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

Jess2019

Sorry in advance for the long post!
Pre-covid we were sale agreed on a new build, received the formal loan offer from PTSB, but hadn't signed contracts. Once lockdown happened and my partner's job was closed (he was placed on the subsidy scheme) we pulled out and got our deposit back.
After a while, we started to look at second-hand houses. My partner got a call telling him to return to work for full pay, his boss said he would be back in work for good. We found a house, went sale agreed. Then his boss said he had bad news he was putting him off work again, and was not in a position to top him up, so he would be getting 350. He received a letter telling him he is still employed but temporarily laid off. He has no clue when he will be back at work. Whenever he asks his boss he says trade is still slow and he will be in touch. Our formal loan offer has been amended for the second-hand house, and we have received details in the post today. We know we will be asked to provide payslips etc again before drawdown. And are hoping and praying he gets back to work. The mortgage repayments are extremely affordable, as went went for a much cheaper fixer upper. I can easily pay them alone with my wage. If we are declined at drawdown due to my partner's circumstances. Do you think there is anyway around it? We have actually given up hope and dont even talk about the house anymore. Its all very stressful and depressing after saving and working hard for so long.

Conrad83

Has anyone applied for a mortgage with AIB during Covid and know if they are slow/quick at decision etc? I know UB seem to be very slow.

We had applied for a small exception with BOI 2 days before lockdown so that is on pause. AIB (who we both bank with for 10+ years) advised we qualify for an exception. We are only looking for 3.75 times our salaries so not a large exception. Neither jobs effected etc and are currently paying rent in excess of what our mortgage payment would be and in addition saving this amount so we are virtually paying 2 mortgages currently for 10+ months.

Ready to sign contracts and hoping they come back sooner rather then later. The mortgage advisor has basically approved us but obviously they are not the underwriter.

Giggles90

Jess2019 wrote: »

Sorry in advance for the long post!
Pre-covid we were sale agreed on a new build, received the formal loan offer from PTSB, but hadn't signed contracts. Once lockdown happened and my partner's job was closed (he was placed on the subsidy scheme) we pulled out and got our deposit back.
After a while, we started to look at second-hand houses. My partner got a call telling him to return to work for full pay, his boss said he would be back in work for good. We found a house, went sale agreed. Then his boss said he had bad news he was putting him off work again, and was not in a position to top him up, so he would be getting 350. He received a letter telling him he is still employed but temporarily laid off. He has no clue when he will be back at work. Whenever he asks his boss he says trade is still slow and he will be in touch. Our formal loan offer has been amended for the second-hand house, and we have received details in the post today. We know we will be asked to provide payslips etc again before drawdown. And are hoping and praying he gets back to work. The mortgage repayments are extremely affordable, as went went for a much cheaper fixer upper. I can easily pay them alone with my wage. If we are declined at drawdown due to my partner's circumstances. Do you think there is anyway around it? We have actually given up hope and dont even talk about the house anymore. Its all very stressful and depressing after saving and working hard for so long.

It more than likely could be 3 months before the sale closes. We were only asked to submit a recent payslip just before drawdown...if you think he could be back to work in the next 2 months, I'd say ye should be okay

guyfawkes5

Jess2019 wrote: »

Sorry in advance for the long post!
Pre-covid we were sale agreed on a new build, received the formal loan offer from PTSB, but hadn't signed contracts. Once lockdown happened and my partner's job was closed (he was placed on the subsidy scheme) we pulled out and got our deposit back.
After a while, we started to look at second-hand houses. My partner got a call telling him to return to work for full pay, his boss said he would be back in work for good. We found a house, went sale agreed. Then his boss said he had bad news he was putting him off work again, and was not in a position to top him up, so he would be getting 350. He received a letter telling him he is still employed but temporarily laid off. He has no clue when he will be back at work. Whenever he asks his boss he says trade is still slow and he will be in touch. Our formal loan offer has been amended for the second-hand house, and we have received details in the post today. We know we will be asked to provide payslips etc again before drawdown. And are hoping and praying he gets back to work. The mortgage repayments are extremely affordable, as went went for a much cheaper fixer upper. I can easily pay them alone with my wage. If we are declined at drawdown due to my partner's circumstances. Do you think there is anyway around it? We have actually given up hope and dont even talk about the house anymore. Its all very stressful and depressing after saving and working hard for so long.

You mention you could easily afford the payments alone - is the amount borrowed less than 3.5 times your salary? You mightn't need your partner's salary included on the application.

The only other option I can think of if it falls apart with the current bank, is either talk to a mortgage broker who would best know which bank to approach and how to present your situation (or, unfortunately, to let you down gently), or look into http://rebuildingirelandhomeloan.ie as they have criteria for exceeding salary borrowing limits (if you qualify, by being rejected by a few mortgage providers and having lower income).

ELM327

guyfawkes5 wrote: »

You mention you could easily afford the payments alone - is the amount borrowed less than 3.5 times your salary? You mightn't need your partner's salary included on the application.

The only other option I can think of if it falls apart with the current bank, is either talk to a mortgage broker who would best know which bank to approach and how to present your situation (or, unfortunately, to let you down gently), or look into http://rebuildingirelandhomeloan.ie as they have criteria for exceeding salary borrowing limits (if you qualify, by being rejected by a few mortgage providers and having lower income).

The issue is that the stress test will include two adults, if one is not earning it is very difficult to get approved, especially at 3.5x or an exemption

Jess2019

We had originally been approved for an exemption for the new build. But decided to go for much cheaper second-hand house, so no exemption required. I can easily afford the repayments but the total mortgage amount is 4 times my salary.
We are working with a mortgage broker. And he is banking on my partner being back in work soon. But we're just feeling very pessimistic about the whole thing.

guyfawkes5 wrote: »

You mention you could easily afford the payments alone - is the amount borrowed less than 3.5 times your salary? You mightn't need your partner's salary included on the application.

The only other option I can think of if it falls apart with the current bank, is either talk to a mortgage broker who would best know which bank to approach and how to present your situation (or, unfortunately, to let you down gently), or look into http://rebuildingirelandhomeloan.ie as they have criteria for exceeding salary borrowing limits (if you qualify, by being rejected by a few mortgage providers and having lower income).

Nijmegen

Jess2019 wrote: »

We had originally been approved for an exemption for the new build. But decided to go for much cheaper second-hand house, so no exemption required. I can easily afford the repayments but the total mortgage amount is 4 times my salary.
We are working with a mortgage broker. And he is banking on my partner being back in work soon. But we're just feeling very pessimistic about the whole thing.

Realistically it'll probably come down to whether or not you can produce a salary cert at the time of drawdown if you choose to proceed, bearing in mind there could be some time to pass. Are your vendors looking to move themselves or is an executor type sale?

The other side of the coin if you decide to proceed hoping that this will come good in the time it takes contracts etc to get to the terminal stage (and you could drag this out yourselves and add time if you need to) then you'll essentially be stringing the vendor along (who may themselves be involved in a sale). As a vendor recently given a several month runaround before a deal fell apart, I can say you won't be thanked...!

Jess2019

The house is vacant and was previously rented out, and the owner of the property has recently sold a few properties in the area. So they sound like a landlord to me. The property had previously been sale agreed and it fell through after quite some time. We are not getting a sense of urgency at all.
Sorry to hear you had the runaround. Tbh I would never intentionally do that to someone. Covid already messed up the new build for us and more than likely this purchase as well. What a nightmare.

Nijmegen wrote: »

Realistically it'll probably come down to whether or not you can produce a salary cert at the time of drawdown if you choose to proceed, bearing in mind there could be some time to pass. Are your vendors looking to move themselves or is an executor type sale?

The other side of the coin if you decide to proceed hoping that this will come good in the time it takes contracts etc to get to the terminal stage (and you could drag this out yourselves and add time if you need to) then you'll essentially be stringing the vendor along (who may themselves be involved in a sale). As a vendor recently given a several month runaround before a deal fell apart, I can say you won't be thanked...!

Nijmegen

Jess2019 wrote: »

The house is vacant and was previously rented out, and the owner of the property has recently sold a few properties in the area. So they sound like a landlord to me. The property had previously been sale agreed and it fell through after quite some time. We are not getting a sense of urgency at all.
Sorry to hear you had the runaround. Tbh I would never intentionally do that to someone. Covid already messed up the new build for us and more than likely this purchase as well. What a nightmare.

Well if there's a lack of urgency on the other side I'd feel less sorry about it than if I knew there was another couple hanging on to buy for themselves or similar. But I don't think you'll get it by on just your salary, the AIP is based on more than just the income level and you probably would have been advised to go for it yourself by your broker at this stage if it was a realistic alternative.

Covid is causing us all some delays, but hopefully the house and your partners job and all the rest will come swinging back sooner rather than later judging by how things are going at the moment.

Jess2019

No, I don't think I will be able to go for it by myself either. The mortgage broker would have suggested it by now. I suppose we will just have to wait and see what happens!

Nijmegen wrote: »

Well if there's a lack of urgency on the other side I'd feel less sorry about it than if I knew there was another couple hanging on to buy for themselves or similar. But I don't think you'll get it by on just your salary, the AIP is based on more than just the income level and you probably would have been advised to go for it yourself by your broker at this stage if it was a realistic alternative.

Covid is causing us all some delays, but hopefully the house and your partners job and all the rest will come swinging back sooner rather than later judging by how things are going at the moment.

never_mind

Are exceptions for the deposit being offered at all? We are looking to buy a second house as our current property was bought during the boom and makes no sense to sell it (ever, probably). We both have good salaries and in good jobs etc. but current house is unfit for future family plans. We are looking to get away with a 12% deposit or so and on a budget of 300-350k. Not looking hopeful from anyone we talked to. 20% would clear us out properly and would have probably exactly 0 euro after we buy.

Mic 1972

never_mind wrote: »

Are exceptions for the deposit being offered at all? We are looking to buy a second house as our current property was bought during the boom and makes no sense to sell it (ever, probably). We both have good salaries and in good jobs etc. but current house is unfit for future family plans. We are looking to get away with a 12% deposit or so and on a budget of 300-350k. Not looking hopeful from anyone we talked to. 20% would clear us out properly and would have probably exactly 0 euro after we buy.

Things may have changed now, but last time I tried to buy a second property in Dublin the bank asked for a third of the house price as a deposit. And my first house was already mortgage free so there was no risk for them in case i couldn't pay the mortgage. 12% sounds very small for a second house

Nijmegen

never_mind wrote: »

Are exceptions for the deposit being offered at all? We are looking to buy a second house as our current property was bought during the boom and makes no sense to sell it (ever, probably). We both have good salaries and in good jobs etc. but current house is unfit for future family plans. We are looking to get away with a 12% deposit or so and on a budget of 300-350k. Not looking hopeful from anyone we talked to. 20% would clear us out properly and would have probably exactly 0 euro after we buy.

My missus would be a FTB on her own and we were told no exceptions to the 20% rule when just one of you is a not a first timer, so I wouldn’t hold out hope for wiggle room on that one, sadly.

never_mind

Nijmegen wrote: »

My missus would be a FTB on her own and we were told no exceptions to the 20% rule when just one of you is a not a first timer, so I wouldn’t hold out hope for wiggle room on that one, sadly.

Has she considered buying alone? This is also something we could do as I didn’t buy the first property we have. My name isn’t on the deed either and not married so might be an idea...

Nijmegen

never_mind wrote: »

Has she considered buying alone? This is also something we could do as I didn’t buy the first property we have. My name isn’t on the deed either and not married so might be an idea...

Ah to be honest it doesn’t make much of a difference to us, we’re buying well beyond 20% deposit to keep the mortgage down. We just asked when assessing options.

pranal

Hi,

We are looking to move to a new build house, spoke to the bank in february we got AIP in february and submitted all the documents. The current house in advertised and we paid deposit on the house we are interested. Same EA is looking into both the properties. We are both self employed and are currently on COVID payment. We could be on the payment for few more weeks until we are back to work.
We Spoke to the bank today and they asked me to hold the application until we are back to work. Just wondering will it effect our mortgage application if we were on covid payment. Any advice is appreciated.

Thanks

lfen

pranal wrote: »

Hi,

We are looking to move to a new build house, spoke to the bank in february we got AIP in february and submitted all the documents. The current house in advertised and we paid deposit on the house we are interested. Same EA is looking into both the properties. We are both self employed and are currently on COVID payment. We could be on the payment for few more weeks until we are back to work.
We Spoke to the bank today and they asked me to hold the application until we are back to work. Just wondering will it effect our mortgage application if we were on covid payment. Any advice is appreciated.

Thanks

AFAIK no bank is approving mortgages where the applicant is in receipt of covid payment. Once you come off it, seems the case moves forward. However, we are also self-employed and that adds another layer of sh!t. We are sale agreed since March and bank won’t drawdown as self-employed are high risk they say. Business has not been on covid payment. Just a giant blocker on the self-employed it seems.

lfen

pranal wrote: »

Hi,

We are looking to move to a new build house, spoke to the bank in february we got AIP in february and submitted all the documents. The current house in advertised and we paid deposit on the house we are interested. Same EA is looking into both the properties. We are both self employed and are currently on COVID payment. We could be on the payment for few more weeks until we are back to work.
We Spoke to the bank today and they asked me to hold the application until we are back to work. Just wondering will it effect our mortgage application if we were on covid payment. Any advice is appreciated.

Thanks

AFAIK no bank is approving mortgages where the applicant is in receipt of covid payment. Once you come off it, seems the case moves forward. However, we are also self-employed and that adds another layer of sh!t. We are sale agreed since March and bank won’t drawdown as self-employed are high risk they say. Business has not been on covid payment. Just a giant blocker on the self-employed it seems.

brisan

Tazium wrote: »

The local priest around to bless the house, no kidding!

Back in the 70s and early 80s this was quite common
I was that child

brisan

Nijmegen wrote: »

Realistically it'll probably come down to whether or not you can produce a salary cert at the time of drawdown if you choose to proceed, bearing in mind there could be some time to pass. Are your vendors looking to move themselves or is an executor type sale?

The other side of the coin if you decide to proceed hoping that this will come good in the time it takes contracts etc to get to the terminal stage (and you could drag this out yourselves and add time if you need to) then you'll essentially be stringing the vendor along (who may themselves be involved in a sale). As a vendor recently given a several month runaround before a deal fell apart, I can say you won't be thanked...!

With a second hand house a sympathetic solicitor can drg the process out for months

pranal

Mic 1972 wrote: »

Things may have changed now, but last time I tried to buy a second property in Dublin the bank asked for a third of the house price as a deposit. And my first house was already mortgage free so there was no risk for them in case i couldn't pay the mortgage. 12% sounds very small for a second house

Hi Thanks for the info..

But does it effect our application once we are back working, as we don’t want to start viewing our house and sign contracts etc before we get our application approved.

EA is putting pressure about signing the contracts and said few people are Interested in viewing our property which is still listed. Will I ask them to delist the property and delay for few months.

random_banter

never_mind wrote: »

Are exceptions for the deposit being offered at all? We are looking to buy a second house as our current property was bought during the boom and makes no sense to sell it (ever, probably). We both have good salaries and in good jobs etc. but current house is unfit for future family plans. We are looking to get away with a 12% deposit or so and on a budget of 300-350k. Not looking hopeful from anyone we talked to. 20% would clear us out properly and would have probably exactly 0 euro after we buy.

We're in a very similar position to yourselves, my partner has a mortgage already so I won't get any FTB benefits if we apply together. We were counting on getting a LTV exemption which would have been no problem according to the bank, but now with C19 all exemptions are off the cards for the foreseeable. Our advisor said we could be hopeful that they'll come back, maybe even before the end of the year.

I'm personally very frustrated as I've been saving a long time and waiting a long time for my first home and it feels like climbing Everest to get 20% for a family home in South Dublin. Location is very important to us to be close to family. We got to 15% already and it felt like we'd finally got there. I am so sick of paying rent into a black hole.

Also I've thought of applying on my own but 3.5 times my salary won't get us much, as we're ready for a family sized home now after being stuck in a matchbox apartment (particularly feeling like this during COVID!) for so long.

Anyway, can't offer much other than what our advisor said, be hopeful that exemptions come back when the future is a little clearer and the country is back to work. My sympathies are with you!

ladystardust

Keys received, neighbours met... it does happen eventually guys. Hang in there!

Cutie_mcfruity

Bluefoam wrote: »

I need a letter from my employer to state that I'm on the covid subsidy, but that following the end of the scheme that the intention is to go back to full salary, full time employment etc...

Has anyone had to provide a similar letter & if so could you please share the text.

Hi, can I ask who you are getting your mortgage with? We’re trying to drawdown with UB but no hope as my partner is being paid through subsidy. They won’t even entertain a letter for us. 😭

Bluefoam

Cutie_mcfruity wrote: »

Hi, can I ask who you are getting your mortgage with? We’re trying to drawdown with UB but no hope as my partner is being paid through subsidy. They won’t even entertain a letter for us. ��

I'm in the same boat... but I'm doing everything in my power to make this happen. Fighting tooth and nail!

I wont take no for an answer

sweet_trip

What I'm sorta struggling with is when I get to my limit, I start to wonder how much is the house really worth? Should I ask family for a loan. Is a 3 bed semi-d that requires rennovation really worth an extra €20,000 over my mortgage/savings amount?
Especially when you're bidding against 2-3 other people. I just got outbid €10,000 by somebody and I'm like fuppin hell. Is the house even worth it now at this stage when it's so far beyond asking price.

ladystardust

sweet_trip wrote: »

What I'm sorta struggling with is when I get to my limit, I start to wonder how much is the house really worth? Should I ask family for a loan. Is a 3 bed semi-d that requires rennovation really worth an extra €20,000 over my mortgage/savings amount?
Especially when you're bidding against 2-3 other people. I just got outbid €10,000 by somebody and I'm like fuppin hell. Is the house even worth it now at this stage when it's so far beyond asking price.

We had this a lot and its really disappointing and disheartening. My husband is self employed (in the arts) and I'm not well paid in my job so we got approval for very little also. There will always be people with more money. You have to decide what it's worth and whats the cut off. And leave it there. Always be prepared to walk away. Its awful I know. We just adjusted our expectations because we decided what was most important and it was the area. I'd be lying if I said our house dosnt need work. But I'll get to it over time and we are where we want to be. We could have moved out to the country and lived in a very very nice house but that didn't suit us. Unfortunately bar lottery win or miracle our circumstances are what they are money wise. But I hear you, it certainly feels like a rip off sometimes.

Ubbquittious

Someone is after coming out to check the boundary and not a word now in over a week. Is this normal? The whole thing has been excruciatingly slow. My offer was accepted in February and it has just been delay after delay. Problem is there is someone living in the house (not the owner) and they have nowhere really to go as such if the place is sold and the the seller and the estate agent and their solicitor seem to be stretching the absolute fook out of the transaction

Conrad83

Has anyone applied for a mortgage with AIB during Covid and know if they are slow/quick at decision etc? I know UB seem to be very slow.

We had applied for a small exception with BOI 2 days before lockdown so that is on pause. AIB (who we both bank with for 10+ years) advised we qualify for an exception. We are only looking for 3.75 times our salaries so not a large exception. Neither jobs effected etc and are currently paying rent in excess of what our mortgage payment would be and in addition saving this amount so we are virtually paying 2 mortgages currently for 10+ months.

Ready to sign contracts and hoping they come back sooner rather then later. The mortgage advisor has basically approved us but obviously they are not the underwriter.

Glory83

sweet_trip wrote: »

Round two of trying to buy. I had a lot of issues in 2017 with the banks and gave up after they approved sweet FA.


This time I've gotten a fairly okay approval so been moving forward with things.


Have a 25% deposit and mortgage approval ready to go for the past few months and been trying to find places.

Honestly this is such a frustrating experience and I'm sick with the stress. Doesn't help I'm single which really narrows down what I can afford and have been outbid a few times now by people who have a lot more money than me.



Some people love this whole house hunting and looking at websites thing. I can't stand it personally.



Feeling really let down by the state of housing in this country. Every thing from rip off prices to piss poor construction.



Bit of a rant and moan I know but whatever. Need to keep ploughing on I guess. Everyone experiences this on their first buy I suppose.

What I'm sorta struggling with is when I get to my limit, I start to wonder how much is the house really worth? Should I ask family for a loan. Is a 3 bed semi-d that requires rennovation really worth an extra €20,000 over my mortgage/savings amount?
Especially when you're bidding against 2-3 other people. I just got outbid €10,000 by somebody and I'm like fuppin hell. Is the house even worth it now at this stage when it's so far beyond asking price.

Try to get an inexpensive small flat or house and then save up more and later on search for a larger one. Maybe at that time, you will have a partner then to do a joint mortgage