Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

lomb

JimmiesRustled wrote: »

I wouldn't bother feeding the troll. There's no way they can be serious.

Asking around about loan sharks in order to secure enough money for their house. Being advised on here against doing it. Being convinced house prices were going to do nothing but rise.

Cut to the same poster that can now no longer draw down and they are now advising that anyone going through with a purchase is foolish, house prices are only going to decline in the near future. This person should not be taken seriously. It doesn't matter what your view of the current market is. They've done a complete 180 and should honestly just be ignored.

Harsh but I agree with them. I'm drawing down and cracking on but Im now convinced house prices will drop 30%. The biggest determinant of house prices are the banks themselves. The reason for that is that if the banks close their loan books in a feedback loop with prices dropping they won't reopen them until they stabilise. Most experts seem to think it will bottom in 2 years and recover in 3.

JimmiesRustled

lomb wrote: »

Harsh but I agree with them. I'm drawing down and cracking on but Im now convinced house prices will drop 30%. The biggest determinant of house prices are the banks themselves. The reason for that is that if the banks close their loan books in a feedback loop with prices dropping they won't reopen them until they stabilise. Most experts seem to think it will bottom in 2 years and recover in 3.

I'm not saying that prices aren't going to go down. I'm simply just saying that people shouldn't be taking financial advice from someone who, up until a few days ago, was contemplating going to a loan shark.

Pivot Eoin

JimmiesRustled wrote: »

I'm not saying that prices aren't going to go down. I'm simply just saying that people shouldn't be taking financial advice from someone who, up until a few days ago, was contemplating going to a loan shark.

This is the closest thing to a Boards equivalent of a Mic Drop.

Captainsatnav

JimmiesRustled wrote: »

I'm not saying that prices aren't going to go down. I'm simply just saying that people shouldn't be taking financial advice from someone who, up until a few days ago, was contemplating going to a loan shark.

ha ha! brilliant:)

Something2ask

Hello,
Love following this thread thank you for your input.
I have instructed my solicitor to start the draw down for my house today. Contracts signed, deposit down, snag completed.
Wondering how long it should take to get the keys and complete? Mortgage is with Ulster bank.

Bargain_Hound

amyed198 wrote: »

The ones who decided to opt out and wait until prices crash will be the ones considered very fortunate in hindsight.

They may well be, but I wasn't really in a position to pause again for a couple of years to watch the market playout. We were living with in laws with a 6 year old child. We did not borrow recklessly beyond our means and our mortgage is quite affordable vs. what we would pay in rent. We also purchased in a very nice area in Dublin with great amenities, schools and public transport on our doorstep, including our family very close by for extra support when needed. We don't plan on moving anytime soon. Immediate resale value is of little importance to us now.
So yes, we consider ourselves very fortunate to be still given the opportunity to continue our purchase having invested so much money, time and energy to get our purchase to the point it got to before covid decided to show up and wreak havoc.

awec

Bargain_Hound wrote: »

They may well be, but I wasn't really in a position to pause again for a couple of years to watch the market playout. We were living with in laws with a 6 year old child. We did not borrow recklessly beyond our means and our mortgage is quite affordable vs. what we would pay in rent. We also purchased in a very nice area in Dublin with great amenities, schools and public transport on our doorstep, including our family very close by for extra support when needed. We don't plan on moving anytime soon. Immediate resale value is of little importance to us now.
So yes, we consider ourselves very fortunate to be still given the opportunity to continue our purchase having invested so much money, time and energy to get our purchase to the point it got to before covid decided to show up and wreak havoc.

Sounds like you considered all the right things and made the decision that was best for you.

Enjoy your new home! It's a great feeling.

dowhatyoulove

Something2ask wrote: »

Hello,
Love following this thread thank you for your input.
I have instructed my solicitor to start the draw down for my house today. Contracts signed, deposit down, snag completed.
Wondering how long it should take to get the keys and complete? Mortgage is with Ulster bank.

Could you let me know how you get on? We are waiting on our snag to be completed next week when everything opens hopefully. They’ve just asked us for hubby’s pay slips (we aren’t on the subsidy schemes) so should be interesting to see other peoples experiences

CR0009836

CR0009836 wrote: »

Me and my boyfriend have gone sale agreed on a new build back in February. The offer was sent to our solicitor a few weeks back but now we want to opt for the green mortgage with AIB after getting our BER cert - so we probably will get a new letter of offer.
My circumstances haven't changed but my boyfriend's company is availing of the government subsidy but he's still working. Does anyone know if AIB are rejecting at drawdown because of these circumstances? I didn't think it would be an issue considering he's still getting the same wage packet every month so nothing has changed for him.

If anyone else is worried in regards to drawdown and being on the government subsidy, we rang our mortgage advisor today in AIB and he told us we have nothing to worry about, he said they know that small businesses would be foolish not to take advantage of this subsidy, and at the end of the day my boyfriend is still getting the same wage packet as his employer is topping up the rest. He said all we will have to do is provide a letter from his employer stating he will be going back to normal wages after.

Housebuying

Sale agreed. We have just re-submitted our sale agreed offer at 15% less. Wish us luck.

I'd say they are going to laugh at us but it's worth a punt.

Pivot Eoin

Housebuying wrote: »

Sale agreed. We have just re-submitted our sale agreed offer at 15% less. Wish us luck.

I'd say they are going to laugh at us but it's worth a punt.

Good luck. Keep people updated. Curious, how did you justify it to the EA? Did you give reasoning?

I'd imagine you could say something about Exception being removed, Bank Valuations likely going down. What else?

Housebuying

Pivot Eoin wrote: »

Good luck. Keep people updated. Curious, how did you justify it to the EA? Did you give reasoning?

I'd imagine you could say something about Exception being removed, Bank Valuations likely going down. What else?

I said in the current economic climate that by the time they put the house back on the market and secure another bidder, it's my belief that house market will have crashed. We are ready to go now and this might be the best offer they get. The house was on the market for over a year when we went sale agreed.

He said, yes, house prices are going to dramatically decrease but so will supply. People just won't be selling so I said that was a risk I was ready to take. The vendors are down-sizing. They are sale agreed on another home (but much cheaper). It's unlikely they will accept the bid. I'm on the other hand am upsizing so worse case scenario, I stay in my current home a couple of years longer.

Housebuying

Housebuying wrote: »

I said in the current economic climate that by the time they put the house back on the market and secure another bidder, it's my belief that house market will have crashed. We are ready to go now and this might be the best offer they get. The house was on the market for over a year when we went sale agreed.

He said, yes, house prices are going to dramatically decrease but so will supply. People just won't be selling so I said that was a risk I was ready to take. The vendors are down-sizing. They are sale agreed on another home (but much cheaper). It's unlikely they will accept the bid. I'm on the other hand am upsizing so worse case scenario, I stay in my current home a couple of years longer.

They flat out refused. Didn't even try to negotiate. We are no longer sale agreed. He said the most he has discounted houses lately is by a maximum of 5%

ladystardust

I'm not surprised. We need to buy soon for personal reasons and there is so little stock that other people in our position are bidding like crazy, creating mini bidding wars. If I could I would walk away and wait, but for complex reasons I have to push on. House we bidding kn now was previously sale agreed which fell through, now bids have gone to 10000 more than the original sale agreed price.

techie

CR0009836 wrote: »

If anyone else is worried in regards to drawdown and being on the government subsidy, we rang our mortgage advisor today in AIB and he told us we have nothing to worry about, he said they know that small businesses would be foolish not to take advantage of this subsidy, and at the end of the day my boyfriend is still getting the same wage packet as his employer is topping up the rest. He said all we will have to do is provide a letter from his employer stating he will be going back to normal wages after.

We are Sale Agreed on a house, deposit paid, and had all Mortgage ready to go with BOI, they have now requested latest payslips for my wife and I, both on Covid Payment, so they also asked for Letter from both our employers which we sent through yesterday, worrying time now......

beanyb

I'm sale agreed since early March and was planning on firing ahead without looking for a discount in order to get it over the line. Turns out now there is an issue with the title which may cause delays of months or make the sale fall apart altogether.

I went to the estate agent requesting a reduction of only 5% - which I think is more than fair - and the vendor won't consider even budging a cent.

I am going to hang in for another couple of weeks and see what happens with the title, but I am now leaning towards pulling out. It's a pity as I would like somewhere to live, but I think there needs to be a bit of give and take on both sides in these circumstances.

Aelun

techie wrote: »

We are Sale Agreed on a house, deposit paid, and had all Mortgage ready to go with BOI, they have now requested latest payslips for my wife and I, both on Covid Payment, so they also asked for Letter from both our employers which we sent through yesterday, worrying time now......

Hopefully they don't refuse you! Let us know how it goes with them if you don't mind.

Pivot Eoin

Housebuying wrote: »

They flat out refused. Didn't even try to negotiate. We are no longer sale agreed. He said the most he has discounted houses lately is by a maximum of 5%

If he's saying 5 as an EA, he probably means ten. Are you willing to bid in the middle, so 7.5% decrease?

coughdrops

techie wrote: »

We are Sale Agreed on a house, deposit paid, and had all Mortgage ready to go with BOI, they have now requested latest payslips for my wife and I, both on Covid Payment, so they also asked for Letter from both our employers which we sent through yesterday, worrying time now......

We are in same situation, deposit all paid last week, ready to drawdown. PTSB have turned us down today.

I am on the Covid wages top up (still bringing home my normal wage amount) but working as normal. I'll be going back on to full wages when subsidy ends. My husband is on his full salary, no changes to work. They asked for latest payslips, bank statements, letters from work.

JimmiesRustled

coughdrops wrote: »

We are in same situation, deposit all paid last week, ready to drawdown. PTSB have turned us down today.

I am on the Covid wages top up (still bringing home my normal wage amount) but working as normal. I'll be going back on to full wages when subsidy ends. My husband is on his full salary, no changes to work. They asked for latest payslips, bank statements, letters from work.

First off sorry to hear about your situation.

Did PTSB refuse at draw down or how did it happen? Had you signed the loan agreement and issued it back to the bank?

UB have asked us to fill out a form stating that our pay hasn't be affected and asked for our latest statements rather than payslips and also asked if we still wanted to proceed with draw down etc.

Ek2020

Has anyone with EBS had any experience with drawing down recently or any issues with being in Covid subsidy. We have contracts and loan offer signed on a new build that is due to be finished in October. Other halfs employer is currently using the subsidy. Havent heard anything from EBS about up to date pay slips or anything yet.

coughdrops

JimmiesRustled wrote: »

First off sorry to hear about your situation.

Did PTSB refuse at draw down or how did it happen? Had you signed the loan agreement and issued it back to the bank?

UB have asked us to fill out a form stating that our pay hasn't be affected and asked for our latest statements rather than payslips and also asked if we still wanted to proceed with draw down etc.

We are dealing with them via a broker. We signed all our docs at solicitor last week. My head is FRIED this afternoon, I can't remember if that included the loan agreement, or if that was to come at next stage. Anyway our broker advised that they'd need the payslips, letters from work and bank statements/proof of funds due to Covid.

Sent them all off via him earlier this week, and got word today.

JimmiesRustled

coughdrops wrote: »

We are dealing with them via a broker. We signed all our docs at solicitor last week. My head is FRIED this afternoon, I can't remember if that included the loan agreement, or if that was to come at next stage. Anyway our broker advised that they'd need the payslips, letters from work and bank statements/proof of funds due to Covid.

Sent them all off via him earlier this week, and got word today.

How many months are PTSB looking for? Could you maybe stall the builder/developer with a snag list, even on minor items? Has there been a date issued as to when you've 100% got to draw down?

If it's only a month or two worth of payslips, could your work sort something out in that they pay you the full amount or that some agreement can be worked out to try and resolve?

techie

Aelun wrote: »

Hopefully they don't refuse you! Let us know how it goes with them if you don't mind.

Will do, we have loan agreements all signed with them , and last week , before all this, got a letter from BOI saying we have all the steps done ready for draw-down

techie

coughdrops wrote: »

We are in same situation, deposit all paid last week, ready to drawdown. PTSB have turned us down today.

I am on the Covid wages top up (still bringing home my normal wage amount) but working as normal. I'll be going back on to full wages when subsidy ends. My husband is on his full salary, no changes to work. They asked for latest payslips, bank statements, letters from work.

Jesus sorry to hear that, did they say you can re-apply after all this or is it the end of the road now, deposits etc?

coughdrops

JimmiesRustled wrote: »

How many months are PTSB looking for? Could you maybe stall the builder/developer with a snag list, even on minor items? Has there been a date issued as to when you've 100% got to draw down?

If it's only a month or two worth of payslips, could your work sort something out in that they pay you the full amount or that some agreement can be worked out to try and resolve?

It's not a new build, so no chance of pushing out builders, but we have a few weeks to play with. My work would probably be open to helping out if they can, I will chat to them next week.

techie wrote: »

Jesus sorry to hear that, did they say you can re-apply after all this or is it the end of the road now, deposits etc?

Apparently once I am back on full wages again, it will be fine to continue.

I say "apparently" because I have no real faith that "rules" won't change again over the next few months, it is so hard to know what to do with all the Covid uncertainty.

Anyway, thanks for your kind messages - it is a kicker, but we'll figure it out!

Pivot Eoin

Ek2020 wrote: »

Has anyone with EBS had any experience with drawing down recently or any issues with being in Covid subsidy. We have contracts and loan offer signed on a new build that is due to be finished in October. Other halfs employer is currently using the subsidy. Havent heard anything from EBS about up to date pay slips or anything yet.

I was about to be AIP'd with EBS last week but then when they saw my APril Payslip with COVID-19 Subsidy on it (Still same take home pay) they refused and told me to get back in touch with them when the Subsidy is gone.

Sorry

Ek2020

Pivot Eoin wrote: »

I was about to be AIP'd with EBS last week but then when they saw my APril Payslip with COVID-19 Subsidy on it (Still same take home pay) they refused and told me to get back in touch with them when the Subsidy is gone.

Sorry to hear that, hopefully companies are off the subsidy over the summer. We are hoping that my partner is off it before drawdown in a few months and it will all work out.

JL555

beanyb wrote: »

I'm sale agreed since early March and was planning on firing ahead without looking for a discount in order to get it over the line. Turns out now there is an issue with the title which may cause delays of months or make the sale fall apart altogether.

I went to the estate agent requesting a reduction of only 5% - which I think is more than fair - and the vendor won't consider even budging a cent.

I am going to hang in for another couple of weeks and see what happens with the title, but I am now leaning towards pulling out. It's a pity as I would like somewhere to live, but I think there needs to be a bit of give and take on both sides in these circumstances.

Very similar situation here, I'm in for a few months now, deposit, letter of offer etc, title issue is with the bank's law department for the last 4 weeks, and I get the feeling they're holding out. At this point I just need a decision either way, not even as bothered as I was about the whole thing.

Asdaman

If it helps anyone, I'd signed contracts and was due to drawdown next month. UB now request 2 months bank statements and a pro forma completed which asks if you've had any material change to circumstance. If yes, you need to declare it and all docs regardless of your answer then go to the underwriting team for review.