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

Arsen5

Hello to all, obviously we missed on the new help to buy (or whatever it's called!) thing for buying new houses if you sign contract after July. We signed in May but actually got the keys only 3 weeks ago (arrrrrrr). My question is about the tax relief on mortgage interest (missed on that as well as it was for buying before 2012) they said that's now applied at the source i.e. will be deducted from my monthly mortgage repayment, question is 1)is this applied automatically or how does it work?. 2) is there any form of other relief on my mortgage ?

highgiant1985

my solicitor drew down the funds from the bank Friday so I'll be getting the keys next week just waiting on confirmation on the final date .

in terms of switching utilities (Gas, ESB) I got the meter numbers from the estate agent Friday as well. Can I ring up to transfer these on the date of closing or do I need to ring up in advance of that?

I assume I'd have to wait until Closing as I'll need to take a meter reading on the day I move in.

Penn

Who is it you actually get the keys from? Is it the estate agent?

luder

tony1980 wrote: »

Could anyone recommend a surveyor in the Limerick City area by pm if necessary?

Did you get any recommendations on a surveyor? I am in the same boat myself, looking for a surveyor in the Clare / Limerick area so if anyone has any personal recommendations it would be greatly appreciated.

sadie1502

Penn wrote: »

Who is it you actually get the keys from? Is it the estate agent?

Estate agent. The vendors solicitor gives the go ahead once the funds are received from the buyers solicitor.

zl1whqvjs75cdy

Quick general question. Do you need to have all of your deposit saved before going to talk to the bank for a mortgage? Or can they give you approval without a lot of savings. We have 10 k or so and saving 3 k a month so we'll build it up fast, but would like to get the paperwork moving with the mortgage.

tony1980

luder wrote: »

Did you get any recommendations on a surveyor? I am in the same boat myself, looking for a surveyor in the Clare / Limerick area so if anyone has any personal recommendations it would be greatly appreciated.

Unfortunately not, going to make a few enquiries tomorrow. Will send you a pm if I hear of anyone good.

Brioscai

Donkey, they won't give you a mortgage nut they would definitely give you advice about savings, type of account to open and how much deposit you'd need to get a certain place

boris1234

Looking for some advice. We have found a place we love and are planning to put in an offer. We are just waiting for the approval in principle to be confirmed by the bank. Application went in with all required documents last week. Advisor said it would take 3-4 business days for an answer.

Right now there are two bidders on the property and the bidding is at 18k below asking price. The EA told us at the viewing on Saturday that they expect it to reach the asking price. We are afraid it might go this week if the right offer goes in and before we get the chance to bid.

Question: Is there any point in ringing to advise of our interest and that we are just waiting on a go from the bank? Will this affect anything

Also wondering what the best tactic is to bidding. Small increments of say 1-2k or go in big closer to asking straight away.

We are new to this so just looking for some thoughts from people

One other thing I'm unsure of, let's say we put in an offer and someone goes above us, do we have to get the chance to increase our offer or could the vendor just decide to settle it at that without giving other bidders a chance to go further?

Thanks in advance

ThisRegard

Unfortunately (for the buyer) most estate agents won't entertain a bid unless you're ready to go and can show you're approved.

LimkTeach

tony1980 wrote: »

Unfortunately not, going to make a few enquiries tomorrow. Will send you a pm if I hear of anyone good.

Could you PM me too please if you find someone.

tony1980

LimkTeach wrote: »

Could you PM me too please if you find someone.

PM sent to both of you.

Cyrus

ThisRegard wrote: »

Unfortunately (for the buyer) most estate agents won't entertain a bid unless you're ready to go and can show you're approved.

not my experience

they ask if you have mortgage approval but ive never had to show any proof

Michael D Not Higgins

retalivity wrote: »

Advice sought.

We are nearly there, have signed contracts, everything is in except the indemnity letter from the mgmt company. This was the case last fri and we were told we should have closed and got the keys by today but still have not. Talking to my solicitor and the estate agent the sellers solicitors have been unresponsove all week, saying its witg the mgmt company and their imsurer to provide. Its a pain in the hole, and now its getting closer to when we need to move from our current place (we have one week left).

Is there anything i can do to move this along? Im leaning on the solicitor and estate agent but they are both saying its with the other solicitors to handle.
If i knew the mgmt company or insurer id be round like a shot to get this over the line!!

There's not much you can do. I'd recommend speaking to your landlord (or whatever your current arrangements are) in order to postpone your moving out.

Michael D Not Higgins

Arsen5 wrote: »

Hello to all, obviously we missed on the new help to buy (or whatever it's called!) thing for buying new houses if you sign contract after July. We signed in May but actually got the keys only 3 weeks ago (arrrrrrr). My question is about the tax relief on mortgage interest (missed on that as well as it was for buying before 2012) they said that's now applied at the source i.e. will be deducted from my monthly mortgage repayment, question is 1)is this applied automatically or how does it work?. 2) is there any form of other relief on my mortgage ?

You apply for mortgage interest relief from Revenue through ROS, who then instruct the bank to apply it. As you said, this isn't applicable to your mortgage. There's no other scheme running that would apply to your mortgage.

How Strange

We went sale agreed on a property in August and paid our booking deposit. We are living in the property as caretakers and we naively assumed we'd be done and dusted by now. It's a family property so vendors are family. Their solicitor has done nothing since sept except fob our solicitor off. A deed of rectification needs to be issued. All parties agree that this is the appropriate course of action yet the vendors solicitor hasn't done it yet. This could and should be a straightforward sale but it's dragged on now for 4 months. We've only got 3 months of mortgage approval left. Is this normal? We are so frustrated at this stage.

Ayuntamiento

Cyrus wrote: »

not my experience

they ask if you have mortgage approval but ive never had to show any proof

I've always had to send on my letter of AIP with the first bid. But I'm bidding in an area with very high demand. Maybe it's more relaxed elsewhere.

Cyrus

Ayuntamiento wrote: »

I've always had to send on my letter of AIP with the first bid. But I'm bidding in an area with very high demand. Maybe it's more relaxed elsewhere.

I was bidding in scd , blackrock, booterstown, dalkey

I must look trustworthy

Ayuntamiento

Cyrus wrote: »

I was bidding in scd , blackrock, booterstown, dalkey

I must look trustworthy

High demand areas aren't always the most expensive ones. Hence why they're high demand- more people can afford to buy there.

Cyrus

Ayuntamiento wrote: »

High demand areas aren't always the most expensive ones. Hence why they're high demand- more people can afford to buy there.

Well I lost out on nearly all of them so there must have been some demand !

You understand the reason that places are higher priced than others is because of the level of demand ?

Anyway it's a digression I was just pointing out my experience which I was a little surprised by to be honest , I'd have expected a little more scrutiny

Bored Accountant

Ayuntamiento wrote: »

I've always had to send on my letter of AIP with the first bid. But I'm bidding in an area with very high demand. Maybe it's more relaxed elsewhere.

The house were waiting to close deal on, we originally just went to view it, to have a look, just to dream. The estate agent knew we hadn't even started looking for a mortgage, he actually suggested a broker to talk to about applying!!

Penn

Finally got everything sorted on my end. Now it turns out the seller (who has never been an Irish resident) has to apply for a PPS number, which could take 10 working days.

Why the f*ck has this only been discovered now? Surely either/both of our solicitors should have copped it before now?

So now it looks like instead of getting the keys this week, it could be another two weeks.

This sh*t is painful. When I finally get the keys I'll be more glad the process is finished than glad I have a house.

Edit: Scratch that. Turns out he does have a PPS number from some work he did about 20 years ago. Hopefully that's the final thing now.

tony1980

Loan pack been issued to the Solicitor tomorrow, getting closer :-)

Hopefully no contractual or other issues show up with the solicitor now. We actually are ok with not closing before Christmas so timing wise, it's all going well so far :-)

dar_cool

We finally signed the contract yesterday after going sale agreed on 30th August, big delay was with Certificate of compliance with regard to an extension. Solicitor has put close date of 30th November so hopefully it sticks to that plan as we have to be out of our rented house by 10th of December. Brother has a truck company so is dropping a 20ft container along the side of the house tomorrow. Its all go now after sitting on our hands for the last few weeks

tony1980

dar_cool wrote: »

We finally signed the contract yesterday after going sale agreed on 30th August, big delay was with Certificate of compliance with regard to an extension. Solicitor has put close date of 30th November so hopefully it sticks to that plan as we have to be out of our rented house by 10th of December. Brother has a truck company so is dropping a 20ft container along the side of the house tomorrow. Its all go now after sitting on our hands for the last few weeks

That's great, you must be delighted.

Do you mind me asking about the Cert of Compliance? The house we are buying has a single storey kitchen extension with pitched roof. Extension is less than 25sq metres and was built early 1989 just before the current owner bought the house. He doesn't have any documentation on the extension as it was already there when he bought the house. I am still waiting to talk to my solicitor about this but I am just curious on how I should expect this to play out?

I received some good info about this on another thread but I forgot to mention that it already existed as a structure before the current owner bought the house so if my solicitor looks for documents on this and he doesn't have any, should we expect problems with this. He obviously had no issues buying the house back then but the rules were probably different then or the bank might not have required these documents back then.

dar_cool

tony1980 wrote: »

That's great, you must be delighted.

Do you mind me asking about the Cert of Compliance? The house we are buying has a single storey kitchen extension with pitched roof. Extension is less than 25sq metres and was built early 1989 just before the current owner bought the house. He doesn't have any documentation on the extension as it was already there when he bought the house. I am still waiting to talk to my solicitor about this but I am just curious on how I should expect this to play out?

I received some good info about this on another thread but I forgot to mention that it already existed as a structure before the current owner bought the house so if my solicitor looks for documents on this and he doesn't have any, should we expect problems with this. He obviously had no issues buying the house back then but the rules were probably different then or the bank might not have required these documents back then.

My solicitor wasn't happy that there was no cert of compliance on the extension which was built in 2005 so the sellers had to get the engineer back out to re-certify it which would have cost a few quid I would imagine and significant delays. Solicitors are covering there own backsides aswell. House we are buying is vacant so I really would have thought we would have been in alot sooner.

Naid23

Anyone see the new changes to the bank rules? 10% only required for FTB deposit.

Happy days!

68 lost souls

Still have the 3.5 cap which is the limiting factor for many. Just hope it doenst impact the help to buy scheme

youcancallmeal

Naid23 wrote: »

Anyone see the new changes to the bank rules? 10% only required for FTB deposit.

Happy days!

Also 5% of the value of new lending to first time buyers will be allowed above the 90% LTV limit. Down from 15% for all lending. We're really putting everything on getting an exemption so hopefully this doesn't affect us too much.

Utah

It's good for those who don't have to wait another year or two to accumulate the deposit.

It'll probably drive up house prices even further as there will be an increase in people who can bid on the same amount of houses