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

deisedude · 10-05-2019 10:41am

How long does it roughly take to get your refund from the Help to Buy after uploading the relevant documents?

Not at that stage yet but dont see anything about timeline online anywhere

Phileas Frog · 10-05-2019 10:43am

deisedude wrote: »

How long does it roughly take to get your refund from the Help to Buy after uploading the relevant documents?

Not at that stage yet but dont see anything about timeline online anywhere

The HTB is paid directly to the developer, it's not a refund to you.

deisedude · 10-05-2019 10:47am

Phileas Frog wrote: »

The HTB is paid directly to the developer, it's not a refund to you.

Sorry in that case, when is it sent to the developer?

el Fenomeno · 10-05-2019 10:47am

Phileas Frog wrote: »

The HTB is paid directly to the developer, it's not a refund to you.

Your send your access code and claim reference to your solicitor, they confirm the details are all correct, and then you'll get a mail from Revenue (to your My Enquiries inbox) confirming they've verified and that the refund will be issued in approx. 5 business days.

Jack_92 · 10-05-2019 11:31am

So today we are going to sign the contracts. However, yesterday our solicitor informed us that there seemed to be a small discrepancy in the address between the title and the loan offer / the valuer's report. The vendor's solicitor has reverted to say that neither they nor the managing agent can explain the change of address. We have checked with the bank and it had to be amended and a new loan offer was required, which should be with our solicitor in the next couple of days. I spoke to our solicitor and they advised to still come to their office to go through and to sign the contracts and they will keep it until they receive amended loan offer.

Should we be aware of anything before signing the contracts without having amended full loan offer?

SameOleJay · 10-05-2019 9:05pm

I am approaching 6 months permanent employment having done 6 months probation prior. Before that I was in the UK for 3 years. What can I expect the banks to look for from the UK time... a credit check? p60? or will a year employed here be sufficient document wise?

Dolbhad · 10-05-2019 10:09pm

Jack_92 wrote: »

So today we are going to sign the contracts. However, yesterday our solicitor informed us that there seemed to be a small discrepancy in the address between the title and the loan offer / the valuer's report. The vendor's solicitor has reverted to say that neither they nor the managing agent can explain the change of address. We have checked with the bank and it had to be amended and a new loan offer was required, which should be with our solicitor in the next couple of days. I spoke to our solicitor and they advised to still come to their office to go through and to sign the contracts and they will keep it until they receive amended loan offer.

Should we be aware of anything before signing the contracts without having amended full loan offer?

No - as long as one loan offer issued your fine. Bank won’t look for additional information for the amended loan offer as long as previous one didn’t expire. It’s very common for mistakes on current home address, spellings of name and the property to be purchased that it should be quick. I presume solicitor will go through the current loan offer since the contents will be the same when going through contracts to speed things up. And since they will hold onto the contracts, I say it’s just to speed things up to sign now.

Also there can me so many variations of an address I’m sure discrepancy like that can occur

tailgunner · 13-05-2019 8:27am

SameOleJay wrote: »

I am approaching 6 months permanent employment having done 6 months probation prior. Before that I was in the UK for 3 years. What can I expect the banks to look for from the UK time... a credit check? p60? or will a year employed here be sufficient document wise?

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

scarepanda · 13-05-2019 8:55am

Quick question, we got mortgage approval last month through a mortgage broker. Should we have received some sort of correspondence directly from the bank to confirm approval etc? So far the only confirmation we have is through emails from the broker.

13-05-2019 8:58am

scarepanda wrote: »

Quick question, we got mortgage approval last month through a mortgage broker. Should we have received some sort of correspondence directly from the bank to confirm approval etc? So far the only confirmation we have is through emails from the broker.

I never communicated directly with the bank. Ask your broker for a letter saying you have approval.

scarepanda · 13-05-2019 9:10am

Ayan Prickly Road wrote:

I never communicated directly with the bank. Ask your broker for a letter saying you have approval.

Ok cool, that's good to know. We were bidding at the time we got approval and he said he could issue a letter/send an email to the agent if needed one, but we didn't need it in the end. But that was the day/day after we got approval.

Cheers

SameOleJay · 13-05-2019 1:46pm

tailgunner wrote: »

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

Thanks for this, was a p60 required too? My employment/finances over there were very messy so may be best asking around the banks on requirements.

SameOleJay · 13-05-2019 1:46pm

tailgunner wrote: »

I was in the same situation last year. Probably depends on the bank, but AIB wanted a credit report.

I got one from Experian after a bit of back and forth with their customer service people. Their online service isn't really set up for someone with an Irish address looking for a UK credit report, and I ended up having to write a letter to them requesting it.

I'd get on it now as it can take a few weeks.

Thanks for this, was a UK p60 required too? My employment/finances over there were very messy so may be best asking around the banks on requirements.

13-05-2019 3:33pm

scarepanda wrote: »

Ok cool, that's good to know. We were bidding at the time we got approval and he said he could issue a letter/send an email to the agent if needed one, but we didn't need it in the end. But that was the day/day after we got approval.

Cheers

No problem. The first letter we received directly from the bank was our mortgage balance right after moving in

mur223 · 14-05-2019 11:37am

For life insurance, what amount should we be requesting for cover? Is it the price of the amount your borrowing?

niamhzie · 14-05-2019 11:48am

mur223 wrote: »

For life insurance, what amount should we be requesting for cover? Is it the price of the amount your borrowing?

Yes, and for the term of your mortgage. So if you're borrowing 300k for 30 years then that's what you arrange cover for.

mur223 · 14-05-2019 12:12pm

niamhzie wrote: »

Yes, and for the term of your mortgage. So if you're borrowing 300k for 30 years then that's what you arrange cover for.

Brilliant thanks very much

Lux23 · 14-05-2019 1:47pm

It is now three weeks since we met with Ulster Bank about our mortgage application (underwritten AIP) and we haven't heard a dickie bird from them. Rang, emailed and left messages. Headwrecking.

el Fenomeno · 14-05-2019 3:10pm

Lux23 wrote: »

It is now three weeks since we met with Ulster Bank about our mortgage application (underwritten AIP) and we haven't heard a dickie bird from them. Rang, emailed and left messages. Headwrecking.

Depends very much on the branch and person you're dealing with I suppose.

We went with TSB, but Ulster Bank were one of the banks we also applied and they were the ones always checking in with us, and even following up with evening emails. Was very impressed.

wally79 · 14-05-2019 4:15pm

Also a lot of people would be on holidays recently and would be working through a backlog when they return

hanaimai · 14-05-2019 7:27pm

Lux23 wrote: »

It is now three weeks since we met with Ulster Bank about our mortgage application (underwritten AIP) and we haven't heard a dickie bird from them. Rang, emailed and left messages. Headwrecking.

Lodge a formal complaint. They have to give you a decision within 10 working days of receiving all information so if it's been longer than that you have a good reason to complain.

pnecilcaser · 14-05-2019 7:42pm

hanaimai wrote: »

Lodge a formal complaint. They have to give you a decision within 10 working days of receiving all information so if it's been longer than that you have a good reason to complain.

Yep, do it. Irish people don't complain enough. In fairness to Ulsterbank I did submit a formal complaint once before and they responded and went above and beyond to resolve the issue. The guy in the resolution department was pretty thorough.

tailgunner · 14-05-2019 8:06pm

SameOleJay wrote: »

Thanks for this, was a UK p60 required too? My employment/finances over there were very messy so may be best asking around the banks on requirements.

I don't remember needing a UK P60 but not 100% sure on that. Yeah definitely be worth asking the banks!

Lux23 · 15-05-2019 8:32am

pnecilcaser wrote: »

Yep, do it. Irish people don't complain enough. In fairness to Ulsterbank I did submit a formal complaint once before and they responded and went above and beyond to resolve the issue. The guy in the resolution department was pretty thorough.

I think if we get to four weeks, I will consider it. It's almost like they have forgotten about us.

delta_bravo · 15-05-2019 11:33am

Quick one regarding salary certs. myself and oh will be going around banks in the next few months. However as they are a teacher we want to get the salary cert sorted before school finishes. Do banks accept signed and stamps from other banks or would we be better off getting 4/5 done at the one time for each of the banks? Also is there any normal expiry date on them? I assume it being a month old wouldn't matter

Lux23 · 15-05-2019 1:20pm

We just got approval. Now the real fun starts.

G_R · 15-05-2019 4:44pm

delta_bravo wrote: »

Quick one regarding salary certs. myself and oh will be going around banks in the next few months. However as they are a teacher we want to get the salary cert sorted before school finishes. Do banks accept signed and stamps from other banks or would we be better off getting 4/5 done at the one time for each of the banks? Also is there any normal expiry date on them? I assume it being a month old wouldn't matter

Teachers get a standard salary cert from the dept of education in Athlone, they don't fill in individual ones, so that's your OH sorted. They post that one out so probably no harm requesting it now to allow for delays with the post.

For yourself, you should be fine once all the information that that bank would look for on their salary cert is covered on the one you have. Worst case scenario they will ask you to get a new one or even condition for one.

As for being a month out of date, you should be fine.

delta_bravo · 16-05-2019 2:52pm

G_R wrote: »

Teachers get a standard salary cert from the dept of education in Athlone, they don't fill in individual ones, so that's your OH sorted. They post that one out so probably no harm requesting it now to allow for delays with the post.

For yourself, you should be fine once all the information that that bank would look for on their salary cert is covered on the one you have. Worst case scenario they will ask you to get a new one or even condition for one.

As for being a month out of date, you should be fine.

Thanks, sorry should have clarified they're private paid so will probably have to go with the per bank option. Thanks

Lux23 · 16-05-2019 3:13pm

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

wally79 · 16-05-2019 3:17pm

Lux23 wrote: »

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

You need to have a subject to loan clause in the contract to allow for that. Talk to solicitor about it

Lux23 · 16-05-2019 3:21pm

Ah Ok, I know so little.

Vicxas · 16-05-2019 4:12pm

Quick questions lads,

I have a current loan that my mortgage provider is aware of, while we're still in the process of buying would topping up the loan (getting ready for the new house, and we need some bits) be classed as new credit or would it still stay under my old loan?

GingerLily · 16-05-2019 4:45pm

Lux23 wrote: »

Does anyone know if you get your reserve desposit back if your full mortgage application doesn't go through. The Estate Agency says it is fully refundable up to 21 days, which is fine but what is your mortgage isn't approved by then or it takes longer than 21 days?

Your booking deposit is fully refundable I thought, only your contract 10% deposit is not refundable.

wally79 · 16-05-2019 6:15pm

GingerLily wrote: »

Your booking deposit is fully refundable I thought, only your contract 10% deposit is not refundable.

Sorry yes that’s probably more correct

I got confused on deposits there

anfield90 · 16-05-2019 7:27pm

Hi everyone,

Quick question we have been given AIP from EBS. We are looking to purchase a house for approx €270k and currently have savings of €28k so we must basically keep saving for our legal fees, stamp duty etc at this stage. When the time comes that we have gone sale agreed on a house at what point do we go to the bank for the full mortgage approval? I'm just wondering will we get the full approval if we don't have all the money for the fees yet considering how long the house buying process takes.... thanks.

Brian201888 · 16-05-2019 9:18pm

I've full approval from EBS without having the full amount for solicitors fees and stamp duty sat in the account. They said it would have to be there at drawdown but otherwise was fine.

G_R · 16-05-2019 11:42pm

Vicxas wrote: »

Quick questions lads,

I have a current loan that my mortgage provider is aware of, while we're still in the process of buying would topping up the loan (getting ready for the new house, and we need some bits) be classed as new credit or would it still stay under my old loan?

Would be classed as new credit. If it's with a different bank, they may never know about it, but if for whatever reason they rerun your ICB prior to drawdown they will see and it will look like you're trying to hide it.

Speak to your advisor first and ask them to work out if the mortgage still works with the higher loan amount - all these things feed into the calculations. If it still works and the monthly repayments arent increasing massively (to the point where it may affect your ability to pay the proposed mortgage) then it should be fine, but make sure you double check with the bank.

anfield90 · 17-05-2019 7:03am

Brian201888 wrote: »

I've full approval from EBS without having the full amount for solicitors fees and stamp duty sat in the account. They said it would have to be there at drawdown but otherwise was fine.

So drawdown is at the very end of the process when the money is transferred from the bank to the solicitor right? As in all most of the legal work and all that would be done at that stage? I'm just wondering are we technically in a position to put an offer on a house soon...

myshirt · 17-05-2019 7:10am

anfield90 wrote: »

So drawdown is at the very end of the process when the money is transferred from the bank to the solicitor right? As in all most of the legal work and all that would be done at that stage? I'm just wondering are we technically in a position to put an offer on a house soon...

You are.

Put in the offer. If it's accepted then ring the bank and they will issue the formal offer letter. Between all the things you need to do it could be 2 months to even 6 months before you've keys in your hand. That's 2 to 6 months more of savings in your account.

Prospector1989 · 17-05-2019 7:51am

Got confirmation of drawdown this morning and can access the account on line. Buying the house we're in. We've been in the process for 8 months. *Massive sigh of relief*

Vicxas · 17-05-2019 8:24am

Prospector1989 wrote: »

Got confirmation of drawdown this morning and can access the account on line. Buying the house we're in. We've been in the process for 8 months. *Massive sigh of relief*

Congrats. We just got our contracts this morning

Feels so surreal still

TheShow · 17-05-2019 12:20pm

mur223 wrote: »

For life insurance, what amount should we be requesting for cover? Is it the price of the amount your borrowing?

if you require just basic mortgage protection then yes. if you need any other type of cover then you need to take to a broker for insurance.

el Fenomeno · 17-05-2019 1:07pm

We've signed contracts and had contracts signed by the vendor, so that side is all taken care of.

We were told a couple of months ago that the house would be ready "around August". Who would you follow up with in terms of seeing if that's still on track? We really only have the estate agent as a contact, we don't have any builders contacts as we've never met them. We usually only get down to the site at weekends so there's no one there to talk to.

Would it be weird to get the builders number from someone and fire them a random text without having met?

awec · 17-05-2019 1:32pm

el Fenomeno wrote: »

We've signed contracts and had contracts signed by the vendor, so that side is all taken care of.

We were told a couple of months ago that the house would be ready "around August". Who would you follow up with in terms of seeing if that's still on track? We really only have the estate agent as a contact, we don't have any builders contacts as we've never met them. We usually only get down to the site at weekends so there's no one there to talk to.

Would it be weird to get the builders number from someone and fire them a random text without having met?

The developer will probably have a contact in their office who is responsible for managing your development, they'll be the best person.

Estate agent won't know much themselves, but should be able to give you the right contact.

Vicxas · 17-05-2019 5:20pm

Anyone ever have a problem with their developers solicitor calculating your help to buy?

According to them we owe them another 3k

awec · 17-05-2019 5:26pm

Vicxas wrote: »

Anyone ever have a problem with their developers solicitor calculating your help to buy?

According to them we owe them another 3k

Your developers solicitor has nothing to do with your help to buy amount.

You owe them a specific amount as a deposit, generally 10% of the purchase price. If you haven't paid 10% of the purchase price to them then you'll owe them money.

Vicxas · 17-05-2019 5:44pm

awec wrote: »

Your developers solicitor has nothing to do with your help to buy amount.

You owe them a specific amount as a deposit, generally 10% of the purchase price. If you haven't paid 10% of the purchase price to them then you'll owe them money.

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

awec · 17-05-2019 6:32pm

Vicxas wrote: »

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

Help to buy can only cover a max of 5%

Brian201888 · 17-05-2019 10:03pm

Vicxas wrote: »

We don't. 10% is 15250 which the help to buy covers which leaves us with 12250 to pay after the 3k deposit we paid to the Auctioneers. But according to the contract they sent over we still owe 15250 to them.

Assuming you've mispoken and meant to say 5% is 15250 then we had similar in our one. They made a balls of the figures on the help to buy and when I called them they somehow got more confused but our solicitor just amended the contracts when we signed and all was good

Mickiemcfist · 20-05-2019 3:05pm

Quick question re approval - I'm going to be looking for a house which will presumably take months to finalise & draw down. When you get loan approval in principle can you get away with using your post-payday bank balance to make up the 10%? I'll have the full deposit in 2/3 months but just looking to get the ball rolling early. Thanks in advance.

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

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