about it.

Ugh I know. From feeling conned by the estate agent to feeling worn out chasing things up....... It better be worth it!

We're now looking at closing in mid feb after sale agreed end of august and valuation done in September. When we got the loan pack from the bank it said that if there was more than 3 months between valuation and closing we would have to get another one done but the price was listed and it'll only be half the price of the original.

Def feels like a money making ploy and hopefully since you are only a week out they wont charge you.

intheclouds

Naid23 wrote: »

I know with EBS that you have to pay half the price for a second valuation - not sure bout other banks. it is really annoying that they do that - 2 months is not a realistic timeline.

The thing is, the bank were pushing to get the valuation out of the way ASAP so as to have as many conditions of mortgage met as possible as early as possible.

And the estate agent had us led to believe it'd all wrap up in a matter of weeks.

2 months is ridiculous given how long it seems to take for people to get their finger out.

Parchment

Bored Accountant wrote: »

We signed contracts on Monday. our Solicitor is happy now that all certification that house complies with the original planning 20 years ago is in place - they hadn't bothered getting everthing certified when house was originally built.

Surveyor raised a concern that garage extension that was built 10 years ago is being used as bedroom rather than store room as defined on planning, but solicitor said she would declare it to the bank, but they shouldn't care.

Mortgage Protection & Serious Illness Cover in process of being sorted. There was few queries and additional questionaires, but hopefully all good now.

Home Insurance sorted today. Got quote from AIB. Told our broker the quote and he just said he wouldn't even bother searching for us cause he wouldn't get anywhere near it!!

So closing date has been set as 25th November...so 2 & half weeks to wait.
Can't Wait
Give us time to get settled in before Christmas.

May I ask if you spoke to AIB about life assurance? we are getting a mortgage with them and they seem to push their own life assurance advisor quite a bit.

whiskeyman

Parchment wrote: »

May I ask if you spoke to AIB about life assurance? we are getting a mortgage with them and they seem to push their own life assurance advisor quite a bit.

All banks will do this.
Some will nearly make out that they are the only one's who do it!
It will literally takes minutes to shop around, and you could save a huge whack.

Browney7

Anyone know if banks have problems when it comes to accepting a rent book as proof of paying a monthly rent. Our landlord insists on cash and we've been in the property four months and not registered with the PRTB so easy to deduce what he's up to.

When it comes to applying for a mortgage will this be included in our repayment capacity? Has anyone else been in this situation recently. Tried our best to get him to accept bank transfer but he wouldn't budge and with the market the way it is, he'd have got someone else.

q85dw7osi4lebg

Browney7 wrote: »

Anyone know if banks have problems when it comes to accepting a rent book as proof of paying a monthly rent. Our landlord insists on cash and we've been in the property four months and not registered with the PRTB so easy to deduce what he's up to.

When it comes to applying for a mortgage will this be included in our repayment capacity? Has anyone else been in this situation recently. Tried our best to get him to accept bank transfer but he wouldn't budge and with the market the way it is, he'd have got someone else.

They factor in rental payments for purchasers who pay their parents (cash) to stay living at home while saving, so can't see it being a problem. Just withdraw the same amount on the same day of each month. Obviously best to confirm with a broker!

Utah

We snagged the house yesterday - the engineer was happy and said all changes were minor. Bit of relief.

Also got our mortgage protection issued.

Nothing left to do now just wait for the snag list items to be fixed and draw down!

intheclouds

So we DO have to pay for revaluation, and according to AIB it's central bank rules and not just a money spin on their part. Reduced rate as its a revaluation but just makes me thing original valuation was overpriced!

Utah

intheclouds wrote: »

So we DO have to pay for revaluation, and according to AIB it's central bank rules and not just a money spin on their part. Reduced rate as its a revaluation but just makes me thing original valuation was overpriced!

I meant to reply to you intheclouds. That we had to get the house revaluation done again as the 2 months had lapsed. It was cheaper but sounds like a gimmick to me!
Makes sense on a new build maybe?


In other news, we found out the estate agent has been showing people around our house. I know I can't do anything because we don't technically own it yet but it annoys me!! Even left brochures and price lists around the place!!

Bored Accountant

Parchment wrote: »

May I ask if you spoke to AIB about life assurance? we are getting a mortgage with them and they seem to push their own life assurance advisor quite a bit.

We got our mortgage with Haven
We opened a joint account in AIB to be able to use for paying mortgage and the person we were dealing with mentioned to talk to an advisor. My girlfriend was in their one day and didn't fully understand what she was to ask about, and just got home insurance quote. They never mentioned Life Assurance to her when she was in.

I got seriously good quote from Low.ie, before my broker rememebered he hadnt applied the 10% discount to quote he had given us...worked out 20 cent cheaper

Parchment

Bored Accountant wrote: »

We got our mortgage with Haven
We opened a joint account in AIB to be able to use for paying mortgage and the person we were dealing with mentioned to talk to an advisor. My girlfriend was in their one day and didn't fully understand what she was to ask about, and just got home insurance quote. They never mentioned Life Assurance to her when she was in.

I got seriously good quote from Low.ie, before my broker rememebered he hadnt applied the 10% discount to quote he had given us...worked out 20 cent cheaper

Thanks for the reply - sorry i thought you got your mortgage with AIB.

Cyrus

Parchment wrote: »

Thanks for the reply - sorry i thought you got your mortgage with AIB.

haven is aib effectively i think

Bored Accountant

Cyrus wrote: »

haven is aib effectively i think

Yea I believe AIB don't deal with brokers. Brokers deal with Haven instead and vice versa. You can only deal with Haven through a broker.

Our broker said, there was no point even submitting requests to AIB or EBS, as all 3 would end up on the desk of the same person to review.

Cyrus

Bored Accountant wrote: »

Yea I believe AIB don't deal with brokers. Brokers deal with Haven instead and vice versa. You can only deal with Haven through a broker.

Our broker said, there was no point even submitting requests to AIB or EBS, as all 3 would end up on the desk of the same person to review.

youd think that, however i found EBS way easier and quicker to deal with, even though i have always banked with AIB.

Bored Accountant

Cyrus wrote: »

youd think that, however i found EBS way easier and quicker to deal with, even though i have always banked with AIB.

Yes I've always done my banking with AIB. Do everything online.
I'm dealing with a broker so don't know if they are good or bad to deal with. We had approval in principle in 8 working days anyway.

T-b0n3

Will be going with Haven also.

Currently bank with AIB, and I know if you get a mortgage with AIB they offer free banking on the account the mortgage comes out of, does this apply if you go with Haven since it's part of the AIB group?

Bored Accountant

T-b0n3 wrote: »

Will be going with Haven also.

Currently bank with AIB, and I know if you get a mortgage with AIB they offer free banking on the account the mortgage comes out of, does this apply if you go with Haven since it's part of the AIB group?

Not that I've been offered or told about!!

But I'm still hanging on to a graduate account 8 years later with free banking

angeldelight

No none of the EBS/AIB "perks" apply if you go with Haven but they do have a lower rate or at least they did when we took ours out a few months ago

tony1980

Hey all, long time follower of this thread and have taken away some great advice from here so would like to say thank you to all contributors.

We have gone sale agreed on a house we love and the ball is rolling on everything. Valuation been done today and the bank will hopefully have the loan pack put together by the end of next week, we had approval in principle but it was with all documents sent to the underwriter so hopefully this stage of approval is a given.

Will let you all know how I get on and post my experience in case its of any help to anyone yet to start the journey :-)

Mink

Parchment wrote: »

May I ask if you spoke to AIB about life assurance? we are getting a mortgage with them and they seem to push their own life assurance advisor quite a bit.

We're getting our mortgage with them as well and was trying to set up appointment with their financial advisor for a quote but couldn't get an appointment. Went to broker type website - mortgages.ie and got mortgage protection policy with Royal London Ireland (formerly Caledonian) for 18 euro per month. It's the exact same amount of hassle as you still have to fill out the same paperwork.

intheclouds wrote: »

So we DO have to pay for revaluation, and according to AIB it's central bank rules and not just a money spin on their part. Reduced rate as its a revaluation but just makes me thing original valuation was overpriced!

Can I ask how much the first one was and did AIB give you a list of people to choose from to do it?

intheclouds

Mink wrote: »

Can I ask how much the first one was and did AIB give you a list of people to choose from to do it?

Yeah they gave us a list. Think it was 130 first time round.

ThisRegard

How do people manage being the middle link in a chain and organising the house move with all your stuff to fit around the closing day?

travinci

Browney7 wrote: »

Anyone know if banks have problems when it comes to accepting a rent book as proof of paying a monthly rent. Our landlord insists on cash and we've been in the property four months and not registered with the PRTB so easy to deduce what he's up to.

When it comes to applying for a mortgage will this be included in our repayment capacity? Has anyone else been in this situation recently. Tried our best to get him to accept bank transfer but he wouldn't budge and with the market the way it is, he'd have got someone else.

When we spoke to the mortgage advisor and were in the same situation she said it cannot under any circumstances be cash. You need a standing ordered clearly named "rent". She even suggested that we could have a "secret" account in credit union for ex. and send that money there,than take it out of there and pay cash,if we can't do it anyway else.
I am not sure if it was a good idea, seemed risky to me and our landlord finally agreed on bank payments.

whiskeyman

For those who bought after renting, when's the best time to inform your landlord that you'll be leaving?
I was thinking only once we have a closing date.
I heard some say when contracts are signed ... Maybe earlier.... But then them being caught in a pickle if other tenants arranged to move and their closing gets delayed.