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

little bess wrote: »

Anyone know if the banks are lending to construction workers who are in permanent employment?

I don't know for sure but with any employment industry they will look for previous continuous employment. If you've been out of work up until recently they may say to wait another 6mths. I'm guessing here.

I would give it a go with a bank and if you run into issues then go to a broker.

purple hands wrote: »

Thanks - yes I meant the loan offer. So typically a bank can decide to withdraw the loan offer at any time?

Technically, yes... But more than likely it's probably down to you to ensure you meet all the conditions of the loan offer.
Why are you asking? It's very unlikely to happen unless circumstances have massively changed and you can't meet the conditions.

whiskeyman wrote: »

Technically, yes... But more than likely it's probably down to you to ensure you meet all the conditions of the loan offer.
Why are you asking? It's very unlikely to happen unless circumstances have massively changed and you can't meet the conditions.

Ta - asking for a friend

lbyrne121 wrote: »

my husband is out of his probation at the start of next month and we are considering going for a mortgage.  He has been in continuous employment for 8 years in the public sector (science lecturer), however he left that job for a better paid job as a Science sales Specialist (private sector)... What are the chance of getting a mortgage if you are just out of probation given these circumstances?  Any advice would be greatly appreciated

have you not asked this question before this week several times ? it looks seriously familiar...

Hi. Long time reader of the thread. Some really great info in here. Much appreciated.

We received our approval in principle a couple of weeks ago and have started the search!
A house has recently come on the market that we are interested in. The first viewing is later this week.

I noticed on the EA's website they have stated 'In Excess' next to the asking price.
Does this mean there have already been offers over the asking price even though there has not been a viewing yet?
Or is it just an indication of the sellers expectations?

As a follow on from that, if it is just an indicator, how would you approach bidding? As first time buyers we don't want to offer too much as a first bid (if we are the first bidders that is!) but also don't want to be discounted as serious buyers if we don't offer 'In Excess' of the asking price.

I should mention that it is likely the house will go for over the asking price in any case as we have seen similar houses in the area that were over the asking at the time of enquiry. Should we just go straight in with the asking price in this case?

Since we got AIP last week I've been trying to work out our maximum budget considering the max we'd like to be repaying each month. I've also been factoring in a rise in interest rates since they are so low at the moment.

We haven't really considered yet whether to go with fixed or variable rate.

Is it generally considered that rates will rise sooner rather than later? How high could they go? Realise only the banks know this but looking for anyone's opinions.

Thanks

We need to make a quick decision (tomorrow) as to which lender to go with for our house purchase. We have been approved by all the lenders on the market for a 400k purchase price with a 10% deposit as first time buyers. Neither of us are great with finances/money. I'm getting a headache looking at different percentage rates, etc. I'm extremely tempted to go with the one that offers the biggest cashback offer (2% of the value of the mortgage). I assume there has to be a catch to this...or is there?

irlrobins wrote: »

Generally those offering cashback have higher APRs, so you'll end up paying more for mortgage over its term. For some people the cashback is good if they need funds to cover purchase costs like solicitors fees, furniture, etc. But if you're able to cover the immediate costs of buying a new home, then you'd be better off going with the bank with the lowest APR.

Or take the cash and then switch a few months later

irlrobins wrote: »

The cost of switching (legal fees, etc) would probably wipe out any gain from the cashback

Eh?

They would get 7.2k legal fees to switch 1-1.5k and maybe a 130 euro valuation it's a no brainer

You would generally need to have a LTV <80%. So in the example above, it wouldn't be possible to switch after only a few months, as the LTV is likely to be ~90% based on a 10% deposit. Unless of course the value of the property had shot up.

irlrobins wrote: »

The cost of switching (legal fees, etc) would probably wipe out any gain from the cashback

There are banks who cover your legal fees as part of the switching process. It's important to shop around.

Sono wrote: »

Just to add to this, you can't switch in the first few months without a penalty, in our case we went with BOI and I think we have to stay with them for 5 years before we can leave with no penalty, obviously other banks may differ from this.

you can from ebs

and from BOI now as well as pointed out by others

Which lenders are currently offering most flexibility on the 3.5 x salary / 20% deposit rules? Any that offer flexibility on both aspects or is it one or the other? Can that include upgrade works?

I heard from someone that each lender can grant exceptions on up to 15% of their loan book in any year.

Thanks

Black_Knight wrote: »

Only read this today.

We've been dealing with a broker all along, and became a bit naive. Too deep into the mortgage approval/contracts stage now to go faffing about. Granted there's the extra 0.2% that EBS are charging, but the 2% cash back is massive compared to that.

Damn...

yep no goodies with brokers and most people dont need them

on the plus side you can always switch to EBS afterwards :P