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

Julez · 24-05-2019 09:36AM

colly10 wrote: »

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.

I think you still need to apply as a group if the mortgage wil be in both your names. What I think you should do is apply as a group, but when you're submitting her part just don't select any years to claim tax back from. As long as you have enough tax to cover you should be fine.

Lux23 · 24-05-2019 10:16AM

If you get a promotion in your workplace, but have to do a year's probation - would this affect your full application? If you somehow failed the probation period, you just get your old job back? The salary wouldn't be hugely different in the beginning.

Uncle_Joe · 27-05-2019 09:41AM

Hi,

Quick question from those that's been through the ringer.

From experience, how long does the conveyancing take from the time your solicitor receives the contract to the point where contracts are signed and you get the keys?

Trying to work a notice-date to give my landlord and figure out rents etc :-/

Im_No_Superman · 27-05-2019 10:03AM

Looly8726 wrote: »

Congrats and good luck with the move! We are sale agreed just over a month now and time is dragging!! What was the hold up if you don’t mind me asking?

Ah loads of little things really that just all add up -

Took awhile for contracts to be sent to my solicitor Took more time back and forth with solicitors over structural reports, etc.. Contractor had to be set up as HTB approved contractor. Banks first loan offer wasn't right so had to get a second one sent in and resigned. Had to wait for HTB money to be in builders account before closing.
Feels great this morning not having to be chasing up with solicitors, banks, etc!:D

Phileas Frog · 27-05-2019 11:17AM

Im_No_Superman wrote: »

Contractor had to be set up as HTB approved contractor.

Any idea how long that took once they applied?

Im_No_Superman · 27-05-2019 11:27AM

Phileas Frog wrote: »

Any idea how long that took once they applied?

From a quick glance of my mails from when I was told they had everything read to go to apply, to when they actually did get on the approved list it took 5 weeks. Again not sure if that's typical or not.

awec · 27-05-2019 01:25PM

colly10 wrote: »

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.

Everyone on the mortgage must be in the help to buy application. This is how they ensure that both of you are first time buyers.

But you don't have to claim anything from the second person at all.

niamhzie · 28-05-2019 01:54PM

Builders have told us that the house is ready for snagging this week or next, but it's proving really hard to find someone at such short notice! I'm getting stressed thinking that this will delay us

lilywhitearmy · 28-05-2019 02:31PM

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

charlietheminxx · 28-05-2019 02:44PM

niamhzie wrote: »

Builders have told us that the house is ready for snagging this week or next, but it's proving really hard to find someone at such short notice! I'm getting stressed thinking that this will delay us

It's not ideal but I believe you can print off a detailed snag checklist yourself and go through it item by item, but I suppose that's only helpful if you know what you're looking for!

loriexxx · 28-05-2019 06:54PM

lilywhitearmy wrote: »

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

Two days for us a few weeks ago but our solicitor was very on top of things

niamhzie · 29-05-2019 12:08PM

charlietheminxx wrote: »

It's not ideal but I believe you can print off a detailed snag checklist yourself and go through it item by item, but I suppose that's only helpful if you know what you're looking for!

Got sorted! I know in theory we could do it ourselves but we're not the most handy so for peace of mind and 200 quid I'd rather get someone! Thanks though

thepropertyguy · 29-05-2019 03:44PM

lilywhitearmy wrote: »

Hi all

Can anyone tell me the typical duration from request of drawdown of funds to getting the keys. Snag is signed off.

With Ulster Bank

Hi Lilywhitearmy

I would always allow 10 work days for drawdown from Ulster Bank. To give you an idea of the process and why the drawdown length can vary I have outlined some of the items that need to be addressed before drawdown can take place.

Typically your solicitor will need to have:

Certified Title to the bank
Given an undertaking to the bank
Signed and sent your loan pack back to the bank
Provided copies of your home and life insurance
Provided a copy of their professional indemnity insurance to the bank

You as the client will usually need to have:

Put in place mortgage protection insurance
Put in place home insurance
Provided a copy of both to the bank or your solicitor
Filled in your direct debit instruction

Delays can occur if any of the above remain outstanding also if your solicitors client bank account is not Ulster Bank it can take up to 3 days for funds to clear, so this must be accounted for.

colly10 · 31-05-2019 07:04PM

I'm looking at fixed vs variable mortgage rates at the moment.
Does a bank with a higher than normal variable indicate that they're likely to be higher than normal when your fixed term ends?

At the moment, Ulster have a fixed rate of around 2.6 over 4 years, but when you come off that, you could end up paying their 4.4 variable.
AIB have a 5 year fixed at 2.85 over 5 years and when you come off that you'd be put on their 3.15 variable.

I know there's no way of knowing the changes in variable, but does it make sense to go for the lowest possible fixed assuming that you have no idea of the variable when it ends or would you assume that a bank with a better than normal variable now is likely to have a better than normal variable in the future?

Sorry, just trying to understand what logic people are using to decide.

hanaimai · 31-05-2019 07:18PM

Just switch to whoever has the lowest rate when your fixed term ends.

G_R · 31-05-2019 07:39PM

colly10 wrote: »

I'm looking at fixed vs variable mortgage rates at the moment.
Does a bank with a higher than normal variable indicate that they're likely to be higher than normal when your fixed term ends?

At the moment, Ulster have a fixed rate of around 2.6 over 4 years, but when you come off that, you could end up paying their 4.4 variable.
AIB have a 5 year fixed at 2.85 over 5 years and when you come off that you'd be put on their 3.15 variable.

I know there's no way of knowing the changes in variable, but does it make sense to go for the lowest possible fixed assuming that you have no idea of the variable when it ends or would you assume that a bank with a better than normal variable now is likely to have a better than normal variable in the future?

Sorry, just trying to understand what logic people are using to decide.

You can also re-fix at the end of your fixed term too, depending on the bank.

colly10 · 31-05-2019 07:45PM

hanaimai wrote: »

Just switch to whoever has the lowest rate when your fixed term ends.

Thanks, there's the solicitor and evaluation fee on switching so would work where they have the incentives to cover that

G_R · 31-05-2019 08:43PM

colly10 wrote: »

Thanks, there's the solicitor and evaluation fee on switching so would work where they have the incentives to cover that

Yeah, switching, while a pain in the arse, will probably net you money at the end of it (assuming the current offers banks have continue). Most of then offer either a set amount of cash back or a percentage of the mortgage back.

Jack_92 · 01-06-2019 10:00AM

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

myshirt · 01-06-2019 11:38AM

Jack_92 wrote: »

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

Absobloodylutely.

We Irish people tend not want to make a fuss and we say ah here, it's grand. Don't do that. You are the customer. You shouldn't use the opportunity as a stick to beat the vendor with, nor should you be an absolute pain the arse, but 100% check this stuff. You're fully entitled to, and any reasonable person will accommodate you.

Dolbhad · 01-06-2019 04:44PM

Jack_92 wrote: »

Hi we are sale agreed for a while and we will be closing hopefully in the next three weeks. Is it reasonable to request the EA to have the electricity running during our final walk through? We would like to check the boiler and appliances that are included in sale that are in working order before closing. Thank you

Defo get that turned on - would have insisted on it being turned on for house survey. Also it may just be a case it’s turned off as no one is house and saves on costs. However if it was disconnected, that’s a heavy reconnection fee you’d get caught with so make the sellers pay for that

fungie · 02-06-2019 11:38AM

I have 2 somewhat hypothetical questions:

If I take a mortgage for say 400000 with my partner when buying a house and after a year or 2 we want to switch providers for lower rate etc but one of us has a lower salary than we had when taking initial mortgage out, lower than 3.5 limit, will we be able to switch? What I mean, do central bank rules come into it when switching?

Can I change the term as I go? i.e. If I take out a 30 year loan but after 5 years when moving provider decide I'd like to reduce the term to 20 years. Is this possible?

hanaimai · 02-06-2019 01:19PM

fungie wrote: »

I have 2 somewhat hypothetical questions:

If I take a mortgage for say 400000 with my partner when buying a house and after a year or 2 we want to switch providers for lower rate etc but one of us has a lower salary than we had when taking initial mortgage out, lower than 3.5 limit, will we be able to switch? What I mean, do central bank rules come into it when switching?

The central bank rules don't apply to switchers. You'd still need to satisfy whatever the individual banks own affordability requirements are.

pnecilcaser · 02-06-2019 03:02PM

fungie wrote: »

I have 2 somewhat hypothetical questions:

If I take a mortgage for say 400000 with my partner when buying a house and after a year or 2 we want to switch providers for lower rate etc but one of us has a lower salary than we had when taking initial mortgage out, lower than 3.5 limit, will we be able to switch? What I mean, do central bank rules come into it when switching?

Can I change the term as I go? i.e. If I take out a 30 year loan but after 5 years when moving provider decide I'd like to reduce the term to 20 years. Is this possible?

I have tried to switch a number of times, like you my employment situation changed since I got my mortgage and I have been refused a switch. The central bank rules may not apply but the banks still look at a switch as if there were looking at a new mortgage application in terms of the income levels. You have to have enough income to service the debt. That income needs to be proven and supported by bank statements, p60s stamped salary certificates and employment contracts. all the same paper work pretty much.

one of my jobs switched a fixed term annual contract and the bank said they would only consider that income once the contract had been renewed twice. Even though its the same company I have worked for for 10 years! The really just go by the maths and the rules, there seems to be no subjectivity in the process at all.

cbrbob94 · 02-06-2019 08:06PM

Hi Guys,

Some great info on this thread, it's nice to get some real world situations in regards to mortgages.

Me and the missus are on 30k each without bonus and about 34k each with bonus. Which thankfully in the jobs we are in the bonus is very regular.

We save 1,800 a month pay 1,000 rent and have a PCP deal on a car. I have recently cleared off my loan early and the missus has a loan until this time next year.

We currently have approx 10,000 saved and weren't planning on applying until at least June 2020 for a mortgage.

Here's where we may of shot ourselves in the foot,

We recently moved jobs last month (both working with the same company) to get a payrise of about 3k each along with shorter working hours. Which shouldn't by the time next year gets around be a problem applying for a mortgage. Days after moving job we found out about the HTB scheme. Which in our cases will be worth about 15,000 on the 295,000 new property.

The problem is the HTB scheme ends in December if I'm correct. When October comes around we will have no problem funding the deposit with the HTB scheme and no problem with being permanent in the jobs by then.

So we're meeting the banks during the week and a broker just to see where we will stand. Hopefully all goes well because to lose out on 15,000 HTB money will be a lot.

Dolbhad · 03-06-2019 09:06AM

cbrbob94 wrote: »

Hi Guys,

Some great info on this thread, it's nice to get some real world situations in regards to mortgages.

Me and the missus are on 30k each without bonus and about 34k each with bonus. Which thankfully in the jobs we are in the bonus is very regular.

We save 1,800 a month pay 1,000 rent and have a PCP deal on a car. I have recently cleared off my loan early and the missus has a loan until this time next year.

We currently have approx 10,000 saved and weren't planning on applying until at least June 2020 for a mortgage.

Here's where we may of shot ourselves in the foot,

We recently moved jobs last month (both working with the same company) to get a payrise of about 3k each along with shorter working hours. Which shouldn't by the time next year gets around be a problem applying for a mortgage. Days after moving job we found out about the HTB scheme. Which in our cases will be worth about 15,000 on the 295,000 new property.

The problem is the HTB scheme ends in December if I'm correct. When October comes around we will have no problem funding the deposit with the HTB scheme and no problem with being permanent in the jobs by then.

So we're meeting the banks during the week and a broker just to see where we will stand. Hopefully all goes well because to lose out on 15,000 HTB money will be a lot.

HTB is for new builds so do look around the area your hoping to buy in and see what is available new build wise and whether their in your price range. If not, the HTB won’t matter then if you are looking at the second hand market.

Officially it’s not been extended but I’d be surprised if in October’s budget it’s not extended. New builds are expensive and rises dramatically every phase. For most FTB they would not be able to afford a new build if it was not for the FTB. Builders won’t bring down the price of new builds if it’s not extended and I think pressure would be out on government of warnings from builders that they can’t keep building if no one will buy.

Creamy Goodness · 03-06-2019 09:38AM

Also to note saving €1,800 a month you’ll have the HTB amount saved in 8 months. So if it does disappear in December at the start of August next year you’ll have the €15k and only really two month over your original plan.

bricky06 · 04-06-2019 10:27AM

Hi, does anyone know how long it usually takes for the bank (AIB in our case) to issue funds once your solicitor requests draw down? Our solicitor sent the request on Friday.

We are very close to closing but the final stages seem to be dragging out for so long!

awec · 04-06-2019 10:35AM

bricky06 wrote: »

Hi, does anyone know how long it usually takes for the bank (AIB in our case) to issue funds once your solicitor requests draw down? Our solicitor sent the request on Friday.

We are very close to closing but the final stages seem to be dragging out for so long!

Once your insurance, mortgage protection and valuation are in place it should be very quick. It was the next day for us. It would have been the same day except our valuation took an extra day.

wally79 · 04-06-2019 10:36AM

bricky06 wrote: »

Hi, does anyone know how long it usually takes for the bank (AIB in our case) to issue funds once your solicitor requests draw down? Our solicitor sent the request on Friday.

We are very close to closing but the final stages seem to be dragging out for so long!

We were told 3 days by AIB. Don’t think it did take that long. So with the bank holiday it’s only been one day for you

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

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