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Do's and don'ts for first time buyers

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    #242
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    Great news.

    I emailed my CU first thing this morning as the type of person I am, didn't sleep a wink last night because I panic like a maniac at the best of times. Thankfully they replied and said 30,000 is their max limit for savings so I'm really happy with that.

    Thanks everyone for all your replies :-)


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    #243
    Jen Pigs Fly
    Registered Users Posts: 2,770 ✭✭✭Jen Pigs Fly


    Febreeze wrote: »
    Hi everyone. Hope all is well!

    I was chatting to a friend about the saving process and explained I'm saving in the Credit Union only for the friend to inform me that, the Credit Union doesn't allow you to save over 10,000 (?) Friend said they previously saved with CU and had more than 10,000 saved and CU rang to inform that this wasn't possible. Their reasons was, they didn't have enough members in their branch (?) Friend then said it was ideal to save in a bank account and get interest instead. This has shaken me up a little bit as I taught this was ideal enough. I've been saving in the CU for years and as my previous post, last year I started to knuckle down and continously saved, never withdrew any amounts and its close enough to 10,000 now and I'm worried they will ring me and tell me that this isn't possible. I don't want to have to transfer a large amount back into my BOI account and have questions thrown at me.

    Now that I'm back in work, getting a set amount in wage and back to saving set amount each week and living comfortably. I really don't want to have to start changing my means and ways of saving. I'm getting a lot closer to were I want to be.

    Does the CU have a right to tell you how much you can and can't save with them?

    My branch of civil service CUs limit is 30k, I’d check with your CU. Any surplus you can just most to a bank savings account anyway, banks are ok with that because they can see for example 5k moved from CU to savers. Paper trail is everything

    Edit: I see you’ve checked already, we saved with CU and then moved it all over to bank to pay deposit. Never seen so much money disappear so quickly ��


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    #244
    Spring Celebrator
    Registered Users Posts: 32 ✭Spring Celebrator


    Hi.

    We are looking at houses for a few months now. We like one, but unfortunatelly for us, it went sale agreed the same day we have discovered it on daft.
    Called the EA and he confirmed, that it is sale agreed and can not be viewed anymore.
    It is still on daft, sale agreed for more than 2 months now.
    I know EAs are legally obliged to pass every offer they receive onto the seller, but I dont want to do that (gazumping), just want a better starting point if the house becomes available again.
    Is it common practice that house can not be viewed after sale agreed?
    What are your thoughts on this?


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    #245
    Jen Pigs Fly
    Registered Users Posts: 2,770 ✭✭✭Jen Pigs Fly


    Spring Celebrator wrote: »
    Hi.

    We are looking at houses for a few months now. We like one, but unfortunatelly for us, it went sale agreed the same day we have discovered it on daft.
    Called the EA and he confirmed, that it is sale agreed and can not be viewed anymore.
    It is still on daft, sale agreed for more than 2 months now.
    I know EAs are legally obliged to pass every offer they receive onto the seller, but I dont want to do that (gazumping), just want a better starting point if the house becomes available again.
    Is it common practice that house can not be viewed after sale agreed?
    What are your thoughts on this?

    I cannot comment on second hand builds, I do however know that we had a waiting list of around 10 people for our house, which was a new build. However, none of these people were allowed to enter our house to have a look while being build/finished, just us.
    I’m sure the EA can advise further, I know with new builds, cancellation lists are very common. Maybe the house is sold, just held up with insurance, searches, queries, etc.
    You could maybe ask the EA can you be put on the cancellation list if they have one for the house so they will contact you if the house comes back on the market?


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    #246
    Lolle06
    Registered Users Posts: 235 ✭✭Lolle06


    Spring Celebrator wrote: »
    Hi.

    We are looking at houses for a few months now. We like one, but unfortunatelly for us, it went sale agreed the same day we have discovered it on daft.
    Called the EA and he confirmed, that it is sale agreed and can not be viewed anymore.
    It is still on daft, sale agreed for more than 2 months now.
    I know EAs are legally obliged to pass every offer they receive onto the seller, but I dont want to do that (gazumping), just want a better starting point if the house becomes available again.
    Is it common practice that house can not be viewed after sale agreed?
    What are your thoughts on this?

    Yes, any ethical EA would stop viewings, once the property goes sale agreed and the deposit has been paid.
    He would still have to pass on offers - but that would indeed be gazumping and is generally frowned upon.
    It’s also normal to keep the property advertised - but marked sale agreed - as long as the sale process goes through. It will be marked as sold or removed altogether, if contracts are exchanged.
    If the sale falls through, the ad will be renewed and the EA might contact you, if you expressed your interest in being kept informed about this particular property. Did you do that? Good luck with your house hunting!


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    #247
    Spring Celebrator
    Registered Users Posts: 32 ✭Spring Celebrator


    Lolle06 wrote: »
    Yes, any ethical EA would stop viewings, once the property goes sale agreed and the deposit has been paid.
    He would still have to pass on offers - but that would indeed be gazumping and is generally frowned upon.
    It’s also normal to keep the property advertised - but marked sale agreed - as long as the sale process goes through. It will be marked as sold or removed altogether, if contracts are exchanged.
    If the sale falls through, the ad will be renewed and the EA might contact you, if you expressed your interest in being kept informed about this particular property. Did you do that? Good luck with your house hunting!

    Yeah, he has my number.


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    #248
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    Spring Celebrator wrote: »
    Hi.

    We are looking at houses for a few months now. We like one, but unfortunatelly for us, it went sale agreed the same day we have discovered it on daft.
    Called the EA and he confirmed, that it is sale agreed and can not be viewed anymore.
    It is still on daft, sale agreed for more than 2 months now.
    I know EAs are legally obliged to pass every offer they receive onto the seller, but I dont want to do that (gazumping), just want a better starting point if the house becomes available again.
    Is it common practice that house can not be viewed after sale agreed?
    What are your thoughts on this?

    Just make sure you have emailed him, and he knows you are interested if it falls through. Might be worth letting him know areas and house types your looking for. We had 2 viewings before we bought of properties not yet on the market because we the EA we dealt with knew what we were looking for.


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    #249
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    I've informed my friend of this thread so they have asked me to gather some information if possible :-)

    Friend has spotted a job that they've wanted for a while but also wants to get a mortage in the future. They have considered about a new job for a while but held off applying as they think that the banks won't look at them to approve them. As far as I was aware, you have to be in the same employment for 2 years or so thats what I was told but I was hoping someone could give information on this.

    Thank you :-)


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    #250
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    Febreeze wrote: »
    I've informed my friend of this thread so they have asked me to gather some information if possible :-)

    Friend has spotted a job that they've wanted for a while but also wants to get a mortage in the future. They have considered about a new job for a while but held off applying as they think that the banks won't look at them to approve them. As far as I was aware, you have to be in the same employment for 2 years or so thats what I was told but I was hoping someone could give information on this.

    Thank you :-)
    In effect, it's six months.

    Every bank I applied to had no minimum period of employment but had a stipulation you can't be under probation, which for most companies is six months.


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    #251
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    guyfawkes5 wrote: »
    In effect, it's six months.

    Every bank I applied to had no minimum period of employment but had a stipulation you can't be under probation, which for most companies is six months.

    Oh perfect thank you!


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    #252
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    Febreeze wrote: »
    I've informed my friend of this thread so they have asked me to gather some information if possible :-)

    Friend has spotted a job that they've wanted for a while but also wants to get a mortage in the future. They have considered about a new job for a while but held off applying as they think that the banks won't look at them to approve them. As far as I was aware, you have to be in the same employment for 2 years or so thats what I was told but I was hoping someone could give information on this.

    Thank you :-)

    Its 2 years or more for self employed/contractors, but for PAYE employees its upon passing your probationary period, which in most places is 6 months, assuming your employer is happy with you of course.


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    #253
    HelpImAlive
    Registered Users Posts: 218 ✭✭HelpImAlive


    Hi guys

    Does anybody know about getting a mortgage + costs to renovate? Is this still possible? I've heard it is but can't find anything recent online.

    Like say you have AIP for 200k, could you buy a house for 120, going to cost 30k to do it up, so take the mortgage out for 150?

    Thank you


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    #254
    laserlad2010
    Registered Users Posts: 514 ✭✭✭laserlad2010


    HelpImAlive wrote: »
    Hi guys

    Does anybody know about getting a mortgage + costs to renovate? Is this still possible? I've heard it is but can't find anything recent online.

    Like say you have AIP for 200k, could you buy a house for 120, going to cost 30k to do it up, so take the mortgage out for 150?

    Thank you

    Yes it's possible, however you need a valuation which takes the proposed works into account, and a builders estimate.

    Therefore you need to get a builder to give your the 30k quotation
    Then get a valuer (suggested by the bank) to say "yep, currently it's worth 120k and if you do this work it will be worth Y" (where Y is minimum 150)
    Then the bank will give you the mortgage

    I should say they'll only give you portions of the renovation money if it's over a set amount (like 50k or something) as the stages are completed.


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    #255
    Febreeze
    Closed Accounts Posts: 190 ✭✭Febreeze


    HelpImAlive wrote: »
    Hi guys

    Does anybody know about getting a mortgage + costs to renovate? Is this still possible? I've heard it is but can't find anything recent online.

    Like say you have AIP for 200k, could you buy a house for 120, going to cost 30k to do it up, so take the mortgage out for 150?

    Thank you

    I don't think that's likely at all. I've often woundered that myself and after reading a couple of threads on boards about this, it seems unlikely as the banks don't give mortgages to put some away for renovations.

    I honestly taught that at the beginning of my process and taught "Ah sure it'll be grand". If only it was that easy then I would of bought a house years ago!

    Don't quote me on it because I'm still learning myself :-)


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    #256
    SozBbz
    Registered Users Posts: 1,889 ✭✭✭SozBbz


    HelpImAlive wrote: »
    Hi guys

    Does anybody know about getting a mortgage + costs to renovate? Is this still possible? I've heard it is but can't find anything recent online.

    Like say you have AIP for 200k, could you buy a house for 120, going to cost 30k to do it up, so take the mortgage out for 150?

    Thank you

    Should be possible in theory but would be a lot more involved. I'd speak to a broker if I was considering something like that, as certain lenders might be more open to it than others, so it could save you a lot of leg work if you can get advice on who to approach first.

    I can't help but think it must be hard as I don't know of anyone who has done it....thats despite the amount of fixer uppers on the 2nd hand market that need a cash injection straight away.


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    #257
    Jammyd
    Registered Users Posts: 281 ✭✭Jammyd


    Febreeze wrote: »
    I don't think that's likely at all. I've often woundered that myself and after reading a couple of threads on boards about this, it seems unlikely as the banks don't give mortgages to put some away for renovations.

    I honestly taught that at the beginning of my process and taught "Ah sure it'll be grand". If only it was that easy then I would of bought a house years ago!

    Don't quote me on it because I'm still learning myself :-)

    Some banks certainly offer this - its very common in mortgage lending, I was a mortgage lender in 2 Pillar banks and they underwrote these apps all day long.


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    #258
    wolfyboy555
    Registered Users Posts: 1,429 ✭✭✭wolfyboy555


    Just wondering if you are sale agreed and contracts signed with new build and you want extras such as sockets , outdoor light and tap do you need to go through the developers electrician for this or can you get your own one in eg a family member who is fully qualified and registered?


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    #259
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    wolfyboy555 wrote: »
    Are most new build estates (3,4 beds houses) ran privately now and not taken over by the local council? One estate I have looked at has said they will have management charge of nearly €500 p/a. Is this common around new builds? I would imagine over time this could increase the way Ireland is!

    We are in a new estate and have no management company. TBH Id avoid them like the plague. The builder still has to "hand over" the development to the local authority but the councils do feck all from a maintenance perspective. Once ours is handed over the residents ass will oversee fee collection to have the communal greens/flower beds/trees to be maintained and an allowance to replace plants/trees as and when needed. Its going to be about 140 per house. I do think its common enough to have an annual fee for estate maintenance.


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    #260
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    wolfyboy555 wrote: »
    Just wondering if you are sale agreed and contracts signed with new build and you want extras such as sockets , outdoor light and tap do you need to go through the developers electrician for this or can you get your own one in eg a family member who is fully qualified and registered?

    You would have to make those requests with the builder and hopefully they will do it for you. They wont allow another tradesman on site.


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    #261
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    HelpImAlive wrote: »
    Hi guys

    Does anybody know about getting a mortgage + costs to renovate? Is this still possible? I've heard it is but can't find anything recent online.

    Like say you have AIP for 200k, could you buy a house for 120, going to cost 30k to do it up, so take the mortgage out for 150?

    Thank you

    In theory yes. But we found it a nightmare. There was so much unknown. Now maybe if you had alot of wriggle room with your money? For us what we would have had to pay for the house, then the cost of renovations are just really high right now meant that the total spend was more than what the valuation was so the bank where hesitant. Basically we decided against it as we were afraid we would be left with the bank refusing to allow us draw down the last amounts and we would have outstanding work needing to be done.


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    #262
    wolfyboy555
    Registered Users Posts: 1,429 ✭✭✭wolfyboy555


    jrosen wrote: »
    We are in a new estate and have no management company. TBH Id avoid them like the plague. The builder still has to "hand over" the development to the local authority but the councils do feck all from a maintenance perspective. Once ours is handed over the residents ass will oversee fee collection to have the communal greens/flower beds/trees to be maintained and an allowance to replace plants/trees as and when needed. Its going to be about 140 per house. I do think its common enough to have an annual fee for estate maintenance.


    Yes I have no problem with an annual fee to keep estate looking well. It is just the excessiveness of it. I guess I will be a member of the mgmt company by being an owner so should see where the money is going.


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    #263
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    Febreeze wrote: »
    Yeah? Is it just ideal to save as much as I can then shop around?

    I had a nosey on the mortgage calculators that each banks have and I swear my heart dropped to my arse. I had to keep telling myself that they are just pretend calculations but jaysis. I am completely new to all of this so when number's are thrown in my face, I get shocked and think we actually need to save millions before anyone will even look at us

    multiply your joint gross incomes by 3.5
    Thats the max the bank will give you
    Thats 90%of your puchase price so you will need a 10 % deposit
    EG joint income of 100k
    Max mortgage 350k
    You will need a min depos9it of 39k to max out your borrowing
    Best advice
    Buy the worst house in the best location you can afford
    You can change everything about a house except its location


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