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

thelastpogue · 12-04-2019 11:27AM

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.

Housebuyer2019 · 12-04-2019 08:58PM

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

Glen_Quagmire · 13-04-2019 01:08PM

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?

Bluefoam · 13-04-2019 01:59PM

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.

Glen_Quagmire · 13-04-2019 02:52PM

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

Bluefoam · 13-04-2019 09:00PM

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)

Bluefoam · 13-04-2019 09:00PM

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)

Glen_Quagmire · 14-04-2019 09:53AM

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.

TedsRevengeP · 15-04-2019 02:02PM

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

Dolbhad · 15-04-2019 02:22PM

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.

TedsRevengeP · 15-04-2019 02:32PM

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

Bluefoam · 15-04-2019 02:37PM

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.

Dolbhad · 15-04-2019 03:16PM

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.

deisedude · 15-04-2019 04:48PM

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?

Creamy Goodness · 15-04-2019 04:52PM

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

Dolbhad · 15-04-2019 06:40PM

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.

Phileas Frog · 16-04-2019 05:59AM

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

harmarsuperstar · 16-04-2019 08:56AM

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.

voluntary · 16-04-2019 10:27AM

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.

16-04-2019 10:47AM

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

Plasmoid · 16-04-2019 11:40AM

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.

Phileas Frog · 16-04-2019 01:06PM

Plasmoid wrote: »

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

It's a Real Estate Agent alright.

mur223 · 16-04-2019 01:36PM

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.

Phileas Frog · 16-04-2019 02:09PM

mur223 wrote: »

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.

Approval in Principle is just for an amount, not a specific house.

Sheep Shagger · 16-04-2019 02:12PM

Phileas Frog wrote: »

It's a Real Estate Agent alright.

The estate agency wevdealt with was truly appalling- they dont give a flying F, started talking to developer directly during the building stage.

Iseedeadpixels · 16-04-2019 02:44PM

Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?

So say approved for 250k
Purchase house at 225k and 25k to modernise?

16-04-2019 04:20PM

Iseedeadpixels wrote: »

Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?

So say approved for 250k
Purchase house at 225k and 25k to modernise?

some do yes,
EBS do for sure.
AIB doed also but its different to their normal offering afaik.
Had approval with both but AIB would only let me buy a "turn key" property or I could start the application again (crazy).
Went with EBS in the end.

Cows Go µ · 16-04-2019 05:41PM

Iseedeadpixels wrote: »

Hi guys might be a silly question but do banks give mortgages for the buying and fixing up of a house?

So say approved for 250k
Purchase house at 225k and 25k to modernise?

I did it with AIB and it was very easy though mine was to put in a heating system in an old house so it might be different if it's just modernising rather than necessary.

Iseedeadpixels · 16-04-2019 08:23PM

Thanks guys

deisedude · 17-04-2019 09:23AM

I think my partner and I have messed up a little. We have the deposit saved and some left over for other fees saved in our deposit account. However we were a bit over zealous in putting money in our deposit account and transferred money in we had set aside for a holiday. Can we take this money back or is that a no no? We have approval in principle at the moment

Kicking ourselves as its a stupid mistake

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

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