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

Creamy Goodness wrote: »

I wouldn't think so, however my bank said to me to get my parent to write a gift letter for the amount I was short by, that I'd make up in savings by the time the house was built. In the end my house was delayed anyways and I didn't need the letter before getting my underwritten AIP.

I had to do this as we were short 5k with Ulster Bank so gave a gift letter. However it was then a term in our Loan offer that the person who gave the gift letter had to get independent legal advice and sign a deed of confirmation. Our options were pay another solicitor to do this or ask for a new loan offer to issue without the clause but resubmit all paperwork again and risk the loan offer. So beware of the gift letters. Solicitor said only Ulster Bank insist on independent legal advice but rest of banks would just advise it.

alwald wrote: »

Haven have some good interest rates but there is a need to apply through an intermediary. I checked few intermediaries and the majority of them charge a fee. Can anybody recommend in Dublin an intermediary that doesn't charge a fee please. Thanks!

We went through broker who took a deposit which would be refunded to us on drawdown - it was to cover any work done if we didn’t drawn down with them to cover the time they spent i.e go to another bank. In the end we didn’t go ahead with purchase so loss the deposit but that’s fair enough. I would say I was supposed to find out that if you switch banks with 3 years that the banks can seek their fee off the broker which in turn allows them seek the fee off you so beware of using a broker if you plan on moving banks within 3 years

Haven is the broker section of AIB so I would think you’d have the same rates with haven as AIB and also EBS is linked with AIB so you check with them also.

Quick question re approval in principle... just reading through here and see that you can have underwritten approval and not underwritten. How would I know which one we have??

awec wrote: »

Did you have to supply bank statements, pay slips, credit checks etc, and then wait for a number of days to hear back?

Yes provided all above and more. Took approx 3 weeks total.

awec wrote: »

That'll be underwritten so.

Great! Only thing we have to do now according the AIP letter is provide them details of the property and solicitors details. It hasn’t mentioned a valuation though. Does this come with the loan offer or when should we expect to be requested to do that?

Valuations only last for 4 months. So if you’ve get a valuation at the start and takes more than 4 months to close the sale you will need a new valuation with a second hand house. New builds are at the start and the end. It’s a dose if you’ve to pay for it yourself but some banks cover the cost.

awec wrote: »

Anything from a few days to a few weeks.

Wonderful! It’s so stressful! Thanks for the info.

Thanks for the help all. I'm going to hold out to see if another offer goes in. If not they might come back and ask to meet us in the middle which i would be happy with.

Thargor wrote: »

I got...

They should accept your liquid assets (like shares and bonds) for the purpose of giving an approval in principle, but will require to have funds covering your own part of investment in a bank account before releasing a mortgage offer for a specific property.

chases0102 wrote: »

Hi folks, a quick question here that someone may have the answer to.

Recently bought a new build, along with HTB.

When I check the PPR, it seems our house has a more expensive price next to it than literally every other house on the road. Would anyone know why that may be? In fact, all the houses on that road are all in the PPR at different rates - which I find odd seeing, as with new build, they had a flat cost.

different gardens, down a quiet end, bedroom count, square meterage, end or terrace, affordable housing etc. will all factor in. Not all houses are at the same price in a new development. Also PPR prices are excluding VAT at 13.5%.

It also doesn't matter a jot, if you paid what you were asked to and you paid it and can pay the repayments, what me worry?

Thargor wrote: »

I got my first payslip after a significant raise today so its time to start getting myself in order for approval.

Problem is my finances are a bit messy. I have enough for about a 50% deposit saved, its split between shares, prize bonds, post office savings and cash in my current account.

The problem is last year my landlord gave me a couple of weeks free rent in exchange for a cash lump sum covering 6 months rent. Last week he called round and we did the same thing again so now I'm paid up until next November, but now I'm wondering if I've shot myself in the foot as there will be no regular outgoings for rent.

What should I do? Do I need to consolidate my savings now or will they accept statements from each account? Should I go straight to a broker? Should I start paying 50% of my wages into some kind of regular saver?

Sorry for all the questions but I'm a bit lost...

They should accept statements from each of your savings accounts. If you can show regular savings going into your post office and also money building up in your current account it should cover you.
The rent situation isn’t ideal as it would be nicer for them to see the amounts going out each month. Did you physically withdraw the cash from your account to pay your landlord? I know someone who was paying rent in cash and the bank was less inclined to accept it but if they were able to show the exact amount being withdrawn from their account and match it to rent receipts they might have had some chance apparently. Of course if you can set up a regular savings account and transfer a nice chunk of your wages for 6 months then that would look great too!

Can somebody explain to me how the property price register works? Do the exact sale price of new homes get put on it? Or is the sale price without the 13.5% VAT? Is it the same for second hand houses?

Hi, I'm filling out a help to buy claim at the moment. I'm planning on getting a place with my gf shorty.
It asks if I want to apply as an individual or group.

I assume I can apply as an individual, providing I've paid enough tax, I won't need her in the claim even though we're going for the mortgage together?

If I don't have to, i'd prefer not to cause she's been out of work for some parts of the last 4 years and it will be a mess working out what to put down on the form 12 for her i'd say.