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

Lux23 · 01-05-2019 12:14PM

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

They said they would do a full credit check, is that the same thing as underwritten?

Bluefoam · 01-05-2019 12:20PM

Lux23 wrote: »

They said they would do a full credit check, is that the same thing as underwritten?

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

Dolbhad · 01-05-2019 12:43PM

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

We had AIP with another back but had loan offer issued but UB. Our AIP was with AIB which was 24 hours. However than was the exception rather than norm. Took 3.5 weeks to have loan offer issued by UB. Broker said UB are the slowest to issue AIP and loan offfers but are quicker on the other side

Prospector1989 · 01-05-2019 01:08PM

Bluefoam wrote: »

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

This is free. Bank did a credit check on us. I also requested one for my own records

Lux23 · 01-05-2019 01:09PM

Bluefoam wrote: »

Usually if they require a full credit check they leave it to you to provide, they don't want to be stung with the €16 fee... But a check can take about a week, so I wouldn't fret too much unless you have some skeletons in the closet (wardrobe).

I have missed loan payments from 2014 when I was out of work, but a clean ever since then. I will just have to wait and see. The loan was closed in 2015, so its probably still on the report.

TheShow · 01-05-2019 01:52PM

niamhzie wrote: »

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?

Sounds like Irish life, I had a similar situation.
Agreed on a time for her to call me. She rang ten mins later than the agreed time so I refused the call and arranged cover via a broker almost instantly over the phone.

hanaimai · 01-05-2019 03:32PM

Lux23 wrote: »

I have missed loan payments from 2014 when I was out of work, but a clean ever since then. I will just have to wait and see. The loan was closed in 2015, so its probably still on the report.

Did the mortgage advisor know about the missed loan payments? If not, that probably is what's holding it up. That said, a week or so wouldn't be out of the ordinary for underwritten AIP regardless.

Lux23 · 01-05-2019 03:58PM

Nope. I wasn't sure whether to tell him or not. In hindsight, I probably should have.

Dolbhad · 01-05-2019 04:38PM

Lux23 wrote: »

Nope. I wasn't sure whether to tell him or not. In hindsight, I probably should have.

My partner had missed some car payments but was a years ago. We told the broker but broker said if it didn’t come up on the credit check it’s too old and won’t be an issue for the bank.

Lux23 · 02-05-2019 12:25PM

Dolbhad wrote: »

My partner had missed some car payments but was a years ago. We told the broker but broker said if it didn’t come up on the credit check it’s too old and won’t be an issue for the bank.

I think mine are just over 5 years ago, but the loan was only closed 4 years ago. It might still be a problem. I shall have to wait and see.

rthosemytoes · 03-05-2019 01:41PM

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

Excuse my ignorance, but whats the difference?

Phileas Frog · 03-05-2019 01:42PM

rthosemytoes wrote: »

Excuse my ignorance, but whats the difference?

If it's not underwritten, it's not worth the paper it's written on.

awec · 03-05-2019 01:48PM

rthosemytoes wrote: »

Excuse my ignorance, but whats the difference?

Underwritten basically means the relatively senior people in the bank who have the power to give you huge sums of money for your mortgage have signed off on your application.

The people who make these decisions don't tend to meet every day, so it can sometimes take a week or two to hear back.

Vicxas · 03-05-2019 01:49PM

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

awec · 03-05-2019 01:54PM

Vicxas wrote: »

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

You don't need to select a solicitor until you actually find a house. I would wait anyway and pick one in the same general area as your new house, it can be beneficial IMO to have a solicitor that's familiar with your development and has had dealings with your developer in the past.

You pay them at the very end of the process, when you're getting the keys.

Vicxas · 03-05-2019 02:03PM

awec wrote: »

You don't need to select a solicitor until you actually find a house. I would wait anyway and pick one in the same general area as your new house, it can be beneficial IMO to have a solicitor that's familiar with your development and has had dealings with your developer in the past.

You pay them at the very end of the process, when you're getting the keys.

Aye they're the solicitors that have dealt with the developers and realtor.

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Creamy Goodness · 03-05-2019 02:05PM

Vicxas wrote: »

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Would you wait? The solicitor definitely will not. The bank will want to see money in your accounts to pay the solicitor.

awec · 03-05-2019 02:06PM

Vicxas wrote: »

Aye they're the solicitors that have dealt with the developers and realtor.

Would they wait until the 2% cashback has been deposited into our account or is that a bit unrealistic

Not sure if each solicitor does it differently but payment is part of the terms of closing with ours, so you wouldn't be able to wait on the cashback.

Glen_Quagmire · 03-05-2019 02:11PM

Is it typical to pay the valuator before they complete the valuation?

We are arranging our house to be valuated and the valuator has already issued us a fee note but won't be completing the valuation until next week or the week after

rthosemytoes · 03-05-2019 02:12PM

awec wrote: »

Underwritten basically means the relatively senior people in the bank who have the power to give you huge sums of money for your mortgage have signed off on your application.

The people who make these decisions don't tend to meet every day, so it can sometimes take a week or two to hear back.

Thanks! So if it's not underwritten and you get AIP in just a couple of days, then can this be revoked once it is underwritten even after you may have gone sale agreed? I know AIB are telling people they can get approval that quickly, so is it likely those approvals are not underwritten?

Creamy Goodness · 03-05-2019 02:14PM

rthosemytoes wrote: »

Thanks! So if it's not underwritten and you get AIP in just a couple of days, then can this be revoked once it is underwritten even after you may have gone sale agreed? I know AIB are telling people they can get approval that quickly, so is it likely those approvals are not underwritten?

don't go sale agreed without an underwritten AIP, I'd be super surprised if the seller's solicitor would even let you. The AIP that you get in 1-2 days is basically just a print out confirming what the online calculators say.

AIP when it's being underwritten can be revoked, can be amended, basically when buying a house it's squeaky bum time until you get the physical keys in your hands.

Mushy · 03-05-2019 08:04PM

Been a fun 5-6 weeks. Saw house (new build), booking deposit down, then juggling mortgage application and Revenue for HTB. Got informed this week that letter of offer will be issued by AIB once some details confirmed (term, rates, address). Solicitor had contracts since last week.

Looking good for July/August move date, don't think much can delay it. Saw house today, kitchen was measured out before we arrived, so it's that, final electrics, painting....and all the bank/solicitor stuff to finalise

Dolbhad · 03-05-2019 08:43PM

Vicxas wrote: »

Howdy folks.

We've been given our approval for our mortgage but I'm a little confused on when we select a solicitor. When do they need to be paid?

I didn’t know what fees would be so when I got AIP I rang some solicitors. The one I have said they couldn’t give me a exact quote but said once I find the house email it though. They were able to take me through the steps and since I was looking at second hand property, the things to look out for and auctioneer. That alone was worth its weight in gold.

Also if you have a local solicitor who has bought and sold houses or if in a new build, they have dealt with the builder so they do have an idea of any issues or delays that are possible. We then looked at a new build and could deal me the engineers who were looking at houses there who would be familiar with it.

I think like everything you get good and bad solicitors - so recommendations are key. Ask family and friends. Do try talk to the solicitor beforehand on phone to get an idea. If their too busy for new business, may be too busy to deal with your file!

Our solicitor looked for a Deposit at the start and rest was to be made when requesting funds from bank to close. We decided not to go ahead with the new build but legal work was done so solicitor just took some of the deposit to reflect work then and paid us the rest back.

AIB give us AIP in around 24 hours. It did go to underwriter apparently cause the queried something. But I had originally met with the bank beforehand to figure out and they did the online thing and told me what documents I need to support it so maybe that’s why it was so quick.

Mushy · 03-05-2019 08:58PM

Been a fun 5-6 weeks. Saw house (new build), booking deposit down, then juggling mortgage application and Revenue for HTB. Got informed this week that letter of offer will be issued by AIB once some details confirmed (term, rates, address). Solicitor had contracts since last week.

Looking good for July/August move date, don't think much can delay it. Saw house today, kitchen was measured out before we arrived, so it's that, final electrics, painting....and all the bank/solicitor stuff to finalise

Benzino · 03-05-2019 09:46PM

I've a few questions about looking for an exemption. Once you have AIP, to get an exemption you need to be sale agreed on a house before you can ask for it, right? Would you request the exemption yourself or via the solicitor? And finally, do you mention to the seller that the offer is subject to getting an exemption?

I'm sure it's been asked before so sorry about that but I'm on mobile and searching isn't returning anything.

Creamy Goodness · 03-05-2019 09:49PM

Differs bank to bank. AIB gave me an non-underwritten AIP with an exemption without knowing the property address. KBC required an address and full AIP to be issued.

No one but the bank and you need to know you’ve got an exemption. The only dealing the solicitor has with your bank is to draw funds they’re not a spokesperson for you to the bank.

Dolbhad · 03-05-2019 09:54PM

Benzino wrote: »

I've a few questions about looking for an exemption. Once you have AIP, to get an exemption you need to be sale agreed on a house before you can ask for it, right? Would you request the exemption yourself or via the solicitor? And finally, do you mention to the seller that the offer is subject to getting an exemption?

I'm sure it's been asked before so sorry about that but I'm on mobile and searching isn't returning anything.

Think it depends on the bank. AIB gave us the exemption on AIP. Think Ulster bank depends on the House itself but I didn’t get AIP with them as I went straight to loan offer with Ulster Bank.

We applied for exemption with our mortgage broker. Told them I wanted to get as much money as possible and we got it. Solicitor has nothing to do with it. I never told auctioneers as banks told me once AIP issued the funds would be ringfenced unless circumstances change so wasn’t worried about not getting it.

I find exemptions just depend really on the bank. The amount we got varied - AIB gave 3.7 and Ulster Bank 4 times. We have a nice chunk of savings but would be on a combined salary of 60k between us so does show you don’t need to be big earners to get it. But I find it depends on your jobs and if the bank like your roles.

Benzino · 03-05-2019 09:56PM

Thanks all, I will get in touch with the bank and see what they say.

zweton · 04-05-2019 06:01PM

I prob know the answer to this already but potentially looking to get a mortgage in 12 months time. I need a car but want something decent, was going to try for a 20k loan. Could I be denied a mortgage because of this loan?

Creamy Goodness · 04-05-2019 06:41PM

zweton wrote: »

I prob know the answer to this already but potentially looking to get a mortgage in 12 months time. I need a car but want something decent, was going to try for a 20k loan. Could I be denied a mortgage because of this loan?

Depends on your income, however the bank will take whatever the monthly payment of the loan for the car and factor it into your affordability.

20k loan for a car whilst you’re about to make the biggest purchase of your life is a bit worrisome. You can get some real nice comfortable cars for half what you’re thinking of and possibly have it paid off before you go for the mortgage or at least be in there hone stretch of paying off the car loan.

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

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