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

tobottherobot · 07-05-2019 07:38PM

yaboya1 wrote: »

Never heard of any case that the Bank PAID.

BOI paid for mine back in March. I was mortgage approved with another bank at the time so maybe that had something to do with it

0gac3yjefb5sv7 · 07-05-2019 07:40PM

Graham wrote: »

It's the value the house would be expected to achieve on the open market.

If the valuation is lower than the price you've agreed, it is likely any mortgage offer would be based on their valuation. i.e. they would loan you less money.

It doesn't happen all that often.

Thanks for that. What do they mean by an open market?

Is that not how it got to the current price that I went sale agreed at?

It is useful information for me also to know if the property is very over/under valued?

pnecilcaser · 07-05-2019 07:48PM

If the bank said they would pay for it go back and ask them about it.

I recently applied for a mortgage switch with Ulsterbank, they said they would pay for the valuation and they did. When the guy came to do it, he was in the house for no more than 3 minutes. He walked from one room to the next and poked his head through each door. I had to request a copy of the valuation from them THREE times before they sent it to me. The valuation contained a form that detailed the value of the house and the details of three "similar" properties in the area. All the exact same information was available on the property price register. https://www.propertypriceregister.ie

Around the same time, I emailed all estate agents in the local area and asked for the price of a valuation. Every single one quoted €150.

For the brief few moments he was in my house, I asked they guy that the bank paid for how it could cost so much? His rather flippant response was "ah it should be more and you have to go to college". Kind of disgusting, so I was glad I didn't have to pay for it.

wally79 · 07-05-2019 08:27PM

Pheonix10 wrote: »

Thanks for that. What do they mean by an open market?

Is that not how it got to the current price that I went sale agreed at?

It is useful information for me also to know if the property is very over/under valued?

The bank send a valuer to inspect or get you to. You pay regardless

They assign a value say 100k usually by checking it matches the description and then pulling 3 comparable properties that were sold recently

The bank will only loan you 90% of 100k (for ftb)

Doesn’t matter if you bid up to 500k on it

Graham · 07-05-2019 08:27PM

Pheonix10 wrote: »

What do they mean by an open market?

Is that not how it got to the current price that I went sale agreed at?

I assume that's how you got to your sale agreed price.

Consider what would happen if you phoned the agent in the morning and said you'd like to increase your offer by €150k. Would that still be a reasonable market value, would the property sell to anyone else in the current market for the new increased amount?

Dolbhad · 07-05-2019 08:28PM

Ulster Bank paid for our valuation for new build but it depends on the bank. In Cork people I knew paid €130 and valuation is only valid for 4 months

Natashaw88x · 08-05-2019 08:22AM

We paid €150 for our valuation recently on a new build. We’re with PTSB. Will need another one before drawdown as the house was at foundation level for the 1st valuation. It’s €70/75 next time. I didn’t see the issue, it was said to us from the start and is a condition of full loan offer.

el Fenomeno · 08-05-2019 08:23AM

Any bank that pays, does so as one of their incentives. If they pay, they'll usually advertise the fact.

charlietheminxx · 08-05-2019 09:46AM

When should you get the bank valuation done on a new build? Is it at snagging stage?

Phileas Frog · 08-05-2019 09:48AM

charlietheminxx wrote: »

When should you get the bank valuation done on a new build? Is it at snagging stage?

Before you sign contracts.

charlietheminxx · 08-05-2019 10:12AM

Phileas Frog wrote: »

Before you sign contracts.

Contracts are already signed but we bought on launch weekend based on the showhouse (ours was about half-built). Construction is well onnow and we should be snagging in the Autumn, but it's still a building site and the surveyor won't get near the house itself. Surely they can't value an incomplete house

padz · 08-05-2019 10:27AM

charlietheminxx wrote: »

Contracts are already signed but we bought on launch weekend based on the showhouse (ours was about half-built). Construction is well onnow and we should be snagging in the Autumn, but it's still a building site and the surveyor won't get near the house itself. Surely they can't value an incomplete house

Interesting enough I'm doing a bit of digging into mortgage fraud, appraisal fraud... A lot of what I've been hearing here is not right, a valuer shouldn't be paid or supplied by the mortgage provider, classic conflict of interest, also valuation on a property yet unbuilt is crazy, who knows could even be built on a flood plain but you wouldn't know until next winter..
Definitely a lot of dodgy goings on with valuation, once you sign the contract it's your Bill for the next 25-30 years

mur223 · 08-05-2019 10:46AM

charlietheminxx wrote: »

Contracts are already signed but we bought on launch weekend based on the showhouse (ours was about half-built). Construction is well onnow and we should be snagging in the Autumn, but it's still a building site and the surveyor won't get near the house itself. Surely they can't value an incomplete house

If the house is incomplete and the valuer has no access to the site, they value the house as it is at initially, they take into consideration other similar sized properties in the area & the drawings etc, then before drawdown another valuation will be needed. Which wont cost as much as the first valuation.

awec · 08-05-2019 11:00AM

In a new build the valuation is done at the very end, before draw down. They can't properly value something that doesn't exist.

Wait until after the first snag, so you at least know the house is complete and there are no major issues that need rectified.

Natashaw88x · 08-05-2019 11:13AM

We bought a new build and you need two valuations done. The first our house was only at foundation level, the bank wouldn’t issue full loan offer without. The final one will be done before drawdown. This was with PTSB. We bought a new build in millers glen and the person doing the valuation basically rang sherry fitz and asked what other similar houses went for, plot size etc.

awec · 08-05-2019 11:14AM

I guess it varies from bank to bank then. We're with AIB and only 1 valuation, at the very end.

Creamy Goodness · 08-05-2019 11:26AM

awec wrote: »

I guess it varies from bank to bank then. We're with AIB and only 1 valuation, at the very end.

Same. New build as well. Makes no sense to do two valuations unless maybe if there were a few phases already complete so there would be some reference. I bought first phase and valuation was done when we were called to snag.

charlietheminxx · 08-05-2019 11:50AM

It's interesting to see all the different answers. I've bought in Miller's Glen as well, one of the new Meadowbank Houses but I'm with AIB and they issued the full loan offer etc. already... so I guess I should hold off for a while?

Edit: we were only told we would need one valuation done, and that it must be less than 4 months before drawdown, I just wasn't sure at what stage.

awec · 08-05-2019 11:52AM

charlietheminxx wrote: »

It's interesting to see all the different answers. I've bought in Miller's Glen as well, one of the new Meadowbank Houses but I'm with AIB and they issued the full loan offer etc. already... so I guess I should hold off for a while?

They'll tell you to do it when they need you to do it. It will be when you start to close.

It'll cost €150 and be valid for 4 months.

Natashaw88x · 08-05-2019 11:53AM

charlietheminxx wrote: »

It's interesting to see all the different answers. I've bought in Miller's Glen as well, one of the new Meadowbank Houses but I'm with AIB and they issued the full loan offer etc. already... so I guess I should hold off for a while?

Edit: we were only told we would need one valuation done, and that it must be less than 4 months before drawdown, I just wasn't sure at what stage.

We have bought in Meadowbank too. Permanent tsb had it as a condition of offering full loan offer. My friend went with haven and she also needed 2 valuations. If you don’t need it done for awhile I wouldn’t bother. It takes all off 2 days to sort

Phileas Frog · 08-05-2019 11:54AM

awec wrote: »

In a new build the valuation is done at the very end, before draw down. They can't properly value something that doesn't exist.

Wait until after the first snag, so you at least know the house is complete and there are no major issues that need rectified.

Certain banks also require a valuation prior to loan approval, which happens before you sign contracts. They require another one after X months.

lilywhitearmy · 08-05-2019 02:54PM

Just done second valuation on new build. Snagging next week. What's the timeline from snagging to closing? Getting a bit close for comfort with our loan offer expiry.

awec · 08-05-2019 02:59PM

lilywhitearmy wrote: »

Just done second valuation on new build. Snagging next week. What's the timeline from snagging to closing? Getting a bit close for comfort with our loan offer expiry.

If there are no big issues in the snag and all the legal and money stuff goes to plan it could be as little as 2 weeks.

lilywhitearmy · 08-05-2019 03:02PM

Everything is in place according to all parties. The snag seems to be the last thing on the list. Fingers crossed...

Mushy · 08-05-2019 06:37PM

Good timing with all of this info on valuation. Got our loan offer letter today and came to ask exactly this. Will have to wait until house is fully done according to AIB, should be next month as that's when developer said we should be able to start snagging. No contracts signed yet though, that'll happen in next week or 2 I'd say

123Vicki · 08-05-2019 09:36PM

Hi, we got mortgage approved yesterday. It had all been about getting the mortgage and now we have no clue about the next steps!
We transferred the 5k booking deposit today to EA (new build). House is built but ESB needs to be sorted so should be ready late July/August to move in.
Hoping to have contracts signed mid June. Once we sign contracts do we need to start paying the mortgage even though wont get the keys for possibly another 2 months?We are renting current house over 3 years so think will need to give 2 months notice. Dont want to give notice until contracts are signed so means we will probably be paying rent plus mortgage for about 2 months?
Does anyone have recommendations for solicitors in Dublin?
Any tips and advice welcome. Thanks

Natashaw88x · 08-05-2019 10:32PM

123Vicki wrote: »

Hi, we got mortgage approved yesterday. It had all been about getting the mortgage and now we have no clue about the next steps!
We transferred the 5k booking deposit today to EA (new build). House is built but ESB needs to be sorted so should be ready late July/August to move in.
Hoping to have contracts signed mid June. Once we sign contracts do we need to start paying the mortgage even though wont get the keys for possibly another 2 months?We are renting current house over 3 years so think will need to give 2 months notice. Dont want to give notice until contracts are signed so means we will probably be paying rent plus mortgage for about 2 months?
Does anyone have recommendations for solicitors in Dublin?
Any tips and advice welcome. Thanks

You won’t start paying the mortgage till after you drawdown. I presume at this stage you just have AIP? You will need to meet the conditions on that and then get issued with your letter of offer . A copy of this will go to your solicitor and you. Once you have this you can sign contracts. Your solicitor won’t let you sign without it.

Then when the house is finished you’ll snag etc and your solicitor will request funds from bank, you’ll sign closing contracts and get the keys. Only then will you start paying the mortgage. I’m currently buying a new build and as the last few posts discuss at some point you will need a valuation done so ask bank about that.

Also we are using a solicitor from skerries, and they have been fantastic. If your able to travel there I can PM you the name.

123Vicki · 08-05-2019 10:48PM

Natashaw88x wrote: »

You won’t start paying the mortgage till after you drawdown. I presume at this stage you just have AIP? You will need to meet the conditions on that and then get issued with your letter of offer . A copy of this will go to your solicitor and you. Once you have this you can sign contracts. Your solicitor won’t let you sign without it.

Then when the house is finished you’ll snag etc and your solicitor will request funds from bank, you’ll sign closing contracts and get the keys. Only then will you start paying the mortgage. I’m currently buying a new build and as the last few posts discuss at some point you will need a valuation done so ask bank about that.

Also we are using a solicitor from skerries, and they have been fantastic. If your able to travel there I can PM you the name.

Great thank you. Yes AIP at the moment, the white goods come with the property if we sign contracts within 28 days so is there initial contracts and then a closing contract? Yes please PM that would be great thanks

Natashaw88x · 08-05-2019 10:54PM

123Vicki wrote: »

Great thank you. Yes AIP at the moment, the white goods come with the property if we sign contracts within 28 days so is there initial contracts and then a closing contract? Yes please PM that would be great thanks

You’ll sign your legally binding contracts in the next 28 days, and then you’ll sign when you’re closing the sale at the very end. (I think you’re signing the deeds but not 100%). But yes when you sign within 28 days it’ll ensure you’re white goods. Best of luck with it!

0gac3yjefb5sv7 · 08-05-2019 10:56PM

If my solicitor is getting the title deeds and contracts soon, but I haven't done a survey, valuation or life assurance, am I miles off keys?

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

Comments