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

31-01-2019 01:50PM

Frank Castle wrote: »

10K should be more than enough, depending on the cost of your house and the stamp duty entailing from that. (also depending on how many extras you ask your developer for, assuming its a new build).

Yeah, based on the figures above, I dont think it should come to €10k
Closer to €7k, but would rather budget too much initially

GingerLily · 31-01-2019 03:01PM

If you're looking to buy a new build be aware that you might need flooring, it was the second largest expense for us after the purchase of the house itself! And it's something you need before moving in

Ballingarry · 31-01-2019 04:26PM

Frank Castle wrote: »

Is this for the solicitors fees alone? not including stamp duty etc? Sounds excessive to me, but my solicitor worked on a fixed fee bases (cost of house is irrelevant).
I did get quotes from solicitors who charge hourly but avoid them like the plague.

Your location will affect the cost too as solicitors in Dublin are going to charge more with larger overheads. mine is in the west of Ireland

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

Doop · 31-01-2019 04:32PM

Ballingarry wrote: »

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

We're just completing our purchase now and our solicitor was very attentive and ... Sol fees were €1500 ex vat, searches and stamp duty etc

L1011 · 31-01-2019 06:43PM

4k ex vat for professional fees alone is insane. Does it include registration fees etc though?

myshirt · 31-01-2019 08:14PM

Ballingarry wrote: »

Yes it is for solicitors fees alone - there is another €3,000 for stamp duty. I thought it was excessive. Location is Mid West.
Thanks for reply

Send that to the taxing master immediately. This solicitor has some neck. I've went through piles of title documentation in the most painful conveyances known to man and I've never seen this charged.

ontheditch2 · 01-02-2019 12:40AM

Received quotes from a number of solicitors for house in the €270-300k bracket. Solicitors fees were generally €1350-1750.
Add in deeds, Stamp Duty, engineers, valuer etc, the costs will come in at about €6,500-7,000 all in.

freeze4real · 01-02-2019 09:31AM

What are the benefits of using a broker vs going straight to a bank?

I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.

LL gave me my 3 monthnotice so I'm considering options ATM.

ruaneg · 01-02-2019 11:14AM

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

Bargain_Hound · 01-02-2019 11:49AM

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

Hit and miss it seems. I was lucky enough to get it included in ours.

GingerLily · 01-02-2019 11:51AM

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

We couldn't get it in ours, it was definitely a gamble but worked out fine for us in the end

awec · 01-02-2019 12:17PM

We got it included.

Frank Castle · 01-02-2019 12:59PM

ruaneg wrote: »

A questions for those buying new builds. Are your solicitors able to insert the 'subject to loan' clause in the contracts?

It seems alot of developers have unconditional contracts atm and its seems like a gamble to go without.

It is becoming more and more common for developers to do this. Realistically it is just an excuse for them to keep your deposit. As if you do get refused for the mortgage they are unlikely to chase you for the full amount.
It would be easier for them to just keep your deposit and sell the house to another person.

ruaneg · 01-02-2019 01:58PM

I suspect builders are refusing the clause for the more in-demand developments.

averagejoe123 · 01-02-2019 02:37PM

We got it included 5 years ago but our solicitor was basically refusing to accept it without it. I know others in our development didn't get it included

averagejoe123 · 01-02-2019 02:40PM

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?

I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.

LL gave me my 3 monthnotice so I'm considering options ATM.

Some brokers only deal with a few of the banks so you may be limiting your options. Not all banks take OT and bonuses into consideration when calculating the max they are willing to lend.

Once you have all your documents together it is relatively easy to apply to each bank individually.

You would be quite lucky to be in a position to purchase and move into a new home within the 3 months as a lot can hold up the process.

ELM327 · 01-02-2019 03:05PM

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?

I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.

LL gave me my 3 monthnotice so I'm considering options ATM.

You will in all liklihood not be moved in in 3 months so try negotiate an extension with the LL or look at short term bridging options.

moranr7 · 01-02-2019 03:44PM

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?

I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.

LL gave me my 3 monthnotice so I'm considering options ATM.

I was going to go broker but end up looking with a bank and got a Mortgage advisor that was absolutely brilliant. He has done everything for us and gave us great advice. If you want I can PM his details.

Best of luck,

freeze4real · 01-02-2019 09:59PM

averagejoe123 wrote: »

Some brokers only deal with a few of the banks so you may be limiting your options. Not all banks take OT and bonuses into consideration when calculating the max they are willing to lend.

Once you have all your documents together it is relatively easy to apply to each bank individually.

You would be quite lucky to be in a position to purchase and move into a new home within the 3 months as a lot can hold up the process.

Understood, I've set up appointments with a BOI/AIB just to see what could happen.

ELM327 wrote: »

You will in all liklihood not be moved in in 3 months so try negotiate an extension with the LL or look at short term bridging options.

That's so true. I could go back to my parents place. An option I rally don't want to take.

moranr7 wrote: »

I was going to go broker but end up looking with a bank and got a Mortgage advisor that was absolutely brilliant. He has done everything for us and gave us great advice. If you want I can PM his details.

Best of luck,

Please PM his details. Not sure were my head is at this stage.

Jack_92 · 02-02-2019 10:03AM

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

DublinDilbert · 02-02-2019 10:05AM

Jack_92 wrote: »

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

Depends on the value of the property, but sounds pretty normal. Its to get you used to being a homeowner

Jack_92 · 02-02-2019 10:09AM

DublinDilbert wrote: »

Depends on the value of the property, but sounds pretty normal. Its to get you used to being a homeowner

It's just below 300k

wally79 · 02-02-2019 10:10AM

Jack_92 wrote: »

Hi,

We just went sale agreed and the EA requested 10k deposit. It seems a lot to me. Is this normal?

We paid 7k

It’s refundable until you sign contracts

It also still counts as part of your deposit for the mortgage

august12 · 02-02-2019 10:36AM

Deposit is usually 10% of purchase price, so EA normally ask for less than this and balance of deposit is usually collected by your solicitor, so if under 300,000, that would be about 30,000 deposit.

Refundable up to contract signing.

02-02-2019 10:57AM

freeze4real wrote: »

What are the benefits of using a broker vs going straight to a bank?

I have a meeting with PTSB to see what they can do for me. I have 1.2/1.5k saved for the past 2yrs now..25k with OT & bonus my wage is 65k.

LL gave me my 3 monthnotice so I'm considering options ATM.

PM sent re. a broker.

Katie1_14 · 04-02-2019 09:44AM

Can anyone tell me if you have to resubmit up to date bank statements before drawdown?

averagejoe123 · 04-02-2019 09:47AM

Katie1_14 wrote: »

Can anyone tell me if you have to resubmit up to date bank statements before drawdown?

It can be bank dependant but not usually requested. I have heard of a number of people having to give their latest payslips prior to draw down.

kellier180 · 04-02-2019 02:28PM

Anybody know about using wedding presents as part of a deposit for a house?

Had money in savings but used it to get married now a house has become available but we have only 2k in savings plus the money we got as wedding gifts Which would cover the deposit.

davo2001 · 04-02-2019 02:39PM

Katie1_14 wrote: »

Can anyone tell me if you have to resubmit up to date bank statements before drawdown?

Yes, we had to anyways. Only the most recent payslip after we went sale agreed. That was with AIB.

davo2001 · 04-02-2019 02:40PM

kellier180 wrote: »

Anybody know about using wedding presents as part of a deposit for a house?

Had money in savings but used it to get married now a house has become available but we have only 2k in savings plus the money we got as wedding gifts Which would cover the deposit.

If the money is in the bank then they will count it towards the deposit.

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

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