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

elainep13 · 27-06-2016 3:45pm

mollybird wrote: »

We have been told that the vendor on the house we are after putting an offer on is thinking about it as we are the highest one they have gotten. Any idea how long they might do this for? we gave in the offer on thur morning. We said we will give them till wed but would hope they would give us an answer before that.

I've been waiting nearly three weeks seems quite a long time, didn't give a deadline...

mollybird · 27-06-2016 4:18pm

elainep13 wrote: »

I've been waiting nearly three weeks seems quite a long time, didn't give a deadline...

bloody heck that is a long time. don't think i could cope to wait that long. the vendors are moving back to france and were renting for a while and now think they want to sell their house so hoping they won't take that long to decide.

whiskeyman · 27-06-2016 4:51pm

elainep13 wrote: »

I've been waiting nearly three weeks seems quite a long time, didn't give a deadline...

Set a time frame to get an answer otherwise say you'll withdraw the offer.

The longer they hang out, the more chance another offer could come in and take it from you.

mollybird · 27-06-2016 5:17pm

whiskeyman wrote: »

Set a time frame to get an answer otherwise say you'll withdraw the offer.

The longer they hang out, the more chance another offer could come in and take it from you.

ya i def agree with whiskeyman. we are giving our vendors only a week. give them a small nudge to put ye out of your misery and not let anyone else get the home ye want.

Hazydays123 · 27-06-2016 6:10pm

mollybird wrote: »

We have been told that the vendor on the house we are after putting an offer on is thinking about it as we are the highest one they have gotten. Any idea how long they might do this for? we gave in the offer on thur morning. We said we will give them till wed but would hope they would give us an answer before that.

Totally depends on their circumstances. If it's an ex-rental and currently vacated for selling then they will be in a panic to get rid of it as they are paying the mortgage with no rental income.

Are they still living in the place and trying to buy elsewhere?

mollybird · 27-06-2016 6:47pm

Hazydays i think they are currently renting it and living abroad.

mollybird · 29-06-2016 4:51pm

Well there goes another house. Another bidder came on the scene this morning and out bid us in the end. i swear i seriously hate this crap. Don't know how anyone can become a gambler. It's no bloody fun.

Naid23 · 29-06-2016 5:45pm

mollybird wrote: »

Well there goes another house. Another bidder came on the scene this morning and out bid us in the end. i swear i seriously hate this crap. Don't know how anyone can become a gambler. It's no bloody fun.

You'll get there! My granny was always saying 'whats meant to be wont pass you by'. The right house will hopefully come up soon.

Hazydays123 · 29-06-2016 5:50pm

mollybird wrote: »

Well there goes another house. Another bidder came on the scene this morning and out bid us in the end. i swear i seriously hate this crap. Don't know how anyone can become a gambler. It's no bloody fun.

It's awfully frustrating but I kept trying to look at it as a learning experience. You're getting better at reading the market in the area and adjusting your expectations to what your budget allows.
Also you've no idea that these people will actually go ahead with the sale. If not, the EA will be back on to you.

FizzleSticks · 29-06-2016 5:52pm

This post has been deleted.

FizzleSticks · 29-06-2016 5:54pm

This post has been deleted.

mollybird · 29-06-2016 7:44pm

Does anyone know what is the best way to get an idea what prices houses are in the estates when your looking at houses that is one thing that i think would help to gage how much we are offering if it is too much or too little??

angeldelight · 29-06-2016 8:17pm

mollybird wrote: »

Does anyone know what is the best way to get an idea what prices houses are in the estates when your looking at houses that is one thing that i think would help to gage how much we are offering if it is too much or too little??

Have you looked at the property price register online? It's a few months behind but gives a good indication

GinaI · 29-06-2016 9:31pm

My evaluation report was not accepted by the bank as a name of the management company of the estate I am looking to buy a house in was missing.. so was the annual fee. The evaluation was done by the company approved by the bank. I was asked by the evaluation company to find out this information....how do I supposed to know? I paid for service and I am asked to do the job now? Well, as this caused another delay I would do it myself, but where would get that information from?

c montgomery · 29-06-2016 9:37pm

GinaI wrote: »

My evaluation report was not accepted by the bank as a name of the management company of the estate I am looking to buy a house in was missing.. so was the annual fee. The evaluation was done by the company approved by the bank. I was asked by the evaluation company to find out this information....how do I supposed to know? I paid for service and I am asked to do the job now? Well, as this caused another delay I would do it myself, but where would get that information from?

Vendors solicitor should be able to give this to you.

GinaI · 29-06-2016 9:58pm

c montgomery wrote: »

Vendors solicitor should be able to give this to you.

Do you think I can contact him directly on this?

valovalo · 29-06-2016 10:50pm

Hi
So broker has come back and said that we need ten per cent and approx 5k on top of this for them to even start applying for us??
We are looking at houses in Tuam galway for approx 110-120k and have the ten per cent but not the 5k and it will take ages again to save that and property's will be gone or prices higher
Is solicitors and fees really that high and do they banks now want this criteria of 10 per cent plus 5k on top
We will have this nearly saved by time we actually have a house in mind ?, we are but rushing but just these houses won't be around for long and we already paying 1000 in rent already and landlord will be rising rent on March
What do you all think
Ps any advice of good solicitors that might not cost around 3000k

SB_Part2 · 29-06-2016 10:55pm

valovalo wrote: »

Hi
So broke has come back and said that we need ten per cent and approx 5k on top of this for them to even start applying for us??
We are looking at houses in Tuam galway for approx 110-120k and have the ten per cent but not the 5k and it will take ages again to save that and property's will be gone or prices higher
Is solicitors and fees really that high and do they banks now want this criteria of 10 per cent

Yes solicitors fees are usually 2500 + property tax and the bank need to see funds available to pay for them.

How were you planning on paying for them?

valovalo · 29-06-2016 11:15pm

SB_Part2 wrote: »

Yes solicitors fees are usually 2500 + property tax and the bank need to see funds available to pay for them.

How were you planning on paying for them?

Hi
Pay for them with continued savings , we don't just stop saving just because we have approval , plus these are paid at the end or are they paid upfront ?,
Plus deposit back from rented house is near 1500,

Geuze · 29-06-2016 11:39pm

FizzleSticks wrote: »

This post has been deleted.

Key point is to establish a record of regular saving.

angeldelight · 30-06-2016 6:21am

We just paid our solicitor bill two days ago and it was 5k. That includes the stamp duty which is the most of it, then the solicitors fee + VAT, searches, deed registration etc and property tax.

I'm surprised they want you to have it before they will even start helping you get your application together, we wouldn't have had it at the very beginning

Utah · 30-06-2016 7:20am

Both our approvals are based on having the legal fees and stamp duty saved already

hufpc8w3adnk65 · 30-06-2016 8:02am

First time poster. Should have my house 13th of July. My solicitors fees are €4200 worth keeping that in mind

Naid23 · 30-06-2016 8:10am

MrMac84 wrote: »

First time poster. Should have my house 13th of July. My solicitors fees are €4200 worth keeping that in mind

Is that including your stamp duty?

SB_Part2 · 30-06-2016 8:13am

valovalo wrote: »

Hi
Pay for them with continued savings , we don't just stop saving just because we have approval , plus these are paid at the end or are they paid upfront ?,
Plus deposit back from rented house is near 1500,

Solicitors fees are usually paid upfront. You can't count the 1500 for your rented house until you have it in your hands.

Utah wrote: »

Both our approvals are based on having the legal fees and stamp duty saved already

Same with me. It was hammered home to us that we needed to show we had solictiors fee funds available. Also, because my house came without whitegoods they wanted to see that we had money available for those as well.

conor05 · 30-06-2016 8:21am

Hi guys

Need some advice on this please. Couple with 1 year baby renting currently in North East. Both in permanent jobs. My partner is set on moving back to her homeland of North Kerry to build a house. We have no site but have looked at a few below and they are reasonably priced.
By next October 2017 we should have 45K in savings and ready to apply for mortgage.
My question is can we apply for a mortgage in AIB up in North East (through local broker) as we are both in permanent jobs and use that mortgage to buy site and start to build in Kerry?
We will eventually move to Kerry and my partner can get permanent good paying job down there and I should pick up work also.
Any guidance on how to go about this would be very much appreciated.

SB_Part2 · 30-06-2016 8:27am

I don't think that'll be a runner unfortunately. They'll want to see that you have a job in the area you are buying in. They'll know you won't be commuting that distance. Also, I didn't think banks were giving mortgages for builds anymore but I could be wrong. I'd speak to a broker if I were you.

hufpc8w3adnk65 · 30-06-2016 8:31am

Naid23 wrote: »

Is that including your stamp duty?

Stamp duty, 3x land registry, search fees, commissioner fees and solicitors fees

Naid23 · 30-06-2016 8:38am

MrMac84 wrote: »

Stamp duty, 3x land registry, search fees, commissioner fees and solicitors fees

Great thanks. Thought that was just the solicitors fees alone

Sheeeeit · 30-06-2016 8:50am

FizzleSticks wrote: »

This post has been deleted.

You can borrow 3.5 times your income.
I have mortgage approval at the moment. The key thing is to show you can save a certain amount of money every month over the next while (a few years is loads of time). If you get a mortgage of say €250k for 30 years for instance and your monthly repayments work out at roughly €1k, then you need to be able to show you can save more than €1k every month. You probably need to show you can save €1.3k even to cover insurance, bills etc. The more you save now for your deposit, the less you will have to borrow and the less your monthly repayments.

Sheeeeit · 30-06-2016 9:08am

I have a question. I'm buying a new house and the bank require the valuation to be no more than 2 months old before the sale is closed.
My EA recently got in contact looking for the valuation to be done on the new house, when I told him about the 2 months required by the bank he said the sale will be closed end of August so lets do the valuation next week. Is that not cutting things a bit tight? How can he be so sure we'll close at that time? If there's even 1 week of a delay we'd probably end up having to get a second valuation done. It just seems a bit too eager for my liking, I wonder is he worried about the effects of Brexit or anything like that? Or am I just being paranoid?

SB_Part2 · 30-06-2016 9:11am

It's a bit odd that the EA is looking for the valuation to be done. Usually it's the bank that pushes for it.

Sheeeeit · 30-06-2016 9:13am

SB_Part2 wrote: »

It's a bit odd that the EA is looking for the valuation to be done. Usually it's the bank that pushes for it.

My thinking exactly, I wonder why he's so eager?

Naid23 · 30-06-2016 9:50am

Just got our official Approval in Principal letter from the broker

conor05 · 30-06-2016 10:10am

SB_Part2 wrote: »

I don't think that'll be a runner unfortunately. They'll want to see that you have a job in the area you are buying in. They'll know you won't be commuting that distance. Also, I didn't think banks were giving mortgages for builds anymore but I could be wrong. I'd speak to a broker if I were you.

Yes was thinking the jobs issue would be the barrier alright. So realistically we would need to rent a cheap place in Kerry, start the new jobs below and then apply for mortgage 6 -12 months later down in Kerry?

Utah · 30-06-2016 10:24am

conor05 wrote: »

Yes was thinking the jobs issue would be the barrier alright. So realistically we would need to rent a cheap place in Kerry, start the new jobs below and then apply for mortgage 6 -12 months later down in Kerry?

Yeah, you would need to be permanent too in your role as far as I know i.e. past the probationary period.

Tasden · 30-06-2016 10:27am

Naid23 wrote: »

Just got our official Approval in Principal letter from the broker

Yay!

30-06-2016 11:36am

Utah wrote: »

Yeah, you would need to be permanent too in your role as far as I know i.e. past the probationary period.

Just to point out you don't necessarily need to be permanent to get approval but you do need a continuous record of employment over a number of year in a similar or the same role.

loveisdivine · 30-06-2016 1:47pm

We're sale agreed for 3 weeks, no contracts received from vendors solicitors yet. What the average time this usually takes?

Our solicitor hasn't received our offer letter from the bank yet either, but our broker asked for the solicitor details last week so I'm hoping it gets sent soon.

Also, the surveyor reckoned we'd have the full report on Tuesday yet here we are on Thursday afternoon and nothing!

SB_Part2 · 30-06-2016 2:07pm

You can't sign anything anyway until your solicitor receives your offer letter. Get onto your broker and ask him when it'll be sent out.

loveisdivine · 30-06-2016 2:13pm

Yeah I've sent him an email. Fingers crossed.

Tuesday_Girl · 30-06-2016 2:47pm

loveisdivine wrote: »

We're sale agreed for 3 weeks, no contracts received from vendors solicitors yet. What the average time this usually takes?

Our solicitor hasn't received our offer letter from the bank yet either, but our broker asked for the solicitor details last week so I'm hoping it gets sent soon.

Also, the surveyor reckoned we'd have the full report on Tuesday yet here we are on Thursday afternoon and nothing!

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

angeldelight · 30-06-2016 3:08pm

Our first closing date was yesterday which has been and gone, solicitor thinks they might release funds tomorrow so fingers crossed!

GinaI · 30-06-2016 4:38pm

Tuesday_Girl wrote: »

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

Why does it take that long for sellers solicitors?......I am awaiting contacts as well.

GinaI · 30-06-2016 4:40pm

At what stage I have to have a house insurance and a mortgage protection organised? before the contracts are signed?

angeldelight · 30-06-2016 5:48pm

GinaI wrote: »

At what stage I have to have a house insurance and a mortgage protection organised? before the contracts are signed?

You'd be advised to have them in place before you sign contracts in case you have any difficulties getting a policy. They can be set up but not activated until you ring them so probably a safer bet

GinaI · 01-07-2016 8:08am

Tuesday_Girl wrote: »

I've been 8 weeks sale agreed and still no contracts. My offer letter is issued and sent to my solicitor a month ago, survey was done in May. Waiting for the vendors solictor to send on the contracts so things can start moving.

What are the options in the situation where delay is on the seller's side? Just to wait?The agent said they were looking for a quick sale. That what one of the reasons I chose the house. Now the other 4 houses I viewed have been sold but "mine is still shown as For Sale on daft. It has not even been changed to Sale agreed. I went Sale agreed on the 2 of June and I really hoped I could move by the end of August so my child can start a new school. Really doubt it now...and very worried

Tuesday_Girl · 01-07-2016 8:38am

GinaI wrote: »

What are the options in the situation where delay is on the seller's side? Just to wait?The agent said they were looking for a quick sale. That what one of the reasons I chose the house. Now the other 4 houses I viewed have been sold but "mine is still shown as For Sale on daft. It has not even been changed to Sale agreed. I went Sale agreed on the 2 of June and I really hoped I could move by the end of August so my child can start a new school. Really doubt it now...and very worried

Not many options really but to follow up regularly to at least understand the delay and timelines but also to try to push them to get the contracts out. Unfortunately all kinds of issues can cause a delay and there are no standard timelines for a sale so it's impossible to know when exactly you'll get the keys

loveisdivine · 01-07-2016 8:50am

Received the loan offer this morning so solicitors should get the loan pack next week. Then it's just playing the waiting for contracts game!

GinaI · 01-07-2016 9:08am

loveisdivine wrote: »

Received the loan offer this morning so solicitors should get the loan pack next week. Then it's just playing the waiting for contracts game!

and , I guess, organising insurance

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

Comments