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

ELM327 · 24-04-2019 04:21PM

Once you get proper AIP (ie from underwriters) then no additional documents are required generally, unless you need to extend the offer letter timeframe or if you tell them your circumstances changed

deisedude · 24-04-2019 04:33PM

OSI wrote: »

You say that, but the old man was applying for a mortgage recently. Had been saving multiples of the payments per month into a savings a/c. Took some of it out to cover some fees related to surveying a parcel of land and the loan officer straight up told him that was a no no and refused the application.

I contacted AIB and they told me it was grand once I had the enough for the deposit and for stuff like stamp duty but you should ask first.

Might be different depending on the lender of course

L1011 · 24-04-2019 06:06PM

You'd be best advised not touching it at all as it can be interpreted as poor financial management - but that depends on the individual person in the bank more than being a solid rule

loriexxx · 24-04-2019 06:36PM

How long does it usually take for ulster bank to release the funds to our solicitor from the time they have requested drawdown

Crunchy Friends · 24-04-2019 08:32PM

loriexxx wrote: »

How long does it usually take for ulster bank to release the funds to our solicitor from the time they have requested drawdown

We had a slow experience with them. Our solicitor requested the funds to be with them by the 15th April at least 10 working days in advance. Along comes the 15th - no money in. Our solicitors called them - 'oh yeah we have your file, someone will get to it at some stage today and will call back to confirm details' - our bank rep confirmed to us later that day the transfer was being made same afternoon. Next morning comes - no money there. Solicitor rings again. This time, gets to talk to someone who confirms all the details. Money arrives the following morning!

In saying that, for all the delays with the bank, the solicitors on both sides were very swift and we managed to get the keys that very same day. Best of luck!

Glen_Quagmire · 24-04-2019 09:34PM

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

Kauto0709 · 25-04-2019 08:37AM

Glen_Quagmire wrote: »

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

What is snagging?

awec · 25-04-2019 08:40AM

Kauto0709 wrote: »

What is snagging?

You hire a snagger to check your newly built house for defects and things that need to be fixed before you'll pay the developer their money.

Things like doors that don't close correctly, chipped woodwork, scuffed walls, leaky taps etc.

niamhzie · 25-04-2019 10:49AM

Glen_Quagmire wrote: »

We are getting close to our house being ready so we are just trying to get our head around what's involved between when we get notified the house is ready for snagging to actually getting the keys.

Below is what I think happens but would appreciate any help if I have it wrong or am missing something.

1. Builder notifies you that your house is ready for snagging
2. You arrange your snagger to complete the snag list
3. You arrange the house valuation from a list of valuators provided by the bank
4. Builder completes snags
5. You get your snagger back to ensure snags are complete and agree house is acceptable
6. You arrange house insurance and mortgage protection send details to the bank
7. You notify your solicitor to drawdown mortgage from the Bank to close the deal
8. Once the builder receives payment from your bank you receive the keys

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

awec · 25-04-2019 10:54AM

niamhzie wrote: »

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

If it's a new build there's no need real for a surveyor. Your house will have been inspected while it was being built.

And by the time you get the surveyor in they'll not be able to find any structural issues anyway.

Best bet is to get a snagger who knows what they are doing, and is well versed in building regulations.

whatever76 · 25-04-2019 09:26PM

quick question when bank sends on panel/list of people to value the house on their side ?
Who makes the decision on who to pick - The EA or myself ?

EA is pushing for the list and not sure if its something I should do or if its OK for them to pick ?

averagejoe123 · 26-04-2019 08:09AM

whatever76 wrote: »

quick question when bank sends on panel/list of people to value the house on their side ?
Who makes the decision on who to pick - The EA or myself ?

EA is pushing for the list and not sure if its something I should do or if its OK for them to pick ?

You can pick anyone as long as they are on the banks list. I have found that the EA recommendations are usually handy as there is an existing relationship and they will more than likely know your bid before valuing the house and this is value they give a lot of the time.

McGinty2016 · 26-04-2019 02:06PM

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

Dolbhad · 26-04-2019 03:58PM

niamhzie wrote: »

Did you get a chartered surveyor in at any point? I'm not sure at what stage we should get one, if at all? Our house will be covered by the Homebond but I know some people still get a survey done anyway.

I have friends in Dublin who bought new build and they wanted their own engineer to go out and have a look as it went up and he said no point. We were looking at a new build in Cork and solicitor told us we should have our surveyor to go and have a look as it goes up. We did send an surveyor our. We didn’t buy the house (nothing to do with the house) but he was very happy with how it was going. It’s the most expensive thing you’ll buy and we saw houses thrown up In the boom that are crap but got signed off. I’ve tradesman in the family and they told me also get surveyor out before roof and plastering is done so you can check insulation etc.

Dolbhad · 26-04-2019 04:01PM

McGinty2016 wrote: »

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

Your stuck in a chain which you have no control over ie it all falls on how organised the seller is for The house your seller is buying. Generally your own seller won’t sign contracts to sell to you until they have signed contracts to buy. So there is a whole transaction that affects your sale. You should be asking the auctioneer how far into the process they are with the house their buying and have your solicitor contact their solicitor on a time line.

Glen_Quagmire · 26-04-2019 08:32PM

At what stage do you arrange the valuator to carry out the valuation of a new build? Is this the same time you arrange the snagger?

Natashaw88x · 26-04-2019 09:01PM

Glen_Quagmire wrote: »

At what stage do you arrange the valuator to carry out the valuation of a new build? Is this the same time you arrange the snagger?

We had to arrange for the valuation pretty much straight away after we put booking deposit down. You need the valuation for full loan offer. We had to sign contracts within about 6 weeks of putting the deposit down.

Glen_Quagmire · 26-04-2019 10:03PM

Natashaw88x wrote:

We had to arrange for the valuation pretty much straight away after we put booking deposit down. You need the valuation for full loan offer. We had to sign contracts within about 6 weeks of putting the deposit down.

We bought off the plans so we had no physical house to valuate. My understanding was the house was to be valuated near completion so I am assuming this is done at the same time the house is made available for snagging but unsure?

niamhzie · 27-04-2019 08:05AM

Dolbhad wrote: »

I have friends in Dublin who bought new build and they wanted their own engineer to go out and have a look as it went up and he said no point. We were looking at a new build in Cork and solicitor told us we should have our surveyor to go and have a look as it goes up. We did send an surveyor our. We didn’t buy the house (nothing to do with the house) but he was very happy with how it was going. It’s the most expensive thing you’ll buy and we saw houses thrown up In the boom that are crap but got signed off. I’ve tradesman in the family and they told me also get surveyor out before roof and plastering is done so you can check insulation etc.

OK thanks! We're getting mixed advice, the house is already sealed and should be finished in the next few weeks. Going to contact a CS friend of the family and get their advice.

paul7g · 27-04-2019 04:42PM

Hi,

My girlfriend and I are thinking about buying somewhere in Dublin instead of continuing to rent.

We’ve rented 2 different places over the last 7 years.

Can anyone help with the following:

1. What is the minimum deposit for a first time couple (albeit not married)?

2. I’ve searched google for a calculator but I can’t find one that shows how much we could typically borrow based on our combined income, etc... and what the monthly repayments would be.

3. I don’t want to open a can of worms but do you think it is a good time to buy? We have rented in Dublin 4 for the last 7 years because both of our offices are in Dublin 4 and we would consider buying something small in the same area.

Thanks for your help and advice.

hanaimai · 27-04-2019 07:12PM

1. Minimum deposit (without an exemption) is 10% of the purchase price.

2. Maximum you can borrow (without an exemption) is 3.5 times your salary. To calculate monthly repayments you need to know how much you're borrowing, the interest rate and the term if the mortgage. There's a few calculators for this if you Google 'monthly mortgage repayment calculator' e.g. here's EBS's https://www.ebs.ie/mortgage-repayment-calculator

paul7g · 27-04-2019 07:59PM

hanaimai wrote: »

1. Minimum deposit (without an exemption) is 10% of the purchase price.

2. Maximum you can borrow (without an exemption) is 3.5 times your salary. To calculate monthly repayments you need to know how much you're borrowing, the interest rate and the term if the mortgage. There's a few calculators for this if you Google 'monthly mortgage repayment calculator' e.g. here's EBS's https://www.ebs.ie/mortgage-repayment-calculator

Thank you, much appreciated.

Is it based on 3.5 x your gross or net salary?

Amirani · 27-04-2019 08:54PM

paul7g wrote: »

Is it based on 3.5 x your gross or net salary?

Gross salary. Note that many lenders will just use base pay, so may not include overtime/bonuses.

TomasMacR · 27-04-2019 08:55PM

Santy2015 wrote: »

Hi, me and my fiancée are currently saving up to buy our first home. I would like a few ideas as to what we should have saved to cover all costs with buying a house deposit, stamp duty etc.. I understand that we can get a mortgage of €130000/€140000 as herself has a car loan at present. We are saving €250 a week at the moment. We have about €7000 saved so far. Any help would be greatly appreciated.
Thanks

Did you ever get your house OP?

28-04-2019 08:48AM

McGinty2016 wrote: »

Hi All, just gone Sale Agreed on a house last week (all thanks to killers1 getting us LTI exemption).
Anyway, just wondering what the process is from now....
We've transferred booking deposit to EA and got email yesterday confirming whats included in sale. We've notified him of our Solicitor as well. Still waiting to hear back from him on access for a surveyor and haven't heard from the bank yet about their valuer (killers1 sent details of the property to the bank last week).
FTB so no idea how slow the whole process takes but EA already proven difficult to get in touch with and had to be pushed to get the confirmation email over.
Seller is sale agreed on another property so i'm hoping things will move quickly.....

I've just come through the process myself.

Get a surveyor, start looking into home insurance and mortgage protection, and be prepared to wait around for stuff to happen, a lot. It'll feel like things are getting delayed for no reason at all but it'll be another couple of months before you're in most likely. So you have to have some patience.

Kauto0709 · 28-04-2019 09:39AM

Hi there, first post on here. So I have my mortgage approval in principle and have found a house I'd love to buy. There had been no offers on the house yet so I put in an offer below the asking price via e-mail as requested by the estate agent. He just replied saying he had my bid and had logged it. So what now....does he just wait to see if he gets a better offer? Should he get back to me with a yay or nay within a certain time period or is it just an endless waiting game? I presume he will tell me if he gets a higher offer? I'm very new to all this so feeling a bit out of my depth. TIA.

28-04-2019 10:48AM

Kauto0709 wrote: »

Hi there, first post on here. So I have my mortgage approval in principle and have found a house I'd love to buy. There had been no offers on the house yet so I put in an offer below the asking price via e-mail as requested by the estate agent. He just replied saying he had my bid and had logged it. So what now....does he just wait to see if he gets a better offer? Should he get back to me with a yay or nay within a certain time period or is it just an endless waiting game? I presume he will tell me if he gets a higher offer? I'm very new to all this so feeling a bit out of my depth. TIA.

It's up to the vendor to accept the bid or not, and I would say its unlikely if its the first bid and below asking. The EA should let you know if you've been outbid. But yeah you're basically just waiting, it takes as long as it takes for a seller to accept an offer.

hairyprincess · 29-04-2019 10:22AM

Is a child no longer classed as a dependent once they are eighteen or is it a bit more nuanced than that?

Prospector1989 · 29-04-2019 10:50AM

Prospector1989 wrote: »

Letter of Offer/Loan Pack arrived with the solicitor today. (She's out of the office today unfortunately).
We're sorting Mortgage Protection and House Insurance as we speak.
We're already living in the house we're buying.

Just wondering what should we expect in term of the process over the next few days.
Will we be asked for any more documents etc?

After a slight delay in confirming our Mortgage Protection (tests required), our solicitor has informed us that she has requested the funds from the bank (Ulster Bank).

She's optimistic we should be done by late this week/early next.

What are people's experiences with this stage of the process?

Mickiemcfist · 29-04-2019 10:56AM

hairyprincess wrote: »

Is a child no longer classed as a dependent once they are eighteen or is it a bit more nuanced than that?

I think it's while they're in full time education

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

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