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

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Comments

  • Registered Users, Registered Users 2 Posts: 1,278 ✭✭✭tobsey


    I think it's while they're in full time education
    Or until the age of 21, whichever comes first.


  • Registered Users, Registered Users 2 Posts: 2,680 ✭✭✭dirkmeister


    Hi folks.

    We are currently bidding on a house that the offers are piling in for.

    The EA asked us to send on our next bid along with our AIP letter.

    Should we redact the amount we have AIP for? I’m confused slightly. I don’t know do I want to EA to know how much we have to play with.

    Any help greatly appreciated.


  • Administrators Posts: 55,044 Admin ✭✭✭✭✭awec


    Yes redact it.


  • Registered Users, Registered Users 2 Posts: 413 ✭✭Veledan22


    Hi folks.

    We are currently bidding on a house that the offers are piling in for.

    The EA asked us to send on our next bid along with our AIP letter.

    Should we redact the amount we have AIP for? I’m confused slightly. I don’t know do I want to EA to know how much we have to play with.

    Any help greatly appreciated.

    I redacted it from mine for that very reason. You’re undermining your negotiating position if they know your budget.


  • Registered Users, Registered Users 2 Posts: 196 ✭✭Evenstevens


    Yes I would never tell an EA what my budget is.


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  • Registered Users, Registered Users 2 Posts: 2,680 ✭✭✭dirkmeister


    Thanks a million everyone.

    We have made a counter offer and emailed on our AIP letter.

    Fingers crossed!


  • Registered Users, Registered Users 2 Posts: 749 ✭✭✭Paul_Mc1988


    I redacted also but i hasn't really helped on the house im currently bidding on. Bidding has gone from 360K to 410K in a week :confused:


  • Registered Users, Registered Users 2 Posts: 35 Natashaw88x


    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?

    Our house was only foundations when we had it valued. We will need to get a new valuation before draw down.


  • Registered Users, Registered Users 2 Posts: 18,177 ✭✭✭✭Thargor


    I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

    Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?


  • Registered Users, Registered Users 2 Posts: 1,159 ✭✭✭TheShow


    Thargor wrote: »
    I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

    Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

    Salary cert and 1 payslip at the increased amount will cover it off.

    could be bothersome to increase, particularly if you are close to closing.


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  • Registered Users, Registered Users 2 Posts: 214 ✭✭Prospector1989


    Thargor wrote: »
    I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

    Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

    We got an offer off a bank, in the meantime I got a raise, bank improved the offer after I got them an updated salary cert. They didn't request any further payslips.


  • Registered Users, Registered Users 2 Posts: 5 Izzie99


    Thargor wrote: »
    I just got a raise at work, unexpected, it's pretty significant but the first pay cheque at the new level won't appear until the end of May. I was planning to speak to AIB, BoI and EBS this week about a mortgage. Should I hold off until I have a few payslips at the new level or will one be enough? Paid monthly.

    Related question, I'll get another raise next Christmas, if I get approval this Summer for 3.5 my current wages will it be much work to increase it after the next raise? Will I have to reapply all over again?

    Depends on the bank, I needed an updated salary cert and also two months payslips


  • Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    TheShow wrote: »
    Salary cert and 1 payslip at the increased amount will cover it off.

    could be bothersome to increase, particularly if you are close to closing.

    I had similar with AIB, salary increased but they suggested I didn't get re-assessed as they had changed the discretionary income rules from the time I got AIP and I may not qualify for the same amount (original AIP had an LTI exception). In the end I didn't need it.


  • Registered Users, Registered Users 2 Posts: 106 ✭✭niamhzie


    Getting a quote for mortgage cover.... The agent needs to book a 30 min Skype call with me to go through all the details, they only work business hours and she's not impressed that I'm trying to fit it into my lunch hour.

    All the mortgage providers are big into promoting their flexibility, late hours, Saturdays etc. I wonder if the ancillary providers (solicitors, insurers, etc) will ever follow suit?


  • Closed Accounts Posts: 946 ✭✭✭Phileas Frog


    How long does it usually take for an EA to issue a sales advice letter after the booking deposit is paid?


  • Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    How long does it usually take for an EA to issue a sales advice letter after the booking deposit is paid?

    Usually as soon as they have all the details ie your solicitor details and sellers solicitor details I’d expect you should have it within a day or two provided sellers have appointed solicitors


  • Registered Users, Registered Users 2 Posts: 1,037 ✭✭✭whatever76


    folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

    My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

    thx!


  • Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    whatever76 wrote: »
    folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

    My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

    thx!

    It would be easier and quicker to go with same bank as documents tend to be all done internally but then €2 a month over the lifetime of the policy can add up. I had gotten a broker for a mortgage and used them for life insurance. Had looked around other places but had found I was getting bad advice that was costing me more for the policy - our sale never went through so didn’t activate the policy but go with whatever suits you best.


  • Closed Accounts Posts: 3,947 ✭✭✭0gac3yjefb5sv7


    Dolbhad wrote: »
    Usually as soon as they have all the details ie your solicitor details and sellers solicitor details I’d expect you should have it within a day or two provided sellers have appointed solicitors

    Is that the next step after booking deposit? Paid booking deposit and gave details of solicitor about 10 days ago ..


  • Registered Users, Registered Users 2 Posts: 207 ✭✭hanaimai


    whatever76 wrote: »
    folks - advice on mortgage protection ; got a quotes online with Lion.ie and Royal London came back as cheapest(- any gottchas going with Royal liver ?

    My mortgage is with BOI - New ireland is 2 euro dearer so not sure if am best keeping to same bank more or less ?

    thx!

    Note that if you go with the insurance provider linked to your bank you may run into issues if you ever want to switch mortgage in the future. Your policy would be linked to the original lender and may not be transferable to a new lender, meaning you'd have to take out a new policy which might be more difficult in the future if you have health problems etc. The safest bet is to arrange your own cover and this can be easily assigned to a new lender if you wish in the future.


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  • Registered Users, Registered Users 2 Posts: 1,137 ✭✭✭Glen_Quagmire


    How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?


  • Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    Pheonix10 wrote: »
    Is that the next step after booking deposit? Paid booking deposit and gave details of solicitor about 10 days ago ..

    Once you have gone sale agreed you need to pass on solicitors details and details of the property to your bank and have a chat with them about getting the loan offer issued to the solicitor. They bank will need to send a valuer out. You should also get an engineer to inspect the property if it’s a second hand property. Your solicitor will need to get contracts and legal documents from sellers solicitor - that depends on how organised the sellers are so that’s a check in with solicitor and if they don’t have contracts get on to auctioneer to have them put pressure on sellers.


  • Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

    I think that’s a depends on the bank and are busy they are but if everything is in order, it should only take a few days. Banks are slow moving. Solicitor has to post it in, then gets scanned on their system and then someone looks at it to check it off. Our solicitor said always about a 3 day lag from when they send somerthing in to when it’s check off by bank.




  • How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

    Should only be a couple of days.


  • Registered Users, Registered Users 2 Posts: 26,584 ✭✭✭✭Creamy Goodness


    It’s as fast as any normal bank transfers. It’s getting the humans to do it is the problem :)




  • How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

    Should only be a couple of days.


  • Registered Users, Registered Users 2 Posts: 214 ✭✭Prospector1989


    How long does it typically take to draw down the mortgage once your solicitor contacts the bank to release the funds?

    In the same position ourselves. Solicitor contacted the bank on Friday, however our mortgage protection wasn't confirmed until Monday. Hopefully as others have stated it's a quick enough process and we will hear something today or tomorrow.

    Good luck!


  • Registered Users, Registered Users 2 Posts: 7,134 ✭✭✭Lux23


    We went for a meeting with a Ulster Bank Mortgage Advisor last Tuesday, and they said they would get the Approval in Principle letter to us in a day or two. Its now 5/6 working days, would the day or two be just a phrase or how long should it normally take? My partner's wage is up and down with bonuses etc. so that might be slowing it down? Should I be worried?


  • Registered Users, Registered Users 2 Posts: 5,038 ✭✭✭deisedude


    Lux23 wrote: »
    We went for a meeting with a Ulster Bank Mortgage Advisor last Tuesday, and they said they would get the Approval in Principle letter to us in a day or two. Its now 5/6 working days, would the day or two be just a phrase or how long should it normally take? My partner's wage is up and down with bonuses etc. so that might be slowing it down? Should I be worried?

    Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days


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  • Registered Users, Registered Users 2 Posts: 214 ✭✭Prospector1989


    deisedude wrote: »
    Depends if it is underwritten or not. If its not underwritten then 1-2 days is right. If it is underwritten it could take 5-6 days

    This. Found underwriting extremely slow with UB. We would get back to them with any extra information within an hour, but we'd be put back to the bottom of the pile and be waiting 2 weeks at times to hear back.


This discussion has been closed.
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