Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…264265267269270…330

Comments

  • Options
    #7982
    charlietheminxx
    Registered Users Posts: 2,579 ✭✭✭charlietheminxx


    Bigmac1euro wrote: »
    Does anyone know if there’s new exceptions RE the 4.5 borrowing limit for this year ? Has anyone successfully borrowed over the 3.5 this year ?

    Yes, I am. We were offered 4.5 times our salary, but only needed 4. We initially tried to apply in September 2018 but were told that we had no chance of getting an exception so late in the year, so held back until January and then it went fine for us.


  • Options
    #7983
    Woshy
    Registered Users Posts: 1,429 ✭✭✭Woshy


    charlietheminxx wrote: »
    Yes, I am. We were offered 4.5 times our salary, but only needed 4. We initially tried to apply in September 2018 but were told that we had no chance of getting an exception so late in the year, so held back until January and then it went fine for us.

    Oh that's interesting. Good to know. We were hoping to apply for a LTV exemption so we can put down less of a deposit.

    We have a good bit of equity due to be released from the house we're currently selling so it's not that we don't have 20%. I would just prefer to keep that money back to renovate the house we plan to buy. We're in no rush to buy it (it's owned by family and we currently live in it paying rent) so maybe I'll apply for a new mortgage in January 2020. That'll give us lots of time to sell the house we currently own too and save a bit more.


  • Options
    #7984
    Frank Castle
    Banned (with Prison Access) Posts: 134 ✭✭Frank Castle


    Woshy wrote: »
    Oh that's interesting. Good to know. We were hoping to apply for a LTV exemption so we can put down less of a deposit.

    We have a good bit of equity due to be released from the house we're currently selling so it's not that we don't have 20%. I would just prefer to keep that money back to renovate the house we plan to buy. We're in no rush to buy it (it's owned by family and we currently live in it paying rent) so maybe I'll apply for a new mortgage in January 2020. That'll give us lots of time to sell the house we currently own too and save a bit more.

    I may be misreading what you are saying, but as a non first time but I'm pretty sure you need the 20% deposit, regardless of receiving a exception to the 3.5 rule.


  • Options
    #7985
    ELM327
    Registered Users Posts: 21,696 ✭✭✭✭ELM327


    Frank Castle wrote: »
    I may be misreading what you are saying, but as a non first time but I'm pretty sure you need the 20% deposit, regardless of receiving a exception to the 3.5 rule.
    No, you can apply for either an exemption to the 3.5 rule or the LTV rule, but cannot receive both (and may receive neither)


  • Options
    #7986
    Frank Castle
    Banned (with Prison Access) Posts: 134 ✭✭Frank Castle


    ELM327 wrote: »
    No, you can apply for either an exemption to the 3.5 rule or the LTV rule, but cannot receive both (and may receive neither)

    Yes, but I think woshy believes they can put in a smaller deposit by getting an exemption from the 3.5 rule?
    Just commenting to make sure they don't pursue something that will not work for them.

    What they would be looking for is an exemption to the LTV in order to put down a smaller deposit?


  • Advertisement
  • Options
    #7987
    Corruptedmorals
    Registered Users Posts: 4,194 ✭✭✭Corruptedmorals


    Applying next month with AIB first, using the next few weeks to research interest rates properly and talk to a few knowledgeable relatives as I find it difficult to assess what is best. Really nervous even though initial meeting a few months ago went really positively. 3.5 times our salaries and savings...houses we would be looking at are in the region of 250-270k so fingers crossed approval is straightforward.


  • Options
    #7988
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    friendly reminder that there is a dedicated thread for discussing the property market.

    Some posts have been moved to that thread.


  • Options
    #7989
    thelastpogue
    Registered Users Posts: 15 ✭thelastpogue


    Housebuyer2019 wrote: »
    A condition of our AIP is that I complete my probation period, started the job 5 months ago so it will be up by next month, but our lender is pushing for me to ask HR for a probation completion letter before the actual offer - is this common? I don't want to draw attention to myself in work, but I equally don't want to stall the whole thing unnecessarily?

    Had anyone else had the same issue?

    I was in this situation around probation in a new Job, but didn't have any pressure from the lender (Haven) to get a letter any quicker. They had a condition in the offer letter that I couldn't drawdown until I had the letter, but there was no pressure on me to get on to my HR to get a letter any quicker.


  • Options
    #7990
    Housebuyer2019
    Registered Users Posts: 8 ✭Housebuyer2019


    thelastpogue wrote: »
    I was in this situation around probation in a new Job, but didn't have any pressure from the lender (Haven) to get a letter any quicker. They had a condition in the offer letter that I couldn't drawdown until I had the letter, but there was no pressure on me to get on to my HR to get a letter any quicker.


    Heya thanks a mill for this. I actually spoke to my line manager and he was fine with talking to hr on my behalf. The HR have signed off on me finishing probation early. I dunno why I was nervous approaching them but I'm no chancer, esp not with people I don't know well


  • Options
    #7991
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    A little bit off topic but still good information for anyone buying a new build.

    If you are having quality issues / snags and are not getting a prompt follow up by the builder / developer, who can this be escalated to? Were can complaints be issued to and do builders / developers even care if a complaint is issued against them to this authority?


  • Advertisement
  • Options
    #7992
    Bluefoam
    Registered Users Posts: 7,731 ✭✭✭Bluefoam


    Glen_Quagmire wrote: »
    A little bit off topic but still good information for anyone buying a new build.

    If you are having quality issues / snags and are not getting a prompt follow up by the builder / developer, who can this be escalated to? Were can complaints be issued to and do builders / developers even care if a complaint is issued against them to this authority?
    They rely on you being anxious and signing documents before snags are complete. Just be patient and wait till they're done before finalising. They are under pressure to get the money in the bank.


  • Options
    #7993
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Bluefoam wrote:
    They rely on you being anxious and signing documents before snags are complete. Just be patient and wait till they're done before finalising. They are under pressure to get the money in the bank.

    I mean quality issues that arise after you have moved into the house


  • Options
    #7994
    Bluefoam
    Registered Users Posts: 7,731 ✭✭✭Bluefoam


    Glen_Quagmire wrote: »
    Bluefoam wrote:
    They rely on you being anxious and signing documents before snags are complete. Just be patient and wait till they're done before finalising. They are under pressure to get the money in the bank.

    I mean quality issues that arise after you have moved into the house
    You did say snags... But what quality issues are you seeing shortly after moving in? Damp? Finishes dilapidation? Handles breaking? Windows failing? Ceilings falling in? Pipes bursting?

    I would say allot of quality issues should be picked up in snagging. How many quality issues have been discovered since taking possession. Sounds like an extreme case. I'd be interested to know do new builds come with warranty and is there a legal obligation (ignoring the useless homebound)


  • Options
    #7995
    Bluefoam
    Registered Users Posts: 7,731 ✭✭✭Bluefoam


    Glen_Quagmire wrote: »
    Bluefoam wrote:
    They rely on you being anxious and signing documents before snags are complete. Just be patient and wait till they're done before finalising. They are under pressure to get the money in the bank.

    I mean quality issues that arise after you have moved into the house
    You did say snags... But what quality issues are you seeing shortly after moving in? Damp? Finishes dilapidation? Handles breaking? Windows failing? Ceilings falling in? Pipes bursting?

    I would say allot of quality issues should be picked up in snagging. How many quality issues have been discovered since taking possession. Sounds like an extreme case. I'd be interested to know do new builds come with warranty and is there a legal obligation (ignoring the useless homebound)


  • Options
    #7996
    Glen_Quagmire
    Registered Users Posts: 1,137 ✭✭✭Glen_Quagmire


    Bluefoam wrote:
    You did say snags... But what quality issues are you seeing shortly after moving in? Damp? Finishes dilapidation? Handles breaking? Windows failing? Ceilings falling in? Pipes bursting?

    Bluefoam wrote:
    I would say allot of quality issues should be picked up in snagging. How many quality issues have been discovered since taking possession. Sounds like an extreme case. I'd be interested to know do new builds come with warranty and is there a legal obligation (ignoring the useless homebound)

    I haven't moved in yet but hearing stories from people in the development that are having issues with water leaks, faulty doors, faulty windows etc that are new since it was snagged and getting the builder / developer back around to fix them is an ordeal so I was wondering was there any authority who this could escalated to so the builder / developer has the incentive to get the issues resolved in a prompt manner.


  • Options
    #7997
    TedsRevengeP
    Registered Users Posts: 162 ✭✭TedsRevengeP


    Hi guys,

    In a position where we have a deposit on a new build and we need to sign this week. It will be ready in August.
    KBC have come back with mortgage 10k under what we want. Right now, we do not have this 10k to make up the shortfall.


    - If we go with current mortgage offer and sign this week - without the 10k - how long do we have to save the 10k? Just by drawdown? Due to some money coming to us we think we'd have 10k by July.

    - When would drawdown on a new build be? When we get the keys in August?

    We're also applying to other banks and appealing with KBC, so we may get the full amount, but just wondering as not signing this week means maybe losing the house.


    Thanks


  • Options
    #7998
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    TedsRevengeP wrote: »
    Hi guys,

    In a position where we have a deposit on a new build and we need to sign this week. It will be ready in August.
    KBC have come back with mortgage 10k under what we want. Right now, we do not have this 10k to make up the shortfall.


    - If we go with current mortgage offer and sign this week - without the 10k - how long do we have to save the 10k? Just by drawdown? Due to some money coming to us we think we'd have 10k by July.

    - When would drawdown on a new build be? When we get the keys in August?

    We're also applying to other banks and appealing with KBC, so we may get the full amount, but just wondering as not signing this week means maybe losing the house.


    Thanks

    I presume you mean the loan offer has issued with 10k less than expected. You will need the full balance of funds before your solicitor can request funds. Drawdown is usually around snagging stage. Once you sign contracts your bound to go ahead or risk your deposit (unless you have a subject to loan clause in there). I’d not risk signing contracts unless I knew I could save the money between now and August and I wouldn’t be relying on a Bank to give you the difference. Best chat to your solicitor about the risk.


  • Options
    #7999
    TedsRevengeP
    Registered Users Posts: 162 ✭✭TedsRevengeP


    Yep we are confident we can save as we have money coming to us in July, before the house is ready.
    We can also borrow as a gift if really stuck. But just wanted to see what the parameters are.

    Thanks


  • Options
    #8000
    Bluefoam
    Registered Users Posts: 7,731 ✭✭✭Bluefoam


    TedsRevengeP wrote: »
    Yep we are confident we can save as we have money coming to us in July, before the house is ready.
    We can also borrow as a gift if really stuck. But just wanted to see what the parameters are.

    Thanks

    The bank will not make the final mortage offer until they see all funds in place & will want to know the origin of those funds... Therefore you won't even get to the stage of signing contracts until you can show all the money required (including stamp duty, solicitor fees, land registery etc.). Even after that, the vendors solicitor may ask for proof of funds before agreeing to proceed.


  • Options
    #8001
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Bluefoam wrote: »
    The bank will not make the final mortage offer until they see all funds in place & will want to know the origin of those funds... Therefore you won't even get to the stage of signing contracts until you can show all the money required (including stamp duty, solicitor fees, land registery etc.). Even after that, the vendors solicitor may ask for proof of funds before agreeing to proceed.

    I think it depends on the Bank. We had Ulster Bank and yes that was the case. They required proof of all funds. I was short a few k so had to get a gift of it even though on drawdown I would have had the difference on closing. But they wouldn’t issue the loan offer without it. And Ulster Bank insist of independent legal advice for deeds of confirmation so that would have been an added cost.

    But if it’s a case that the KBC loan offer has issued already without the 10k shown, I would assume there is a clause in the special conditions requiring proof of all funds. But if you only have approval in principle and not loan offer, they may require proof of all funds before it.


  • Advertisement
  • Options
    #8002
    deisedude
    Registered Users Posts: 4,843 ✭✭✭deisedude


    Finally got to the screen where you can upload attachments after being messed around by the revenue for a few weeks. Can you go back and add in more documents?

    Like do you upload documents to prove approval in principle or just wait for the real mortgage contract?


  • Options
    #8003
    Creamy Goodness
    Registered Users Posts: 26,558 ✭✭✭✭Creamy Goodness


    Real mortgage contract. They don’t care about AIP.


  • Options
    #8004
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    deisedude wrote: »
    Finally got to the screen where you can upload attachments after being messed around by the revenue for a few weeks. Can you go back and add in more documents?

    Like do you upload documents to prove approval in principle or just wait for the real mortgage contract?

    You’ll need your signed contract with the builder and your actual loan offer to get the last code for HTB.


  • Options
    #8005
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    Anyone have any advice on estate agents not returning calls / emails for first contact on new builds?


  • Options
    #8006
    harmarsuperstar
    Registered Users Posts: 27 ✭harmarsuperstar


    Might be a bit of a stupid question but I'll ask anyway. We've gone sale agreed on a place, we have full mortgage approval and all the funds for the house, stamp duty and legal costs. We've been saving very aggressively for about 18 months, saving twice the amount our actual mortgage payment will be, so my question is, do we still need to keep saving during the time between now and getting the keys?

    It's not a major problem to continue saving but we'd like to buy things like furntiture, tv etc now rather than gets the keys and have to wait to furnish the place.


  • Options
    #8007
    voluntary
    Registered Users Posts: 871 ✭✭✭voluntary


    harmarsuperstar wrote: »
    Might be a bit of a stupid question but I'll ask anyway. We've gone sale agreed on a place, we have full mortgage approval and all the funds for the house, stamp duty and legal costs. We've been saving very aggressively for about 18 months, saving twice the amount our actual mortgage payment will be, so my question is, do we still need to keep saving during the time between now and getting the keys?

    It's not a major problem to continue saving but we'd like to buy things like furntiture, tv etc now rather than gets the keys and have to wait to furnish the place.

    I'd say yes. Until you get the mortgage signed. You can surely relax a bit thought. A sum of monthly repayment +30% should be enough. Do you also pay rent? If so, then monthly rent goes on top of the savings.


  • Options
    #8008
    Rfrip
    Registered Users Posts: 5,836 ✭✭✭Rfrip


    I bought a few big bits during that time and bank of Ireland requested receipts for these.


  • Options
    #8009
    Plasmoid
    Registered Users Posts: 118 ✭✭Plasmoid


    Phileas Frog wrote: »
    Anyone have any advice on estate agents not returning calls / emails for first contact on new builds?

    Hope it's not a certain large Estate Agent that did similar for me.

    I had to go to the open viewings and moan to the people on the ground, call the new sales office repeatedly until I got a mobile number for lead agent, and send passive aggressive emails always starting with the fact I had the mortgage ready, and just wanted to throw money at them.

    Eventually playing them all off against each other got some traction... but I still wouldn't say they are great.


  • Options
    #8010
    Phileas Frog
    Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    Plasmoid wrote: »
    Hope it's not a certain large Estate Agent that did similar for me.

    It's a Real Estate Agent alright.


  • Advertisement
  • Options
    #8011
    mur223
    Registered Users Posts: 63 ✭✭mur223


    if you are approved in principle for a certain house, change your mind and want to go with another cheaper house. Is it a big ordeal to change to address in the approval? Would the banks give you less seeing as its cheaper? We had such a drawn out process of getting inital approval we dont want to have to start at step one again.


This discussion has been closed.
Advertisement