Saving/Applying for a mortgage 2020-22 Edition

Mazzy Star

https://www.boards.ie/discussion/comment/120345810#Comment_120345810

Yes of course I have met the criteria. I have a full approved loan offer.

My mortgage broker told me they needed 3 weeks notice of closure in writing advance. That is the only reason I mentioned the date off 11th April, 3 weeks exactly from the day we sign the contracts.

I am a first time buyer and this is all new to me.

I was merely asking for peoples opinion on an off hand comment my solicitor made in an email exchange.

Jasna1982

Why wouldn’t you close and draw down at that time, and postpone your move until you have time?

I drew down December 9th to avoid rate increase, but didn’t close until December 21st and didn’t move until January.

Didn’t have to make a mortgage payment until February 1st.

Mazzy Star

https://www.boards.ie/discussion/comment/120345884#Comment_120345884

Yes that's a good idea I might do that cheers.

ReddererMist

Applied for mortgage with Ptsb last week, it was a fairly strong one with my salary and saving but I thought I’d have issues as a single applicant with one dependent

Anyway on Friday I got a notification that I had AIP. My question is, how much analysis/checks has gone into this? CCR, spend analysis etc

I’ll chat to my consultant tomorrow but eager to find out

This is it

My AIP with PTSB was underwritten from the start, which is all the checks done. I don't think they do AIP like AIB which is with no real checks, and isn't worth the paper it's written on.

Mazzy Star

Yeah same here. I was shocked by how lax AIB were.

Once you have given TSB all your salary stuff and evidence of savings they do their checks on underwriting etc you are good to go, they seem fairly stringent.

Things were going too smoothly for me.

Hit my first speed bump, got my surveyors report back just this morning, house is fine structurally but there is some woodworm in the attic. Going to have to get onto my solicitor to ask the vendor to fix this, not even sure how much of a job it is but it is certainly going to delay me for a couple of weeks.

Requested a call back from the surveyor for tomorrow to get an idea of the work involved and let my solicitor know so hopefully she can raise it with the vendor?

antimatterx

Has anyone made use of the first home scheme? I like the idea, there is no need to own 100% of your home. The hard part is finding a new build in Dublin Fingal under 475K.

Also is there max income limits like there is with the first home scheme?

ReddererMist

Yeah the AIB one had me concerned that it was just an indicator rather than an underwritten approval.

Delighted with life now, am sure that will change once I go through the horror of actually trying to purchase

@Mazzy Star best of luck with the vendor and getting the woodworm sorted

This is it

https://www.boards.ie/discussion/comment/120348367#Comment_120348367

You can try but I'm not sure how willing they'll be to fix it. Generally houses seem to be "sold as seen".

Mazzy Star

https://www.boards.ie/discussion/comment/120348551#Comment_120348551

Cheers thanks.

The house is in good order structurally but there is an issue with woodworm in the attic. It is noted with a large red astrix on the report as being a matter that requires immediate rectification.

The surveyor recommended the below remediation measures. He has offered to ring me tomorrow to provide further information.

"10.1.5 We would recommend that a suitable timber treatment is applied to all roof timbers to ensure the woodworm infestation is fully eliminated and to prevent against future attack".

From having a cursory Google it doesn't appear particularly expensive to fix, in the mid hundreds but I will obviously know more once I speak to the surveyor on the phone.

I have forwarded the matter to my solicitor for her opinion but it will be likely tomorrow before she writes back. 

Surely anyone who is going to attempt to buy the house will have a survey and note this issue and request it fixed? There wasn't a huge amount of interest in the property and I was one of the few bidders.

This is it

https://www.boards.ie/discussion/comment/120348557#Comment_120348557

Don't get me wrong, I'm not saying they definitely won't fix it, but they're likely, in my opinion, to tell you to fix it yourself.

Mazzy Star

https://www.boards.ie/discussion/comment/120348640#Comment_120348640

Yeah no worries. Sure might as well ask anyway. Will see what the lawyer says.

H8GHOTI

FIRST HOME SCHEME

Does anyone know the criteria around how much you can get if you have your own savings? Can you use this scheme if you don’t “need” to?

The house I’m buying, I could just about afford it without giving away equity but it would be tight. I’m going to need money for floors/furniture/appliances etc…. So I’m planning to use the scheme for 10%.

I’m using Help To Buy so my max would be 20% & I have the eligibility cert for that. Wondering to they do any extra checks when it’s time to claim/drawdown?

Mazzy Star

https://www.boards.ie/discussion/comment/120348640#Comment_120348640

So the vendor is going to fix the woodworm issue. Great to see there is some decency left in the world.

He said he is getting a professional pest control firm in to do it and will send on evidence of same once its done.

I was due to sign the contracts on Monday 20th March but will push the meeting out to later in the week to give the vendor an opportunity to get the work done.

Just goes to prove, as the buyer you should expect to receive a property in proper condition for sale and if its not ask for it to be fixed!

This is it

https://www.boards.ie/discussion/comment/120356755#Comment_120356755

That's fantastic news!

Regarding the contracts, our solicitor had us sign ours but then held them until we were satisfied everything was in order. Just means they can send them as soon as you get the go ahead and not have to reschedule a meeting, get in to sign, etc. Helps if you're in a rush, if not then probably no need, and I'm not sure if that's standard or just my solicitor 😂

Mazzy Star

https://www.boards.ie/discussion/comment/120358001#Comment_120358001

Seen the booking for the pest control they are coming Thursday. So provided I get the cert for this will sign the contracts Monday as planned.

Only went sale agreed 13th February and touching wood nothing goes tits up last minute could conceivably have the keys in mid April.

Madamhindsight

Hi

Can I ask at what stage on the app did you get AIP? Was it at stage 5?

Madamhindsight

https://www.boards.ie/discussion/comment/119962811#Comment_119962811

When you got AIP do you recall was it at stage 5 on the app?

lb1992

Hi,

Quick question for anyone who has mortgage with PTSB, we have AIP and have gone sale agreed now - how long does it take to get loan offer?

Also what documents do they look for before drawdown?

Thanks 😊

blarb

https://www.boards.ie/discussion/comment/120364860#Comment_120364860

Hi, we are with PTSB. Our valuation was sent off to PTSB on 14 Nov, and our survey sent to PTSB on 25 Nov (the house was over 100 years old so they requested this to proceed). We got a question on the survey the following week, which our surveyor responded to straightaway. We received our loan offer on 19 Dec . Funds transferred from PTSB on 30 Jan. Hope that helps! Good luck :)

blarb

https://www.boards.ie/discussion/comment/120365219#Comment_120365219

In terms of documents, at first we needed to provide the valuation and survey (valuation necessary for all, the survey was only because our house is over 100 years old).

Later on (after loan offer came in) we needed the home insurance and mortgage protection, and proof that we had cleared a personal loan which was a condition on our AIP. I was surprised they didn't ask us for updated statements or payslips actually. We went through a broker.

lb1992

That's great, thanks for the information 😊

Dante

Question - I have a deadline of 14th April to drawdown in order to avoid getting hit with the recent interest rate hikes by PTSB. I have been given a closing date of 21st April, is it possible to drawdown before the closing date in order to avoid the rate hike and if so, what would be the implications of doing so?

poker2k9

https://www.boards.ie/discussion/comment/120365912#Comment_120365912

Yes, as long as you have final valuation stating the house is 100% complete.

I had the same issue from last hike, my kitchen was the only thing missing and the valuer couldn't say it was complete to the banks.

So speak to the developer to ask if you can send someone to do the final valuation already or if they can expedite things needed to seek final valuation.

Dante

https://www.boards.ie/discussion/comment/120367091#Comment_120367091

Its actually a second hand property rather than a new build. I have already signed the contracts etc but the seller lives in the US which has slowed things down quite a lot.

poker2k9

https://www.boards.ie/discussion/comment/120367632#Comment_120367632

Ah I see, it depends then on if PTSB have all required docs and conditions of offer are all met, then you can ask your solicitor to drawdown.

If you are direct through PTSB, call up to ask what is pending or if broker check with them too.

fergiesfolly

Question someone here might have an answer to.

Joint application to BOI for our mortgage. I did the application for both of us and we both attended a meeting at the bank to complete most of the application.

My wife was sent an email looking for her consent to be a part of the application. She was given a link to the mortgage hub to fill in a reference no. her ppsn and DOB. When she does complete the details she gets an error message... "This is a mandatory question that needs to be completed"

We've tried phones, tablets laptops, different browsers, cleared cookies etc. Nothing works. Any ideas?

boi89

Hi,

Question someone here who might have had a similar experience. Got aip with TSB and found a house (new build) that won't be ready until August/September, put a booking deposit down on it to secure it.

A few days later contracts were sent to our solicitor and we were told if we signed within 21 days we would get the kitchen appliances included. The issue we have now is the bank won't give us the full loan approval until my probation ends in May, I am in a public sector job with a letter from HR stating that I have successfully passed my 3,6 and 9-month probation with no issues and basically that it's just a formality now that we have to wait until May.

We have the 10% deposit which is required when signing the contracts and are just wondering if can we sign the contracts while still waiting on the loan pack from the bank which we will get in May. also, there is the standard clause in the contract stating subject to mortgage approval so for whatever reason if something changed before the drawdown and the bank pulled the offer we wouldn't lose our deposit.

It would be a shame to lose out on the house for the sake of a month and a half and considering we wouldn't be looking to draw down until August/September.

Anyone with similar experience, I would be grateful for any advise

poker2k9

https://www.boards.ie/discussion/comment/120369910#Comment_120369910

Yes, you can sign the sales contract if you are settled on for sure going for this property so you can get the appliances. You can ask PTSB to then issue you the loan offer pack after your probabtion ends.

One thing to keep in mind is, your AIP does not guarantee the current rate if PTSB were to do further increases between now and May. The rate you get will be market rate when the offer is issued. So use the time between now and then to also shop with other lenders based on market conditions.

boi89

https://www.boards.ie/discussion/comment/120370515#Comment_120370515

Thanks for the advice, I knew it was possible but when I rang my solicitor to ask about it she was out of the office. I got chatting with one of the junior partners, and she made it out as if it's not something they normally do and I would have to wait until Monday to talk to the main solicitor.

She said they have only ever gotten clients to sign contracts once the loan pack has been issued, so I was a little taken aback. The estate agent that is selling us the house even said we could sign the contracts while we wait on the full loan offer.

Thanks again for the advice, much appreciated